The oil company OMV Petrom posted a net profit of RON 1.2 billion in the first semester of the year, which is 199 percent higher than the one from the similar period of 2016, due to the sales growth by 25 percent and the investments reduction, according to the financial data published this Thursday.

The sales increased in the first semester of the year by 25 percent to RON 9.26 billion, due to the “crude oil prices significantly higher and the higher volumes of oil products, natural gas and electricity, partially compensated by the average sales prices lower on natural gas,” says the report.

“In the first six months of the year, we transformed the favorable market conditions in a solid operational and financial performance. We benefited from growing crude oil prices, solid refinery margins and a higher demand for all our products,” said the general director of OMV Petrom, Mariana Gheorghe.

Also, the profit was supported by the elimination of the special constructions tax from January 1.

The investments dropped by 32 percent in the first semester to RON 913 million compared with the first semester of 2016, mainly due to the substantial reduction of investments in Upstream segment.

For 2017, the company initially estimated investments close to EUR 800 million, by 40 percent higher compared with 2016, but revised the budget downwards.

„We revised the investments estimations downwards to EUR 0.7 billion due to the drills portfolio optimization, costs savings and projects revision; however, we are ready for an investments activity intensification in the second half of the year,” added Gheorghe.