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Romania’s Petrom 07 Crude Oil, Gas Output Slightly Dn

The crude oil output of Romania’s largest vertically integrated oil company, Petrom SA (SNP.RO) fell 4% in 2007 to 70.27 million barrels from 73 million barrels in 2006, due to international factors, the company said Tuesday.
Romania’s Petrom 07 Crude Oil, Gas Output Slightly Dn
26 feb. 2008, 12:06, English

In 2007, Petrom produced 5.75 billion cubic meters of natural gas, down 3% from 5.91 billion cubic meters in 2006. The company set up a program formed of ten projects targeting higher output.

The Bucharest-listed company said its turnover fell 6% to RON12.2 billion last year from RON13 billion a year before due to lower refining & marketing export sales volumes and prices.

The company, which is majority owned by Austria’s OMV AG (OMV.VI), posted a full-year net profit of RON1.77 billion in 2007, down 22% on the year from RON2.28 billion in 2006.

Petrom is the largest corporation in Romania and the largest gas and oil producer in southeastern Europe. In December 2004 OMV bought a 51% stake in Petrom for EUR1.6 billion.