A Petrom fuel tank at the Petrobrazi refinery
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
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
