Romania: OMV Petrom Profit after Privatization 5.8 Billion Euros

, SEE Energy News

The group for oil and gas production, OMV Petrom, has achieved a profit of 5.8 billion euros since it was privatized in 2004. Within the same period, 19 billion euros have been spent on paying taxes.

The Austrian OMV group took the company over for 1.5 billion euros. Of this, 670 million euros were paid to the state for the majority ownership share, whereas 830 million were invested in recapitalization.

Petrom is the second largest company in Romania when it comes to turnover, whereas it is ranked first when it comes to the contributions paid into the state coffers.

Petrom leases the majority of oil reserves in the country and it shares the gas production with Romgaz. It is also the largest fuel distributor, with a network of 550 gas stations around the country.

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