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KMG International, operations and results on ascending trend in the first half of 2016

The KMG International (KMGI) Group, during the first half of this year, continued to improve its operating performances and financial results, following the outstanding performances reached in 2015 – historical records, in over 18 years after its incorporation.

"Investments exceeding USD 1.6 billion achieved by the Group and its sole shareholder – KazMunayGas since 2007 and until present, a new business strategy adopted in 2013, financial sustainability, improvement and development of its core operations, the focus on quality and innovation, all of these supported the positive progress of the Group and its member companies. We manufacture in Romania, most of our employees are from Romania, we export from Romania in over 20 countries and together we managed to build in Romania a platform supporting and consolidating the energetic security of Romania, of the Black Sea region, and also of the Central and Eastern Europe" Azamat Zhangulov, senior vice-president of KMG International Group, said.

During the first half of this year, the Group achieved a gross turnover of app. USD 3.2 billion and an operating result (EBITDA) of USD 104.6 million, a 28% increase compared to the levels achieved during the same period of 2015. At the same time, Rompetrol Rafinare – the Group's core asset in Romania, achieved a consolidated gross turnover of USD 1.7 billion and EBITDA amounting to USD 90 million, more than 18% higher than levels achieved in January – June 2015.

Supported by influences of factors independent from the Group's and member companies' activities – progress of international quotations for raw materials and finished products, refining margins, RON/USD exchange rate, KMGI managed to double its operating profit up too a level of USD 33 million in the first half of 2016. The investments paid by the Group in the first half of the year amounted to USD 65.5 million and envisaged the maintenance works of the refinery, the continuation of the modernization program for Rompetrol stations, as well as the construction of new stations in Romania.

Financial results were driven, during the first half, by operating performances, such as the 5% increase of raw material quantities processed in its manufacturing units, the 16% increase of sales of oil products in Romania and also the 16% increase of sales of fuels through subsidiaries in Bulgaria, Moldova and Georgia.

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"A key-role in reaching these performances is represented by the continuation of the program launched in 2013 for transforming the Group's activities and relevant operations, the total value of the benefits generated by the implementation of projects for the improvement of financial and operating indicators amounting to USD 15.8 million. These envisaged an enhancement of efficiency within Petromidia refinery and an increase in the sale of oil products in Romania, process automation to cut down and prevent losses, as well as the creation of an integrated center for support functions)." Azamat Zhangulov added.

Rompetrol Rafinare is operating the Petromidia Navodari refinery – the largest unit of its kind in Romania and one of the most modern units in the Black Sea region, Vega Ploiesti refinery – the oldest unit in Romania still in operation and the single domestic manufacturer of bitumen and hexane, petrochemical division – the single manufacturer of polymers and an important supplier in this region. The Group is the majority shareholder of the company, with a (direct and indirect) contribution of 54.63%, together with the Romanian State through the Ministry of Energy, which holds a contribution of 44.69%.

In the first half of the year, the Petromidia Navodari refinery increased by 4% the total quantity of processed raw matter (2.79 million tons) and obtained a historical record in raw matter processing – 15,340 tons/day (+3.8%), against the background of an improvement of the mechanical availability, from 96.1% to 96.9%, and of the reduction in the processing cost by 1% and in the energy performance by 3.4%.

The volume of oil products commercialized domestically by the Group amounted to 1.26 million tons (+16%), of which over 67% were represented by fuels distributed by Rompetrol Downstream through Rompetrol stations and also wholesales to partners.

At the end of June, the company operated domestically a network of 716 fuel sale points, 6 warehouses, 230 LPG fuelling points and 9,000 gas cylinder sale points. At regional level, the Group reached a level of oil product deliveries of app. 1.49 million tons to its subsidiaries and traditional partners. The total sales of fuels recorded by the subsidiaries from Bulgaria, Moldova and Georgia were 420,000 tons in the first half of 2016, a 16% increase as compared to the results related to the similar period of 2015.

The operating result (EBITDA) of the trading activities performed by the Group during the first half of the year amounted to USD 11.4 million (+24%), in the context of a total volume of 8.3 million tons of raw matters and oil products. The exports through KMG Trading of the oil products produced by the Petromidia refinery represented approximately 10% of the total quantity.

During the first half of 2016, KMG International continued to be a major tax payer to Romania's national budget, the level of amounts paid for various taxes and duties exceeding USD 608 million. Since 2007 and until now, the Group's contribution exceeded USD 11.2 billion.

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