Petrom Posts EUR 461.3 mil Net Profit in '07

Petrom Posts EUR 461.3 mil Net Profit in '07

Petrom, oil and gas company, registered consolidated revenues of EUR 4.47 bil in 2007, 3% higher compared to 2006, out of which EUR 586 mil derived from the 25 subsidiaries of Petrom. The consolidated net profit for 2007 reached EUR 461.3m, 2% lower compared to 2006.

Although Petrom managed to stabilize the production in the second half of 2007, and the crude oil barrel’s price reached historical maximums while the RON significantly depreciated, the RON’s appreciation in the first half annulled this advantage.

Among the profitable companies which are part of Petrom group are OMV Romania, which reported an EBT of EUR 17.3m, Petrom Gas with EUR 15.2m, OMV Bulgaria with EUR 11m, OMV Serbia with EUR 10.7m, Rafiserv with EUR 9.6m and Petrom Moldova with EUR 7.78m. The highest loss was registered by Ring Oil with EUR 43m.

According to the latest statements of the company’s management, for 2008 are expected financial results at least at the same level as in 2007, taking into account high prices of the crude oil barrel and a high volatility of RON against the EUR and USD.

Petrom Group is exposed mainly to the risks related to the different prices on the market and to margins, FX risk and the risks related to major dangerous events.

For 2008 the main priority is modernising and restructuring Petrom, sustained by significant investments of around RON 6b (EUR 1.6b). On the exploration and production segment Petrom will focus on reducing the production costs through integrating the segment of petroleum services of Petromservice.

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