Conpet turnover maintains

Oil and oil product carrier Conpet Ploiesti posted some $12 million turnover in Q1, 2003, the same as in Q1, 2002. The company, which is about merge with Petrotrans, will complete the retooling of its transport system this year. Conpet makes $50 million in turnover a year but might make even more following the merger with Petrotrans. Conpet Ploiesti’s pipe network reaches some 4,700 km, through which 7 or 8 million tonnes of oil and oil products are transported every year. Following the merger with Petrotrans, scheduled to take place this year, Conpet might be managing another 1,700 km of pipelines. “We’re expecting the conclusions of the audit on the merger with Petrotrans. We will probably conduct a reassessment and see how many of Petrotrans’ pipelines are operational, while others will be preserved. We will have several meetings on this issue (the merger i.e.) to consider various options and be able to make a projection for this year,” Petre Petrescu, Conpet Ploiesti general manager, explains. Industry and Resources Ministry, the majority shareholder of the two entities had announced the idea of this merger set to form a joint oil and oil products carrier as early as last year. ZF