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Petromidia Named "The Best Refinery in Central and Eastern Europe" By WRA

The World Refining Association (WRA) has awarded Romanian crude oil refinery Petromidia the name of "The Best Refinery in Central and Eastern Europe" due to its operational excellence.

"The award is recognition of Rompetrol and Petromidia outstanding achievements," the WRA Global Communication Manager Steve Church said during a press conference. Church said Petromidia main contenders had been refineries owned by Romania's SNP Petrom, Hungary's MOL and Poland's PKN. Petromidia refinery is perceived as the most efficient facility in the region as it can supply 100% Euro fuels type.

Petromidia is expected to process 3.81 million tones this year, up from 3.2 million last year. Officials forecasted that the refinery would process more than 4 million tones of crude next year. Rompetrol acquired Petromidia refinery in 2001 and has started an ambitious restructuring plan which increased the processed crude from 2.3 million tons in 2001 to 3.81 million tons in 2003. The turnover also rose from $300m in 2001 to an expected $1.19bn in 2003.

The processing costs decreased from $55/ton to $19.9/ton this year. Rompetrol is Romania's largest oil and gas private operator, with a market share of almost 30% of the domestic oil market.

The Group owns two refineries, Petromidia Navodari and Vega Ploiesti and a distribution network currently including more than 176 gas stations.

(NewsBase 13.x.03)

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