Romania’s Petrom 1Q Net Pft Doubles To RON977M

The company, which is majority-owned by Austria’s OMV AG (OMV.VI), posted RON3.72 billion in first-quarter turnover, up 35% from RON2.75 billion in the corresponding period in 2007 due to higher oil prices.

“The strong results recorded in Q1/08 are the consequence of the favorable international oil price environment and the continuous progress of our restructuring and modernization programs,” Petrom Chief Executive Mariana Gheorghe said in the statement.

Petrom is the largest corporation in Romania and the largest gas and oil producer in southeastern Europe.

In December 2004, before OMV bought a 51% stake in Petrom for EUR1.6 billion, the company reported net losses of RON974 million, under local accounting standards.