The net profit of Romanian oil major Petrom, the biggest company in Romania, rose by 61% to 2.28 billion RON (647 million euro in 2006). Its full business value was valued at 13.07 billion RON (3.71 billion euro), up 22% compared to the previous year.

Increasing oil prices are the main reason for such a profit boost, according to a Petrom release sent to the Bucharest Stock Exchange.

The news comes as Austrian oil and gas group OMV AG reported its net profit for Q4 2006 increased by more than 24% as its Romanian subsidiary Petrom was for the first time included in its financial reports. OMV said its net profit for the period stood at 294.7 million euro, according to Dow Jones Newswires.