Plant closures lead to 7% drop in Petrom gas sales in Q4

 

“Petrom’s natural gas sales have been affected by the 21 percent drop in consumption in Romania in the last quarter of 2008, compared to the same period the year before, generated principally by a partial stoppage of major chemical plant activities,” according to yesterday’s OMV report.

Of OMV’s total sale of 3.94 billion cubic meters of gas, Petrom’s share in sales in the period analyzed made up 33.5 percent.

The group’s refinery sales rose 6.1 percent in October-December 2008 period, to 5.72 million tons, from 5.39 million tons in Q4 2007, with OMV’s margins for these activities remaining high, adds the company communique.

OMV revenue was influenced positively by the appreciation of the dollar in the last quarter of 2008, while U.S. dollar-denominated costs had an adverse effect on results reported in euro. However, the depreciation of the leu reduced these negative effects on Petrom, continues the Austrian group’s report.