Oil Terminal forecasts one million-euro gross profit

Oil Terminal Constanta estimates that gross profit will reach 40.7 billion ROL (about one million euros) in 2005, 35.7% higher than the estimated value for last year, while the company’s revenues are likely to post an over 18% surge, to 1,168 billion ROL (29 million euros), in line with a company report.

The quantity of petroleum products to transit Oil Terminal production units will go up 31.6%, to 13.16 million tonnes.

As regards total expenditures, the company anticipates a value of 1,124 billion ROL (28.1 million euros).

This year, the company will earmark 177 billion ROL (4.4 million euros) as investments, whereas last year’s investment level was set at almost 100 billion ROL (2.5 million euros).

The revenues/expenses budget was in late December endorsed by the company’s General Meeting of Shareholders and will be submitted for approval to the Economy Ministry and subsequently to all shareholders.

Oil Terminal is a commercial company of strategic interest operating oil and oil products reservoirs, pipes, pumping stations and other installations linked to the delivery of oil products through Black Sea harbours.

The main customers of the company are Petrom, Rompetrol Rafinare and Lukoil.

According to the company’s data, the majority stakeholder in Oil Terminal is the Economy and Trade Ministry, with a 61.39% stake, while other natural and legal persons, including Broadhurst Investments Limited, with a stake of 11.78%, control the rest of 38.60% in the company’s share capital.