OMV Petrom estimates 7.5% profit increase this year

Romanian oil and gas group OMV Petrom estimates a net profit of RON 2.58 billion (EUR 555 million) this year, up by 7.5% (in local currency) versus 2017, according to the group’s budget. The revenues for this year are estimated at RON 13.7 billion (EUR 2.94 billion), down compared to last year (RON 14.8 billion). The group built its budget on an average Brent oil price of USD 55 per barrel. “Considering current market evolution, the average Brent price is expected to increase to USD 60/bbl,” according to the document. The group also plans to increase its investments significantly this year, to RON 5.5 billion (EUR 1.18 billion), with 84% of the funds going into the upstream segment, which includes the gas project in the Black Sea. Last year, OMV Petrom invested just under RON 3 billion. Romanian group OMV Petrom proposes EUR 240 mln dividends from 2017 profit editor@romania-insider.com