Romania’s OMV Petrom expects lower profit this year, after record EUR 1 bln profit in 2013

Romanian oil and gas company Petrom, owned by Austrian OMV, budgeted a profit of RON 3.93 billion (some EUR 880 million) for 2014, down from the record level reported for 2013, of RON 4.83 billion (EUR 1.09 billion). According to the company’s 2014 budget, Petrom estimates total sales of RON 17.4 billion (EUR 3.89 billion) this year, also lower than the RON 18 billion (EUR 4.09 billion) reported for 2013. The company also plans a 30-day shut down and general revision at the Petrobrazi refinery, starting with end of May this year, “which will lead to the improvement of the production structure”. The main shareholder in Petrom is Austrian OMV, with 51 percent of the shares, while the Economy Ministry has 20 percent, and Fondul Proprietatea – managed by Franklin Templeton – another 19 percent. Irina Popescu, irina.popescu@romania-inisder.com