Oil Terminal in the red in Q4

Oil Terminal Constanta, the biggest maritime harbour operator saw a net profit of 6.3 million RON (1.73 million euros) last year, 35% more than in 2004. The result reported by the company at the end of the year is only half of the net profit seen after nine months, which amounted to 12.4 million RON (3.4 million euros), which means that Oil Terminal stepped into the red in the last quarter of 2005. During the last few months of 2005, Oil Terminal conducted an investment programme worth over 10 million RON (2.8 million euros) to replace ducts, which are too old or not working properly. The company”s upgrading programme aims to increase equipment usage safety, by gradually moving the network of ducts buried underground to the surface and by replacing old pumps with new ones. ZF