OMV said net profit for the three months ended March 31 was €317 million (US$430 million), compared with €297 million (US$402 million) in the same period a year ago. The earnings were below analysts" expectations of €329 million (US$446 million).
Crude oil and natural gas production slumped 4.5 percent in the first quarter, mainly because of lower production at Petrom, OMV"s Romanian unit, the company said.
OMV,
But OMV"s CEO, Wolfgang Ruttenstorfer, said crude oil refining margins in 2007 are likely to stay near last year"s high levels.
Ruttenstorfer told CNBC television he expects that crude oil prices will hover around US$60 a barrel for the rest of this year.
Asked about OMV"s plans to enter the Iranian gas sector, Ruttenstorfer said European Union gas demand is expected to increase strongly in the coming years, and that will require more suppliers beyond
"We need Russian gas, which already supplies a large share of
Ruttenstorfer said Wednesday he doubts the dispute would come to sanctions.
PIN/Iht.Com
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