March 13 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] said that its Petromidia refinery will undergo a general scheduled turnaround until April 30.
Between March 13 and April 30, production at the Petromidia Navodari refinery and the petrochemical division will be halted, Rompetrol Rafinare said in a press release on Thursday evening.
At the same time, the Vega Ploiesti refinery will partially reduce its production activity for a series of turnaround works and due to the reduction of raw and semi-finished materials delivered by the Petromidia refinery.
During this period, the company will cover the demand for petroleum products from its own stocks or from the regional market, Rompetrol said.
Rompetrol Rafinare's net loss deepened to $48.9 million (44.7 million euro) in 2019, from $27.6 million in 2018, strongly affected by the volatility of the profile market and local macroeconomic factors.
Rompetrol Rafinare is the core asset of Dutch-based KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunaiGaz Group. Through its two oil refineries, Rompetrol Rafinare provides over 40% of Romania's refining capacity and is the only producer of polymers in the country.
Rompetrol Rafinare's shares traded 13.85% higher at 0.0370 lei ($0.01/0.01 euro) as at at 1247 CET on Friday on the Bucharest Stock Exchange.
($ = 0.9138 euro)
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