Romania’s power market regulator ANRE is meeting today to tackle the possibility to grant authorization to supply electricity to oil refiner Rompetrol Rafinare, according to people from ANRE.

Rompetrol Rafinare is a member of the large oil group Rompetrol and is listed at the second tier of the Bucharest Stock Exchange under the symbol RRC. The state-owned Kazakhstan company KazMunaiGas controls 75 percent of the Romeptrol group.

The oil company asked the market watchdog for a license to supply electricity and a decision is expected today, the same people said.

The company reported a net profit of 6.69 million lei in the first semester, 56 percent less than in the similar period last year, in spite of turnover hike.

The company's business doubled in the first half of 2008 to 4.44 billion lei from 2.3 billion lei in 2007.

Rompetrol Rafinare posted six-month revenues of 5.034 billion lei, up from 2.57 billion lei last year. Spendings totaled 5.028 billion lei, a year-on-year increase from 2.55 billion lei in 2007.

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