Kazakh KMG International profits big in 2015

Business Materials 17 February 2016 12:05 (UTC +04:00)

Baku, Azerbaijan, Feb. 17

By Elena Kosolapova - Trend:

KMG International (earlier Rompetrol - a 100-percent subsidiary of Kazakhstan's national oil and gas company KazMunayGas) received the profit worth $4.6 million from the operating activity in 2015, the company said Feb. 17.

This result was achieved despite the negative effect from the reconsideration of reserves due to the fall in the world oil prices in 2015, said the company's message.

According to the message, excluding this effect, net income from the company's operating activity amounted to $120 million in 2015. KMG International's operating profit amounted to $44.84 million in 2014.

The Petromidia refinery, the main asset of KMG International, located in the Black Sea, reached a historic record for a daily crude oil processing rate - 15,200 tons per day in 2015. The refinery processed 4.95 million tons of oil in 2015.

In addition, processing costs were optimized by 27 percent and the Petromidia Refinery's production capacity rose to 98 percent within the framework of the program to improve efficiency and optimize production units. The diesel fuel yield at the Petromidia Refinery has reached 50 percent.

In the retail segment, the KMG International company has reached a record high in terms of total sales of oil products - 2.64 million tons - in Romania, Bulgaria, Georgia and Moldova. The volume of oil and oil products trading of the company has increased by 7.5 percent compared to 2014.

The KMG International company operates in oil refining and sale of oil products sector in 12 countries around the world.

The company's main activity is concentrated in the Black Sea region, particularly in Romania, where the company owns two oil refineries. Retail network of the KMG International includes more than 1,100 filling stations in Romania, Georgia, Bulgaria, Moldova, France and Spain.