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Izabela Sîrbu
The downturn of the petrochemical industry took a heavy toll on Romania"s largest oil & gas company Petrom (BSE:SNP) as natural gas sales dropped 27% in Q2, according to the report released by majority shareholder OMV on Friday.
Specifically, Petrom"s natural gas sales decreased from 1.4 billion cubic metres in Q1 to 0.84 cubic metres in Q2. The overall hydrocarbons production decreased by 4.6% from 192,000 barrels of oil equivalent per day in Q1 to 185,000 barrels of oil equivalent per day in Q2.
For the entire year 2009, Petrom projects a net profit of 1.11 billion RON, up by 8.6% year-on-year. According to the company"s budget for this year, the turnover is going to decrease by more than 33% to 11.12 billion RON.
Petrom is the leading oil & gas company in Romania with a share capital of 5,664.41 million RON divided into shares with a face value of 0.1 RON. Petrom is listed on the Bucharest Stock Exchange Tier 1 since 3 September 2001.
OMV A.G. (Austria) is the majority shareholder with 51.01%, followed by the State Assets Recovery Authority (AVAS) with 20.64% and investment fund Fondul Proprietatea with 20.11%. The remaining 8.24% is free float on the Bucharest Stock Exchange.
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