Upgrade work at Romania’s Rompetrol impacts nine-month earnings
15 November 2012 12:18 [Source: ICIS news]
BUCHAREST (ICIS)--Rompetrol’s petrochemicals units processed 30% less raw materials in the first nine months of the year, mainly due the temporary closure of its high density polyethylene (HDPE) plant, the company said on Thursday.By: Marian Chiriac+44 20 8652 3214
It processed 58% less ethylene and 4% less propylene compared with the corresponding period last year, the company added.
Rompetrol shut its Petromidia oil refinery on 22 October last year for a maintenance turnaround and upgrades.
The works lasted for more than a month and as a result the company raised the capacity of its high density polyethylene (HDPE) by more than 70% to 100,000 tonnes/year.
Rompetrol Petrochemicals also has a 60,000 tonne/year low density polyethylene (LDPE) plant at Navodari.
In a related development, Rompetrol petrochemicals business reported a net loss of $16.2m (€12.6m) for the first nine months of 2012, compared with a net loss of $2.53m in the same period last year.
The company’s turnover decreased by 39% year on year to $179m.
Rompetrol Petrochemicals is part of oil refiner Rompetrol Group, which is owned by Kazakhstan's KazMunaiGaz (KMG).
($1 = €0.78)
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