KMG International group, formerly The Rompetrol
Group, said on Tuesday it plans to invest more than $200 million (184 million
euro) this year, mainly in the upgrade of its Romanian refinery Rompetrol
Rafinare.
Rompetrol Rafinare isthe core asset of Netherlands-based KMG
International NV, which is fully owned by Kazakh state-owned energy company
KazMunaiGaz Group. Rompetrol Rafinare operates the Petromidia refinery and the
much smaller Vega refinery.
Petromidia refinery operated at full capacity
last year, KMG International said in a statement. It processed 13,800t ofraw
materials per day and did not register any scheduled or accidental interruption
of activity in 2014.
In 2014 KMG International allocated to investments
some $55 million, as the bulk went to the upgradeof 90 Rompetrol gas stations
in Romania.
The groupplans to continue investments in the development of
itsfuel distribution network in Romania, as well as in the rebranding of
Rompetrol gas stations this year, the group also said.
“KMG
International’s long-term strategy envisages an organic growth in the countries
of the Black Sea region, including the expansion of retail and gas business in
Romania, enhancement of operational efficiency of the refinery after the record
performances reached in 2014 as a result of the large investments of KazMunayGas
in this sector [...],"Azamat Zhangulov, Senior Vicepresident KMG International,
said in the statement.
The group also plansfurther organic growth on the
priority markets as well asexpansion of activity in the provision of industrial
services (EPC) in Kazakhstan, North Africa and the Middle East, he
added.
KMG International's net turnover rose 2% to$11.4 billion in
2014.Earnings before interest, taxes, depreciation and amortisation
(EBITDA)doubled to$140 million and the net loss shrank to $58 million from
$119 million, the group said in the statement.
Amid an increase of 22% of
Petromidia refinery fuel production to a record-high of oil production of 2.43
million tcompared to 1.91 million tons in 2013, the sales of petroleum products
through Rompetrol gas stations in Romania, Bulgaria, Moldova and Georgia
increased by 15 % to 2.23 million t.
Rompetrol Rafinare said earlier
itsconsolidated net loss shrank 39%to$58.4 millionin 2014,while turnover
grew 15%to $5.63 billion. Its EBITDA surged 198% to$86.4 million, helped by
arecord-highvolumeof processed feedstock atPetromidia refinery, of over 5
million tonnes.
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.