Petrom, the largest oil and gas producer in South Eastern Europe, reports good results for the year 2006, despite the...
Petrom, the largest oil and gas producer in South Eastern Europe, reports good results for the year 2006, despite the weakening and volatile environment in downstream.
The high crude quotations in combination with continuously growing sales contributed to the 47 per cent yoy rise of the EBIT to RON 2,777 million (EUR 788 million). The investments had a significant increase, by 163 per cent, as a result of the retail network expansion as well as growth, modernization and development projects in E&P.
“Our results for 2006 are very good and mark a step forward in reaching our overall objective of positioning Petrom as leading oil and gas company in South Eastern Europe. It is the second year in a row when the company records great performance and this proves our responsible approach , the fact that restructuring is on track, as well as the consistency of our strategy and our determination to reach our objectives", commented Mariana Gheorghe, CEO of Petrom.
"In 2006 investments went up by 163 per cent comparing to last year and we will keep a constant rhythm of investments in order to secure the sustainable development of our company and thus contributing to the security of energy supply for Romania”, she added.
The turnover of the company increased by 22 per cent yoy to RON 13,078 million as a result of the continuously increasing trend of the international oil prices and product sales.
The investment program started in 2005 continued in 2006, when the total investments picked up to an amount of RON 2,937 million, exceeding by 163 per cent the amount performed in 2005.
Total oil and gas production in Romania amounted to 73.1 million boe in 2006. The natural decline in combination with the restructuring efforts and infrastructure issues (like Transgaz) are the the major reasons for the decline of 6.3 per cent in comparison to 2005 production volumes.