Romanian company Rompetrol Rafinare reported a loss of $53.2 million in the first half of 2025, according to the company’s statement. Rompetrol is controlled by KazMunayGas (KMG), the national oil company of Kazakhstan, through its subsidiary KMG International N.V.
Given that the oil company’s loss decreased by 29% year-on-year (in the first half of 2024, it was $75.1 million), Rompetrol itself considers these results to reflect operational growth and an improvement in financial performance.
Rompetrol Rafinare’s gross turnover increased by 32% compared to the same period last year, reaching $2.8 billion. EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 73% to $77.6 million.
The company operates two oil refineries within the KMG International group – Petromidia and Vega – as well as a petrochemical complex producing polymers. The company reported a loss of $49 million (an increase of 3%) from its oil refining operations. However, Rompetrol pointed out that refining Kazakh oil supplied by KMG at Petromidia has been profitable.
In the petrochemical segment, the company’s loss amounted to $14.1 million, a decrease of 51%. In the first half of 2025, the two plants processed 40,000 tons of propylene and 13,000 tons of imported ethylene, which supported sales growth of about 35%.
The only source of net revenue for Rompetrol Rafinare was fuel sales. Revenue increased by 76%, amounting to $13 million. By the end of June 2025, the company’s distribution network in Romania had expanded to 1,200 points of sale.
The company’s final loss may partly result from the significant tax burden in Romania, where KMG pays more taxes than in Kazakhstan. For instance, the company’s payments to the country’s budget for the first half of 2025 reached $771 million.
The main shareholders of Rompetrol Rafinare S.A. are KMG International, directly and indirectly owned by KazMunayGas (54.63%), and the Romanian Ministry of Energy (44.7%).
