In 2013, Petrom, the Romanian arm of Austria’s OMV (OMV.VI), posted a record profit of RON4.82 billion.
Petrom estimates its sales will fall 3.7% to RON17.4 billion in 2014, from RON18.08 billion a year earlier.
The company has scheduled investments of over EUR1 billion this year, of which approximately 85% will be dedicated to the exploration and production segment.
Petrom is 51%-owned by OMV AG, while Romania’s Economy Ministry holds a 20.6% stake.
Thursday, Petrom’s shares closed down 0.93% at RON0.4349 in Bucharest, valuing the company at RON24.63 billion. (EUR1=RON4.4749)