The results of the Rompetrol Rafinare for the first quarter of 2007 are “very good” ZF daily reported citing Dinu Patriciu, the CEO of the company. No exact numbers were given.
Our view: The global refining environment improved in the second half of 1Q07 mostly due to the surged gasoline prices in the US. Since Rompetrol has a high gasoline exposure we believe that the company could very much profit from the set microenvironment. We might see the positive market reaction to the news.