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.

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)

By: Marian Chiriac
+44 20 8652 3214

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