Conpet to expand beyond Romania
The management of Conpet Ploiesti, the national oil carrier, is looking for legal advice to expand abroad and has asked for the shareholders’ approval to hire a law firm with “expertise in international law”. Thus, this topic will be on the agenda of the General Shareholders Meeting scheduled for March 24, 2015 according to a release sent to the Bucharest Stock Exchange. The document does not specify what projects the company is considering, but authorizes the board to negotiate the contract and the attorneys’ fees.
Conpet Ploiesti announced for 2014 a net profit of RON 50.4 million, up by 61% as compared to 2013, given that incomes from turnover grew by only 7.5%, to RON 375 million.
Conpet’s operating incomes fell slightly last year to RON 402.4 million. In contrast, operating expenditures decreased by 7.2% to RON 348.4 million. In 2013 the company recorded RON 33 million costs for revaluation of tangible assets, lower by only RON 1.6 million in 2014. Revenues from domestic crude oil transportation have increased by 3.3% to RON 341.3 million after the regulated tariff was increased in early 2014. The revenues from imported oil transport have hiked by 35% yoy to RON 58.5 million.