The oil and gas Romanian company, Petrom Group registered a net profit of RON 3.759bn in 2011, 72 percent more than the RON 2.19bn it produced in 2010. In the last quarter of 2011, the company made a profit of RON 838m, an 8 percent rise over the final quarter of 2010.
Petrom’s managing director Mariana Gheorghe explained the profit is the result of considerable investments, efficient cost-management, and rising oil prices. The Austrian group OMV is Petrom’s majority shareholder, with a 51.01 percent stake.
The Ministry of Economy has 20.64 percent, Proprietatea Fund has 20.11 percent, while the European Bank for Reconstruction and Development holds 2.03 percent interest. Roughly 6.21 percent of the shares in the company are traded on the Bucharest Stock Exchange.
