OMV Petrom reached net profit of 2.86 billion RON, up by 122 percent in 2021

OMV Petrom recorded a net profit of 2.86 billion RON last year, 122 percent higher than the previous year. Sales revenues increased by 32 percent to 26 billion RON.
The company’s contribution to the state budget stood at a record level of 12.3 billion RON.

Christina Verchere, CEO of OMV Petrom: “Our contribution to the state budget was at a record level of 12.3 billion RON. This increase was also due to natural gas taxation, which tripled compared to 2020. This was due to a significant difference between the reference gas price and the realized price.

As a result, the tax regime for gas production in Romania has become even more uncompetitive, significantly above the European average. This puts pressure on investments in Romania, endangering the supply of domestic natural gas production.

The non-modification of the Offshore Law leads to the delay of the final investment decision in Neptun Deep, for 2023. In order for Romania to benefit from its natural gas resources, the urgent intervention of the authorities is needed.

Our 2021 results are supported by a strong crude oil market environment, excellent use of our assets and increased energy demand. However, the result from the operation of CCA EBIT excluding special items is below the value recorded in 2019. The market environment with high gas prices is not reflected in our results due to the extremely high level of taxation.

We will continue to implement our strategy for 2030, supported by the significant increase in investments: up to 4 billion RON in 2022, in the conditions of an improved investment climate.”