The top ten oil companies reached turnover worth above 10bn euros last year. While the trend of financial indicators did not bring any major surprises, after year-on-year increases revolved around 5%, 2007 was more spectacular because of two major deals that involved the top players on the market.
Despite turnovers remaining at a relatively stable level, the top 10 players on the market's incomes declined considerably and reached an overall level of 414.8m euros, down 41% on 2006, when oil companies posted gains of almost 702m euros.
The first half was not good for oil companies at all, after oil prices followed a downward trend and the RON increased. For Petrom, this situation, along with falling production, brought 63% lower income in the first three months of the year against 2006. After the first half, things started to change. The RON started to fall and the dollar slump signalled the start of an unprecedented increase in oil prices. However, Petrom did not manage to rise to the level of 2006 results, but the company is expected to rally this year, with its income standing the chance of reaching as much as 1bn euros.
While Petrom rebounded, Rompetrol produced last year's surprise. On August 27, Dinu Patriciu, Rompetrol chairman, announced the deal of the year - the sale of 75% in the group to KazMunaiGaz.
The market did not calm down and September saw another major deal after Petrom repurchased the biggest domestic supplier of equipment and services for the oil and gas industry- Petromservice, for 328.5m euros.
This year, analysts believe deals will mainly emerge on the retail side, with a period of consolidation at a European level to follow, a trend Romania will not be able to turn its back on. Some surprises may still emerge on the refining segment, where, according to some market sources, Rafo refinery is for sale, despite the company's representatives saying the unit is closed for modernisation.
The start of the year was extremely restless, after oil prices hit record highs. Despite the surge in oil prices, the population's consumption habits did not change in the sense of shrinking consumption and players say they expect increases of as much as 10% this year.
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