OMV Petrom’s sales decline less than anticipated in Q2

OMV Petrom's fuel sales decreased by 17% year-on-year to 1.39 million tonnes in Q2, according to a preliminary report published ahead of the complete quarterly financial reports expected for the end of July.

The decline is surprisingly milder than the 45% plunge anticipated by the company's CEO.

"On the fuel side, in the second quarter, we see a 45% decrease and a 20% decrease for the whole year," said Christina Verchere, CEO of Petrom, at the end of April.

Overall, in the first half of 2020, OMV Petrom's fuel sales were 2.35 million tonnes, 8% lower than in the same period of 2019.Subdued fuel demand, in the context of the movement restrictions and lower economic activity in general, caused by the pandemic, also reflected in the utilization rate of the company's sole refinery, Petrobrazi.

After many consecutive quarters when the utilization rate was constantly over 90% (even 99% in Q3 2019), the indicator dropped to 89% in Q2 2020.

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