Romania’s Rompetrol Petchems swings to a H1 net profit of $359,517

12 August 2011 11:38  [Source: ICIS news]

BUCHAREST (ICIS)--Rompetrol’s petrochemicals business swung to a net profit of $359,517 (€251,662) for the first six months of 2011, compared with a net loss of $3.17m in the same period last year, on the back of an increase in demand for its products, the Romanian company said on Friday.

The segment's gross turnover for the first half of 2011 increased 35% year on year to $197.5m, the company added.

In the first six months, Rompetrol’s Petrochemicals segment processed 59% more ethylene year on year. It also processed 6% more propylene compared with the first half of 2010, 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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