“We managed to attract significant diesel oil volumes for the local as well as the foreign markets. We aim to attract as many traders on the market in order to gain as much independence on the domestic market over the next years,“ the company’s commercial manager Gabriel Daraban said.
The business of Oil Terminal was affected by the financial crisis, by a reduction of the fuel consumption in Europe and by the closedown of several local refineries, including RAFO and Arpechim. The crude oil volume transported through the terminal dropped by 6 million tons between 2008 and 2011, at an average of around 2 million tons. This mainly goes to Petrotel Lukoil refinery in Ploiesti.
On the other hand, Oil Terminal has strengthened over the last years its relationship with the oil traders that do not have refineries on the local market, especially MOL and Oscar Downstream, which imports the fuel further sold in Romania. Between 2011 and 2014, Oil Terminal increased the share of the two companies in its business from 7.5% to 16%.
Oil Terminal forecasts 15% higher revenues in 2015, at 125 million lei (EUR28 million), as it expects the low oil prices to boost trades of crude oil and gas through Constanta seaport.
In its revenue and expenditure budget, Oil Terminal sees 15% higher expenses, at RON121 million, putting pressure on the profit margin, which will remain below 1% in 2015. The company forecasts a net profit of RON636,000, which is still up 18% from a year before.
The company is 59.6% owned by the Economy Ministry, while investment fund Fondul Proprietatea holds 8.45%.
(English version by Manuela Panescu)