KMG International Received 19.7 Million Dollars From The Transformation This Year
KMG International, the former Rompetrol Group, reached a pre-tax profit of USD 145 million in the first nine months of this year, up 6% compared to the same period last year, romania-insider reported.
The gross turnover amounted to about USD 5 billion during this period, according to a press release. The group didn’t publish the figure on its net turnover.
The press release stated a series of reasons for the increase in the pre-tax profit: “increasing synergies with the parent company,” “development of the Rompetrol presence in the Black Sea region,” and “the involvement of employees in reaching these results”.
The Kazakh state-owned oil company KazMunayGas is the single shareholder in KMG International. The company operates two refineries, Petromidia Navodari and Vega Ploiesti, as well as the petrochemical division.
The performance of the Group in the first nine months of the year and the program’s transformation of its operations and activities, initiated in 2013 have been completed, officials say KMG International. Thus, in the same period, the direct impact of projects implemented amounted to $ 19.7 million, which the refinery to increase efficiency, improve volumes of oil products sold in Romania and the Black Sea region, and implementation of corporate service center in the International KMG.
At the end of September, the company operate a network of 729 domestic fuel sales points, six warehouses, power stations 230 auto LPG distribution points and 9,000 bottles.
KMG International is the majority shareholder of Rompetrol Rafinare (Group refinery operator in Romania) with a 54.63% stake (direct and indirect), together with the Romanian state through the Ministry of Energy which holds a participation of 44.69%.
Petromidia Navodari is the largest oil refinery in Romania. It processed 15,510 tons of oil per day in the first nine months of 2016, up 3% compared to the same period last year.
The group also has a network of 729 fuel stations in Romania and fuel distribution operations in Bulgaria, Moldova, and Georgia.