Conpet downwardly revises revenues and expenditures

State-held Conpet Ploiesti, which transports petroleum products, has revised its overall revenue estimate for 2008, from the 366.87 million RON (around 100 million euros) announced at the end of January, to 346 million RON (96 million euros), as well as its spending, by a similar figure of around 20 million RON, the company announced on Monday. The rectified spending and revenue budget was approved by Conpet’s shareholders on Friday, informs the company. Conpet preserves its estimates regarding the gross profit at 15.52 million RON and forecasts expenditures worth 330.58 million RON, lower than the previous estimate, of 351.35 million RON. The company’s shareholders also approved the distribution of 11.66 million RON, i.e. more than half the net profit derived in 2007, to the shareholders in the form of dividends. The dividend per share will amount to 1.34 RON. Conpet manages a 4,500-kilometre network of pipelines to transport petroleum products across 24 counties. The company also transports crude oil on the Danube for foreign partners.