Romania’s Rompetrol Petrochemicals reports net loss of $2.53m

11 November 2011 11:42  [Source: ICIS news]

BUCHAREST (ICIS)--Rompetrol’s petrochemicals business reported a net loss of $2.53m (€1.87m) for the first nine months of 2011, compared with a net loss of $454,460 in the same period last year, the company said on Friday.

Rompetrol Petrochemicals attributed its results to operating lower capacity rates and “to the bad economic context following the military conflict in Libya”. No further details were released.

The company’s turnover increased by 36% year on year to $292m.

In the first nine months, Rompetrol Petrochemicals processed 57% more ethylene year on year. It processed 4% more propylene compared with the corresponding period last year, 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 early in 2012.

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

Rompetrol Petrochemicals is part of oil refiner Rompetrol Group, which is owned by Kazakhstan's KazMunaiGaz (KMG).

($1 = €0.74)

By: Marian Chiriac
+44 20 8652 3214

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