Petrom operated half of Romania’s natural gas and all crude oil reserves, but the turnover was lower than in 2006, due to higher crude oil prices and supply costs. “We cannot expect other companies to compete with Petrom, because it has access to gas and oil resources, and the evolution of oil prices in the past few years offers a very significant advantage,” said analyst Aurelian Dochia.
According to Dochia, Romgaz, which exploits half of Romania’s natural gas reserves, is also in a favorable spot. “Rompetrol and LukOil have refineries and a good position on the retail market. The two companies have similar characteristics and can compete with each other,” Dochia added.
Petrom, Romgaz and LukOil posted losses on the refinery segment. “Refineries are always exposed, which means they cannot rapidly transfer the price increase of raw materials to the final consumer, which reduces the profit margin,” said Dochia.
Electrocentrale Bucharest (ELCEN) ranks first on the electrical and thermal energy segment, according to data from the Ministry of Economy and Finance. ELCEN posted higher profit than Hidroelectrica, Romania’s largest electricity producer. Hidroelectrica’s turnover dropped 8 percent, to €617 million, due to drought.
