Major Romanian oil and gas group OMV Petrom (BVB: SNP) saw its sales decrease by 20% y/y to RON 9.47 bln (EUR 2 bln), according to the group's financial report filed to the Stock Exchange.

The group's net profit reached RON 1.48 bln (EUR 300 mln), down by 15% compared to the first three months of 2022.

"Our results for the first quarter of this year are influenced by the drop in international prices for crude oil and gas, from record levels recorded in 2022," said OMV Petrom CEO Christina Verchere.

"In the context of a lower demand for gas, fuels and electricity in Romania, we had a strong operational performance, which partially counterbalanced the decrease in prices."

Verchere noted that the investment in Q1 was RON 1 bln (EUR 200 mln), 52% more compared to the previous year. But the final investment decision for Neptune Deep is still expected in mid-2023 "if all the preconditions are met," she stated. 

iulian@romania-insider.com

(Photo source: Mihai Olaru | Dreamstime.com)