COMPANIES ECONOMY ENERGY

Conpet Ploiesti, profit up by 5.6 pc. Company marks 115 years of existence this year

Conpet, the operator of the national oil pipeline network, registered a net profit of RON 54.2 M last year, up by 5.6 per cent year-on-year (RON 51.4 M in 2014), according to a report sent to the Bucharest Stock Exchange (BVB) on Wednesday.

Conpet’s mainstay activity is the transport of crude oil, condensate oil, ethane and condensate through pipelines and rail cars, in order to supply Romanian and Balkan refineries with crude oil and derivative products from domestic production and imports.

In order to carry out its major investment projects, Conpet has collaborated throughout the years with prestigious companies such as ABB Information Systems, Telvent, E-ON Engineering, Schuck Armaturen GmbH, Pipetronix GmbH, DNV-GL Business Assurance Hub Romania – member of DNV-GL Group.

Last year, turnover revenues reached RON 381.3 M, up by 1.7 per cent year-on-year. Total operating revenues grew by 2.2 per cent to RON 411.7 M.

Operating expenditures grew slightly, by 0.4 per cent to RON 349.5 M. The largest expenditures were those on personnel (RON 105.5 M) and services (RON 107.9 M).

The company registered a financial profit of RON 5.7 M, down from RON 9.6 M in 2014.

At the same time, the company’s total debt reached RON 48.9 M, down from RON 55.9 M. Of that, commercial debt represented RON 21.2 M.

For this year, Conpet has signed oil transport contracts with Petrotel LukOil and OMV Petrom, their total value surpassing RON 354.174 M.

The contract signed with Petrotel LukOil is valued at RON 67.429 M, and the payment will be made within 15 days after the invoice is received. Payment delay penalties will stand at 0.04 per cent per day. The warranty included in the contract is the payment of services worth RON 4.741 M starting on January 1. The value of the contract signed with OMV Petrom is RON 286.745 M, payable within 25 days after the invoice is received. Penalties will stand at 0.04 per cent per day and the warranty is RON 20.754 M.
115 years of existence

Conpet S.A. Ploiesti marked 115 years of existence last month. It started transporting oil through pipelines in 1901 when oil was transported through a pipeline that linked an oil field located near Campina (Bustenari village) to the Ploiesti city area (CF Baicoi railroad station). The visionary Anghel Saligny, the globally-renowned engineer, came up at the end of the 19th Century with the idea of building the pipeline – “the trough through which oil can travel by itself during the day and night from its well all the way to Cernavoda and Constanta.”
The pipeline network grew every year. Our ancestors built pipelines with diameters that went as high as 710 mm (28 inches). Today, the National Pipeline Network criss-crosses 24 Romanian counties. The modern era started on 22 January 1991, with the establishment of Conpet S.A. – the operator of the National Pipeline Network for the transport of oil, condensate oil, liquid ethane and condensate.

Throughout Conpet’s 25 years of existence, profound transformations took place in the working methods and the management of the activity. The quality of services offered to clients has improved with the construction of the first modern data and communications management infrastructure that an efficient management requires.
Romania currently has, through Conpet, a modernized National Oil Pipeline Network with a length of 3,800 km, a capacity of 27 million tons per year and a completely automated control centre.

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