BUCHAREST (Romania), May 27 (SeeNews) - The Romanian-Kazakh Energy Investment Fund (KREIF) said on Thursday it launched the construction of a cogeneration
Romania s Rompetrol Rafinare 2020 net loss deepens sharply Petromidia refinery
Source: Rompetrol Rafinare
BUCHAREST (Romania), March 1 (SeeNews) - Romania s Rompetrol Rafinare [BSE:RRC] posted a $220.1 million (182.6 million euro) net loss in 2020, compared to a $48.9 million net loss in 2019, it said.
The decline was due to an unprecedented volatility in the oil market and the influence of the COVID-19 pandemic on demand for petroleum products, the company said in a statement filed with the Bucharest Stock Exchange on Friday.
Rompetrol Rafinare posted a negative consolidated operating result (EBITDA) of $988 million in 2020, compared to a positive EBITDA of $131 million in 2019.
Gross turnover declined to $3.46 billion from $5.19 billion at the end of 2019, mainly as a result of lower market quotations compared to the same period last year, along with a smaller volume of sales.