The shareholders of the oil and gas group Petrom (OMV) approved to distribute more than RON1.1bn (EUR235m) dividends from last year profit, the company announced. The amount represents 47% of the company’s net profit made in 2017 and pushes up the dividend per share by 33% compared to the previous year. in addition, the shareholders’ meeting approved to increase investments by 58% y/y to RON5.55bn this year, mostly in the upstream segments (RON4.7bn). The company’s profit in 2017 increased by about 2.4 times compared to 2016, mostly backed by the favourable developments of the crude prices on the international markets.
Petrom is Romania’s second largest company, after car manufacturer Dacia. OMV holds a 51% stake in the company and the state has nearly 21%. Petrom also operates a gas-fired thermo-power plant and has the biggest gas station network in Romania. It has important oil and gas exploration and exploitation projects in the Black Sea in cooperation with ExxonMobil.