Petrom raises turnover target to 2.1bn euros

Oil company Petrom has revised its full-year budget so that it is now expecting total revenues of 94,610bn ROL (2.3bn euros), 9,000bn ROL more than it had set in May and 24.4% more than last year, when it made some 76,022bn ROL. The deal by which the State is selling 51% in Petrom to Austrian OMV Group for 1.5bn euros will come into force in the fourth quarter this year. The revised turnover amounts to 87,147bn ROL (2.12bn euros), 6,700bn ROL more than anticipated before. If this amount is actually attained, the turnover growth from 2003 should stand at 22%. Gross profit could reach 4,293bn ROL, while expenses will total 90,316bn ROL. Petrom last year logged 3,198bn ROL gross profit and 72,823bn ROL expenses. The funds allocated to wage payments were set at 8,913bn ROL, which corresponds to an average of 53,315 employees. The S&R budget revision was endorsed by the General Meeting of Shareholders last Tuesday. The same meeting endorsed the company’s change of name from Societatea Nationala a Petrolului (National Oil Company) Petrom to Petrom. ZF