100m euros above target for MOL

MOL Romania, the local branch of the Hungarian petroleum group, last year made more than 400 million-euro turnover, 33% above the 300 million target initially set, corporate sources told ZIARUL FINANCIAR. They added that it was possible to attain these results in 2005 thanks to the management”s policy to broaden the company”s product portfolio by launching high quality fuels. Every petroleum company in the world, including those on the domestic market, gained from the increase in petroleum and petroleum product prices last year. Petrom and Rompetrol in their turn expect better than anticipated financial results for 2005. “We hope 2006 will be at least as good for us as the year that has just passed, therefore we want to at least maintain our turnover, which, as you have seen, was higher than estimated for 2005,” the quoted sources say. MOL”s business increased 2.5 times last year compared with 2004, due to the integration of the Shell network acquired the year before and to the favourable international circumstances. The Hungarian petroleum group operates a 137-station network, with 59 of these filling stations having been taken over from Shell through two deals worth a total of 70-73 million euros. ZF