Rompetrol Rafinare – financial results influenced by external factors

For 2007 Rompetrol Rafinare registered a turnover of 3.2 billion USD, 24% more than in 2006, whereas the operational profit (EBITDA) increased by 16%, reaching 141 million USD. The net result registered at the end of last year was 66 million USD less than the one obtained in 2006.

 In the last quarter on 2007 Rompetrol Rafinare obtained a turnover of approximately 970 million USD and an operational profit of 15 million USD. The net result corresponding to the period October – December 2007 registered an increase of the loss of 60 million USD compared to the same period of 2006.
 The financial results were directly influenced by external factors, independent of the activity of Petromidia Refinery. Although the operational results of the company are very good, the costs were very high. The unfavorable market environment – especially over the last 5 months of last year, the price of the barrel on the specialized stock exchange, which even exceeded 95 USD, the decrease of the Brent-Ural differential, as well as the Euro gaining over the dollar have influenced these results.

 This year Rompetrol shall complete the Midia Marine Terminal, with an annual capacity of 16 million tons of oil, located offshore the Black Sea, in the area of Petromidia Refinery. With an investment necessity of 90 million USD, the project shall allow Petromidia Refinery a decrease of approximately 3 USD/ton of the oil transportation cost. At the same time, by purchasing the Batumi terminal by KazMunaiGaz, Petromidia Refinery may become an important point of the alternate route for providing raw material resources for Europe.

Rompetrol Rafinare is one of the largest contributors to the State Budget, with a contribution of 1 billion USD at the end of 2007, 24% more than in 2006.

* The presented results are preliminary and non-audited, and the reporting has been performed in virtue of the International Accounting Standards (IFRS).