The data from the June 2023 report analyzed by ZF show Petrom’s first major investment in such fixed-income instruments. In comparison, investments in this category stood at RON45 million in June 2022 and remained unchanged in December 2022.
“OMV Petrom invested part of its available cash in government bonds and treasury certificates, with the strategy of diversifying the portfolio structure. These investments are short-term,” Petrom told ZF.
The company did not specify the maturity and interest rate of the bonds.
In June 2023, Petrom had RON14 billion in cash, compared with RON17.5 billion in the first quarter and RON13.2 billion at the end of 2022.
Most likely, the company is counting on inflation slowing down in the context where, as prices slow down, government bond yields appreciate. Romania’s central bank forecasts inflation of 7.1% at the end of 2023. In June, the National Statistics Institute (INS) announced inflation of 10.3% compared with June 2022.
(English version by Loredana Fratila-Cristescu)