Fondul Proprietatea, as a minority shareholder, requested that the state company Conpet Ploiesti (COTE) has to allocate in addition the amount of 80 million lei for dividends, from the remaining reserves from previous years. The proposal appears on the agenda of the General Meeting of Shareholders from April 26th, according to the convening notice sent by the company to the Bucharest Stock Exchange (BVB).

“Now, following the proposal of Fondul Proprietatea, Conpet could give additional dividends of 80 million lei from the remaining company reserves over the years, from 2010 until now. The money exists. The dividends amounting to 69,83 million lei from the net profit performed last year, will be approved anyway by the sharesholder within the GMS from April 26th”, said on Monday, the general manager of Conpet, Liviu Ilasi, in a statement for News.ro.

According to the company, “the review of the agenda of the OGMS was performed following the request of Fondul Proprietatea’s shareholders, to approve the distribution of the amount of 80 million lei in dividends to the shareholders of the company, in proportion to their participation in the share capital, from the distributed reserves of the society representing other reserves – its own financing source. The proposed gross dividend is amounting at 9,24 lei / share”, reads the covening.

Conpet recorded last year a net profit of 76,3 million lei, according to the balance from the convening notice. In 2016, the total amount of transported goods has increased by 1,3% at 7,07 million tonnes. According to the revenue and expenditure budget for 2017, the company expects an accounting profit of 68,95 million lei, up by 7,2% over 2016.

Conpet company is controlled by the state through the Ministry of Energy, which holds 58,71% of the shares. It operates a network of pipelines with a length of 3.800 kilometers, crossing 24 counties in Romania. Conpet’s main business partners are OMV Petrom, Petrotel Lukoil and Rompetrol Rafinare.