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Rompetrol invests $16 mln in new reactors at Petromidia refinery

May 30, 2024, 3:05:02 PMArticle by Alexandru Cristea
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May 30 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] said it has installed two new reactors at the Middle Distillate Hydrotreating (HDV) unit at its Petromidia refinery following investment of around $16 million (14.8 million euro).

Rompetrol invests $16 mln in new reactors at Petromidia refinery
Petromidia Navodari refinery in Romania Source: Rompetrol Rafinare

"The role of HDV is the processing / hydrotreating of diesel mixtures resulting from the technological processes of other facilities in the operational flow, in order to eliminate sulfur compounds and, implicitly, obtain EURO 5 components for the final production of diesel," Rompetrol Rafinare said in a press release on Wednesday.

The new reactors were introduced into the operational flow of the HDV unit as part of the recent turnaround at the refinery and will reach optimal operational parameters in the shortest time possible, increasing the amounts of loaded catalyst at the HDV unit, Rompetrol Rafinare explained.

Earlier this month, Rompetrol Rafinare said it completed the turnaround of its Petromidia refinery, which it had commenced in March. The total investment for the development projects implemented as part of the turnaround is valued at around $85 million.

In the first trimester of 2024, Rompetrol swung to a net loss of $23.8 million, from a net profit of $14.4 million in the prior-year period, it said in a quarterly financial report filed with the Bucharest bourse earlier this month.

Rompetrol Rafinare is part of KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunayGas Group. The main shareholders of Rompetrol Rafinare are KMG International with a stake of 48.11% and the Romanian state with 44.69%. Rompetrol operates the Petromidia and Vega refineries.

Rompetrol's shares traded flat at 0.0775 lei as at 0900 CET on May 30 on the Bucharest bourse.

($=0.9249 euro)

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