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August 3, 2021

Rompetrol closer to end dispute with gov’t

Rompetrol-Government bond talks are heading toward “a good direction”, with the dispute going to get resolved, sooner or later,” Mediafax reported Dimitri Grigoriev, Chief Financial Officer (CFO) of Rompetrol, as saying.

“The moment of extremes is behind us and we now know the focus is not on debt. As we speak, we are negotiating the redeeming by the Romanian state of its participation in Rompetrol,” Grigoriev said.
Petromidia increasing its refining capacity, cost-cuttings and hedging operations will lead to the Rompetrol Group “breaking even” next year, Grigoriev also specified. He said that the Group anticipates a weakening of the dollar and strengthening of the RON. The Group imports 95 per cent of its oil from Kazakhstan. “We have cut operational costs of USD 200 M., or 30 per cent of it all. In 2011, we will reduce costs by a further USD 15 M. The positive effects brought by efficiency and cost-cutting can be seen in the operational results,” Grigoriev also said. The Group estimates that Petromidia increasing its refining capacity to 5 M tones of crude a year and its diesel fuel output will cause operational results to improve by USD 100 M. “This year, we will invest USD 200 M in the refinery, and USD 15 M in the chain of petrol stations, which will expand by 20 units, most of them franchises. (…) In 2011, we will finish rebuilding the Petromidia refinery, where we will produce diesel fuel more than petrol,” he said. As of Friday, Rompetrol lowered the petrol price by 0.04 RON a litre.

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