12.1 C
Bucharest
November 17, 2019
COMPANIES ECONOMY ENERGY

KMG International, net profit of USD 11.4 M

KMG International Group, part of Kazakhstan’s KazMunayGas national oil and gas company, registered a growth of 11 per cent in its operational results and a net profit of USD 11.4 M in the first nine months of the year, compared to a negative result of USD 30 M in the same period last year, the company announced on Wednesday.

“The operational and financial performances attained by the Group in 2014-2015 are historic highs and are based on measures adopted in order to consolidate and optimize mainstay activities – refining, retail and trading in the Black Sea and the Mediterranean Sea region, being also backed by the USD 1.6 bln offered as support since 2007 by the sole shareholder. Against the backdrop in which the refining sector was strongly affected by the financial crisis, our long-term strategy aimed for the expansion and modernization of the Petromidia Navodari refinery, the development of the retail segment in Romania, Bulgaria, Moldova and Georgia, but also of the trading segment in Turkey, France, Spain and Singapore,” KMG International CEO Zhanat Tussupbekov (photo C) stated.

The quantity of raw materials processed by KMG International’s 3 production units (the Petromidia Navodari and Vega Ploiesti refineries and the petrochemical division) stood at 4.5 million tons in January-September, up by 11 per cent.

At the same time, the group members’ sales of finished products (trading, exports) to Rompetrol gas stations and commercial partners in the Black Sea and Mediterranean Sea region grew by 6 per cent to 5.6 million tons. Over 36 per cent of that quantity was delivered through subsidiaries based in Romania, Georgia, Moldova and Bulgaria and the difference through KMG Trading Switzerland and Dyneff France and Spain.

Rompetrol Rafinare’s regional exports have grown in the first nine months of the year by approximately 28 per cent (over 350,000 tons). With a processing capacity of over 5 million tons per year, Petromidia Navodari is Rompetrol Rafinare’s and KMG International’s main asset, being the largest refinery in Romania and one of the most modern refineries in the Black Sea region.

Related posts

Iohannis blame delays in the drafting of the budget bill by the Government : They don’t want to give money for investments

NINE O'CLOCK

BNR: Foreign direct investments go up 25pct, to EUR 3,143 million, in first nine months

Nine O' Clock

FinMin: Extra money for Presidency, Parliament, intelligence services, several ministries at upcoming budget adjustment

Nine O' Clock