OMV Petrom Group estimates that it will invest less than 700 million euros this year, with more than 80pct to be directed to Upstream projects (exploration and production), according to the unaudited financial results released on Thursday by the company.
In the third quarter, the company made investments of 811 million lei, up 70pct from the same period of last year. On the other hand, the investments made in the first nine months of this year decreased by 5pct to 1,727 billion lei.
In the Upstream segment, the investments made in July-September were worth 675 million lei, compared to 420 million lei in Q3 of 2016, and the Downstream investments (refining and marketing) amounted to 135 million lei, from which 122 million lei in Downstream Oil (in Q3 last year these stood at 56 million lei).
For 2017, OMV Petrom forecasts that the average price of Brent crude oil will be 52 dollars / bbl.
"The increase in private consumption in Romania is expected to continue to sustain the demand for oil products, despite some expectations on its decline in Q4 2017 due to seasonality and higher excise duties on fuels," the company said.
At the same time, OMV Petrom's estimates indicate an increase in the demand for natural gas and fuels and a slight increase in electricity demand compared to 2016.
AGERPRES .
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