Petrom, Romania's only oil and gas producer, in the first sixmonths of this year generated income worth 1.5bn RON (366.8meuros), more than four times bigger than a year ago and almostdouble the entire gain of 2009. There were two factors with adecisive weight in the figure: the almost 50% higher oil prices andrefining activities revamping. "There were two things that weigheda lot in our achieving this result. On the one hand, we cut costson segments such as consultancy, and on the other hand we maderestructuring moves. We sold the petrochemical segment of Arpechim,Arpechim is now operating only in line with necessities, andDoljchim complex was shut down. These can be classified ascost-cutting moves. On the other hand, we benefited from rising oilprices," says Mariana Gheorghe, Petrom CEO. The company's sales inH1 reached 8.3bn RON (over 2bn euros), up 14% from a year ago, eventhough the company's hydrocarbon production fell by 3% during theanalysed period and oil product sales contracted by 16% at grouplevel. As the company did not produce more, nor sold more dieseloil and petrol, the solid figures are largely accounted for by therising prices, both for oil and fuel.
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