Romanian oil pipeline operator Conpet approved distribution of dividends for 2019

, SEE Energy News

Shareholders of Romanian oil pipeline operator Conpet Ploiesti, in which the state holds 58.7 % stake, approved the distribution of dividend for 2019 in total amount of around 12.6 million euros. According to the statement from the company, the part from last year’s profit amounts to 12 million euros, while the remaining 0.6 million represents the surplus realized from revaluation reserves. Therefore, gross dividend will amount to 1.46 euros/share.

Conpet said in February that it has budgeted a net profit of 11.6 million euros for 2020, which is 3.8 % lower compared to 2019 estimate, and total revenues of 96.5 million euros, which is an increase by 2.1 % compared to 2019 level. The company expects a 3.1 % increase in operating revenues, which represent 99.1 % of total revenues, up to 95.8 million euros, and a 3.6 % increase in expenses from exploitation compared to the preliminary data for 2019, up to around 83 million euros.