Petrom: Romania’s fuel demand down 6 pct in 2009

Romania’s total demand for fuel fell six percent in 2009 compared with 2008 and the downward trend continued in January 2010 too, Petrom CEO Mariana Gheorghe on Thursday told a press conference.

“Romania’s total fuel demand dipped six percent in 2009 compared with 2008, according to Petrom estimations. Retail sales fell three percent in 2009 compared to 2008 and commercial sales, black oil excluded, dropped 14 percent. In January 2010 demand further followed last year’s downward trend,” said Mariana Gheorghe.
The net profit of Petrom increased 34 percent last year, reaching RON 1.368 billion (some 321 million euros); oil price risk hedging instruments had a strong positive impact, as prove the company’s 2009 results.

The net turnover fell 23 percent in 2009 compared with the year before, mainly on the background of low prices and lesser amounts of sold products, reaching RON 12.842 billion (about 3 billion euros).
Petrom’s crude production in Romania was of 31.54 million barrels, by three percent lower than in 2008, with the decrease mainly caused by the low number of newly drilled wells and delays in the exploitation of key-importance wells.

The production of natural gas reached 5.268 billion cubic meters, five percent less than the figure registered in 2008, with the production impacted mainly by demand growing thinner. The drop in the gas production occurred amid delays at production wells 4335 and 4338 Mamu, which therefore could no longer offset the natural decline of production.

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