12 times lower profit for Rompetrol Well Services

Oil industry service provider Rompetrol Well Services Ploiesti’s profit last year was worth 8.5bn ROL ($0.25 million), 12 times lower than the year before. The turnover, however, rose slightly in nominal terms from 438bn ROL in 2002 to 477bn ROL last year. Rompetrol Group representatives say that besides the major investments made last year, the profit decline was also due to the significant decrease in debts, as well as to the costs entailed by complying with the European Union’s standards in terms of equipment and technology the company supplies. Rompetrol Well Services got its first contracts in Azerbaijan last year after two years of assessing business opportunities with the companies operating in the region. The two contracts concluded last year will be run together with two companies held by the National Oil Company in China. ZF