Monday, July 27, 2015

Galp profit rises to 1.7 million a day – Morning Post

 Photo José Sena Goulão

Carlos Gomes da Silva underlined the contribution of production and refining in the accounts

07/28/2015 1:15

Galp profit rises to 1.7 million per day

Production and export of gasoline make shooting results.

 By Raquel Oliveira

Galp Energia posted profits of about 1.7 million euros per day in the first six months of this year, reaching EUR 310 million. Net profit of the company more than doubled over the same period last year, marking positively the first full quarter of Carlos Gomes da Silva ahead of the national oil company.

A combination of factors favored Galp’s accounts in the first half, including the rise in petroleum refining margins on fuels (refining) and increased sales of gasoline to the United States, said yesterday da Silva Gomes on delivering results.

The demand for fuel across the Atlantic contributed to the oil have been responsible for about 7% of national exports in the first half. In total, Galp exported about 1.7 billion euros of petroleum products until June.

The fall in oil prices (Brent) has penalized our results but It was offset with increased refining and production, particularly in Brazil.

The contribution of Galp for tax on the energy sector increased to 33 million euros, against 10.4 million euros in the same period of 2014. This tax was created by the Government in 2013 and first applied last year under strong criticism from energy companies to offset part of the tariff deficit.

This year, the government put forward new tax, this time on natural gas long-term provisioning. Again, the measure was challenged by the oil, which announced to court.

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