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OMV Petrom Group posted losses of 41 mln. lei in Q3


OMV Petrom Group posted a loss of 41 million lei in the third quarter of the year (Q3), compared to a profit of 785 million lei in the same period last year, according to a company statement.

Sales revenues decreased by 26% to 5.053 billion lei.

“The value of consolidated sales revenue decreased by 26% compared to Q3/2019, negatively affected by lower market prices of goods and lower sales volumes. Downstream Oil sales accounted for 74% of total consolidated sales, while sales from Downstream Gas accounted for 24%, and sales from Upstream 2% (sales from Upstream being, for the most part, sales within the Group, not to third parties),” say Petrom officials, according to Agerpres.

In the first nine months, the net profit was of 826 million lei, down 70% compared to the same period of last year, the results being affected by the Covid-19 crisis.

“The global outbreak of the Covid-19 pandemic continues to have a major impact on the evolution of the global economy. Although crude oil prices rose slightly during the second quarter due to declining supply, they remain volatile. Recent increases in cases of Covid-19 around the world could delay the expected recovery of demand, due to the reaction of governments and citizens,” said company representatives.

By 2020, OMV Petrom expects the average price of Brent crude to be of $40 a barrel, down from $64 last year.

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