Romania's Rompetrol Rafinare Net Loss Shrinks 39% in 2014

Romanian oilRompetrol Rafinare [BSE:RRC] saidits consolidated net loss shrank 39%to$58.4 million (51.1 million euro) in 2014,while turnover grew 15%.

The refiner's gross turnover rose to $5.63 billion from $4.90 billion in 2013,Rompetrol Rafinare said in a statement on Monday.

Earnings before interest, taxes, depreciation and amortisationsurged 198% to$86.4 million last year, helped by arecord-highvolumeof processed feedstock at its main asset, thePetromidia refinery, of over 5 million tonnes.

Rompetrol Rafinare isthe core asset of The Netherlands-based KMG International NV, formerly The Rompetrol Group, which is fully owned by Kazakh state-owned energy company KazMunaiGaz Group.

Through its two refineries,Petromidiaand Vega, Rompetrol Rafinare accounts for over 40% of Romania'srefining capacity and is the only producer of polymers in the country.

The results are consolidated and unaudited and are reported under the International Financial Reporting Standards.They includethe results of Rompetrol Rafinare and its subsidiaries: Rompetrol Downstream S.R.L., Rompetrol Gas S.R.L., Rompetrol Quality Control S.R.L., Rom Oil S.A., Rompetrol Logistics S.R.L. and Rompetrol Petrochemicals S.R.L.

Source: SeeNews