Agip Romania, the Romanian-based subsidiary of Italian group Enel, is hoping to break even this year after four consecutive years of losses. Turnover is also projected to reach 50 million euros, accounting for a 28% increase on last year.
The recent hikes in fuel prices, the steepest since 1990, and the privatisation of the leading domestic oil company, SNP Petrom, have boosted the local operations of the Italian giant, which is now planning to expand its network of petrol stations, despite having considered leaving the Romanian market altogether not long ago.
"We hope to post some profit this year, after some three years of losses, if no dramatic market changes occur in the next months. We recorded profits in the first eight months of the year, and turnover is up 10-15 percent," Antonio Cambiotti, president of Agip Romania, told Ziarul Financiar.
According to Cambiotti, turnover could rise to 50 million euros by the end of the year, up from last year's 39 million euros. In 2003, the Italian group had an operating income worth one million euros. This nonetheless translated into a net loss of 300,000 euros due to the accelerated depreciation of the ROL against the single European currency.
Agip's network of petrol stations will grow to 21 by the end of the year, with four more stations set to be built in the next eight months, Cambiotti added.
Further, the Italians have voiced an interest in Shell's 58 Romanian stations, which are also being eyed by Hungarian group MOL, according to sources close to the negotiations.
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