Daily News for Energy & Environment

Romania: OMV Petrom doubles profit in this year’s first quarter

OMV Petrom, the biggest oil&gas company in Romania, posted a net profit of RON 619 million (EUR 136 million) in the first quarter of this year, up 113% compared to the same period of 2016. The group’s sales went up by 27%, to RON 4.65 billion (EUR 1.02 billion), boosted by higher international oil prices and higher local demand for fuel.

“Increased oil prices and higher retail demand for fuels, coupled with our continued cost discipline, were reflected in a Clean CCS Operating Result of RON 767 million, almost half of the entire 2016 figure,” said Mariana Gheorghe, OMV Petrom CEO.

“Our Q1/17 Operating Result was also supported by fiscal easing in Romania, in particular the elimination of the tax on special constructions starting January 2017,” she added.

 

 

 

Spurce: OMV Petrom official press release.

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