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Conpet becomes the 81st company listed on the BVB

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The Bucharest Stock Exchange (BVB) on Thursday started trading the stocks of state-run oil transporter Conpet Ploiesti (southern Romania), which becomes thus the 81st company listed on the regulated market.

'Although this is a natural monopoly, Conpet is a modern and solid company, very much rooted in the market economy. That's why we decided to take this step into the first category of the BVB, right in the winner's arena. This is a stable company, clear of debts, in a moment when many companies are going bankrupt, including municipalities', said the company's general manager, Liviu Ilasi, at the opening of the Thursday's trading session.

The company operates 3,800 km of oil pipelines, with a capacity of 27.5 million tonnes per year.

In 2012, Conpet posted 6.96 million euros in net profit and 75.5 million euros in turnover. In 2008, a peak year for the company, the net profit exceeded 18 million euros.

The main client of Conpet is Petrom - covering 66 percent of the total volume of activities, followed by Petrotel Lukoil - 31 percent and Rompetrol Refining. Other clients are NIS Gazprom Neft Serbia, Romgaz, Amroco Energy and Expert Petroleum.

'Whoever wants to make a healthy investment in the long run should look at Conpet!' said Ilasi, who mentioned two large investment project the company is currently considering - the expansion of its oil pipelines to Pancevo-Serbia, by building the 760-km long Constanta-Pitesti-Pancevo pipeline, 320 k of which already exist and also a storage facility for the strategic reserves of oil of the Romanian state.

According to Iliasi, the company is considering accepting financing through the Stock Exchange for large investment projects, in the context in which the resources for ongoing project are already ensured.

'The Ministry of Economy (ME) takes very good care of this company in its portfolio, which is a modern and solid company. We want to develop it and to make it into a regional transporter', said the Secretary of State with the ME, Mihai Albulescu, who mentioned that a joint Romanian-Serbian committee will evaluate the Pitesti-Pancevo pipeline project. In his turn, Gabriel Dumitrascu, the head of the ME's energy department, specified that the Ministry will most probably make a decision regarding the pipeline to Serbia in 2014, as soon as the feasibility project is ready. Dumitrascu also said that two other important listings of companies operating in the energy field will be seen to consolidate BVB soon enough.

The Ministry of Economy holds 58.7 percent in Conpet shares, the Proprietatea Fund holds 29.7 percent, while 11.5 percent of the stocks are being traded on the Bucharest Stock Exchange.

 

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