Petrom reports 22 percent increase in turnover

“Our results for 2006 mark a step forward in reaching our overall objective of positioning Petrom as a leading oil and gas company in South East Europe,” said Mariana Gheorghe, CEO of Petrom.
Operating expenses increased by 17 percent, in 2006 mainly on the back of the increasing costs of raw materials (imported crude oil, with higher prices and volumes). The rise in staff costs was the result of restructuring costs, the yearly increase of salaries in accordance with the Collective Labor Agreement and bonuses paid. The taxes paid by Petrom to the state budget in 2006 amounted to EUR 1.535 million.
According to the company's CEO, in 2007 Petrom's investments will total EUR 900 million. In its turn, OMV's 2006 results show continued growth, according to company representatives. From January to December 2006 group sales rose by 22 percent to approximately EUR 19 billion, while EBIT increased by 5 percent to approximately EUR 2 billion.
Net income – compared to 2005 – increased by 11 percent to EUR 1.7 billion. Cash flow from operations decreased slightly by 4 percent to EUR 2 billion.
“OMV has strengthened its position for further growth in all its business divisions. […] At Petrom, modernisation is going according to plan. Petrom's good contribution to the results reflects its important role in OMV's growth strategy: we aim to be the company that is the most successful at taking advantage of the possibilities offered by the Central and South East European growth belt and the neighbouring regions,” said Wolfgang Ruttenstorfer, OMV's CEO.
From January to December 2006, total investments of EUR 2.5 billion were substantially higher than those of the previous year (2005: EUR 1.4 billion). EUR 732 million of these investments went mostly on field developments in New Zealand, Austria, Romania and Kazakhstan.

Andreea Marinas