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Rompetrol sees 500m-euro losses in five years

Autor: Adrian Cojocar

17.02.2011, 07:52 18

Rompetrol Rafinare (RRC), the main company part of Rompetrolgroup controlled by Kazakhstan's KazMunaiGaz group, last yearreported losses of 669.7m RON (around 159m euros), the biggest inthe company's history and one of the biggest losses registered by aRomanian company last year.
This is the fifth consecutive year when Petromidia reported anegative figure, with total losses standing at almost 2bn RON (504meuros).
"As long as it is backed by the majority shareholder, RompetrolRafinare can operate further. However, the figures are notencouraging at all," says Adriana Marin, head of the researchdepartment of UniCredit CA-IB Securities brokerage.
The company's late 2010 debts, which totalled 5.5bn RON (1.3bneuros), are largely inside-group debts, namely to KazMunaiGazgroup, amounting to 3.3bn RON (771m euros).
In late September 2010, tax authorities froze some assets belongingto Rompetrol Rafinare so that these should not be sold until the571m-euro debt Petromedia had to pay to the Romanian state bySeptember 30 was recouped.

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