Romania OMV Petrom Considers Paying Dividends From 2010 Profit

OMV Petrom (SNP.RO), Romania’s largest oil company, Wednesday proposed paying dividends to its shareholders from the 2010 profit, following good financial results.

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"Based on the strong 2010 preliminary results and financial position, we take into consideration the allocation of dividends for 2010," Petrom said in its preliminary financial report.

The company didn't say how much it will be paying to its shareholders, but mentioned the proposal will be discussed at a meeting in April.

Petrom last paid dividends from the 2007 profit. The company's shareholders received at the time total dividends worth 1.081 billion lei (EUR1=RON4.235), or RON0.0191 a share.

In 2010, Petrom reported a net profit of RON2.19 billion, well above RON833 million reported a year earlier.

Petrom is 51%-owned by Austria's OMV (OMV.VI). Romanian Economy Ministry holds a 20.6% stake, while investment fund Fondul Proprietatea owns 20.11% of the company's shares.

On the Bucharest market Tuesday, Petrom closed up 1.11% at RON0.365 a share.

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