Petrom 2007 budget review approved despite challenge

The shareholders board of Romanian oil group Petrom aproved on Tuesday a review of the 2007 budget of the company despite the Athority of State Assets Recovery (AVAS) had announced it would oppose the proposal, sources close to the meeting told Romanian news agency NewsIn. AVAS, a government-controlled body, holds a 21% stake in Petrom, a company controlled by Austrian group OMV.

According to NewsIn, the Petrom budget for investments was upped by 114 million RON to 3.865 billion RON. The budget for investments in exploitation and production will grow from 1.685 billion RON to 2.421 RON, a boost which is partially compensated by lower investments in other segments.

An AVAS representative had previously said the institution would vote against the review of the investment program because it had requested the data but was not informed in due time about the investment plans.