OMV Petrom expects 18.6 percent lower profit in 2014

Romanian dominant oil company OMV Petrom expects its net profit will fall 18.6 percent to 3.93 billion lei (EUR 878 million) in 2014, hurt by lower sales, the company said in its revenue and expenditure budget. Sales are estimated at RON 17.41 billion, 3.7 percent under the sales recorded last year of RON 18.087 billion (EUR 4.09 billion). The company has planned a general 30-day revision for the Petrobrazi refinery, starting in may.

The company also scheduled investments of over EUR 1 billion for this year, out of which over 85 percent of projects are in the field of exploration and production. Investments last year totaled EUR 1.2 billion.

OMV Petrom is the biggest Romanian company listed on the Bucharest Stock Exchange, with capital worth RON 24.63 billion (EUR 5.51 billion).

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