Romania's OMV Petrom posts its first losses in 11 years

Romanian oil & gas group OMV Petrom recorded net losses of EUR 155 million in 2015, its first negative result since 2004, the year Austrian group OMV took over the company from the Romanian state. In 2014, OMV Petrom had a net profit of EUR 473 million, after a record EUR 1 billion in 2013. Last year, the group’s results were strongly impacted by the steep fall in international oil prices, which prompted it to write down the value of some important assets. The one-off expenses related to asset impairments totaled EUR 628 million, most of which were recorded in the fourth quarter. OMV Petrom's consolidated turnover declined by 16% last year, to EUR 4.08 billion. editor@romania-insider.com