Oil Terminal wants to negotiate with Euronova Energies the construction of a bitumen terminal

Oil Terminal (OIL) shareholders are summoned, on March 28, to approve the start of negotiations with Euronova Energies in order to establish a partnership for the construction of a bitumen terminal, according to the company's report on Friday, from the Bucharest Stock Exchange (BVB).

The offer submitted by Euronova Energies was chosen by the Oil Terminal Evaluation Commission from seven submitted offers. The development of the bitumen terminal is one of the product portfolio diversification directions carried out by the port operator in Constanţa, according to the company's Development Strategy and Management Plan for the period 2023-2027.

"Since Oil Terminal does not have its own resources for the implementation of such development projects, the company is interested in establishing partnerships in this sense", the strategy states.

According to the document, at present, only one provider of bitumen handling and storage services operates within the Port of Constanţa. "We consider it opportune to be involved in a new project with a partner capable of marketing the respective product on the Romanian market and in neighboring countries, who knows the distribution market for this product, has know-how in the field and ensures a constant flow of goods on a significant period of time," the strategy states.

The terminal can be located on the current platform of the Port Platform Section within the port of Constanţa, Dana 69, where the company has its own storage of petroleum products, the document also mentions. Euronova Energies is a Swiss company that trades, transports and stores crude oil and refined products in the Southeast European market.

At the end of last week, Oil Terminal shareholders approved the Income and Expenditure Budget for this year. The company estimates that it will achieve a turnover of 391.1 million lei, up 11.8%, and a net profit of 15.7 million lei, 9.9% higher than the preliminary one in 2023. At the end of last year, the company announced the approval by ANRM of 19.7% higher tariffs for crude oil and petroleum products through the oil terminal.

The Romanian State owns, through the Ministry of Energy, 87.7% of the port operator from Constanta, whose stock market valuation amounts to 390 million lei.