The harbour operator Oil Terminal Constanta (OIL) organized its shareholders for August 11th to elect a new administrator of the company, following the resignation of Dan Codescu and his definitive exit from the company structure, according to Mediafax.

The shareholders will also approve the related guarantees to the 12-month extension of a credit line of 5 million lei.

Revenues from services of OIL stood at 37 million lei in the first quarter, up from 34.1 million lei reported in the same period last year. The company reported profit in the first three months of the year was 7 million lei, up by 8.6% compared to the same month in 2015.

Last year, the harbour operator’s total revenues were 140 million lei, 30% higher than those recorded in 2014.

The company is owned 60% by the Romanian state, among other shareholders of Oil Terminal addendum is the investment fund Broadhurst Investments. Oil Terminal Constanta pays dividends yield of 4%. The gross dividend paid by the company is 0,004 lei.