1. Refining and Petrochemicals - Rompetrol.com

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Vector Energy AG
2010 Key Performances
• Decreasing volume of traded crude oil versus 2009 due to
change in KMG strategy in this respect;
• Decreasing by 33% the product exports to third parties,
due to higher volumes sold through other channels (DWS for
Romanian market & Near-Abroad subsidiaries);
• Decreasing by 25% the volumes sold on the French &
Spanish markets, due to management decision that Dyneff
Trading « Rompetrol Annual Report 2010 // 12
closes term contracts directly with the supplier;
• Enriching other feedstock basket by supplying ETBE (as
replacement for MTBE for Romanian market) and Biodiesel
(required diesel blending material for EU countries).
The total oil volume delivered by the company in order to
ensure the oil needs of Petromidia refinery was 3.36 million
tons, with KMG barrels’share increasing from 59.1% in 2009 to
78.7% in 2010.
Vector Energy AG is the supply and trading subsidiary of the
Rompetrol Group, with its main office in Zug (Switzerland).
The company continued in 2010 to optimize the overall
supply chain of the Group. Vector established fine-tuned
the synergies with other companies within the KMG Group,
namely KazMunaiGaz Trade House – the main crude oil
supplier for Petromidia refinery, aiming at an improved stock
level.
In 2010, the company has registered a 33% decrease of
products’volumes sold to companies outside the Group as
compared to 2009, when it registered a total of 0.9 million
tonnes. This was the direct result of increased sales on the
Romanian market (56% compared to 25% to third party buyers
from the refinery overall production). During the same period,
the company’s export of products to the French & Spanish
markets decreased by 25%, from 1.05 million metric tons in
2009 to 0.75 million tons in 2010.
The responsibilities undertaken by the company in 2010 are
part of the strategic plan of KMG mother-company to finalize
integration of TRG sustaining forward motion regardless of
difficult general international climate. Vector is in charge
of stream-lining operations of fuel sale towards the Group
subsidiaries (Bulgaria, Georgia and Ukraine), effective product
stock management in Midia and Constanta. In addition,
in depth market research has resulted into extending TRG
business portfolio, by finding a constant outlet for our gasoline
and diesel products, which do not comply with Euro standards.
In order to ensure the optimisation of raw material supply of
the Group companies and their sales of finished products,
Vector Energy renewed the dedicated team in the company
and worked closely with the Maritime Transportation
department. The team continues to be responsible for
developing/implementing new processes, such as selection of
optimum oil mixes, establishing target stocks of raw material/
end products.
The total oil volume delivered by the company in order to
ensure the oil needs of Rompetrol Refinery was 3.35 million
tonnes, with KMG barrels share increasing from 59.1% in 2009
to 78.7% in 2010.
The achieved operational result is directly affected by the
adverse international market conditions and diminished
operated volumes, reaching only USD 5.2 million in 2010.
For 2011, Vector Energy will become the focal point of the
supply chain: covering entirely the feedstock acquisition;
monitoring all stocks (except for those in the filling stations);
responsible for ensuring primary logistics and depot/terminal
operations plus losses (without secondary & filling stations);
trading key accounts & Dyneff.
Byron 2010
Byron Shipping Ltd, shipping transportation subsidiary of
Vector Energy, continued in 2010 to optimize the flows among
The Rompetrol Group entities and Rompetrol Rafinare.
Vessel
Charterer 2009
Vector Rompetrol Third Parties Total/Ship
WO Emocean - - - -
WO Decocean 18,650 - 228,959 247,609
NS Clipper 315,776 - 1,313,840 1,629,616
NS Concord 327,225 - 1,235,307 1,562,532
Spot vessels - - - -
Total (mt) 661,651 - 2,778,106 3,439,757
Vessel
Charterer 2010
Byron Rompetrol Third Parties Total/Ship
WO Emocean - - - -
WO Decocean - - - -
NS Clipper - - - -
NS Concord - - - -
Spot vessels 1,387,385 - - -
Total (mt) 1,387,385 - - 1,387,385
Note: MT WO Emocean re-delivered on 07/03/10
Starting 2010 Q4, Byron signed a Contract of Afreightment
applicable for Aframax (80kt +10%) size vessels in order to
secure freight costs for the crude supply for Petromidia refinery
and also to avoid the Turkish Straits demurrage risk.
Rest of the fixtures were made from the spot market, which led
to savings of aprox 2,5 million USD for the company.
In 2011, Senior Management approved the establishment of
Byron Shipping Romanian Branch, allowing Byron Shipping
to integrate all shipping related services and to start creating
synergies from Black Sea to Mediterranian.
Midia Marine Terminal
Midia Marine Terminal, initially a subsidiary of Vector Energy AG
was transferred to The Rompetrol Group after a capital increase
of USD 20 million. Thus it became a subsidiary of the Group,
starting Decembre 2009. It was created to consolidate the link
between the Eastern oil resources and the Western markets,
the presence of KazMunayGaz and Rompetrol within the
geographical arch linking the Caspian Sea area (Kazakhstan,
Georgia) adn the Black Sea area (Ukraine, Moldova, Romania,
Bulgaria) to Western Europe (France and Spain).
In this respect, in December 2008 the company has completed
the construction of a new off-shore oil terminal in the Black
Sea, some 11 km far from Petromidia Refinery crude Oil Tank
Farm and in January 2009 it was opened for business.
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