Romania's Rompetrol Petrochemicals Q1 net profit rises to $5.3m

13 May 2011 11:50  [Source: ICIS news]

BUCHAREST (ICIS)--Rompetrol’s petrochemicals business posted a net profit of $5.3m (€3.7m) for the first three months of 2011, compared with a net loss of $1.9m in the same period of 2010, mainly due to the diversification of its product portfolio and the optimisation of current activities and operations, the Romanian company said on Friday.

Sales for the three months to 31 March increased 46% year on year to $106.4m, with volumes up 14%, the company said.

The company is investing $18m to raise the capacity of its high density polyethylene (HDPE) plant at Navodari in eastern Romania by more than 70% to 100,000 tonnes/year. The work is underway and is expected to be completed by the end of the year.

The company also has a 60,000 tonne/year low density polyethylene (LDPE) plant at Navodari.

Rompetrol Petrochemicals is the petrochemicals division of oil refiner Rompetrol Group, which is fully owned by KazMunaiGaz (KMG).

($1 = €0.70)

By: Marian Chiriac
+44 20 8652 3214

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