The Energy Ministry has appointed seven interim administrators on the Board of Conpet, the national crude oil carrier in Romania, with a four-month mandate or less, if the selection procedure according to GEO 109/2011 ends sooner. Liviu Ilaşi, the current general manager, whose term ends on December 6, is no longer among the administrators.

In fact, only two members of the Board of Directors maintain their positions: Radu Bugică and Răzvan Ștefan Lefter. They are joined by: Constantin Văduva, Manuela-Petronela Stan-Olteanu, Constantin-Ciprian Iacob, Antonio-Adrian Spînu, Claudiu-Aurelian Popa.

A Deloitte study published two weeks ago on the BVB website show that the company’s financial performance during the 2014-2016 period „is very good, with clear progress in the last 3 years”. Altogether, the study found that there is a significant improvement potential „resulted from the National Transportation System configuration enhancement which has a low usage level compared to the quantity of crude oil/other products shipped”.

The study also mentions the fact that „for the first time, in 2016, within the majority state owned companies an energy management system was implemented according to SR EN ISO 50001:2011”, which allows the company „control its costs and comply with the environmental legislation and regulations”.

During 2007-2016 the annual average growth rate of CONPET turnover was of 4%, shows Deloitte, while, for the same period, the annual average growth rate of operating expenses was of 2%. The analysis highlights that such expenses began to drop each year starting with 2014, “a consequence of growing awareness of the need to reduce operating expenses and to streamline the operational process”.

The net profit margin reached 19% in 2016 and the annual average growth rate of gross profit during 2007-2016 was 14%. The increase of profit margins in 2013-2016 is due to the drop of operating expenses and number of employees.