Petrom, Lukoil, Rompetrol and MOL Romania, the top four players on the Romanian market, whose sales account for over 90% of all petrol and diesel oil sold domestically, posted record figures in the first six months of this year, after rising oil prices brought a 40% advance to the cumulated sales of the four companies.
As a result, the top four oil companies reported cumulated turnover worth around 5.2bn euros for the first six months, up from last year's level of 3.7bn euros.
The main domestic refineries reported higher-than-expected figures amid higher processed quantities of oil, despite the fact that oil prices beat record after record, which had a negative impact on margins. Filling station networks managed to derive significantly higher turnover due to higher pump prices, although some saw sold volumes stall. At a market level, Petrom profited the most from increases in oil prices. The administrator of all oil reserves in Romania expects income to reach 1bn euros by yearend. Analysts are upbeat for the next half year, as companies' representatives do not expect oil prices to drop below 100 dollars.
On the segment of fuel distribution, the market was divided in two depending on the trend of sales volumes. Some companies reported two-digit growth for sales volumes, while others reported stagnation or a slight slump.
Overall, Petrom sold around 2.4 million tonnes of fuel in H1, up 19% from last year, with exports rising by 47%. Rompetrol also registered a significant export increase, of 44% from H1, 2007. Rompetrol's overall sales rose by around 18% in H1, to 1.9 million tonnes.
However, the other two major players did not report similar growth rates. MOL Romania said it sold approximately the same fuel quantity as in H1, 2007, while Lukoil Romania's sales in volume were 2% below the H1, 2007 level. Still, the 2 companies saw their turnovers rise.
On the refining segment, oil had a negative effect as usual, with refining margins taking a significant drop in H1. Despite these unfavourable external conditions, the most important domestic refineries generated profit and significant loss reductions, respectively.
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