Analysts expect a slight drop in RON profits, due to the depreciation of the dollar against the leu and euro, and due to higher refining expenses, brought about by the rise in oil prices.

Czech investment bank Wood&Co has the lowest estimates for Petrom's financial results, with a 22 percent drop in profits foreseen, down to €128 mln. "The main factors leading to a decrease in profits are a lower price difference between Brent and Ural quotations, high expenses in refineries due to more expensive oil, and an increase in operating expenses due to the depreciation of the dollar in relation to the euro and the local currency," Wood&Co analyst Bram Buring told Business Standard.

Local brokerage companies KBC Securities and CA IB Securities estimate a 0.5 percent drop in profits year-on year, down to €164.5 mln, while Fortius Finance brokerage company expects Petrom to post €152 mln in profits. "Another reason for lower profits is lower gas production," according to Fortius Finance analyst Florin Cobuz.

Contacted by Business Standard, Petrom officials declined to comment on the estimates by analysts because the company is listed on BVB, which requires Petrom to make available the results to shareholders prior to publishing these in the media.

Petrom posted net profits worth €162 mln and turnover of €997 mln in the third quarter of 2006. The company's market capitalization amounts to €8.16 bln. Its main shareholder is Austrian-based group OMV, with a 51 percent share.