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
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
