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Petrom profits down to less than 50%

Miercuri, 16 mai 2007, 0:00

The largest Romanian oil company, Petrom, had a 113 million euros profit in the first quarter of 2007, 2.3 times lower than the profits of Q1 2006 (some 250 million euros), but larger that the last quarter in 2006.
The profit lowering was caused mainly from the decrease in profits of the Scouting and Exploitation department.

The operational profit decreased 52% compared to Q1 2006, mainly because of the lowering crude oil price, the high amount of stocks, production decrease and the 13% appreciation of the national currency.

During the first quarter, the crude oil and gas production of the company decreased 6%, from 19.30 to 18.18 million barrels.

Meanwhile, the fuel sold through proprietary gas stations reached 315 million liters, 25% more compared to Q1 2006.

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