Oil Terminal, the Constanta harbour operator has drawn up an investment programme worth 110.8 million RON (31.8 million euros) for this year. The investment programme was approved during the General Meeting of Shareholders held on March 2nd.
Investments are aimed at the modernisation of the pipe network and the surfacing of buried pipe networks. Oil Terminal also plans to expand storage space through the installation of some high-capacity tanks on the plot of land the company owns.
The company”s representatives could not be contacted for further information on this investment programme.
Oil Terminal”s medium-term strategy stipulates the expansion of storage space to one million cubic metres over the next five years, through the development of a new section of the harbour operator. To this end, 4 to 6 new high-capacity tanks are due to be installed alongside the existing warehouse, located south of Constanta. In the wake of these investments, transit through the harbour operator can exceed 3 million tonnes per month, a rise from 1.6 million tonnes, the total reached in September 2005.
Through this development programme, Oil Terminal plans to become part of the European Transport Corridor number 7, which will be one of the main routes for the shipment of oil from the Caspian Sea region to Western Europe.
At present, Oil Terminal especially works for Romanian companies, with its main customers including Petrom, Rompetrol Rafinare, Rafo and LukOil Petrotel, which account for more than 80% of the company”s total revenues.
Oil Terminal shareholders also approved the contracting of a credit line worth 2.5 million RON (720,000 euros) on a one-year period and the acquisition of some equipment in leasing.
For 2006, Oil Terminal wants to derive turnover worth 120.5 million RON (34.4 million euros against a 3.5 RON/euro exchange rate) and a gross income of approximately 4.07 million RON (1.16 million euros). The budgeted figures are below the ones posted in 2005. Last year, the company reached net income worth 6.3 million RON (1.73 million euros), 35% higher than 2004.
The company”s turnover amounted to 128 million RON (35.3 million euros), 35% higher in euros compared with the previous year.
The turnover increase was sustained by the rising oil prices on the international market, and also by the heightened traffic of oil products through Oil Terminal. Originally, the company had at the beginning of the year targeted a profit worth 3.45 million RON (almost 1 million euros), amid sales standing at 110 million RON (30.5m euros).
Oil Terminal is the biggest operator by sea in Romania, supplying services linked to the receiving, storage, conditioning and shipping of crude oil, of oil products and liquid chemical products.
Oil Terminal
* In 2005 derived net income worth 6.3m RON (1.73m euros), 35% higher against 2004
* Turnover amounted to 128m RON (35.3m euros), 35% higher in euros from the previous year
* For 2006, plans to reach turnover worth 120.5m RON (34.4m euros against a 3.5 RON/euro exchange rate) and gross profit amounting to 4.07m RON (1.16m euros).
* Its results were favoured by the rising crude oil prices on international markets
andrei.chirileasa@zf.ro