Petrom buys twice the volume of oil to offset stagnating production
The acquisitions are double the volume of the corresponding period last year, when they reached 1 billion RON (285 million euros).
On the other hand, Petrom sales to other companies in the group went up by a mere 15% and reached 374 million RON (102 million euros) in the first half.
The increase in the value of Petrom's imports was, first of all, caused by the hike in oil prices (by 75%) in the first half of 2008 on average compared with the corresponding period of 2007. Although it does have around 1.43 billion barrels of oil and natural gas reserves, Petrom has stabilized production at around 190,000 barrels a day lately, informs Ziarul financiar.
Petrom is currently worth 6.8 billion euros on the Stock Exchange, with OMV's stake valued at 3.4 billion euros.