After petrol product demand was significantly reduced in 2020 due to the coronavirus pandemic, this year the largest Romanian oil refiner Rompetrol Rafinare, a part of KMG International Group, is expecting better financial results based by the return of the demand for petroleum products.
Last year, Rompetrol Rafinare was the 15th largest exporter in Romania, but in 2021, the company expects an increase in exports by some 25 %. Petromidia refinery processed 1.265 million tons of raw materials in the first quarter of 2021, up from 1.24 million tons in the same period last year. The refinery’s utilization was 84 %, which is higher by more than 10 % compared to Q1 2020.
Refineries in Europe also expect better second quarter, although demand should remain below the 2019 level. Italian oil refiner Saras said that it expected the refining environment to improve in the second quarter of 2021, with gasoline crack spreads already rising sharply along with expectations of a stronger diesel market.
Rompetrol Rafinare recorded a net loss in the amount of 14.7 million dollars in the first quarter of 2021, which is significantly lower compared to a loss of 87.8 million dollars recorded in the same period last year. Revenues rose to one billion dollars in the January-March 2021 period, from 929 million dollars in the first quarter of 2020, mainly as a result of a slight increase in sales and a rise in gross refining margin.
