Petromidia posts H1 profit

Record high oil prices in the first half of the year, and advances in the exchange and interest rates have virtually doubled Rompetrol Rafinare's business, driving the company running the refinery to post a profit.

"The company has continued its upward trend, with results powerfully influenced by a series of external factors, independent of Petromidia refinery activity," according to a Rompetrol communique.

Rompetrol Rafinare, part of the Rompetrol oil group, controlled by Kazakh KazMunaiGaz and run by businessman Dinu Patriciu, who still owns 25 percent, posted profit for the second quarter, following losses in Q1 worth €9.3 mln. The company posted a net profit of some €1.8 million in the first six months, more than double that in H1 2007.

Business Standard