Petrom refining hit by utility costs hike

Romanian refiner posts improved economics, but ancillary costs drag

OMV Petrom, operator of Romania’s 4.4mn t/yr (88,400bl/d) Petrobrazi refinery, saw the operating result for its downstream oil business double year-on-year in the final quarter of 2021, on the back of a more favourable refining margins environment and strong demand. But, like several European refiners, the increasing price for gas and power used in its refinery, as well as the rising cost of carbon, weighed on its performance. The firm’s downstream unit made RON550mn ($126.5mn) in Q4, up by 100pc from the same quarter last year. For 2021 as whole, the unit’s operating profit was RON2bn compared with RON1.45bn in 2020. Petrobrazi’s utilisation rate has been above 90c for the past three quarte