• Production of Euro 5 fuels
• Developing and manufacturing of Alto101 additive for gasoline
• Reaching historical lows in technological losses and energy consumptions
• Supplying the refinery by the new marine terminal (BUOY)
• Restarting low-density (LDPE) and high-density (HDPE) polyethylene installations
• Recalling from temporary unemployment the employees of Rompetrol Petrochemicals
• Reducing polymer stocks
• Launching Alto premium fuel range (Alto101 gasoline and Alto55 Diesel fuel)
• Developing the fuel distribution network to over 644 units (own stations, Rompetrol Partners, Express gas stations)
• Completing the Rompetrol Operation Center (ROC)
• Launching the fuel quality guarantee program - QProTek-t
Rompetrol Rafinare, member of The Rompetrol Group, continued in the first quarter of 2009 to consolidate and develop its activities and range of products. On the background of the decrease of oil product international quotes, the company recorded in this period a decrease of its consolidated turnover by 38%, up to a level of approximately 651 million USD, and the operational profit (EBITDA) decreased to -14.3 million USD.
The main external factors which influenced the financial results of Rompetrol Rafinare in the first quarter, independent of its activity, are the decrease of international quotes by 54% for crude oil and by 50% for fuels compared to the similar period of 2008, the increase of exchange rate differences on the background of national currency depreciation (33% for RON/USD and 16% for RON/EURO), as well as the influences of the international financial crisis.
Among the performances obtained by Rompetrol Rafinare and its subsidiaries is the launch of Alto premium fuel range (Alto101 gasoline and Alto55 Diesel fuel), reaching historical lows in technological losses (-17%) and energy consumptions (-16%) at Rompetrol Rafinare, restarting its low-density (LDPE) and high-density (HDPE) polyethylene installations, recalling from temporary unemployment the employees of Rompetrol Petrochemicals after polymer stocks were diminished by approximately 73%. Another project completed in the first quarter was the development of the Rompetrol Operation Center (ROC), which allows the control and monitoring of both fueling stations and of the quality/traceability of Rompetrol fuels, from the gate of the refinery to the tank of the customer.
The total level of raw material processed by Rompetrol Group refineries (Rompetrol Rafinare and Vega Ploieşti) between January and March increased by1%, up to 1.07 million tons. Also in the first quarter The Rompetrol Group, by Midia Marine Terminal, unloaded the first ship of crude oil and started operating its own oil terminal offshore the Black Sea for supplying the refinery with raw material. This shall allow cost reductions of at least 4-5 USD/ton by decreasing the distance by approximately 33 kilometers compared to the route by Constanta port.
For this year, the quantity of raw material estimated by the Rompetrol Rafinare refinery to be processed reaches 4.39 million tons (4.24 million tons of crude oil), plus 309,000 tons at Vega Ploieşti.
In the first quarter the external fuel sales of the Rompetrol Rafinare refinery increased by approximately 22% (465,000 tons), also due to reaching a threefold transit capacity of oil products by berth 9 corresponding to Midia port, in December. Internally, there was a decrease of fuel sales by 7% (300.000 tons).
On the background of the influence of the international economic crisis, the distribution segment of Rompetrol Rafinare (subsidiaries Rompetrol Dowsntream, Rom Oil, Rompetrol Logistics, and Rompetrol Gas) recorded in the first quarter a turnover of 344 million USD and a net profit of 14.7 million USD. At the same time, the fuels which were sold internally reported an 11% increase in the wholesale segment and a 2% decrease in the retail segment.
At the end of March, Rompetrol Downstream, the retail division of the Group in Romania, launched QProTek-t, the first program in Romania which guarantees fuel quality and the optimal operation of the vehicle fueling system.
The Petrochemistry segment, represented by Rompetrol Petrochemicals, reported for the first quarter a turnover of 47.5 million USD and a net profit of over 5.1 million USD. In the context of specialized market constraints and the decrease of international quotes for petrochemical products, the company restarted its low-density (LDPE) and high-density (HDPE) polyethylene installations and recalled its personnel who had been temporarily dismissed at the end of November.
* The consolidated financial statements of Rompetrol Rafinare include the results of Rompetrol Rafinare S.A. and those of subsidiaries Rompetrol Petrochemicals S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L. and Rompetrol Logistics S.R.L. (together with subsidiary Rompetrol Gas S.R.L.)
** The reported results are consolidated and non-audited, and the reporting has been performed in virtue of International Financial Reporting Standards (IFRS).