Petrom estimates 36 percent increase in profit

Oil company Petrom, Romania's largest company, controlled by Austrian group OMV, estimates net profit of €682.2 million for 2008, some 36 percent higher year-on-year. Company officials estimate turnover worth €3.3 billion. Petrom's net incomes could exceed cumulated profits of the largest six local companies in terms of turnover and profit. The estimated result equals the price paid by OMV for the Petrom stock that it purchased in 2004. 

Company shareholders approved in a general meeting on Tuesday the largest investment plan so far, worth €1.71 bln. Some €1 bln will be invested in extraction and production segments. 

Shareholders lasso decided to pay 61 percent of last year's net profit in dividends.