The net profit attributable to OMV Petrom S.A. shareholders after the first half of this year’s activity was 4.64 billion lei (compared to 0.98 in H1), on the back of a 153% increase in sales to 25.58 billion lei. The figures reflect the unprecedented market environment in the first 6 months of this year, in the context of the Russia-Ukraine conflict, characterized by “high and volatile” international and regional prices and “supply difficulties”, according to the company.

“The contribution to the state budget was at a record level of about 10 billion lei. This includes taxes of about 9 billion lei, almost 80% higher than in the first 6 months of 2021 and cumulative dividends related to 2021 of almost 1 billion lei, an increase more than double,” said Christina Verchere, CEO OMV Petrom.

Investments amounted to 1.38 billion lei, 15% higher than in H1 2021 and were mainly directed towards the Exploration and Production segment (1.02 billion lei).

For 2022, OMV Petrom expects the average price of Brent crude oil to be above 100 dollars per barrel and retail demand for petroleum products to remain relatively stable, while demand for natural gas and electricity will be lower than in 2021.

Total sales of refined products were 6% higher than in the first half of 2021, amid solid growth in the retail market in the first quarter and a slowdown in demand growth in the second quarter. Total refined products sales volume excluding retail sales increased by 7%, due to partial recovery in aviation activity as well as increased sales in the local market.