In Q1 2025, Rompetrol Rafinare, a Romanian company engaged in oil refining and petrochemical production, reported an increase in operational results despite market difficulties.

Revenues exceeded $1.3 billion, marking a 21% increase compared to Q1 2024. The rise in fuel production by more than 35% and material processing by 42% contributed to this result. However, operational profit (EBITDA) decreased by 31%, reaching $22.8 million, primarily due to material price fluctuations and seasonal demand drops.

Total polymer production in the petrochemical segment amounted to 15,000 t, similar to Q1 2024 levels when production stood at 16,000 t. However, operational results were negatively impacted by the lack of activity at the low-density polyethylene (LDPE) plant and reduced performance at the polypropylene (PP) plant, driven by decreased demand in the petrochemical market. In Q1 2025, necessary modernisation works were carried out, enabling the LDPE installation to restart operations in early May 2025. It now operates alongside the PP installation, and production from both plants will strengthen the company's position as a leader in the petrochemical sector.

In Q1 2025, the petrochemical segment’s revenues declined compared to the same period in 2024. Gross turnover amounted to $22.6 million, a decrease of 17% compared to $27.5 million in Q1 2024. EBITDA in Q1 2025 was $17 million, showing an improvement compared to the $16.3 million loss in Q1 2024.

The net result in Q1 2025 was -$9.17 million, an improvement from the $19.6 million loss in Q1 2024.

The petrochemical segment focuses on improving operational efficiency, supported by the launch of the LDPE plant and optimal performance at the PP plant. The company plans to process around 150,000 t of materials, including propylene obtained from refining processes and imported ethylene.

Rompetrol Rafinare continued distributing its products from two refineries — Petromidia and Vega — and from the petrochemical division, prioritising the domestic market, while also supporting subsidiaries of the KMG International Group (Rompetrol) in the region with significant volumes of petroleum products.

The MOL Group published its financial results for Q2 2025, reporting a pre-tax profit of $236 million. This represents a 56% decrease compared to the same period last year, due to the collapse in oil and gas prices, geopolitical tensions, and the economic slowdown in the region.

Clean CCS EBITDA stood at $685 million, reflecting a 17% year-on-year decline, primarily due to the macroeconomic slowdown.

In the upstream sector, EBITDA fell by 13% compared to Q1, as a result of declining material prices, despite maintaining high production levels. In contrast, EBITDA in the downstream segment, which plays a key role in MOL Group's refining and petrochemical operations, amounted to $307 million, marking a 25% year-on-year decline. The drop in regional demand was partially offset by high sales volumes.

In Q1 2025, the MOL Group achieved significantly better financial results. Pre-tax profit was $546 million, representing a 23% increase compared to Q1 2024. Clean CCS EBITDA was higher by 16% year-on-year to $833 million, while operating cash flows, after accounting for working capital, amounted to $470 million.

EBITDA for the upstream segment increased by 15% to $317 million, thanks to maintaining high production levels and a rise in natural gas prices. Refining margins in the downstream segment declined, but improved utilisation of production capacities allowed CCS EBITDA to reach $300 million, marking a 2% increase compared to the previous year.

Comparing both quarters, the impact of challenging market conditions is evident in MOL Group's results for Q2, where the decline in profits in the upstream segment, linked to lower material prices, and in the downstream segment, where refining margins shrank, affected the overall financial performance.

Despite lower financial results in Q2, MOL Group maintains its 2025 forecast, highlighting the continued development of the Tomorrow Downstream strategy, aimed at generating annual savings of $500 million by 2027. The Group is also continuing to strengthen its partnerships with Azerbaijan and Kazakhstan, aiming to diversify material sources and enhance energy security.

On 6 May 2025, the signing of the Free Trade Agreement (FTA) between India and the UK was announced after three years of negotiations.

The agreement covers goods and services, digital trade, government procurement, intellectual property, labour rights, gender equality, anti-corruption measures and environmental standards. The British government forecasts a £25.5 billion increase in bilateral trade and a £4.8 one in the country's GDP annually in the long term.

Mutual reduction of tariffs is also a key aspect of the FTA. India has agreed to reduce or completely eliminate import duties on 90% of products from the United Kingdom. A 85% of imports from UK are expected to become tariff-free within a decade. Tariffs on whisky from UK in India will be halved, from 150% to 75%, and after 10 years they are expected to fall to 40%. India will also drop car tariffs to 10%. In return, the UK promises to remove tariffs on 99% of goods from India, including clothing, footwear, food, jewellery and a wide range of manufactured products. Among the goods that will face tariff reductions are medical devices, electrical machinery and aerospace.

Major opportunities are also emerging for the plastics sector. These include India's entry into the £22.5 billion UK plastics market, a competitive edge for plastic from India over material from ASEAN countries and China, and encouragement for UK brands to use India-made packaging. The UK government is exempting 6.5% duty on Indian plastic products.

Aside from the opportunities, there are several challenges that both countries will need to overcome to maximise the benefits of cooperation. India needs to obtain United Kingdom Conformity Assessed (UKCA), Brand Reputation Compliance Global Standards (BRCGS), and ISO14001 certifications, improve the recyclability and biodegradability of its packaging, and establish partnerships with the UK's Fast Moving Consumer Goods (FMCG) and retail brands. UK buyers will need to consider the use of material from India in terms of scale and price, and sign long-term contracts to mitigate the risk of supply shortfalls.