Almost four years after the bravest step KazMunaiGaz state-ownedcompany has made on the European market, acquiring Rompetrol groupfor a hefty sum from businessman Dinu Patriciu, the Kazakhs arecertain: 2012 will be the year of zero losses for the group. Onwhat do Rompetrol owners count in their calculations, when figuresshow that Rompetrol Rafinare losses alone have topped 500m euros inthe past five years?
At group level, preliminary 2010 figures show Rompetrol hitturnover worth 4.7bn dollars (3.5bn euros), but reported losses of172m dollars (129m euros), in line with IAS. Despite the figures,Grigoryev is upbeat and explains why he believes the group willcome to be a profitable investment.
"We've cut expenses by 200m dollars, namely 30% of operatingcharges. In 2011 we'll cut costs by another 15m dollars. (...)We'll break even in 2012, as we've announced before".
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