Romania: Petrom Name Change to OMV Petrom

Petrom  has changeed the name of the company into OMV Petrom and the modification of the certificate of incorporation has been recorded and sent  to the Bucharest Stock Exchange during the month.

OMV is currently holding 51.01% equity in Petrom, the other shareholders being the Ministry of Economy with 20.63% and Fondul Proprietatea with 20.11%.  The 45% profit fall in H1 2009 to 923 mln lei was weighed down by crude oil price decline and sagging sales of oil and natural gas. However, the net profit was supported by the risk-hedging instruments as well as by the good performance of the currency exchange rates.

The fall in crude oil prices and dwindling sales have crippled Petrom’s half-year profit, to 923 million lei, down 45% year-on-year. However, second-quarter results topped expectations.  The market value of the company is €3.5 bln according to last closing quote of 0.2620 lei/share.  Petrom Group operates 828 Petrom and OMV service stations, of which 562 are in Romania.

PetrolWorld 290909