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OMV Petrom Group's profit in Q1 up by 38 per cent to 854 million RON

OMV Petrom Group recorded in the first quarter of 2018 a profit of 854 million RON, up by 38 per cent year-on-year, when it stood at 618 million RON, the company announced on Thursday.

2018-05-03 11:15:25

In the last quarter of 2017, the net profit stood at 642 million RON. The value of consolidated sales increased slightly, up by 5 percent, compared to the first semester of 2017, on the back of an increase in prices of oil products and natural gas and bigger volumes of electricity sales, partially counterbalanced by smaller volumes of natural gas sales and smaller prices for electricity.

Sales from Downstream Oil represented 70 percent of consolidated sales, while Downstream Gas represented 28 percent and those Upstream 2 percent. Upstream sales are largely sales inside the Group, not towards third parties.

The company's investments increased in the first three months of the year to 843 million RON, up by 139 per cent year-on-year, when it stood at 353 million RON. It includes mainly investments in Upstream, which total 653 million RON in Q1 2018, compared to 324 million RON in Q1 2017. The increase in investments was triggered mainly by the intensification of drilling activities and preparations connected to the general revision of the refinery, the company said.

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