Petrom doubles investment in 2006

Petrom has announced plans to invest an estimated 2.3 billion RON (647.8 million euros) this year, double the amount in 2005, when investment totalled 1.1 billion RON (303.8 million euros). Approximately half of the investment (1.18 billion RON) earmarked for this year will be directed towards the exploration and production sector. The refineries in Arpechim and Petrobrazi will be allocated 640 million RON for modernisation, and 433 million RON will be spent on marketing. In 2005, Petrom invested 135.4 million RON in marketing and the construction and refurbishment of petrol stations. A total of 449 million RON were invested in refining, while investments for exploration and production amount to 530 million RON. This year, Petrom estimates a turnover worth 10.97 billion RON (some 3 billion euros) and a volume of fuel sales of 5.3 million tonnes, an increase of some 300,000 tonnes. The company posted a turnover worth 10.7 billion RON (2.97 billion euros) in 2005, an increase of 24% on 2004 and a net profit of 1.416 billion RON (391 million euros). The company will grant dividends worth 738 million RON (210 million euros), with the gross value of a dividend per share standing at 0.013 RON. ZF