OIL TERMINAL SA’
MANAGERS REPORT
For the financial year ended on
31 December 2023
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I. OIL TERMINAL SA’MANAGERS REPORT
For the financial year ended on 31 December 2023
1. COMPANY’ PRESENTATION
1.1. Data of identification for report and issuer
Anual Managers report issued according to art.65 of Law no.24/2017 on issuers of
financial instruments and market operations, republished
art.126 of FSA Regulation No 5/2018
on issuers of financial instruments and
market operations
Annex no.15 of FSA Regulation no.5/2018
art. 56 of GEO 109/2011 on corporate
governance of public companies
(amended by Law 111/2016)
Financial year 2023
Report date 22 march 2024
Company name OIL TERMINAL SA
Social headquarter Constanta, no.2, Caraiman str.
Phone/fax number 0040 241 702600 / 0040 241 694833
Unique registering code RO 2410163
At the Trade Registrar Office
Order number at the Commere Register J/13/512/1991
Regular market on which issued securities Bucharest Stock Exchange, Standard category
are traded
The subscribed and paid social capital 299,717,713.20 Lei
The main characterisctics of the issued securities 2,997,177,132 shares with a nominal value of
0.10 lei/shares, nominative, indivisible, with equal voting right,
freely traded in Bucharest Stock Exchange under symbol OIL
LEI Code (Legal Entity Identifier) 315700QNENQ53MELTT73
Applicable accountancy regulations MFP’ Order no. 2844/2016 for Accountancy Regulations
approval according to International Financial Reporting
Standards
Audit The individual annual financial situations issued on
31.12.2023 are audited
Report currency Romanian Leu (RON) -all the presented amounts are in RON,
if not mentioned otherwise
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1.2. Company' main activity
Oil Terminal SA has a strategic position within the Black Sea area, being the largest operator of oil products in
Constanta Port, which object of activity includes services supplies regarding receiving, loading, discharging, storage
and conditioning of crude oil, oil, petrochemical and liquid chemical products for import, export and transit (cod CAEN
5224- handlings).
The oil terminal of Constanta is located in south-eastern Europe, at the junction of shipping lanes between Asia, Central
and Western Europe and Middle East.
The oil terminal has a history of more than 125 years providing import, export and transit of crude oil, petroleum
products, petrochemical and liquid chemical products and other services supply.
1.3. Company' establishment data
OIL TERMINAL, 125 year-old is a shares company located in Romania, with social headquarter at no. 2 Caraiman
street, Constanta.
The company was established according to provisions of Law 15/1990 regarding reorganization of state economic
companies as independent administrations and commercial companies and Government Decision no.1200/1990
regarding the establishment of stock commercial companies in industry with legal form as stock company.
The company runs its activity according to Romanian law and constitutive act as a shares company and was registered
in Constanta Trade Register by no. J13/512/01.02.1991, fiscal registration code RO 2410163.
Accomplishing the criteria of Bucharest Stock Exchange, on 30.01.1998, OIL TERMINAL SA was listed on stock
exchange rate, rank I, providing investors safety and security, informational transparency and the possibility to trade
shares on an organized market.
Bucharest Stock Exchange applied a new market segmentation, and Oil Terminal’ shares were included in Standard
category, swince 5 January 2015.
1.4. Company' mission, vision and values
➢ Mission - OIL TERMINAL SA is a modern and dynamic company, a regional leader in the Black Sea basin,
with respect for environmental protection, with a high level of technology and automation, with a team of
competent and motivated people, providing prompt and quality services to its customers and added value to
shareholders. We pursue the development of partnership relations by adapting the offer on the provision of
services for the reception, storage, conditioning and delivery of crude oil, petroleum, petrochemical and liquid
chemical products to and from sea and river vessels, tank wagons, oil pipelines, car tanker loading, as well as
ship bunkering, geared towards meeting the requirements of customers and stakeholders.
➢ Vision - OIL TERMINAL SA’ will be a leader of services between oil terminals in the Black Sea area.
➢ The values of OIL TERMINAL SA are oriented to:
- Focus on customer needs
- Providing excellent service to our customers
- Flexibility to respond quickly to customer needs
- Dedication to the highest professional standards
- Encouraging the development, satisfaction and loyalty of our employees
- Considering teamwork as the basis for successful cooperation within the company and its future
development
- Increasing shareholder value.
1.5. Development strategy and strategic objectives
Oil Terminal SA proposes to keep on being a viable company to implement an overall development strategy on
average and long term being structured on the following partial strategies focused on the following strategic
objectives:
Partial strategies
Objectives
Investments and maintenance
strategies
Achievement of investments and maintennace plans by complying with
the execution term and the contracted value.
Marketing strategy
Maximization of the company’ revenues by promoting Oil Terminal’ image
as trustful partner.
Service supply strategy on
technological flow
Appropriate management of the client’s product.
Organizatorical strategy
Provision of a modern management by implementing and maintaining the
risks, control and corporate governance’ management processes inside
the company.
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Financial strategy
Best dimensioning and usage of own financing resource by providing
the company’ development strategy.
Staff training strategy
Continuous provision of trained staff, motivated and able to achieve its
object of activity.
Environment strategy
Prevention and limitation of negative effects on the environment.
Strategy for implementing integrated
quality, environment, health and safety
management systems
Approach of Quality Management Systems as the orghanization’
strategic decision to improve its overall performance and initiatives
supply for a long lasting development.
1.6. Company' organization
The company’ organization is presented in the pyramidal-type organizational chart, specific for a hierarchical-functional
organizational structure.
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board of directors being
made up of provisional non-executive directors, appointed in accordance with the provisions of Government
Emergency Ordinance no.109/2011, as amended with subsequent additions, following the termination of the directors'
contracts approved by OGSM Resolution no.5/04.04.2018.
Following the completion of the selection procedure in accordance with the provisions of GEO no.109/2011, carried
out by the Ministry of Energy, in its capacity as Public Supervisory Authority, the OGSM Resolution no.12/27.04.2023
approved the election of 7 non-executive directors as members of the Board of Directors of Oil Terminal SA, starting
from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011, for a period of 4 (four) years, the
company being managed under the unitary system.
The organizational structure includes the following hierarchical levels:
• General Meeting of Shareholders
• Board of Directors
• General Manager
• Executive Directors
• Head of Department
• Heads of functional and operational departments reporting to the Director General and Executive Directors
• Executive staff
According to this organisational structure, leadership is achieved through top-down objectives and programmes
executed from the bottom up, based on efficiency and professional accountability.
Each department has its own tasks, which form an integral part of the company's Organisational and Operational
Regulations.
For the staff of the company, their tasks, responsibilities and competences are contained in the job descriptions.
The performance of individuals and functional structures is measured by quantitative and qualitative indicators,
adapted and monitored through the Management Internal Control System.
1.7. Non-financial reporting
Starting from 2024, for the financial year ended 31.12.2023, OIL TERMINAL SA has opted for the publication of non-
financial information in a separate report, in accordance with the provisions of the Order of the Ministry of Public
Finance no.2844/2016 for the approval of Accounting Regulations in accordance with International Financial Reporting
Standards, as amended.
The Sustainability Report for the year 2023, which will be published during the first half of 2024, includes both the
management policy dedicated to the protection of the environment, safety and health of employees and the principles
underlying the company's corporate governance and social responsibility, which report will be prepared and published
annually by OIL TERMINAL SA.
The Sustainability Report for the year 2023 will be published in accordance with the provisions of MFP Order
no.2844/2016 Cap.7 point 42. paragraph (1) letter b) "The report shall be made available to the public within a
reasonable period not exceeding six months from the balance sheet date, on the entity's website, and shall be
mentioned in the directors' report", i.e. by 30 June 2024.
2. IMPORTANT CORPORATE EVENTS in 2023
During 2023, the following significant events took place in the company:
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I. Appointment of provisional administrators.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following were
adopted:
- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting method, in
accordance with the provisions of GEO no.109/2011 on corporate governance of public companies, with
subsequent additions and amendments, of the following persons:
1. GHEORGHE Cristian Florin
2. UNGUR Ramona
3. ANDREI Aurelian Ovidiu
4. TEȘELEANU George
5. NICOLAE Emilian
6. LAZARIU Dragoș Ciprian
7. MICU Ionuț Stelian
- approval of the term of office of the provisional administrators, for a period of 4 months, in accordance with the
provisions of art.641, paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection
procedure provided for in GEO no.109/2011, if this takes place earlier than 4 months after the appointment of the
provisional administrators by the GSM, starting from 03.02.2023;
- approval of the establishment of the fixed gross monthly compensation of the appointed provisional directors,
equal to 2 (two) times the average over the last 12 months of the average gross monthly earnings for the activity
carried out according to the main object of activity registered by the company at class level according to the
classification of activities in the national economy, communicated by the National Institute of Statistics, prior to
the appointment, calculated in compliance with the provisions of GEO no.79/2017 for amending and
supplementing Law no.227/2015 on the Fiscal Code, in accordance with the provisions of art.37, paragraph (2)
of GEO no.109/2011 on corporate governance of public companies;
- approval of the form of the mandate contract to be concluded with the appointed provisional administrators;
- approval of the mandate of the representative of the majority shareholder, the Ministry of Energy, in the Ordinary
General Meeting of Shareholders, Mrs. Dumitru Aura Gabriela, for the signature of the mandate contracts with
the appointed provisional administrators.
II. Selection of administrators according to the provisions of GEO no.109/2011.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.3/16.01.2023 the following
were adopted:
- approval of the profile of the Board of Directors;
- approval of the profile of the candidate for the position of member of the Board of Directors.
• On 18.01.2023, at the request of the Ministry of Energy, as the public supervisory authority carrying out the
selection procedure, the following were posted on the company's website: the draft Letter of Expectations, the
Invitation to Consultations on this project, the Announcement on the recruitment and selection of 6 (six)
positions of member of the Board of Directors of Oil Terminal SA. Please note that by the Resolution of the
Ordinary General Meeting of Shareholders (OGSM) no.13/16.06.2022, the shareholders of the company
approved the initiation of the selection procedure for the members of the Board of Directors at Oil Terminal
SA, in accordance with the provisions of the Government Emergency Ordinance no.109/2011 on corporate
governance of public companies, approved with amendments by Law no.111/2016. The selection procedure
was carried out by the Ministry of Energy, on behalf of the shareholder Romanian State.
III. Increase of share capital.
• On 17.01.2023 the Romanian Financial Supervisory Authority issued Decision no.46 approving the simplified
prospectus for the increase of the share capital of OIL TERMINAL SA Constanta. The FSA decision and the
simplified prospectus were published on the Oil Terminal website https://oil-terminal.com/majorare-capital-
social-2023/, with the following elements:
- Subject of the offer: maximum 1,546,108,148 shares
- Period of validity: 23.01.2023 - 08.03.2023
- Subscription price: 0.1 lei/share
- Intermediary of the offer: S.S.I.F. PRIME TRANSACTION S.A.
- Place of subscription: according to the information in the prospectus.
• Decision no.46/17.01.2023 was issued in view of the Extraordinary General Meeting of Shareholders Decision
no.4 dated 21.03.2022, which adopted the continuation of the procedure of increasing the share capital with
contribution in kind of 2,283,000,282 shares and cash contribution in the maximum amount of 154,610,814.80
lei, by issuing a maximum number of 1,546,108. 148 new registered shares, in dematerialized form, with a
nominal value of 0.1 lei/share and the request made by S.S.I.F. PRIME TRANSACTION S.A. to the FSA
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regarding the approval of the simplified prospectus in order to increase the share capital of OIL TERMINAL
SA Constanța.
• On the basis of Law No 15/1990 on the reorganisation of state economic units as autonomous regencies and
commercial companies and Government Decision No 834/1991 on the establishment and valuation of land
owned by state-owned companies and taking into account the proposals of the Commission for the
establishment and valuation of land, established by Ministerial Order No 5302/10.04.2002, pursuant to GD No
19/2001, the Ministry of Industry and Resources has issued the following Certificates of Attestation of
Ownership:
- series M0 3, No 11703 on land covering 254,261.325 sqm and
- series M0 3, no.11704 in the area of 129,334.70 sqm.
On the date of entry into the company's assets, i.e. on 28.02.2011, this land was recorded in the company's assets
under other reserves in the shareholders' equity, without increasing the share capital by the value recorded in the
certificates of ownership.
• By Decision no.20/10.03.2023 the Board of Directors decided to validate and approve the results of the
operation to increase the share capital of OIL TERMINAL SA according to the subscriptions made and
approved the drafting of the updated version of the Constitutive Act and filing with the Trade Register Office
with the amendment of art.7 of the Constitutive Act of OIL TERMINAL SA with the following text:
o (1) OIL TERMINAL is a public limited company.
o (2) The share capital of RON 299,717,713.20 divided into 2,997,177,132 registered shares, with a
nominal value of 0.10 RON each and is fully subscribed and paid up by the shareholders (contribution
in kind - 286,543,053.50 RON; contribution in cash 13,174,659.70 RON).
o (3) The shareholder structure and capital is:
Shareholders
Number of shares
Percentage of share capital
Ministry of Energy
2,630,258,255
87.7579
Other natural and legal persons
366,918,877
12.2421
TOTAL
2,997,177,132
100%
• It should be noted that during the capital increase operation a total of 2,414,746,879 new shares were
subscribed in kind and in cash, at a subscription price of 0.10 lei/share, the total amount subscribed being
241,474,687.90 lei.
• By Decision no.6522 pronounced on 14.03.2023 by the Ministry of Justice - National Trade Register Office -
Trade Register Office of the Court of Constanța, the following acts were published in the Official Gazette of
Romania, Part IV: Decision of the Board of Directors no.20 of 10.03.2023 and the notification on the filing of
the updated articles of association with the Trade Register Office.
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.4/18.04.2023 were
adopted:
- approval of the Report on the share capital increase of OIL TERMINAL SA
- validation and approval of the operations carried out for the share capital increase.
- approval of the updating of Article 7 of the constitutive act of Oil Terminal SA, following the completion of the
operations for the increase of the share capital,
- approval of the amendment of the Constitutive Act and the mandate of the Chairman of the Board of Directors
to sign the updated Constitutive Act in authentic form.
IV. Election of the Provisional Chairman of the Board of Directors and Advisory Committees
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected Mr. Gheorghe
Cristian-Florin as provisional Chairman of the Board of Directors, in accordance with the provisions of art.18
paragraph 5 of the articles of association and established the composition of the advisory committees that will function
within the Board of Directors, as follows:
• Audit Committee: UNGUR Ramona - Chairman
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee: ANDREI Aurelian Ovidiu - Chairman
NICOLAE Emilian - Member
MICU Ionuț Stelian – Member
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V. Approval of the income and expenditure budget and appointment of the statutory financial auditor.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.4/16.02.2023 it was
approved
• the Income and Expenditure Budget for the year 2023.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.5/16.02.2023 the revocation
of TRANSILVANIA AUDIT & FISCALITY as statutory financial auditor of the company was approved, due to
the expiration of the contract term.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.6/16.02.2023 it was
approved the Appointment of TRANSILVANIA AUDIT & FISCALITY as statutory financial auditor of the
Company OIL TERMINAL SA with a duration of the financial audit services contract of 3 (three) years (for
the years 2023, 2024 and 2025).
VI. Updating the amount of the guarantee for the tax warehouse permit
On 21.02.2023 the Ministry of Finance, Regional Customs Directorate Bucharest sent Decision no.33 /17.02.2023,
which set the amount of the updated guarantee for the tax warehouse authorisation (i.e. tax warehouse authorisation
No. RO 0070413DD02/03.02.2022, which allows the receipt, holding and dispatch, where applicable, of unleaded
petrol under suspension of excise duty) for the storage of petrol at 53,666,067 lei, compared to the previous amount
of 27,698,117 lei, set by Decision No. 34/26.01.2021.
In view of Decision no.15/28.02.2019 of the Regional Commission for the Authorisation of Operators of Products
Subject to Harmonised Excise Duties Galati, a decision by which Oil Terminal SA benefits from a 75% reduction in the
value of the guarantee, the updated guarantee to be provided by Oil Terminal for the tax warehouse is RON
13,416,516.76. The deadline for providing the guarantee is 30 working days from the date of notification of the decision.
Please note that on 15.03.2023, Amendment no.7 to the Bank Guarantee Letter no.G084724/832 was signed, whereby
the value of the guarantee letter is increased by the amount of 6,491,987.76 RON, the new guaranteed value being
13,416,516.76 RON, with validity term until 31.10.2025.
VII. Approval of the partnership for the valorisation of 38 ha of the northern deposit.
By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.1/02.03.2023 it was approved
to start negotiations with Iulius Real Estate SRL in order to establish a partnership for the development of the 38 ha
land located in the North Platform Section, body A and body B and the Board of Directors was mandated to negotiate
the legal conditions and to formulate the final proposal on the way to realize the partnership.
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.5/01.09.2023:
- it was approved the establishment of a partnership between Oil Terminal SA and Iulius Real Estate SRL ("the
Developer") for the purpose of carrying out an urban regeneration and development project at the Developer's
cost with the following main elements:
a. Form of Collaboration
a1. Association Agreement to start the PUZ phase of project permitting, improvement or extinguishment of
environmental obligations with respect to the Land at the developer's cost, decommissioning of existing
infrastructure on the land for the implementation of an urban regeneration and development project at the
developer's cost under the Superficies Contract.
a2. Contract for the creation of a right of superficies in favour of the Developer, the Developer acquiring the
a right of superficies over the Lands.
b. The object of the Superficies Contract: The land owned by OIL TERMINAL S.A. in the area of 254,261 sqm
registered in Land Registry 215416 UAT Constanta, cadastral number 215416 and the land in the area of
129,335 sqm registered in Land Registry 215382 UAT Constanta, cadastral number 215382.
c. Superficies Tax : 2,000,000 EURO/year for the entire surface of the Lands payable in the amount and at the
terms negotiated between the parties. A superficies tax shall be paid in the amount and at the times negotiated
and shall be indexed in accordance with the negotiated provisions contained in the Superficies Contract.
d. Duration of the Superficies Contract: The contract is concluded for a period of 99 years with the possibility of
extension in accordance with the applicable legal provisions.
e. Duration of the Association The association will be valid for the duration of the Superficies Contract.
f. Project Functions Developed Directly by the Developer/Functions Developed by Other Entities:
f1. The following functions within the Project will be developed directly by - Developer: Retail, Office,
Residential, Entertainment, Park, Botanical Garden, Fresh Market , Related parching
f2. The following functions may be developed, at the Developer's decision, with or directly by public or private
institutional partners: University/university campus, Aquarium, Hotel, Related parching, SPA
After approval of the Zoning Urban Plan, the Developer will be able to decide on the development of the previously
foreseen functions.
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- The mandate of the General Director, the Financial Director, the Development Director, the Head of the Legal
Litigation Office or their legal substitutes to represent the company in relations with the developer, notary public
and to sign on behalf of the company the Association Agreement and the Superficies Contract, the additional
documents thereto, as well as any other documents necessary to carry out the contractual relationship with the
developer for the implementation of the project was approved.
- Approval of the mandate of the administrative and executive management to take the necessary steps to carry
out any conduct or obligations arising from the Association Agreement and/or the Surface Contract, including but
not limited to: granting of any approval, agreement, power of attorney would be required by the Developer in the
process of permitting the investment project, performance of any obligation undertaken towards the Developer,
demolition of existing buildings and their removal from the land register of the land for the project, handing over
the land for the project to the Developer, signing of agreements/contracts of any kind with any utility providers or
local authorities for the performance of the steps to which the Developer is entitled under the negotiated terms,
collaborating with the Developer in providing the Developer with any assistance in relation to any deeds,
documents or agreements which are or may be required in the development of the Project, carrying out any
dismemberments or alienations of the Lands, representing the Company before any central or local authorities
and any public or private entities in relation to the development of the Project.
• On 14 September 2023, Oil Terminal SA and Iulius Real Estate SRL signed a joint venture agreement on the basis
of EGSM Decision no.5/01.09.2023. Thus, a 38-hectare plot of land owned by Oil Terminal, a joint-stock company,
of which the Ministry of Energy owns 87.75%, a plot of land that has housed storage facilities for petroleum
products and on which no basic activity has been carried out for over 10 years, is returned to the city as a
sustainable urban area accessible to the entire community, contributing to the economic, tourist, social and cultural
development of Constanta. In addition to the investment, estimated by the developer at over €815 million, in
developing the land as a project integrating extensive urban gardens, offices, shopping and entertainment area,
educational and cultural facilities, as well as an integrated infrastructure to support mobility and connectivity,
IULIUS will pay OIL TERMINAL SA an annual indexable surface fee of €2 million.
VIII. Extension of the term of office of the interim General Director and the interim Financial Director:
• By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional General
manager of Oil Terminal SA, Mr. Viorel Sorin Ciutureanu, was extended by 2 (two) months from the date of
expiry of the mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
• By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director
of Oil Terminal SA was extended, respectively, to Mrs. Adriana Frangu, with 2 (two) months from the date of
expiry of the mandate, respectively for the period: 01.05.2023 - 01.07.2023.
IX. Certification of the integrated management system.
During 20 - 21.04.2023, Surveillance Audit No.2 for compliance with the requirements of
SR EN ISO 9001:2015 and Surveillance Audit No.1 for compliance with the requirements of
SR EN ISO 14001:2015 and SR ISO 45001:2018 were conducted.
In August 2023, the Surveillance Audit No.2 of the Petroleum Products Testing Laboratories was conducted
in compliance with the requirements of SR EN ISO/IEC 17025:2018.
In October 2023, the documents for the reauthorization of the Metrology Laboratory for volume checks were
submitted again, in accordance with the requirements of SR EN ISO/IEC 17025:2018. It was necessary to
submit new documentation because during the assessment period some of the standards were rescaled
and the annexes of the certificates had to be redone.
X. Approval of the annual financial statements for 2022
• By resolution of the Ordinary General Meeting of Shareholders (OGSM) no.8/27.04.2023:
- was taken note of the information on the Half-Yearly Report on the management activity for the second half
of 2022, pursuant to Article 55, paragraph (1) of GEO 109/2011;
- was taken note of the information on the Annual Report of the Nomination and Remuneration Committee on
the remuneration and other benefits granted to non-executive directors and directors with mandate during the
financial year 2022, pursuant to art.55, para.(2) of GEO 109/2011.
• By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.9/27.04.2023:
- The financial statements for the year 2022, prepared in accordance with International Financial Reporting
Standards (IFRS), comprising: statement of financial position, statement of comprehensive income, statement
of changes in equity, statement of cash flows, notes to the financial statements, based on the Report of the
Board of Directors and the Report of the independent financial auditor, were approved;
- the distribution of the net profit for the financial year 2022 in the amount of 12,663,447 lei was approved
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- it was approved to establish the amount of the gross dividend proposed to be granted to shareholders in the
amount of 0.00318066 lei/share;
- it was approved to set 07.06.2023 as the date of payment of dividends to shareholders;
- the mandate of the Board of Directors to appoint the paying agent was approved, in accordance with the
applicable regulatory framework for the payment of dividends. Dividend payments will be made in lei, only to
shareholders registered in the Shareholders' Register (kept by the "Central Depository" SA) on the record date
set by the General Meeting of Shareholders. The method of payment of dividends will be notified to the
shareholders before the date on which payment commences;
- the Annual Financial Report for the financial year 2022, drawn up in accordance with Law no.24/2017 and
FSA Regulation no.5/2018 and art.56 of GEO no.109/2011, including in the single electronic reporting format
(Extensible Hypertext Markup Language - XHTML), provided for in art.1 of the Financial Supervisory Authority
Regulation no.7/2021 and in art.3 of the Delegated Regulation (EU) 2018/815 of 17December 2018
supplementing Directive 2004/109/EC of the European Parliament and of the Council, was approved;
- the discharge of the managers for the work carried out in the financial year 2022 was approved.
• By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.10/27.04.2023 the Remuneration
Report prepared in accordance with art.107 of the Law no.24/2017 on issuers of financial instruments and
market operations was approved.
XI. Appointment of administrators for a 4-year term of office
- By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023:
- it was approved the revocation of the membership of the Board of Directors of Oil Terminal SA, as of
27.04.2023, following the completion of the selection procedure in accordance with the provisions of GEO
no.109/2011 on corporate governance of public companies of Mr. GHEORGHE Cristian Florin, Mrs. UNGUR
Ramona, Mr. ANDREI Aurelian Ovidiu, Mr. TEȘELEANU George, Mr. NICOLAE Emilian, Mr. LAZARIU Dragoș
Ciprian, Mr. MICU Ionuț Stelian;
- rejected the election as member of the Board of Directors of Oil Terminal SA, as of 28.04.2023, in accordance
with the provisions of art.29 of GEO no.109/2011 of Mr. LAZARIU Dragoș Ciprian, Romanian citizen,
economist, residing in Voluntari, jud. Ilfov;
- approved the election as members of the Board of Directors of Oil Terminal SA, as from 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011 of the following:
• Mr. ANDREI Aurelian Ovidiu
• Mr GHEORGHE Cristian Florin
• Ms UNGUR Ramona
• Mr MIȘA George Silvian
• Mr MICU Ionuț Stelian
• Mr TEȘELEANU George
• Mr BODU Sebastian Valentin
- the term of office of the elected members of the Board of Directors was approved for a period of 4 (four)
years, starting on 28.04.2023;
- the establishment of the monthly gross fixed indemnity of the elected members of the Board of Directors was
approved, equal to 2 times the average gross monthly average salary for the last 12 months for the activity
carried out according to the main activity object registered by the company, at class level according to the
classification of activities in the national economy, communicated by the National Institute of Statistics prior to
the appointment;
- the form of the mandate contract to be concluded with the elected members of the Board of Directors was
approved;
- the mandate of the State representative in the Ordinary General Meeting of Shareholders to sign the mandate
contracts of the newly elected members of the Board of Directors was approved.
XII. Election of the Chairman of the Board of Directors and Advisory Committees:
The Directors elected by OGSM Resolution no.12/27.04.2023, meeting on 28.04.2023, elected, in accordance with
the provisions of art.18 paragraph (5) of the Constitutive Act, as Chairman of the Board of Directors, Mr. Gheorghe
Cristian Florin and established the composition of the advisory committees that will function within the Board of
Directors as follows:
• Audit Committee: UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee: ANDREI Aurelian Ovidiu - Chairman
Page 11/233
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee: MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian – Member
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the meeting of
the Board of Directors held on 28.07.2023, the directors of the company updated the composition of the advisory
committees operating within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - Chairman
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George – Member
XIII. Maintaining AEOC/AEOS authorization.
During the period 01.03.2023-04.05.2023, a reassessment of the compliance with the conditions and criteria for
obtaining the status of authorized economic operator and AEOC/AEOS Authorization -
RO/AEOC/AEOS/00000000224/19.12.2019 was carried out by the Bucharest Regional Customs Directorate.
Following the reassessment, the Bucharest Regional Customs Directorate proposed to maintain the authorization
given that OIL TERMINAL meets the conditions and criteria for granting AEO-Customs Simplifications/Security and
Safety status, and issued AUDIT REPORT no.48/1/DM/ZM/04.05.2023, registered at Oil Terminal with
no.5386/09.05.2023.
The Customs Authority reserves the right to periodically evaluate the results of the activity carried out by Oil Terminal,
in order to be able to assess whether the conditions and criteria for maintaining the status as well as the security and
safety standards continue to be met.
XIV. Appointment of General Director and Financial Director
At the meeting of the Board of Directors held on 02.05.2023, it was approved to initiate the selection procedure for the
General Manager and the Chief Financial Officer, mandating the Nomination and Remuneration Committee
Nomination and Remuneration Committee to carry out the selection.
At the meeting of the Board of Directors held on 04.05.2023, the directors of the company approved the procedure
and criteria for the selection of the General Director and the financial director, in accordance with the provisions of
GEO no.109/2011.
On 19.06.2023, following the completion of the selection procedure for the General Director and the Financial Director
of the Company, in accordance with the provisions of GEO no.109/2011 on corporate governance of public companies,
as amended, the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee,
appointed the directors with a term of office for a period of 4 years (20.06.2023 - 20.06.2027) as follows:
- Mr Viorel Sorin CIUTUREANU as Director General
- Ms Adriana FRANGU as Financial Director.
XV. Approval of performance indicators, remuneration limits for directors with a mandate contract and the
amount of the variable component.
By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.13/28.08.2023:
- The financial and non-financial performance indicators resulting from the Management Plan of Oil Terminal SA
were approved The ICPs that will be annexed to the mandate contract of the non-executive managers were
approved;
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- it was approved the amount of the variable component of the remuneration of the non-executive managers at 12
fixed gross monthly allowances for each year of mandate;
- it was approved the form and content of the Additional Act to be concluded with the non-executive managers of
the company;
- it was approved to mandate the State representative in the General Meeting of Shareholders to sign the Additional
Act to the Mandate Contract;
- it was approved to set the remuneration limits for directors with a mandate contract assimilated to executive
directors as follows:
1. the limits of the gross monthly fixed compensation: between 5 and 6 times the average over the last 12 months
of the average gross monthly salary for the activity carried out according to the main object of activity registered
by the company, at class level according to the classification of activities in the national economy, communicated
by the National Institute of Statistics prior to the appointment.
2. limits of the variable (gross) component: between 11 and 12 gross fixed monthly allowances for each year of
office.
XVI. Approval of the amended Budget of revenues and expenses 2023. Report on the work in the first
semester 2023
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.14/29.09.2023, the Directors'
Report of Oil Terminal SA for the first half of 2023, ended on 30 June 2023, prepared in accordance with art.67
of Law no.24/2017(r1), art.128 of FSA Regulation no.5/2018 (Annex no.14), art.55 paragraph (1) of GEO
no.109/2011 was acknowledged.
• The Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.15/29.09.2023 approved the
rectified Budget of Revenues and Expenses for 2023.
XVII. Approval of the limits of indemnity for directors' liability insurance policy
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.16/29.09.2023 the amount of
1,000,000 euro was approved as the limit of indemnity related to the civil liability insurance policy for the
administrators of the company in office, with the sole beneficiary of the insurance indemnities being Oil
Terminal SA.
XVIII. Initiating partnership procedures for the construction of a bitumen terminal at the port depot.
On the basis of the Development Strategy and the Management Plan 2023-2027, in which a bitumen operating activity
is foreseen, as well as the diversification of the product portfolio, through the publication of a Current Report on the
Bucharest Stock Exchange and a press release on its website and in Ziarul Financiar, Oil Terminal has expressed its
intention to initiate the necessary steps for the development of a bitumen terminal construction project.
As Oil Terminal does not have its own sources for the implementation of such development projects, the company is
interested in establishing partnerships in this regard.
XIX. Submission of intentions for the establishment of a partnership for the construction of a bitumen
terminal.
By the deadline of 20.10.2023 intentions have been submitted by:
1. Takida Terminal S.R.L.
2. Euronova Energies S.A.
3. Frial S.A.
4. OMV Petrom S.A.
5. Trafigura Pte Ltd
6. Vitaro Energy S.R.L.
In the coming period, meetings will be set up with each of them to identify the most suitable solutions for the
establishment of the bitumen terminal construction partnership, and the firm offers obtained will then be submitted to
the General Meeting of Shareholders for consideration.
After meetings with each of the 6 companies that submitted their intention, on 17.11.2023 requests were sent to each
of them to submit firm offers for the establishment of a partnership for the construction of a bitumen terminal in the Port
of Oil Terminal depot by 20.12.2023, indicating the main elements to be included in the offer and their evaluation
criteria.
Two other companies have also submitted intentions to enter into a partnership for the construction of a bitumen
terminal.
Page 13/233
Given that Oil Terminal is interested in identifying the best solution for this investment in a competitive and transparent
manner, it has informed the two companies that they must enter the competition at this stage, without going through
the previous stages, on condition that they comply with the deadline for submitting bids, i.e. 20.12.2023 - the deadline
for withdrawal from the procedure.
Therefore, the participants in the procedure expected to submit a bid are:
1. Takida Terminal S.R.L.
2. Euronova Energies S.A.
3. Frial S.A.
4. OMV Petrom S.A.
5. Trafigura Pte Ltd
6. Vitaro Energy S.R.L.
7. Socar Petroleum S.A.
8. Tamal Trading and Logistics DMCC.
By the deadline of 20.12.2023, bids for the establishment of a partnership for the construction of a bitumen terminal in
the Port of Oil Terminal depot were submitted by 7 companies out of 8 registered respectively:
1. Socar Petroleum S.A.
2. Takida Terminal S.R.L.
3. Frial S.A.
4. OMV Petrom S.A.
5. Vitaro Energy S.R.L.
6. Trafigura Pte Ltd
7. Euronova Energies S.A.
The bid evaluation process will take place in the coming period.
XX. Issuance by the National Agency for Mineral Resources (ANRM) of Order No.343/18.12.2023
On 21.12.2023, the Order of the National Agency for Mineral Resources no.343/18.12.2023 was published in the
Official Gazette of Romania (MO), Part I no.1159, approving the tariffs for the transportation of crude oil and petroleum
products through the oil terminal, whereby the regulated tariffs for services were updated and increased by 19.69%,
which entered into force on 1 January 2024 and repealed the provisions of ANRM Order no.81 /16.05.2022 on the
approval of the tariffs for the unloading of crude oil and petroleum products through the oil terminal, published in the
MO, Part I, no.514/25.05.2022.
Please note that until 31 December 2023 the company applied the regulated tariffs approved by ANRM Order
no.81/16.05.2022.
XXI. Conclusion of Collective Labour Agreement at unit level
The OIL TERMINAL trade union and the management of the company have signed the Collective Labour Agreement
at unit level, valid from 01.01.2024 to 31.12.2025.
The Collective Labour Contract was registered at the Labour Inspectorate of Constanta under no.738/28.12.2023.
3. COMPANY’ PERFORMANCES
3.1. Operational results
The services supplies physical programme achieved in the period 2021 - 2023, on petroleum and petrochemical
products:
2023
2022
2021
3,198
4,373
3,447
403
710
594
3,918
3,033
1,869
207
222
162
657
721
602
8,383
9,059
6,674
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3.2. Financial results
Indicators
Achieved
2023/2022
(▲/▼%)
31.12.2023
(mil. lei)
31.12.2022
(mil. lei)
Net turnover
349.8
302.7
▲ 115.6
Revenues from operation
354.3
304.8
▲ 116.2
Operation expenses
327.4
288.4
▲ 113.5
Operational profit
26.9
16.4
▲ 164.0
Financial revenues
1.7
4.2
▼ 40.5
Financial expenses
12.0
7.2
▲ 166.7
Financial result
(10.3)
(3.0)
▲ 343.3
Total revenues
356.0
309.0
▲ 115.2
Total expenses
339.4
295.6
▲ 114.8
Gross profit
16.6
13.4
▲ 123.9
Net profit
14.3
11.6
▲ 123.3
EBITDA
48.8
35.3
▲ 138.2
Gross margin from sales
(gross profit/turnover) x 100 (%)
4.7
4.4
▲ 106.8
Contributions transferred to the consolidated budget of the state
The total amounts due to the consolidated state budget in 2023 are 81.9 million lei, of which the most important are
represented by:
• VAT to be paid 5.4 mil.lei
• Oil royalty 13.7 mil.lei
• Taxation on salary and related contributions 57.0 mil.lei
• Profit taxation 2.3 mil.lei
• Other taxations and taxes 3.5 mil.lei
3.3. Investments
Main investment objectives within the investment program related to 2023:
• Construction of a 55,000 cubic meters tank - South Platform Section
• Modernisation of tank B18 - South Platform Section
• Refurbishment of railway ramp for unloading fuel oil from railway tanks, storage and pumping to ships -
South Platform Section
• Upgrading of 2-stream crude oil quantity measurement system - Port Platform Section
• Construction of a technological installation connecting the 55,000 cubic metre tank to the tank farm area
3x50,000 cubic metres
3.4. Company’ stock indicators
The information presented regarding Oil Terminal’ stock indicators on 29.12.2023 were taken from December 2023
monthly Bulletin communicated by Bucharest Stock Exchange.
On 29.12.2023 the shares were traded at the value of 0.1270 lei/share (closing price).
Emission information
Shares total number
2,997,177,132
Nominal value
0.1000
Social capital
299,717,713.20
Indicatori bursieri la 29.12.2023 conform BVB
Capitalization
380,641,495.76
PER
19.84
P/BV
0.68
EPS
0.01
DIVY
2.50
Gross dividend (2022)
0.003180
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During 2023, there were no Oil Terminal SA’ acquisition of own shares activities.
Oil Terminal SA has no branches, there are no shares issued by the company mother owned by branches.
During 2023, the company did not issue obligations.
4. OIL TERMINAL COMPANY ACTIVITY ANALYSIS
4.1. General evaluation elements
Tariffs charged
Tariffs for the crude oil and petroleum products handling through oil terminal are regulated ones, namely tariffs settled
by the National Agency for Mineral Resources (ANRM) and approved by ANRM’ president’ order, according to oil
agreement concluded between the Company and Agency, according to Government order no. 886/2002.
The tariffs are differentiated by product type (crude oil, petrol, diesel and biodiesel), by product performance, by
quantity range and by storage range.
The regulated tariffs charged by the company for the period of 2023 for crude oil, diesel, biodiesel and gasoline services
are those approved by ANRM Order no.81/16.05.2022, in force from 25.05.2022, the date of publication in the Official
Gazette Part I no.514/25.05.2022.
Other tariffs charged by the Company, i.e., fuel oil services, chemical products, rents, various laboratory analyses, are
non-regulated tariffs approved in accordance with the provisions of Article 18, paragraph (4.1) of the Company's
Constitutive Act.
Implemented management systems
Since 2012 and until now, as a result of the application of the provisions of Government Ordinance no.119/1999 on
internal/managerial control and preventive financial control, republished, with subsequent amendments and additions,
as well as the implementation of the provisions of Order no.600 /2018 on the approval of the Code of internal
managerial control of public entities, OIL TERMINAL SA has a system of internal managerial control whose design
and application enable management (the General Manager and, where appropriate, the Board of Directors) to provide
reasonable assurance that the funds managed to achieve the general and specific objectives have been used in a
lawful, regular, effective, efficient and economical manner.
Based on the results of the self-assessment, as of 31 December 2023, the internal management control system of Oil
Terminal SA complies with the standards contained in the Internal Management Control Code. The degree of
implementation and compliance of the system of managerial internal control is in accordance with the Summary of the
results of the self-assessment as at 31.12.2023 (16 standards implemented) and the statements in the Report on the
system of managerial internal control as at 31 December 2023.
Starting with 13.05.2003, the Bureau Veritas Quality Romania certified the management system implemented in OIL
TERMINAL, which is maintained until today and continuously improved in accordance with the requirements of SR EN
ISO 9001:2015. Since 2018, the company has been certified for the Integrated Management System, Quality,
Environment, Health and Safety at Work.
The company holds a certificate for quality management, received from Bureau Veritas Certification, valid until 13 May
2024, with a recertification audit to be carried out in April 2024.
In accordance with the requirements of SR EN ISO/IEC 17025:2018 standard, in 2021 the reaccreditation for a period
of 4 years was carried out by the National Body RENAR for 23 laboratory tests.
Internal audits with qualified auditors and external audits of the above mentioned bodies are planned to ensure
compliance with the requirements of the management system.
In order to meet the requirements relating to the Authorised Economic Operator, compliance with the requirements of
Integrated Management, Quality, Environment, Health and Safety at Work is maintained.
In November 2016, AFER-ASFR verified the railway safety management system in order to assess it and issue the
railway safety authorisation to OIL TERMINAL in accordance with Directive 2004/49/EC, transposed into Law
no.55/2006. The verification of the system implemented in 2016 is carried out annually, based on its documentation,
issuing the Railway Operator Operating Authorisations.
Informational system
IT infrastructure is achieved on Microsoft platform
Starting from 2000, Oil Terminal SA implemented the Socrate Plus integrated enterprise system, a platform that
provides data exchange in a unified framework, unified interface for development and modernization, high level of
accessibility, high productivity through flexible adjustment of data updates and a wide range of data exchange
interfaces. The integrated system runs on a dedicated server and its database is backed up daily after hours. The
backup is copied to three different locations and to an external hard disk which is kept in the vault located in the
Classified Documents Compartment.
Page 16/233
The server configurations are also backed up on a weekly basis in accordance with the "Operational procedure for
backup and disaster recovery of data in the computer system" code PO-38.02. Backups are copied to three different
locations and to an external hard disk which is kept in the vault located in the Classified Documents Compartment.
Since 2014, the system for backing up user documents has also been implemented using a dedicated server. The
backup is performed automatically, once a week, for the majority of users connected to Oil Terminal SA's computer
network.
In November 2019, Firewall equipment was purchased and put into operation, increasing the level of cyber security of
the computer network and IT system in operation within the company.
As of February 2020, a new e-mail system was implemented that complies with the latest standards in the field
regarding the safety and security of electronic correspondence carried by Oil Terminal with third parties or between
internal departments. The system is provided by a dedicated server, managed and constantly updated by a company
specialized in the field, and the administration of e-mail addresses and user support are carried out by specialists from
the Information Technology and Telecommunications Office of Oil Terminal.
Environment:
Due to the handled petroleum and petrochemical products volume, OIL TERMINAL SA is under the incidence of Law
59/2016, Oil Terminal SA, regarding the risks of major accodent in which high risk substances are involved.
Legal
Oil Terminal is involved in 96 pending litigations, of which in 28 it is a plaintiff or contesting party and in 68 it is a
defendant. For 21 litigations the Company has made provisions for litigation.
Financial
The level of the main budget indicators achieved in 2023 compared to the level approved by the Bursa de Valori
București 2023 and 2022:
Achieved
2023
Budget of
revenues
and
expenses
2022
▲▼ %
1
Indicators (thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
349,787
314,395
▲ 111.3
Net turnover
349,787
302,679
▲ 115.6
354,297
316,405
▲ 112.0
Operation revenues
354,297
304,816
▲ 116.2
327,430
293,945
▲ 111.4
Operation expenses
327,430
288,421
▲ 113.5
26,867
22,460
▲ 119.6
Operation profit
26,867
16,395
▲ 163.9
48,787
41,429
▲ 117.8
EBITDA
48,787
35,255
▲ 138.4
1,688
1,455
▲ 116.0
Financial revenues
1,688
4,213
▼ 40.1
11,995
12,415
▼ 96.6
Financial expenses
11,995
7,229
▲ 165.9
(10,307)
(10,960)
▼ 94.0
Financial result
(10,307)
(3,016)
▲ 341.7
355,985
317,860
▲ 112.0
Total revenues
355,985
309,029
▲ 115.2
339,425
306,360
▲ 110.8
Total expenses
339,425
295,650
▲ 114.8
16,560
11,500
▲ 144.0
Gross profit
16,560
13,379
▲ 123.8
14,293
9,827
▲ 145.4
Net profit
14,293
11,604
▲ 123.2
4,73%
3.66%
+ 1.07 p.p.
Gross profit limit (%CA)
4.73%
4.42%
+ 0.31 p.p.
996
1,004
▼ 99.2
Average no. of employees
(pers.)
996
962
▲ 103.5
355,720
315,144
▲ 112.9
Value productivity (lei/pers.)
355,720
316,856
▲ 112.3
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Economic-financial indicators achieved on 31.12.2023 has the following evolution:
• Turnover increases by 11.3% compared to the level of the Budget for revenue and expenses and by 15.6%
compared to the level achieved in 2022
• total revenue is 12% higher than in the Budget of Revenue and expenses and 15.2% higher than in 2022
• total expenditure is 10.8% higher than budgeted and 14.8% higher than the level achieved in 2022
• EBITDA increased by 17.8% (i.e. by 7,358 thousand lei) compared to the budgeted level and by 38.4%
compared to the level achieved in 2022
Page 17/233
• the gross profit achieved in the amount of 16,560 thousand lei is 44% higher compared to the level approved
by the Income and Expenditure Budget and 23.8% higher compared to the gross profit achieved in 2022
• the net profit is in the amount of 14,293 thousand lei (after deducting the income tax in the amount of 2,267
thousand lei), 45.4% higher than budgeted and 23.2% higher than the net profit recorded as of 31.12.2022.
Physical performance program
Achieved
2023
Budget of
revenues
and
expenses
2023
▲ ▼ %
1
Indicators
(thousand to)
Achieved
2023
Achieved
2022
▲ ▼ %
2
8,383
7,649
▲ 109.6
Handled quantities, from
which:
8,383
9,059
▼ 92.5
3,198
3,415
▼ 93.6
Crude oil
3,198
4,373
▼ 73.1
403
486
▼ 82.9
Gasolene
403
710
▼ 56.8
3,918
3,036
▲ 129.1
Gas oil
3,918
3,033
▲ 129.2
207
190
▲ 108.9
Fuel oil
207
222
▼ 93.2
657
522
▲ 125.9
Chemical products
657
721
▼ 91.1
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
The physical programme achieved in 2023 was 9.6% higher than the approved rectified level and 7.5% lower than the
level achieved in 2022.
Total revenues achieved in 2023 comparing to approved Budget of Revenues and Expenses 2023 and to
2022
Achieved
2023
Budget of
revenues
and
expenses
2023
▲▼ %
1
Indicators
Achieved
2023
Achieved
2022
▲▼ %
2
355,985
317,860
▲ 112.0
Total revenues, from which:
355,985
309,029
▲ 115.2
354,297
316,405
▲ 112.0
Operation revenues, from which:
354,297
304,816
▲ 116.2
3,069
2,200
▲ 139.5
Revenues from residual products
sale
3,069
1,501
▲ 204.5
344,107
309,400
▲ 111.2
Revenues from supplied services
344,107
298,605
▲ 115.2
1,329
1,100
▲ 120.8
Revenues from rents
1,329
1,078
▲ 123.3
1,282
1,695
▼ 75.6
Revenues from different activities
1,282
1,495
▼ 85.8
2,077
1,677
▲ 123.9
Revenues from penalties
2,077
462
▲ 449.6
2,433
333
▲ 730.6
Other revenues from operation
2,433
1,675
▲ 145.3
1,688
1,455
▲ 116.0
Financial revenues
1,688
4,213
▼ 40.1
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Total revenue achieved in the amount of 355,985 thousand lei is up by 12% compared to the level approved for 2023
and by 15.2% compared to 2022.
Operational revenues achieved are up by 12% compared to the budgeted level, due to revenues from services
rendered which have a share of 98.4% in turnover and an increase of 16.2% compared to the level achieved in 2022.
Supplied services revenues increase in 2023 had the following circumstances:
Initially, in 2023 the BVC was approved by OGSM Resolution no.4/16.02.2023, later by OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of income from services rendered above
the approved level due to the Black Sea-Ukraine conflict crisis and deliveries to the Republic of Moldova.
It should be noted that, compared to the revenue foreseen in the approved budget, due to the context of the conflict in
Ukraine, additional revenue not foreseen in the initially approved physical programme, called contingency revenue,
was generated from services rendered. Thus, as of 31.12.2023, the realized contingency revenues amount to 27,840
thousand lei and represent 73.5% of the planned revenue overrun (37,892 thousand lei).
Financial revenues in the amount of 1,688 thousand lei are 16% higher than the approved Budget of revenues and
expenses and 59.9% lower than in 2022.
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Total expenses achieved on 31.12.2023 compared to 2023 Bodget of Revenues and Expenses level and with
31.12.2022
Achieved
2023
Budget of
revenues
and
expenses
2023
▲▼ %
1
Indicators (thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
339,425
306,360
▲ 110.8
Total expenses, from which:
339,425
295,650
▲ 114.8
327,430
293,945
▲ 111.4
1. Operating expenses, from which:
327,430
288,421
▲ 113.5
14,642
14,255
▲ 102.7
Material expenses, from which:
14,642
16,554
▼ 88.4
11,535
11,250
▲ 102.5
consumables expenses, from which:
11,535
13,325
▼ 86.6
2,122
2,300
▼ 92.3
fuel expenses
2,122
2,264
▼ 93.7
8,958
9,310
▼ 96.2
Other external expenses (water
and energy)
8,958
10,131
▼ 88.4
139,159
140,164
▼ 99.3
Employees expenses, from which:
139,159
113,230
▲ 122.9
133,520
134,370
▼ 99.4
- salaries expenses
133,520
107,747
▲ 123.9
5,639
5,794
▼ 97.3
- other employees expenses
5,639
5,483
▲ 102.8
18,332
18,332
100.0
Depreciation expenses
18,332
18,345
▼ 99.9
2,175
2,175
100.0
Expenses from depreciation of assets
related to rights to use leasing assets
2,175
2,052
▲ 106.0
136,360
102,997
▲ 132.4
Service supply expenses, from
which:
136,360
124,936
▲ 109.1
88,628
54,573
▲ 162.4
- maintenance and repairs
88,628
88,723
▼ 99.9
13,699
12,221
▲ 112.1
- oil royalty
13,699
11,804
▲ 116.1
34,033
36,203
▼ 94.0
- other services supplied by third
parties
34,033
24,409
▲ 139.4
1,413
- 1,538
– 91.9
Regulations and impariments for
value loss and provisions, from
which:
1,413
- 1,537
– 91.9
6,120
6,030
▲ 101.5
- expenses regarding regulations and
provisions
6,120
2,173
▲ 281.6
4,707
7,568
▼ 62.2
- revenues from provisions and
regulations for impairment or value
loss
4,707
3,710
▲ 126.9
6,391
8,250
▼ 77.5
Other operation expenses
6,391
4,710
▲ 135.7
11,995
12,415
▼ 96.6
2. Financial expenses
11,995
7,229
▲ 165.9
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Total expenses achieved are 10.8% (33,065 thousand lei) higher than the approved level and 14.8% higher than in
2022.
We mention that the increase in total achieved expenses are in line with the provisions of art.10 paragraph (1) letter
b) of GC no.26/2013, which specifies that "in the execution of the Budget of revenues and expenses, in case of
exceeding the approved total revenues, economic operators may incur total expenses in proportion to the degree of
achievement of total revenues, within the approved efficiency indicators".
Operation expenses are 11.4% higher than budgeted and 13.5% higher than the previous year.
Financial expenses are 3.4% below the budgeted level and 65.9% higher than 31.12.2022.
4.2. Technical level evaluation
OIL TERMINAL SA has 3 depots with a total storage capacity of approximately 1.3 million m
3
, of which:
- North Platform Section, storage capacity of approximately 290,000 m
3
used for crude oil, fuel oil and VGO( Vacuum
gas oil) .
- Port Platform Section, located within the Port, berth 69, with a storage capacity of approximately 105,000 m
3
for
petroleum products and chemicals.
- South Platform Section, storage capacity of approximately 910,000 m
3
used for crude oil, gasoline, diesel and fuel
oil.
Depending on the specifics, each platform has the following infrastructure:
Page 19/233
• Tanks with capacities of between 1,000 m
3
and 55,000 m
3
, of metal construction, cylindrical, vertically above
ground, fitted with protective belts or retaining tanks, with fixed or floating lids and fire-fighting installations. Some
of the tanks are equipped with automatic measuring equipment of the radar type for measuring the height and
temperature of the stored product.
• loading/unloading capacities for petroleum and liquid chemical products consisting of ramps, internal railways
with a total length of approximately 30 km, equipped with loading/discharging facilities
• product loading facilities in tankers
• pipelines for the loading/unloading of crude oil, petroleum products, petrochemicals, liquid chemicals and oils
to/from ships, with diameters ranging from 100 mm to 1000 mm
• pump houses capable of delivering flows between 300 m
3
/h - 2 500 m
3
/h
• scales for road and rail tankers
• computerised metering installations located in the immediate vicinity of diesel, petrol and crude oil
loading/unloading bays
• laboratories equipped with equipment for carrying out specific physico-chemical analyses
• quayside facilities for loading barge products (crude oil, diesel, petrol, fuel oil) and bunkering light and heavy
fuel oil vessels at all oil berths.
Oil Terminal operates 7 operational jetties with depths of 12.50 m – 17 m allowing operation of vessels with a
capacity up to 150,000 dwt. Jetties are provided with coupling facilities at vessels for loading, discharging,
hydraulically operated, with diameters of 12”, namely 16”.
Oil Terminal SA is interconnected with Romanian reffineries by transport company CONPET SA Ploiesti for
crude oil’ transport from terminal to reffineries, by underground pipelines being part of national transport network.
The oil terminal is also connected to the national rail system, road system and Danube-Black Sea canal
The main products made and/or services provided
a) The main markets for each product or service
In 2023 clients with an outstanding percentage in turnover (83,3%) are:
1. OMV Petrom România (20,0%) – for crude oil, diesel, biodiesel, petrol, fuel oil and chemical products
2. Oscar Downstream România (18,1%) – for diesel and biodiesel benefits
3. Litasco Elveția (13,8%) – for oil and gasoline benefits
4. Euronova Energies Elveția (10,9%) – for diesel and fuel oil performance
5. Mol România Petroleum Products (6,5%) – for diesel and biodiesel services
6. Socar Petroleum România (4,0%) – for diesel, biodiesel and chemicals services
7. Vitol Elveția (3,6%) – for diesel and fuel oil services
8. Mol PLC Ungaria (2,8%) – for diesel fuel services
9. Maddox Elveția (1,8%) – for diesel, gasoline and fuel oil services
10. Vitaro Energy România (1,8%) – for diesel, biodiesel and fuel oil services.
b) The percentage of each product or service category in the incomes and in the total turnover of the
commercial company in the latest three years
Products
2023
(thousand
lei)
%
*
%
**
2022
(thousand
lei)
%
*
%
**
2021
(thousand
lei)
%
*
%
**
Diesel
201,589
57
56
151,675
50
49
96,105
45
45
Crude oil
72,423
21
20
85,180
28
28
73,187
35
34
Fuel oil
27,930
8
8
16,864
6
5
4,955
2
2
Chemicals products
23,953
7
7
22,131
7
7
15,815
8
8
Gasoline
10,532
3
3
15,097
5
5
12,933
6
6
Other products and services
13,360
4
4
11,732
4
4
9,328
4
4
Turnover
349,787
100
-
302,679
100
-
212,323
100
-
Other operating and financial
income
6,198
2
6,350
2
1,776
1
Total revenue
355,985
100
309,029
100
214,099
100
* % in turnover
** % in total revenues
Analysing the figures compared to the years 2022 and 2021 shows an increase in total revenue in 2023 by 15.2%
compared to 2022 and by 66.3% compared to 2021.
The amount of turnover achieved in 2023 increased by 15.6% compared to 2022 and by 64.7% compared to 2021, as
follows:
Page 20/233
- for diesel services supply, an increase of 32.9% compared to 2022 and 2.1 times compared to 2021
- for crude oil service supply, an increase of 65.6% compared to 2022 and 5.6 times compared to 2021
- for chemical products service supply, an increase of 8.2% compared to 2022 and 51.5% compared to 2021
- in gasoline service supply,a decrease of 15% compared to 2022 and 1% compared to 2021
- for fuel oil service supply, a decrease of 30.2% compared to 2022 and 18.6% compared to 2021
c) New products under consideration that will impact a substantial volume of assets in the future financial
year, as well as the stage of development of these products.
As a result of service requests received from customers during 2023, new contracts and/or addenda to existing
contracts were signed, resulting in additional turnover.
4.3. Technical material supply activity
The acquisition activity within Oil Terminal is carried out in accordance with the updated Internal Procurement
Regulations, approved by Decision no.7/16.01.2023 of the Board of Directors, the Operational Procedure for the
preparation and updating of the Annual Procurement Programme, code PO-09.01, the Operational Procedure for the
conduct of procurement procedures in Oil Terminal, code PO-09.02 and the Supply Management System Procedure,
code PS-08-10.
The company purchases investments, repairs, maintenance services works, independent equipments, stuff, utilities,
guard services, greenings, auditor, evaluations, etc.
Oil Terminal S.A. Constanta has no recorded received stocks as a service supplier, the technical material supply
activity is mainly from local sources being aimed for materials supply for repairs works, maintenance, labour safety,
adminstrative, equipment, fuel for its own cars anf for railtrucks’ work
By address 4820/21.07.2016, ANAP communicated that Oil Terminal has not the quality as contractant authority/entity
according to Laws 98-100/2016 regarding public acquisitions and has no obligation to apply these.
4.4. Company’ outstanding fusions or reorganizations during financial year 2023
During 2023, there were no fusions or reorganizations of the company.
The company has no branches in the country or abroad.
On 31 December 2023, Oil Terminal SA is not a part of a group, has no relationship with branches of associated
entities and doen not own shares in other companies.
4.5. Assets’ acquisitions and/or alienation
On 31.12.2023, the company's assets are registered in the amount of 737,905 thousand lei, increasing by 161,291
thousand lei (28%) compared to the same period of 2022.
In 2023 there were increases in fixed assets amounting to 23,359 thousand lei for the following groups, as follows:
- 14,981 thousand lei for the construction group, of which, mainly: modernization of reservoir B18 - 10,000 m3 -
SP South (10,820 thousand lei), modernization of fire water connection pipeline - South Platform Section
(1,530 thousand lei), modernization of fire prevention and extinguishing water pipeline - Port Platform Section
(953 thousand lei), modernization of M37 reservoir cooling ring pipeline - South Platform Section (547
thousand lei)
- 8,135 thousand lei for the technical installations and machinery group
- 243 thousand lei for the group other installations, machinery and furniture
In 2023, the Company recorded income in the amount of 72 thousand lei from the sale of tangible fixed assets,
representing fixed assets approved to be taken out of service, given that they presented advanced physical and
moral wear and tear, without safety in operation, and the expenses for repairs and maintenance would not be
economically justified.
4.6. Evaluation of sale activities
4.6.1. Evolution of sequential sales on internal and/or external market and of sales prospections on medium and long
term
The physical performance programme achieved in 2023 was 9.6% higher than the approved rectified level (7,649
thousand tonnes approved, 8,383 thousand tonnes achieved) and 7.5% lower than the level achieved in 2022.
Structure of quantities achieved in 2023 compared to the approved physical performance programme and the
physical performance programme achieved in 2022:
No.
Products
2022
Achieved
Year 2023
±
(thousand
to)
▲▼
(%)
Budget of
revenues
Achieved
±
(mii to)
▲▼
(%)
Page 21/233
(thousand
tons)
and
expenses
2023
(thousand
to)
(thousand
to)
0
1
2
3
4
5=4-3
6=4/3
7=4-2
8=4/2
Handled quantities,
from which:
9,059
7,649
8,383
+ 734
▲ 109.6
- 676
▼ 92.5
1
Crude oil
4,373
3,415
3,198
- 217
▼ 93.6
- 1,175
▼ 73.1
2
Gasolene
710
486
403
- 83
▼ 82.9
- 307
▼ 56.8
3
Gas oil
3,033
3,036
3,918
+ 882
▲ 129.1
+ 885
▲ 129.2
4
Fuel oil
222
190
207
+ 17
▲ 108.9
- 15
▼ 93.2
5
Chemical
products
721
522
657
+ 135
▲ 125.9
- 64
▼ 91.1
The turnover achieved in 2023 amounts to 349.8 million lei, i.e. 70.3 million EURO, based on the official exchange
rate of the National Bank of Romania on 31.12.2023 of 1 EURO = 4.9746 lei, valid for the closing of the financial year
2023.
Main clients on internal and external market in 2023 compared to 2022:
Internal clients
% in Turnover
Year 2023
Year 2022
OMV Petrom
20.0
20.0
Oscar Downstream
18.1
15.9
Mol România Petroleum
6.5
6.3
Socar Petroleum
4.0
2.7
Vitaro Energy
1.8
0.6
External clients
% in Turnover
Year 2023
Year 2022
Litasco Switzerland
13.8
20.5
Euronova Energies Switzerland
10.9
9.9
Vitol Switzerland
3.6
2.3
Mol PLC Hungary
2.8
2.9
Maddox Switzerland
1.8
4.0
4.6.2. The situation of competitional situation in the commercial company’ field of activity, of the company’ products
and services contribution on the market and of the main competitors
On internal market, Oil Terminal S.A. is the largest oil terminal in the port of Constanta for import and export of crude
oil, petroleum products and chemicals.
As far as the whole sphere of oil services is concerned, we have competition:
- Midia port terminal;
- Terminals in Romanian Danube Ports (Galati, Giurgiu, Drobeta Turnu Severin);
- Reni terminal;
- Port operators Chimpex and Frian for export and import of liquid fertilisers or vegetable oils.
Analysing the above mentioned competitors activity, the followings are to be mentioned:
• Midia port terminal:
Midia port terminal is in Rompetrol Rafinare refinery exclusive service.
Through the mono buoy located at 8.6 km in the Black Sea the necessary crude oil for refining are discharged and
through the petroleum jetties located in Midia port, vessels of other raw materials for refining and biocomponents to be
mixed with gasoline and gas oil in a ratio provided by legislation in force are discharged. Vessels/barges are also
loaded with maximum 20 thousand tons of gasoline and gas oil for export. The quantity limit depends on the maximum
jetties draught.
In 2023, through Marine Midia Terminal, crude oil and other raw materials used for processing in Petromidia reffinery
were discharged and products for export and import were loaded.
• Terminals of Romanian Danube ports (Galati, Giurgiu, Drobeta Turnu Severin):
Through the Danube terminals the inlet/discharge operation is carried out in/out of the river barge with gasoline, motor,
fuel and bioethanol.
Page 22/233
Prin terminalele de la Dunăre se efectuează operaţiuni de încărcare/descărcare în/din barje fluviale cu benzină,
motorină, păcură și bioetanol:
- through Drobeta Turnu Severin terminal, Refineries OMV Petrom and Petrotel Lukoil handle gasoline and gas
oil’ loading operations from railcars by direct transshipment into river barges discharging in Danube ports of
Austria, Slovakia, Hungary. Bioethanol discharging operations from barges loaded in Hungary for the two
above-mentioned refineries;
- in 2014, MOL built a new terminal in Giurgiu port, where it discharges gasoline and gas oil barges loaded in
river barges in Rompetrol Rafinare and other Danube ports of Hungary and Slovakia. In Mol port a railway ram
pis being built for discharging gasolene and gas oil from railway tank car.
- through Galati terminal, small quanmtities of gas oi land fuel oil are handled, mainly arrived in railcars from
Russia/Ukraine. The storage farm has rail lines with a great gauge, Russian type, with connection in Ukraine,
so that iot is nor necessary to transfer the railcars from railway type wagons to be discharged/loaded in this
warehouse.
- Reni terminal:
This terminal is our competitor regarding the loaded product handling in Serbia port. This has a small storage capacity,
of about 5 thousand tons, the draft on Danube allowing the operation of vessels with capacities up to 5-6 thousand
dwt. For larger quantities, the clients call for Oil Terminal’ services.
• Liquid fertilizers and vegetal oils export and import:
In Constanta port, there are two port operators with shoretanks: Frial with a capacity of 15,000 CM and Chimpex with
shoretanks of 20 thousand CM.
During 2016 and 2017, the two owners changed the shoretanks’ destination from liquid fertilizers to vegetal oils,
according to market requests.
Therefore, Azomures, fertilizers producer reverted to Oil Terminal for urean loading into maritime vessels.
Urean import was made by the company HGM Logistic. This was achieved due to the three urean plants closing
belonging to the company INTERAGRO.
4.7. Human resources
The company’ employees number and training level and the work force union trade participation degree
By the Budget of revenues and expenses approved for 2022 a number of 1050 employees was provided, and on
31.12.2023 a number of 1050 employees was recorded, structured on the following training levels:
- higher education employees :185, din care 34 personal cu funcții de conducere
- medium/gymnasium education employees: 865, from which 791 qualified employees and 74 unqulified
employees.
The work force union trade participation was 93% in 2023.
The evaluation of necessities specific for each position and employee was held in 2023, according to the training plan.
Regarding the employees training and education, Oil Terminal SA Constanta considers of major importance the
employees training according to legislative alterations, authorized instructions and regulations for the performances
increase and the company’ development.
During 2023, the employees’ participation in trainings:
- trainings with external trainners and vocational authorizations, according to legislation in force: 283 employees;
- trainings/ internal reauthorization: all employees present.
The relationship between manager and employees, and of any conflictual elements of these relationships
In 2023, there were no conflictual elements between employees and the company’ managers.
4.8. Matters connected to the issuer’s main activity on the environment
According to Law no.59/2016, Oil Terminal SA is classified as a major risk objective and operates under Environmental
Authorization no.343/13.09.2013 - for the Port Platform Section (revised on 15.09.2020), Environmental Authorization
no.439 /14.11.2013 - for the North Platform Section (revised on 07.05.2020), Environmental Permit No.504/13.12.2013
- for the South Platform Section (revised with No.23/16.02.2023) and Water Management Permit No.133/30.10.2023.
In 2023, the Environmental Protection Agency of Constanta (APM) applied for annual visas for the Environmental
Authorisations no.343/13.09.2013 - Port Platform Section, respectively no.439/14.11.2013 - North Platform Section by
Decisions no.1035 /11.09.2023 and 1090/25.09.2023, in accordance with the provisions of Order no.1150/2020. For
the South Platform Section, in accordance with Order no.1150/2020, no annual visa was required, as the
Environmental Permit will be revised during 2023.
In 2023, at the request of the environmental authority, they were submitted to APM Constanta:
- Detailed investigation and risk assessment report for the potentially contaminated site Tank Park IIA in the North
Platform II Section.
- Details of the sites in Section Platforma Nord II that are the subject of the partnership with Iulius Real Estate SRL.
Page 23/233
In 2023, at the request of Oil Terminal SA, ABADL issued the Water Management Permit no.26/01.03.2023 amending
the GA permit no.178/29.10.2020 and the Water Management Permit no.133/30.10.2023 on water supply and
wastewater discharge at Oil Terminal SA North, South and Port Platform Sections.
The necessary documentation for the revision of the Environmental Permits issued for the conduct of activities in the
North, South and Port Platform Sections has been submitted to the APM, the purpose of the revisions being the
application of the provisions of Law no.188/2018 on the limitation of air emissions of certain pollutants from medium
combustion plants (thermal power plants).
In 2023, the Safety Reports edition 2022 for the North Platform and Port Sections were submitted to the Risk
Secretariat of the APM (SRAPM) completed with the SRAPM observations. At the same time, the Safety Report for
the South Platform Section was forwarded.
At the request of the National Environmental Protection Agency, the requested data on the trading of greenhouse gas
emission allowances have been submitted.
Compliance with the requirements of the permits implies compliance with the legal provisions, implementation and
maintenance of environmental and safety management systems, ensuring that all machinery and installations at the
site operate within the designed parameters, with compliance with the maintenance programmes and constant concern
for upgrading the installations.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources, minimising
the quantities of waste generated and emissions to air, water and soil. The company has developed and implemented
plans to prevent and combat the impact on environmental factors in the event of possible accidental spills and leaks
of crude oil, petroleum and petrochemical products.
Monitoring of environmental factors: water, air, soil, groundwater is currently carried out in accordance with the
requirements of the Environmental Permits:
- for the environmental factor water: monitoring the indicators of wastewater discharged into the sewerage system of
RAJA SA Constanta and the National Company for the Administration of Sea Ports SA Constanta, in order to maintain
their values within the limits imposed by the regulations in force. With the commissioning of the wastewater treatment
plant of the National Company for the Administration of Sea Ports, the influence of the current activity on the natural
outfall has been eliminated.
- for the water table: measurement of its piezometric level as well as the height of the product film, extracting the water
with petroleum product, if necessary by pumping/pumping.
- for the soil environmental factor: the indicators "petroleum product" and metals are monitored every six months.
Visual inspection of the installations on a permanent basis.
- for the environmental factor air: the COV (volatile organic compounds) indicator value is monitored on the perimeter
of the South Platform Section where gasoline is stored, and the benzene and toluene indicators on the perimeter of
the three platform sections. In 2023, additional volatile organic compound concentration determinations were
conducted in residential areas adjacent to the North Platform Section. Oil Terminal SA has VOC emission certificates
and annual COV emission calculations for gasoline storage facilities issued by authorised companies in accordance
with the legislation in force. Emissions from thermal power plants (dust, carbon monoxide, sulphur oxides and nitrogen
oxides) are monitored annually.
In the year 2023, the investment programme includes objectives with a significant impact on the performance of current
activities and on the environment, as follows:
- investment/modernisation works (construction of tank 125 with a capacity of 55,000 m3 and related technological
installations in the South Platform Section, modernisation of tank B18 - SP South);
- repair and maintenance works on petroleum products transport pipelines and tanks (repair and repositioning of diesel
fuel pipeline section 1 from underground to above ground between MIM bridge and Port hatch, repair and repositioning
of diesel fuel pipeline section 2 from underground to above ground between MIM bridge and Port hatch, repair works
on tanks R21, R23 and R4 in SP South, cleaning works on hydrocarbon separator in North Platform Section).
In order to minimise the impact on the environment, to limit the consequences of possible accidental events as a result
of carrying out its activities, the company has implemented the Integrated Environment, Health and Safety at Work
System, has updated plans for the prevention of oil pollution, the general plan for the management of waste from
construction and/or dismantling activities, the programme for the prevention and reduction of the quantities of waste
generated from its own activities.
OIL TERMINAL communicates, whenever appropriate, to its own employees as well as to interested parties,
information to the public in accordance with Law no.59/2016 on the control of major accident hazards involving
dangerous substances and GD no.878/2005 on public access to environmental information. The information is updated
and communicated on the website www.oil-terminal.com/Comunicare and to the media in the SEVESO Public
Information section and in the Environment section and includes information on operational safety measures and
behaviour in the event of a major accident, risks to human health and the environment, and the impact of the activity
on environmental factors.
The implementation of the 14001/2015 - Environmental Management Systems standard has the objectives of
increasing environmental performance, meeting compliance obligations and achieving proposed environmental
objectives, as well as systematically improving environmental management.
Page 24/233
Periodically, the activity of Oil Terminal Company is audited internally/externally and verified through thematic or
substantive controls by environmental, water management or emergency authorities.
4.9. The research and development activity
Oil Terminal did not effect expenses of research and development in 2023 and does not anticipatesuch expenses for
2024.
4.10. The risk and managerial internal control’ management
Policy and objectives of the company regarding the risk management
In accordance with SGG Order No 600 /2018 on the approval of the Code of Internal Management Control of Public
Entities, in accordance with the commitment of the company's management and the measures referred to in the "Policy
and commitment of the company's management in the field of risk management", as well as in accordance with the
"Declaration on the Commitment and Policy of the Board of Directors of Oil Terminal SA on the implementation of the
risk management policy and the maintenance and development of the internal management control system", the
organizational, procedural and methodological framework for the implementation and continuous development of the
risk management process and system, both at the level of the company's departments and integrated at the level of
the company, has been systematically ensured and maintained in order to manage risks in the most appropriate,
efficient, economical and effective way for the achievement of the company's objectives in the forecasted targets.
The Risk Management System Procedure code PS-02, Edition II, Revision 1, implemented and made known to all
company staff, provides for:
- the stages, rules and responsibilities of the risk management process;
- the risk strategy methodology (type of risk response) and the working methodology for identifying, managing,
assessing and prioritising the risks associated with both the specific objectives/activities/processes of the
company's divisions and the objectives of the sub-strategy derived from the company's development strategy,
including corruption risks;
- scales for measuring the likelihood of occurrence and impact of risk, as well as those associated with risk
tolerance limits, in order to establish risk exposure and risk profile and to keep risks within approved and
accepted risk tolerance limits;
- the records, circuit and information flow, evidenced by the process flow diagram and all forms, which
demonstrate that the risk management system is in place and functioning for the purpose of overall integrated
risk control across all company activities.
For the proper management of risks at all managerial and hierarchical levels of the company, risk officers have been
appointed at the level of the company's departments and at company level.
Risk Management Teams (RMTs) have been set up within the company's departments to analyse, assess and prioritise
the risks associated with specific objectives, including corruption risks, to make proposals on the most appropriate type
of response for each risk identified and to regularly review the status of implementation of control/intervention
measures to keep risks within accepted risk tolerance limits.
In order to implement and monitor the directions of action and actions targeted at SCIM level, the Monitoring
Commission at company level was appointed, updated and approved by internal decision, as well as the composition
of the Working Group for the implementation of the methodology for the assessment of corruption risks, as provided
for by SGG Order no.600/2018 and GD no.599/2018.
The specific objectives were monitored and evaluated on a half-yearly basis through the associated result indicators,
which were correlated with the specific risks of the activity in the risk register. At company level, the specific objectives,
which are derived from the general objectives of the company, are assimilated as risk management objectives and are
integrated and correlated with the general (strategic) objectives.
The following actions have been planned and implemented through the Programme for the Development of the
Managerial Internal Control System:
➢ Identify and assess the main risks specific to the activities within the departments associated with specific
objectives, including corruption risks associated with both objectives and sensitive functions;
➢ Establish measures to manage the risks identified and assessed at the level of activities within the
compartments;
➢ Completing/updating the risk register, including for corruption risks;
➢ Centralisation of the main risks, which could affect the achievement of the company's general objectives and
those specific to the company's compartments, as well as the development of the single risk register at
company level, including corruption risks, under the coordination and guidance of the Monitoring Committee
and the Working Group for the implementation of the corruption risk assessment methodology;
Page 25/233
➢ Centralisation of the internal control/intervention measures established to ensure effective, timely and
adequate control of risks and development of the plan for the implementation of the centralised control
measures at company level and the intervention measures section of the corruption risk register, under the
coordination and guidance of the Monitoring Commission and the Working Group for the implementation of
the corruption risk assessment methodology;
➢ Drawing up, on a half-yearly basis, the Monitoring Commission's Conclusion Note on the risk management
process at company level.
Following the risk management analysis, the following proposals for improving the risk management process have
emerged:
1. Monitor, evaluate, review and report on the effectiveness of the risk management process in relation to the working
premises, changes and objectives undertaken at the level of the structure, including corruption risks (risks
associated with both specific objectives and sensitive functions), in conjunction with regular updating of the "Risk
Register", Corruption Risk Register Annex 4 to GD no.599/2018 and the "Plan for the implementation of control
measures", in order to manage risks in an appropriate and effective manner within the approved risk tolerance
limits and to make it possible to consistently achieve both the objectives and targets of the activity/processes and
the overall medium and long-term development strategy of the company.
2. Identify, monitor, review, evaluate and report on the status of implementation and effectiveness of the risk strategy
and internal control tools/intervention measures adopted through the "Risk Register", the Corruption Risk Register
Annex No.4 to GD No.599/2018 and the "Plan for the implementation of internal control measures", in accordance
with the requirements of OSGG No.600/2018, the provisions of GD No.599/2018 and the rules of the "System
Procedure Risk Management, code PS-02 Ed.II, R1".
3. Identify, monitor, review, assess and report on the status of the management of "corruption risks (risks associated
with both specific objectives and sensitive functions)" in accordance with the requirements of OSGG No 600/2018,
GD No 599 /2018 and the rules of the "Risk Management System Procedure, code PS-02 Ed.II, R1", respectively
in accordance with the requirements of the "Integrity Plan for the implementation of the SNA at the level of Oil
Terminal SA", for the year 2023, as well as with the provisions of "GD no.1269/17.12.2021 for the approval of the
National Anti-Corruption Strategy (SNA) 2021-2025 and related documents".
4. Forwarding, both for the purpose of providing independent assessments of risk management, control and
governance processes and for the purpose of assessing compliance with legal requirements, all data from the
"Risk Register (including corruption risks)" and the "Plan for the implementation of control measures" to the Internal
Public Audit Office and the Financial Management Control and Internal Inspection Department, as well as to the
Coordinator of the implementation of the "Integrity Plan for the implementation of the SNA at the level of Oil
Terminal SA", as well as to the Working Group for the evaluation of integrity incidents at the level of the company,
for the support and implementation by these structures of the assurance, monitoring, evaluation and control
missions based on the objectives approved by their own planning documents, legal provisions and internal
regulations.
5. The implementation and continuous development of the SCIM at company level, both based on the action
directions of the "Global Strategy for the Development of the Company" and according to the action directions of
the "SCIM Development Program of Oil Terminal SA for the year 2023", with the continuous monitoring and
compliance with the provisions of OG no.119/1999, republished, with subsequent amendments and additions and
the requirements of the CIM standards of the Code of Internal Management Control of Public Entities, approved
by Order no.600/2018 of the SGG.
The company’ exposure to price, credit, liquidity and cash-flow risk
Price risk
The company exposure to the price risk is monitored by management accounting and the costs calculation activity,
containing the following matters:
➢ the company’ production expenses formation method;
➢ the expenses’ grouping and behaviour comparing to the generating factors and their character;
➢ presettling of the costs level and structure for each service supply and for the whole planned service supply;
➢ production expenses current analitical recording on management accounting and calculation of the indicators
required by the calculation methods used;
➢ production expenses level compared analysis and the expenses structure and, of the costs calculated
according to them, using to decisions optimization in the service supply valoric side of the management.
The initiated and run pragmatic actions, in view to achieve the management accounting objectives, follow:
➢ determination of products’ costs;
➢ determination of the profitability on products;
➢ issue and deliver of information necessary to issue, follow and control the revenues and expenditures budget
and the updating of indicators contributing to decisions’ optimization at the company’ management level.
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Therefore, the costs calculation, on the services supplies settling base in the company, represents the main instrument
for prospection, identification and mobilization of the company’ internal reserves as:
1. the costs calculation supplies information on the achieved valoric side for the past expenses and for the
present ones;
2. the service supply cost level is an economical criterium for the company’ activity’ efficiency
3. the tariffs correct settling is an important intrument for the company’ managerial ruling;
4. the costs calculation is an important instrument for the company’ financial planning;
5. organising the management accounting at the company’level and on eacg service supply, the costs can be
followed in dynamics.
By following the costs’ dynamics periodically per conventional ton of product (every six months) a balance is provided
between the average cost on product ton and the achieved average on the same measure unit, so that the services
supplied to be efficient and to bring plus value.
Credit risk
Credit risk is the risk of financial loss for the company arising when a client or a business partner doesn’t succeeed to
achieve contractual obligations. The company is exposed mainly to credit risk arisen from the services supplied to the
clients.
The contracts content regarding the services supplies for all liquid petroleum products are approved by National
Agency of mineral Resources’ order. In these contracts, the commercial terms to fulfill the service supplied by the
company to clients are presented:
- payment of services supplied in maximum 30 days
- accessories calculation (penalties and delay interests) for the payment uneffectment in contractual terms
by clients
- in certain situations, well contractually stated, the revenues are cashed in advance
- if the invoices are not paid in the term stipulated in contract, the company has the right to retain the transited
cargo, until the amounts due by the clients payment.
Liquidity risk
The risk of liquidity arises from the management of working capital and the financing expenses and main amount
reimbursement for the company’ credit instruments.
The company monitors the compliance of payment terms provided in commercial contracts by clients, in oreder to
ensure that there is enough cash to allow the financial obligations complying to third parties (materials, services
suppliers, employees, banks, state financial institution s, etc) when these obligations are due for payment.
To achieve this goal, the company has taken the following steps:
- monitoring of collections within the contractual deadline
- maintaining a cash balance to meet payment needs
- drawing up a weekly cash-flow.
By implementing the above measures, the company has sufficient liquid resources to meet its obligations in all
reasonable expected circumstances.
The liquidity indicators provide the guarantee to cover the current debts from current assets.
The current liquidity represents the ratio between the curent assets and the current debts, recording on 31.12.2023
the value of 1.26 than 1.31 on 31.12.2022.
The immediate liquidity (acid test) represents a ratio between the diminished current assets by stocks and the current
debts, this indicator’ value being 1.23 on 31.12.2023 than 1.28 on 31.12.2022.
On 31 December 2023, the company records total debts in amount of 255,174,167 lei.
Depending on the chargeability term, total debts are presented as follows:
Net value
Contractual
value
<12 months
1-5 years
>5 years
Commercial debts and other
current debts
42,660,028
42,660,028
42,660,028
-
-
Debts regarding tax and fees
10,134,111
10,134,111
10,134,111
-
-
Loans
159,697,631
196,753,866
20,574,599
64,144,470
74,978,562
Other loans and assimilated
debts (operational leasing)
8,301,150
8,301,150
2,337,928
5,963,222
-
TOTAL
220,792,920
257,849,155
75,706,666
70,107,692
74,978,562
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Other debts:
Deferred income tax liabilities
1
34,381,247
TOTAL
34,381,247
1
Tax on postponed profit related to reevaluation reserves in balance on 31.12.2023 constituted on own capitals is in a total amount
of 34,381,247 lei. Tax on postponed profit was recorded according to provisions of IAS 8 ”Accountancy policy, alterations of
accounting estimations and errors” based on own capitals by account ”Reported result from correcting accounting errors”.
Cash-flow risk
On 31.12.2023, the net cash flow from operating activities was 33,842 thousand lei, down from 31.12.2022 by 961
thousand lei.
Cash flow from investing activities mainly includes payments for investments in tangible and intangible assets in the
amount of 93,561 thousand lei. Compared to the previous year, net cash used in investment activity is up by 39,080
thousand lei.
Cash flow from financing activities is mainly represented by cash inflows from long-term loans and cash outflows
representing payments on long-term loans.
On 31.12.2023 cash flow from financing activities is 63,210 thousand lei and is represented by the increase in share
capital with cash contribution in the amount of 13,175 thousand lei, cash inflows from long-term loans in the amount
of 67,193 thousand lei (including VAT) and other loans and similar debts in the amount of 3,371 thousand lei (excluding
VAT), cash outflows representing payments for long-term loans in the amount of 11,039 thousand lei for the year 2023
(instalments to be repaid) and payments for dividends in the amount of 9,490 thousand lei. Compared to the same
period of the previous year, the cash flow from financing activities increased by 27,501 thousand lei.
Program of internal managerial control system development
In 2023, according to the Program of managerial intern control system development issued, updated and approved for
the company, the following actions were mainly settled and achieved:
- Ensuring and achieving the necessary prerequisites and conditions for employees to be aware of and comply with
the provisions of the regulations governing their conduct in the workplace, as well as for the prevention and
reporting of fraud and irregularities, by adopting, implementing and monitoring the Code of Ethics and the Rules
of Conduct for Executive and Administrative Management and Employees of Oil Terminal SA, as well as the rules
of the Operational Procedure for Reporting Irregularities and the Operational Procedure for Ethical Counselling.
- Ensure the monitoring of the application and observance of the rules of conduct by all employees of the company,
by the management of the company, the heads of the company's departments, the ethics counsellor and the
person designated within the company to receive reports of violations of the law, on the basis of the provisions of
the Code of Ethics and the Rules of Conduct of the Executive and Administrative Management and the Employee
of Oil Terminal SA, as well as the Rules of Professional Conduct specific to the activity/function, as well as on the
basis of the rules of the Operational Procedure on Ethical Counselling Activity and the Operational Procedure on
Whistleblower Protection in the Public Interest.
- Implementation, monitoring and self-assessment of the status of the implementation of the measures established
according to the Integrity Plan for the implementation of the National Anti-Corruption Strategy at the level of Oil
Terminal SA, as well as the completion of the evaluation situations and indicators at the level of the company,
based on the provisions of GD no.1269/2021 for the reference period Year 2023.
- Implementation of the methodology for the evaluation of integrity incidents at the company level, according to the
provisions of GD no.599/2018 as well as the provisions of the internal decision of the company management.
- - Identification and inventory of functions considered as sensitive (functions considered as particularly exposed to
corruption). Establish and implement policy guidelines for the management of sensitive functions and sufficient
and appropriate measures to reduce the risks associated with sensitive functions to an acceptable level.
- Update and approve the Inventory of Sensitive Functions and the List of Employees in Sensitive Functions, as well
as policy guidelines for the management of sensitive functions and sufficient and appropriate measures to reduce
to an acceptable level the risks associated with sensitive functions and functions considered to be particularly
exposed to corruption.
- Updating and approving specific and individual objectives in line with the overall objectives, mission and overall
development strategy of the company, as well as in accordance with the laws, regulations and policies developed.
- Implementing and maintaining a performance monitoring and measurement system, using relevant quantitative
and qualitative indicators, including on economy, efficiency and effectiveness.
- Maintain a functioning risk management system at company level, aimed at managing risks in the most appropriate
way to achieve the company's objectives in the projected targets, both in relation to objectives/activities and
corruption risks.
- Establish internal control/intervention measures to maintain risks at an acceptable tolerance/exposure level within
the risk tolerance/exposure limits approved by management.
- Completion and regular updating of the Risk Register at departmental and organisational level, including corruption
risks.
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- Integration and implementation at company level of the requirements of the Statement of Commitment and Policy
of the Board of Directors of Oil Terminal SA regarding the implementation of the risk management policy and the
maintenance and development of the internal/managerial control system at all hierarchical and managerial levels.
- Implementing and monitoring, at the company level, the provisions of the Policy and the commitment of the
company's management to risk management at all hierarchical and managerial levels.
- Identification of procedural activities and their documentation, by developing, endorsing and approving
documented procedures by activities/processes, according to the action directions of the Programme for the
Development of the Internal Management Control System of Oil Terminal SA.
- Ensuring, implementing and developing appropriate control measures for the supervision of activities and
operations, based on pre-established procedures, including ex-post control, in order to achieve them effectively.
- Development of an effective interna land external communication system to provide a swift correct and complete
transmission of information to users, managers and employees aiming that the work tasks are fulfilled effectively,
economically and successfully.
- Annual organization and running of the managerial internal control system self evaluation operation.
- Provision of internal public audit activity on managerial internal control system, according to plans regarding risks
evaluation.
The evaluation of efficiency and performance of risks management system is carried out each semester, both on
departments and on company, namely by the persons responsible for risks and by the department risks management
team, as well as by the monitoring Commission and Work group to implement the methodology for corruption risks
evaluation, and the results regarding risks management process are reported by ”Report regarding risk managemenet
process” ”Risks register” and ”Plan to implement control measure” and ”Register of corruption risks – Annex no. 4 to
GD no. 599/2018”, namely according to annual/semestrial information on risk management process by ”Notes of
conclusions regarding company’ risk management process”.
The stage of the identified and managed risks by the Risks management team in the analysis, evaluation and
management of risks’ meetings give the following hierarchy of the risk tolerance level, as follows:
- on 31.12.2023, a number of 115 associated risks are identified, analyzed, evaluated and managed, both for the
company’ departments’ specific objectives/activities/processes and partial strategies objectives arisen from the
compoany’ development strategy, as follows:
▪ 99 risks of ‘’allowable’’ – percentage 86,10%
▪ 15 risks of ‘’high allowance’’ – percentage 13,04%
▪ 1 risk of ‘’low allowance’’ – percentage 0,86%
▪ 0 risks of ‘’unallowable’’ – percentage 0%
Evolution of the managerial intern control system’ implementation and compliance stage in Oil Terminal SA,
in the period 2012 – 2023
On 31.12.2012 Oil Terminal SA had an internal/managerial control system "partially compliant" with the standards
contained in the Internal/Managerial Control Code, on that date 13 standards out of a total of 25 standards had been
implemented, according to the provisions of OMFP no.946/2005, with subsequent additions and amendments,
according to the Report on the internal/managerial control system as of 31 December 2012.
On 31 December 2023, Oil Terminal SA has an internal managerial control system "compliant" with the standards
contained in the Code of internal managerial control, with all 16 standards implemented as per the provisions of Order
no.600/2018, according to the Report on the internal managerial control system on 31 December 2023.
4.11. Perspective elements regarding the company’ activity
Uncertainty trends, elements, events or factors affecting or that could affect the company’ liquidity, comparing
to the same period of the previous year
The company’ liquidity could be affected by:
- uncashing of receivables in the term provided in the services supplies contracts concluded with clients, namely, in
30 days since the fiscal invoice issue;
- entry into default/insolvency of some clients;
- some clients’ activity reduction or some impredictable events’ occurrence, as force majeure cases;
- variation on the international market of the petroleum, liquid petrochemical products quotations leading to the
transited quantities decrease in some periods of time and of the revenues to be invoiced;
- calculation of some extra impots and taxes than the duties to the state and local budget settled by the company,
following some fiscal controls;
- the loss of litigation concerning various claims of client-claimants
- price increases for utilities (electricity, gas and water)
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- the global economic situation as a result of the impact of the multiple crises that have occurred (the post Covid
economic crisis, the crisis of price escalation, the crisis of the military conflict in the Black Sea area)
- legislative and regulatory initiatives being discussed and/or implemented that influence the business environment
- Legislation of a restrictive EU regulation on the origin of certain goods from Russia
- major risk of non-recovery of benefits subject to the restrictive EU regulation during its application by member
countries.
Capital, current and anticipated expenses on the company’ financial situation comparing to the same period
of the previous year
The investments activity in the company Oil Terminal SA Constanta runs in two main directions:
1. Investments objectives for the company own patrimony;
2. Investments objectives related to the public domain, according the Minimum program regarding the
petroleum terminal rehabilitation and upgrading, annex of the Lease Oil Agreement concluded with the National
Agency of Mineral Resources.
In 2023 the source of financing for investments budgeted in the total amount of 93,956 thousand lei was fully realized.
The investment expenditure as at 31.12.2023 was made at the level of financing sources, i.e. 93,956 thousand lei, of
which: investment expenditure in the total amount of 87,743 thousand lei (from own sources in the amount of 18,103
thousand lei, from bank loans in the amount of 56,465 thousand lei and from the subscription of shareholders' capital
increase through contribution in kind in the amount of 13,175 thousand lei) and repayments of instalments on
investment loans in the amount of 6,213 thousand lei.
As at 31.12.2023 the realized level of investment objectives ( 87,743 thousand lei), less repayments of instalments on
investment loans, was achieved at the budgeted level and was 61.1% higher than in 2022 (33,271 thousand lei).
The structure of investment expenditure achieved in 2023 compared to the Budget of revenues and expenses level
and 2022:
Achieved
2023
Budget of
revenues
and
expenses
2023
▲▼ %
1
Investments and repayments
(thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
93,385
93,385
100.0
Oil Terminal, of which:
93,385
55,008
▲ 169.8
61,909
61,907
100.0
Investments in progress
61,909
4,369
▲ 1,417.0
3,617
3,607
▲ 100.3
New investments
3,617
40,183
▼ 9.0
14,606
14,633
▼ 99.8
Upgrades
14,606
698
▲ 2,092.6
7,040
7,025
▲ 100.2
Equipment
7,040
4,063
▲ 173.3
6,213
6,213
100.0
Repayments of investment loans
6,213
5,695
▲ 109.1
571
571
100.0
Public Domain, of which:
571
5,159
▼ 11.1
52
52
100.0
Investments in progress
52
5,159
▼ 1.0
519
519
100.0
Upgrades
519
0
-
93,956
93,956
100.0
Total
93,956
60,167
▲ 156.2
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
The main investment objectives achieved in 2023 are:
• Rehabilitation of railway ramp for unloading fuel oil from railway tanks, storage and pumping to ships - South
Platform Section
• Construction of 55,000 m3 capacity tank - South Platform Section
• Modernisation of tank B18 - South Platform Section
• Upgrading of two-stream crude oil metering system - Port Platform Section
• Modernisation of Commercial Directorate building
• Modular container (8 pcs)
• Sanitary container (2 pcs)
• Dacia Dokker Laureate (2 pcs)
• Electric heating unit (4 pcs)
• PC RYZEN (29 pcs)
• UPS (5 pcs)
• Laptop (5 pcs)
• Multifunction printer (1 pc)
• MAN TGS 26 TO tipper
• PSI special vehicle (1 pc)
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• Compressor motor (1 pc)
• Submersible pump (1 pc)
• Hydraulic pick (1 pc)
• Baler (1 pc)
• Universal milling machine (1 pc)
• Industrial universal lathe (1 pc)
• Access system P1 and P2 - Platform-South section
• Access system Platform-NORTH section
• Insulating breathing apparatus (14 pcs)
• Laboratory refrigeration bench (1 pc)
• Automatic flammability point determination equipment (1 piece)
• Sampling equipment (8 pcs)
• Multi-purpose loader with telescopic arm (1 piece)
• Three-phase welding inverter (2 pcs)
• UV fluorescence sulphur analyser with autosampler (1 piece)
• Fuel distribution pump (2 pcs)
• Fuel oil pump (1 piece)
• Vertical residue pump (1 piece)
• AD-BLUE tank
Events, transactions, economic changes that significantly affect core business income
Events significantly affecting income from core business:
1. Black Sea-Ukraine conflict. The increase in benefit income in 2023 was based on the following conjunctural
situation:
In 2023 the BVC was approved by the OGSM Resolution no.4/16.02.2023, and by the OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of the income from services rendered
above the approved level due to the conflict crisis in the Black Sea-Ukraine area and deliveries to the Republic of
Moldova.
It should be noted that, compared to the revenue foreseen in the approved budget, due to the context of the conflict
in Ukraine, additional revenue not foreseen in the initially approved physical programme, called contingency revenue,
was generated from services rendered. Thus, as of 31.12.2023, the realized contingency revenues amount to 27,840
thousand lei and represent 73.5% of the planned revenue overrun (37,892 thousand lei).
2. Closure/downsizing of production capacities. Reduced refining margins and negative financial results of Romanian
refineries could lead to a downsizing of their operations.
3. The commercial policy applied by Oil Terminal's main customers (OMV Petrom, Oscar Downstream, Litasco and
Euronova Energies) has a decisive influence on the volume of services provided through the oil terminal.
4.Increase in the price of utilities (electricity, natural gas and water). The Azomures plant closed down fertiliser
production for an indefinite period of time due to the increase in natural gas prices.
4.12. Litigation
On 31.12.2023 Oil Terminal is involved in 96 disputes, of which: in 28 disputes it is the plaintiff or contesting party and
in 68 disputes it is the defendant.
Management regularly reviews the situation of pending litigation and, in consultation with its legal representatives,
decides whether it is necessary to record provisions for the amounts involved or to disclose them in the financial
statements.
The company records provisions for litigation amounting to 477,914 lei as at 31 December 2023.
Significant pending litigations are as follows:
1. File no.11403/212/2011, pending before the Constanta District Court, in which the plaintiffs Iasar Ana, Iasar Tair,
Iasar Doina, Iasar Sevinci, Iasar Islam, Iasar Esan, Iasar Ghiulgean and Iasar Sabria request that the defendants Oil
Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. be ordered to pay material damages in the amount of 30,000 lei and
moral damages in the amount of 60,000 lei. By the decision of 26.06.2013, the court suspended the case by right
pursuant to Article 36 of Law no.85/2006, due to the insolvency of Oil Prod SRL. Insolvency case no.3437/118/2013
with term on 11.03.2024 at the Court of Constanta. A provision of 90,000 lei was set up for this file.
2. File no.166/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction with ANAF
- Regional General Directorate of Public Finance Galati - Commission for the Authorization of Operators of Products
Subject to Harmonized Excise Duty - through the Trustee County Administration of Public Finance Constanta. Oil
Terminal S.A. filed on 11.01.2018 an application to the Constanța Court requesting the suspension of the effects of
Page 31/233
the Decision no.2/21.12.2017 which ordered the revocation of the Fiscal Warehouse Authorisation
no.RO0070413DD02/22.10.2015, until the court of first instance pronounces on the annulment of the Decision
no.2/21.12.2017. By Judgment no.419/15.03.2018 the Constanța Court ordered the suspension of Decision
no.2/21.12.2017 issued by the National Agency for Tax Administration - Regional Directorate General of Finance Galati
- Commission for the authorisation of operators of products subject to harmonised excise duties, pending the decision
of the court of first instance. By Decision no.854/20.06.2018, the Court of Appeal of Constanta rejected the appeal
filed by ANAF as unfounded. The case file is file no.4456/118/2018 on the Constanta Court with term 09.05.2023.
Adjourns the judgment to 06.06.2023. Grant the application. Dismisses the plea of lack of locus standi of the DGRFP
Galați - Commission for the Authorisation of Operators of Excisable Products. The application is granted. Annuls
Decision No 2/21.12.2017 and Decision No 002/16.02.2018. With right of appeal within 15 days of communication.
The request for appeal shall be submitted to the Court of Constanta. Document: Decision no.744/2023 of 06.06.2023.
An appeal has been lodged by ANAF. Appeal lodged by the Constanta Customs Authority. Deadline: 14.12.2023.
Pronouncement: dismiss the appeals as unfounded. Definitive. Judgment not notified. A provision of 1,050 lei has been
made for this case.
3. File no.4456/118/2018, pending before the Court of Constanta, claimant Oil Terminal S.A. in contradiction with
ANAF - Regional General Directorate of Public Finance Galati - Commission for Authorization of Operators of Products
Subject to Harmonized Excise Duties.
On 24.07.2018, Oil Terminal S.A. filed an administrative appeal with the Court of Constanta, requesting the annulment
of Decision no.2/21.12.2017 and Decision no.002/16.02.2018, respectively, by which ANAF - Regional General
Directorate of Public Finance of Galati - Commission for the Authorisation of Operators of Products Subject to
Harmonised Excise Duties ordered the revocation of the Authorisation of tax warehouse number RO0070413DD02
issued on 22.10.2015. The next court date is set for 09.05.2023. Adjourned to 06.06.2023. Admit the application.
Summary: Dismisses the plea of lack of locus standi of DGRFP Galați - Commission for the Authorisation of Operators
of Excisable Products. The application is granted. Annuls Decision No 2/21.12.2017 and Decision No 002/16.02.2018.
With right of appeal within 15 days of communication. The request for appeal shall be submitted to the Court of
Constanta. Document: Decision no.744/2023 of 06.06.2023. An appeal has been lodged by ANAF. Appeal lodged by
the Constanta Customs Authority. Deadline: 14.12.2023. Pronouncement: dismiss the appeals as unfounded.
Definitive. Judgment not notified. A provision of 26,644 lei has been made for this case.
4. File no.4206/2/2015*, pending before the Bucharest Court of Appeal, by which the plaintiff DG Petrol SRL, a
company in bankruptcy, through the judicial liquidator Fineco Insolvency SPRL, filed on 29.01.2020 at the Bucharest
Court of Appeal an administrative appeal requesting the annulment of the Decision no.1/05.01.2015, by which ANAF
- Regional Directorate for Excise and Customs Operations Bucharest established the obligation to pay the amount of
3,759,256 lei for the plaintiff DG Petrol SRL.
At the trial date of 10.06.2020, the claimant DG Petrol SRL filed a request for a guarantee claim against Oil Terminal
S.A. requesting the court to issue a judgment ordering the defendant Oil Terminal S.A. to pay the sum of RON
3,759,256.
Oil Terminal S.A. lodged a statement of defence within the legal time-limit in which it pleaded the objections of
inadmissibility of the application for a guarantee, the lateness of the application for a guarantee and, on the merits of
the case, the rejection of the application for a guarantee as unfounded. By the Judgment delivered on 23.09.2020, the
court of first instance, i.e. the Bucharest Court of Appeal, rejected the claim for a guarantee filed by the claimant DG
Petrol SRL against Oil Terminal S.A. as inadmissible. The plaintiff DG Petrol SRL appealed and the Bucharest Court
of Appeal, on 02.12.2020, pursuant to Article 64 paragraph 4 of the Civil Procedure Code, suspended the proceedings.
The judgment may be appealed for the duration of the suspension. The case has been resumed and the deadline for
judgment is 19.10.2023. Summary of the decision: The Bucharest Court of Appeal, by judgment No 1621/2023, allowed
the applicant's application. Dismisses the application for a guarantee by OIL TERMINAL SA. The judgment is not final
and may be appealed. An appeal was lodged on 26.02.2024 by the Ministry of Public Finance, on 27.02.2024 by the
Romanian Customs Authority, on 29.02.2024 by the National Tax Administration Agency. A provision of 187,963 lei
was established for this file.
5. File no.1974/118/2019, pending before the Court of Constanta, creditor Oil Terminal S.A. and debtor Master Chem
OIL DMCC. On 02.12.2020, the court connects case no.7729/118/2019 to case no.1974/118/2019 and stays the ruling
on the suspension until the resolution of case no.3068/118/2018. On 16.12.2020, the court suspends the case until
the final resolution of case no.3068/118/2018 pending before the Court of Appeal of Constanța, with the right to appeal
during the suspension. Oil Terminal S.A. has filed a request to resume the proceedings and to increase the claims.
At the deadline of: 09.06.2023 - Pronouncement: adjourned to 22.06.2023.
Summary ruling: Admit the plea of inadmissibility raised by the defendant Master Chem Oil DMCC, in respect of the
period 28.09.2018-13.05.2021. Dismisses as inadmissible the claim for damages brought by the plaintiff Oil Terminal
SA against the defendant Master Chem Oil DMCC in respect of the period 28.09.2018-13.05.2021. Dismisses as
unfounded the plea of inadmissibility of the claim for damages brought by the applicant OIL TERMINAL SA against the
Page 32/233
defendant Master Chem Oil DMCC, in respect of the period from 13 May 2021 to 28 April 2023. Admit, in part, the
action brought by the applicant Oil Terminal SA against the defendant Romanian Customs Authority through the
Regional Customs Directorate Bucharest. Orders the defendant Romanian Customs Authority through the Bucharest
Regional Customs Directorate to pay the applicant the sum of RON 2,253,845.33, equivalent to USD 536,965.09, as
compensation consisting of expenses related to the storage of the cutter stock petroleum product for the period
28.09.2018 - 13.05.2021. Admit, in part, the action brought by the plaintiff Oil Terminal SA against the defendant Master
Chem Oil DMCC. Orders the defendant Master Chem Oil DMCC to pay the applicant the sum of 449,099.17 lei,
equivalent to 99,858.46 USD, as compensation consisting of expenses relating to the storage of the cutter stock
petroleum product for the period 13.05.2021-28.04.2023. Orders the defendants to pay to the plaintiff Oil Terminal S.A.
the costs of the proceedings corresponding to the claims to which they have been obliged, as follows: - orders the
defendant Master Chem Oil DMCC to pay the sum of 4,992.46 lei in respect of stamp duty and the sum of 2,989.80
euro in lei equivalent at the BNR exchange rate on the date of actual payment as lawyer's fees. - order the defendant
Romanian Customs Authority, through the Bucharest Regional Customs Directorate, to pay to the applicant the sum
of RON 25 064,53 in respect of stamp duty and the sum of EUR 15 010,20 in RON equivalent at the BNR exchange
rate on the date of actual payment as lawyer's fees. With appeal within 30 days of notification. Decision No 724/2023
of 22.06.2023. An appeal was lodged by Master Chem Oil DMCC and the Romanian Customs Authority. Deadline:
10.04.2024. A provision in the amount of 24,277 lei has been established for this case.
6. File no.7729/118/2019, pending before the Court of Constanta, creditor Oil Terminal S.A, debtor Master Chem Oil
DMCC. Claim action by which the creditor Oil Terminal S.A. requests the court to pronounce a judgment by which the
debtor Master Chem Oil DMCC is obliged to pay the amount of USD 16,872.02 (RON 72,261.63) representing the
value of the cutter stock. Subsequently, Oil Terminal S.A. filed a request for an increase of the claims to the total
amount of 423,625.51 lei (97,913.72 USD). By the Judgment of 02.12.2020, the court ordered the connection of case
no.7729/118/2019 to case no.1974/118/2019, pending before the Court of Constanta. A provision of 7,841 lei has been
established for this case.
7. File no.3656/118/2020, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin, defendant Oil
Terminal S.A. Action for annulment of the EGSM Decision no.4/12.06.2020 by which the shareholders have determined
the termination of the applicability of the Extraordinary General Meeting of Shareholders Decision no.6/10.10.2016,
have determined the increase of the share capital of Oil Terminal S.A. with the value of the two lands in the area of
254.261,325 sqm and 129.334,70 sqm respectively., object of the certificates of attestation of the right of ownership
series MO3, no.11703/02.02.2011 and series MO3, no.11704/02.02.2011 and approved the formulation of a request
to the judge - delegate of the ONRC for the appointment of one or more experts for the valuation of the two lands to
be included in the process of the capital increase of the company.
By the Judgment of 16.06.2021, pursuant to art. 412 para.1 item 1 NCPC, the court finds that the case has been
suspended as of right due to the death of the plaintiff until the introduction of the heirs. With appeal for the duration of
the suspension. Time limit for the stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the plea of time-
bar of the main claim and the related applications for legal action brought by the plaintiff Dumitrescu Sebastian Valentin
against the defendants OIL TERMINAL S.A. and the applications for leave to intervene. The case is dismissed as time-
barred. Orders the intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - legal costs - in favour of
the defendant company Oil Terminal S.A. An appeal may be lodged with the Court of Appeal of Constanța within 5
days of the judgment. Dumitrescu Sebastian Andrei appealed. Deadline: 06.12.2023. On 14.12.2023 the ICCJ orders
the transfer of the case from the Court of Appeal Constanta to the Court of Appeal Bucharest. On 29.04.2024 the
Bucharest Court of Appeal by Judgement 86//29.02.2024 admits the appeal. Sets aside in its entirety the civil judgment
under appeal and refers the case to the Giurgiu Court for further proceedings.
8. File no.3656/118/2020/a1, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Presidential order requesting the suspension of the registration of the EGSM Decision
no.4/12.06.2020 until the conclusion of File no.3656/118/2020.
By the Judgment of 16.06.2021, pursuant to Article 412 paragraph 1 item 1 NCPC, the court finds that the case has
been suspended as of right following the death of the plaintiff until the introduction of the heirs. With appeal for the
duration of the suspension. Time limit for reopening the proceedings and for the time-bar: 23.11.2022. Deadline for the
stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the exception of the time-bar of the main claim and
the related applications for legal action brought by the plaintiff Dumitrescu Sebastian Valentin, against the defendants
Oil Terminal S.A. and the applications for intervention. The case is dismissed as time-barred. Orders the intervener
Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - legal costs - in favour of the defendant company Oil
Terminal S.A. An appeal may be lodged with the Court of Appeal of Constanța within 5 days of the judgment. Deadline:
14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the civil judgment under appeal in its entirety and
remits the case for further proceedings to the Court of Constanța. Final. Deadline: 25.10.2023. On 26.10.2023, the
Court of Constanța by Judgement no.1122 /Annuls, as untimely, the application for main intervention made by the
company Rometta Impex S.A. Rejects in its entirety, as unfounded, the related applications for legal action made by
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the plaintiff Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin)
against the defendant company Oil Terminal SA. Dismisses in their entirety, as unfounded, the applications for leave
to intervene made by Dumitrescu Andrei Sebastian against the defendant company Oil Terminal S.A. Orders the
intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - costs - in favour of the defendant company
Oil Terminal S.A. The judgment is not final. With appeal, within 5 days from the pronouncement Document: Judgment
no.1122/2023 of 26.10.2023. Appeal filed on 26.11.2023 by Dumitrescu Andrei Sebastian.
9. File no.4049/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin, defendant
Oil Terminal S.A., Mapps Master Appraisal SRL. Request for the recusal of the appraiser Mapps Master Appraisal
SRL, appointed by the ORC by resolution no.16280/07.07.2020, pronounced in case no.60751/06.07.2020. The next
trial date was set for 26.05.2021. By the Decision of 16.06.2021, pursuant to Article 412 (1) NCPC, the court finds that
the case has been suspended by operation of law due to the death of the plaintiff until the introduction of the heirs in
the case. With appeal for the duration of the suspension. On 13.10.2022, the Court of Constanta, by decision
no.455/2022, declared the claim time-barred. Summary: Admit the plea that the joint applications for a writ of summons
brought by the plaintiff Dumitrescu Sebastian Valentin against the defendants Oil Terminal S.A., Mapps Master
Appraisal S.R.L. and the National Trade Registry Office, represented by the Director of the Trade Registry Office of
the Constanta Court - Luiza Mardare - and the applications for intervention brought by Dumitrescu Andrei Sebastian
and Rometta Impex S.A. are time-barred. With appeal to the Court of Appeal Constanța, within 5 days of the ruling,
the appeal application to be filed with the Court of Constanța. On 18.10.2022, the plaintiff Dumitrescu Sebastian
Valentin filed an appeal. Deadline for appeal: 14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the
civil judgment under appeal in its entirety and remits the case for further proceedings to the Constanța Court. Final.
Annuls, as untimely, the application for intervention made by the company Rometta Impex S.A. Admits the plea of lack
of general jurisdiction of the courts, as regards the resolution of the joint applications for legal action, made by the
plaintiff Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin against
the defendants Oil Terminal S.A., MAPPS - Master Appraisal S.R.L. and the National Trade Registry Office through
the Director of the Trade Registry Office of the Court of Constanța and the application for leave to intervene made by
Dumitrescu Andrei Sebastian. Declares that the Commercial Registry Office of the Court of Constanta has jurisdiction
to hear and determine the applications. Dismisses the complaint registered in case no. 5264/118/2020 of the Constanța
Tribunal and sets the trial date for 28.03.2024.
10. File no.6919/118/2020, pending before the Court of Constanța, plaintiff Dumitrescu Sebastian Valentin, defendant
Oil Terminal S.A. Action for a declaration of absolute nullity of the updated articles of incorporation of Oil Terminal S.A.
By Judgment no.87/27.01.2021 the court of first instance rejected the application as unfounded. The plaintiff filed an
appeal, and at the trial date of 27.09.2021, the Court of Appeal of Constanta suspended the trial until the introduction
of the heirs of the plaintiff-appellant Dumitrescu Sebastian Valentin. The judgment may be appealed during the
suspension. Deadline for appeal: 08.06.2022 Civil decision no.219/08.06.2022 Admit the application for a stay of
proceedings. Declares the appeal out of time. Dismisses as inadmissible the application of the heir Dumitrescu Andrei
Sebastian to introduce the case. Appeal within 5 days of the judgment. On 15.06.2022 the heirs of the deceased
Dumitrescu Sebastian Valentin lodged an appeal. On 04.10.2022 the High Court of Cassation and Justice admitted
the appeal. Orders that the case be retried. Deadline: 07.06.2023. Decision: Delay the disposal of the case. Orders
that the case be removed from the case-file and referred to the Bucharest Court of Appeal, the court to which the case
was transferred. Deadline: 22.09.2023: Decision: Dismisses the appeal as unfounded.
11. File no.4558/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian, in
contradiction with Oil Terminal S.A., the Romanian State through the Ministry of Public Finance, the Romanian State
through the Ministry of Energy and the Ministry of Energy, requests the Court of Constanta the following:
- to establish the existence of a preferential right to purchase from the defendant Ministry of Energy a number of shares
necessary to maintain the shareholding in the share capital of the defendant Oil Terminal S.A.
- to oblige all the defendants to respect the right of preference set out in paragraph 1 from the date of registration of
the increase in the share capital of Oil Terminal S.A.
By the Judgment of 09.12.2021, the Court of Constanța admitted the request for suspension of the proceedings filed
by the defendant company Oil Terminal S.A. against the plaintiff Dumitrescu Andrei Sebastian and the defendants
State of Romania, represented by the Ministry of Finance, represented by the Regional General Directorate of Public
Finance Galați - County Administration of Public Finance Constanța. On the basis of Article 413(1)(1)(1) of the Code
of Civil Procedure, suspends the proceedings until the final settlement of the case registered with the Constanța Court
under number 4150/118/2020. The judgment has been appealed. Settled on 16.02.2023 Dismisses the application.
Admit the plea of inadmissibility of part I of the application. Dismisses, as inadmissible, the application for a declaration
of the existence of a preferential right, brought by the plaintiff Dumitrescu Andrei Sebastian - in contradiction with the
defendants Oil Terminal S.A, the Romanian State, represented in the proceedings by the Ministry of Finance,
represented by the Regional General Directorate of Public Finance Galați - County Administration of Public Finance
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Constanța, and the Ministry of Energy. The plea of lack of interest in the formulation and support of the second head
of the application is granted. Dismisses, as devoid of interest, the claim brought by the plaintiff Dumitrescu Andrei
Sebastian against the defendants Oil Terminal S.A., the Romanian State, represented in the proceedings by the
Ministry of Finance, represented by the Regional Directorate General of Public Finance Galați - County Administration
of Public Finance Constanța, and the Ministry of Energy, for an order that the defendants respect the right of
preference. Orders the plaintiff to pay the sum of 762.14 lei - costs (fees of the chosen lawyer) - in favour of the
defendant company Oil Terminal S.A. With appeal, to the Court of Appeal Constanța, within 30 days of communication,
the appeal application to be filed with the Court of Constanța. Decision no.151/2023 of 16.02.2023. Final by non-
appeal. Application for enforcement for recovery of costs. File BEJ Ulman no.907/2023.
12. File No 7054/118/2021 pending before the Court of Constanța, applicant Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A., Ministry of Economy, Entrepreneurship and Tourism
Application by the shareholder Dumitrescu Andrei Sebastian for a declaration by the Court of Constanța that the OGSM
Decision No 2/26.04.2021 is partially null and void, as regards Article 1. by which the shareholders of Oil Terminal S.A.
approved "the financial statements for the year 2020, prepared in accordance with International Financial Reporting
Standards (IFRS), comprising: statement of financial position, statement of comprehensive income, statement of
changes in equity, statement of cash flows, notes to the financial statements, based on the Report of the Board of
Directors and the Report of the independent financial auditor". On 18.10.2022, the Constanta Court rejected the claim
made by Dumitrescu Andrei Sebastian as unfounded. The judgment may be appealed within 30 days from its
communication. Appeal filed by Dumitrescu Andrei Sebastian on 13.03.2023. Deadline: 20.03.2024.
13. File no.7838/118/2021, pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A., Romanian State through the Ministry of Economy, Entrepreneurship and Tourism.
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration that the
Directors' Report for the first half of 2021, concluded on 30.06.2021, is partially null and void. On 05.01.2022, the
plaintiff makes a supplementary application requesting:
1. full absolute annulment of BOD Decision No 70/10.08.2021.
2. the absolute annulment in its entirety of OGSM Decision No 14/29.12.2021.
The case has a deadline of 26.10.2022. Adjourns the judgment to 09.11.2022. Reject as unfounded the objection of
illegality of the certificate number M03 no.11703/02.02.2011 issued for the land of 254,261.33 sq.m. located in the
North Platform Section, as well as the objection of illegality of the certificate number M03 no.11704/02.02.2011 issued
for the land of 129,334.70 sq.m. located in the North Platform Section. Dismisses, as unfounded, the application
brought by the applicant Dumitrescu Andrei Sebastian. Appeal within 30 days of notification. The appeal was lodged
on 13.03.2023. Time limit: 20.03.2024
14. File no.8452/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. and the Roman State through the Ministry of Energy.
Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the Court of
Constanta to order "the partial absolute nullity of the following corporate acts:
1. the updated articles of association (constitutive act) authenticated under no.631/12.05.1997 by B.N.P. Victoria
Badea, main claim, not assessable in money;
2. the updated articles of association (constitutive act) according to Decision no.2 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A. dated 28.07.2000, accessory head of claim, non-assessable in money;
3. the by-laws (articles of association) updated in accordance with Resolution No. 1 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 29.03.2001, accessory head of claim, non-assessable in money;
4. the by-laws (articles of association) updated according to the Extraordinary General Meeting of Shareholders of
Oil Terminal S.A., dated 31.07.2001, accessory head of claim, not assessable in money;
5. the by-laws (articles of association) updated in accordance with Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 11.06.2003, accessory end of the claim, non-valuable in money;
6. the by-laws (articles of association) updated according to the Resolution No. 1 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 22.12.2004, accessory head of claim, non-assessable in money;
7. the by-laws (articles of association) updated according to Resolution no.3 of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 05.03.2007, accessory head of claim, non-assessable in money;
8. the Articles of Association (Articles of Incorporation) updated according to Resolution no.2 of the Extraordinary
General Meeting of Shareholders, dated 06.03.2009, accessory head of claim, not assessable in money;
9. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 04.03.2010, accessory end of the claim, non-valuable in money;
10. the by-laws (articles of association) updated according to Resolution no.2 of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 02.08.2010, accessory end of the claim, non-valuable in money;
11. the by-laws (articles of association) updated according to Resolution No. 1 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 24.11.2011, accessory head of claim, non-assessable in money;
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12. the by-laws (articles of association) updated according to the Resolution No. 1 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 17.08.2012, accessory head of claim, not assessable in money;
13. the by-laws (articles of association) updated according to Resolution no.3 of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 04.07.2013, accessory head of claim, not assessable in money;
14. the by-laws (articles of association) updated according to Resolution No. 10 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 24.10.2014, accessory head of claim, not assessable in money;
15. the by-laws (articles of association) updated according to Resolution No. 11 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 19.06.2017, accessory head of claim, not assessable in money;
16. the by-laws (articles of association) updated according to Resolution no.28 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 29.10.2018, accessory end of claim, not assessable in money" and
17. reinstatement of the parties to the previous situation,
18. the finding that Oil Terminal S.A. has a total share capital of 43,615,149.50 lei divided into 436,151,495 shares,
each with a nominal value of 0.1 lei, accessory head of claim, non-assessable in money,
19. the Romanian State, through the Ministry of Energy, is a shareholder in Oil Terminal S.A. with 200,979,215 shares,
each with a nominal value of RON 0.1 and a total value of RON 20,097,921.5, representing 46.08% of the entire share
capital, accessory end of the claim, non-valuable in money.
20. order the defendants to pay the costs.
The case had a deadline of 19.05.2022. By judgment of 30.06.2022 the court rejected as unfounded the claim for
damages brought by the plaintiff Dumitrescu Andrei Sebastian, against the defendants Oil Terminal SA and the
Romanian State through the Ministry of Energy. Appeal within 30 days of notification. The company Oil Terminal
submitted a request for the costs of the proceedings to be added to the order. The request formed the file
no.8452/118/2021/a1. At the hearing on 17.08.2022, the Court of First Instance granted the application brought by Oil
Terminal against the defendant Dumitrescu Andrei Sebastian. Orders the defendant to pay to the applicant the sum of
17,850 lei in respect of costs in Case No 8452/118/2021, consisting of lawyers' fees. With right of appeal within 30
days of notification. By Civil Decision no.8, rendered on 01.03.2023, the Court of Appeal of Constanta rejected as
unfounded the appeal filed by Dumitrescu Andrei Sebastian, ordering him to pay to the respondent Oil Terminal SA
the sum of 5,950 lei, as costs of the appeal. The judgment is final. Dumitrescu appealed to the High Court of Cassation
and Justice. Deadline: 05.12.2023: Ruling: Suspends the judgment of the appeal brought by the defendant
Dumitrescu Andrei Sebastian against civil decision no. 7/2023 of 01 March 2023, delivered by the Court of Appeal
Constanța - Second Civil, Insolvency and Litigation Section with Professionals and Companies, pursuant to the
provisions of Article 413 para. (1), item 1 of the Code of Civil Procedure until the resolution of the appeal lodged against
civil decision no. 8/2023 of 1 March 2023, delivered in case no. 8452/118/2021. Final. In case 8452/118/2021
Dumitrescu appealed to the High Court of Cassation and Justice on 12.10.2023. At the present date, the case has not
been set for trial.
15. File no.2007/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. The following files have been
attached to this file: 2010/118/2022, 2011/118/2022, 2014/118/2022, 2018/118/2022, 2022/118/2022, 2029/118/2022.
The case is due to be heard on 03.10.2023: the case is adjourned until the final decision in case 7054/118/2022. With
appeal for the duration of the stay. Appeal lodged by Oil Terminal S.A. on 20.11.2023. Court of Appeal Constanța to
be heard on 03.04.2024.
16. File no.2010/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanța Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
17. File no.2011/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A.. Action for absolute annulment of the EGSM Decision No 4/21.03.2022. Connected to file
no.2007/118/2022.
18. File no.2014/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected
to file no.2007/118/2022.
19. File no.2018/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected
to file no.2007/118/2022.
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20. File no.2022/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute full annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
21. File no.2025/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests
the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
22. File no.2008/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute full annulment of the EGSM Decision no.4/21.03.2022. The case has a deadline
of 15.06.2023. Adjourn the case. Cyclically reassigned in accordance with Decision no.4/03.04.2023 of the President
of the Court of Constanța. No trial date.
23. File no.2009/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. In
pronouncement. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian
against the defendant Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 15.12.2022. At the
trial date of 29.03.2023, the Court rejects the appeal as unfounded. Final. Document: Judgment no.34/2023 of
29.03.2023.
24. File no.2013/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests
the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. The case is due to be
decided on 10.10.2023.The decision is postponed to 04.12.2023. With right of appeal within 30 days from the
communication of the judgment. An appeal was lodged by Dumitrescu Andrei Sebastian on 07.02.2024.
25. File no.2016/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. In pronouncement.
Judgment: Rejects as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant
SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, Civil Section II, within 30 days of
communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 06.12.2022. At the term of 05.04.2023
the Court of Appeal Constanța removed the case from the register and referred it to the Court of Appeal Bucharest. At
the deadline of 24.11.2023: Pronouncement: orders the Constitutional Court to rule on the exception of
unconstitutionality of the provisions of Article 12 of Law no.137/2002, by reference to Article 1 paragraph (3) and Article
1 paragraph (5) of the Constitution of Romania, exception invoked by the appellant-claimant Dumitrescu Andrei
Sebastian in the notes of the hearing submitted on 9.11.2023. Dismisses the appeal as unfounded. There is no appeal
against the decision on the plea of unconstitutionality and the appeal is final.
26. File no.2017/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. In pronouncement.
Judgment. Dismisses as unfounded the application filed by the plaintiff Dumitrescu Andrei Sebastian against the
defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section, within
30 days of communication. Appeal lodged by the plaintiff Dumitrescu on 06.12.2022. Deadline: 31.03.2023. Take note
that the High Court of Cassation and Justice ordered the case to be adjourned by decision no.775/29.03.2023.
Removes the case from the register and orders its submission to the Bucharest Court of Appeal. No appeal. Document:
Final decision of the Council Chamber 2/2023 of 31.03.2023. Deadline at the Bucharest Court of Appeal: 12.05.2023.
Pronouncement: Dismisses the appeal as unfounded. Definitive.
27. File no.2019/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanța Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. To be pronounced on
15.03.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
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within 30 days of communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 07.12.2022. On
29.03.2023 Dismisses the appeal as unfounded. Definitive. Document: Judgment no.35/2023 of 29.03.2023. Deadline
at the Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal as unfounded. Definitive.
28. File no.2020/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanța Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. On 21.11.2022 I received a copy of SC no.494/2022. Appeal lodged by the plaintiff
Dumitrescu on 07.12.2022. On 05.04.2023 the Court of Appeal of Constanta pronounced the following decision:
Resume the case. Removes the case from the Court of Appeal Constanta and forwards it to the Court of Appeal
Bucharest, in accordance with the transfer order of 04.04.2023, issued by the High Court of Cassation and Justice in
case no.555/1/2023. Deadline for the Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal
as unfounded. Definitive.
29. File no.2021/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Admit the petitioner Dumitrescu Andrei Sebastian's request for referral to the Constitutional
Court of Romania. The Constitutional Court of Romania is seised to rule on the exception of unconstitutionality invoked
by the applicant Dumitrescu Andrei Sebastian with regard to Article 12 of Law no.137/2002 by reference to Article 1
paragraph 3 and Article 1 paragraph 5 of the Romanian Constitution. Orders the formation of the associated file
no.2021/118/2022/a1 with the object of referring the matter to the Constitutional Court. No appeal. Dismisses as
unfounded the application brought by the applicant Dumitrescu Andrei Sebastian against the defendant SC Oil
Terminal SA. With a right of appeal to be lodged with the Court of Constanța, Civil Division II, within 30 days of
communication. Pronounced in public sitting of 03.11.2022, by making the solution available to the parties through the
court registry. Appeal lodged by the plaintiff Dumitrescu on 07.12.2022. The case is scheduled for trial on 29.03.2023.
Solution: Admit the objection of inadmissibility of the grounds of appeal relating to the opinion of the court on the
objection of unconstitutionality of the provisions of Article 12 of Law 137/2002. Within the limits of the investment, thus
established: Dismisses the appeal as unfounded, Final. Judgment no.36/2023 of 29.03.2023. File transmitted to the
Bucharest Court of Appeal. Deadline:04.05.2023 - Dismisses the appeal as unfounded. Definitive.
30. File no.2023/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanța Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment: Rejects as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be filed with the Court of Constanța, Civil Section II, within
30 days of communication. On 21.11.2022 I received a copy of SC no.496/2022. Appeal filed by the claimant
Dumitrescu on 06.12.2022. The case is due for trial on 29.03.2023. Decision: dismiss the appeal as unfounded.
Definitive.
31. File no.2024/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanța Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. On 21.11.2022 I received a copy of SC no.497/2022. Appeal filed by the plaintiff
Dumitrescu on 07.12.2022. The case is due for trial on 26.05.2023. By Order of 31.03.2023: Adjourns the trial to
31.03.2023. Take note that the High Court of Cassation and Justice ordered the case to be adjourned by Order No
777/29.03.2023. Removes the case from the register and orders its referral to the Bucharest Court of Appeal: No
appeal. Deadline: 11.05.2023 - Dismisses the appeal as unfounded. Notes that the parties have reserved the right to
apply separately for costs of the appeal. Definitive.
32. File No 1926/118/2022 pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for leave to intervene by which the applicant Dumitrescu Andrei Sebastian requests the
court:
- Non-registration of the entries concerning the Resolution of the Extraordinary General Meeting of Shareholders Oil
Terminal S.A. no.4 of 21.03.2022 in the Commercial Register,
- Forwarding the file concerning the registration of the entries on the Resolution of the Extraordinary General Meeting
of Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register to the Court of Constanta,
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- to settle the application to intervene on the merits of the case in the sense of not registering the entries concerning
the Decision of the Extraordinary General Meeting of Shareholders of Oil Terminal S.A. no.4 of 21.03.2022 in the
Commercial Register.
At the deadline of 12.05.2022 Dumitrescu Sebastian Andrei modifies the whole subject matter of the file and formulates
an application for intervention against the OGSM Decision no.3/23.02.2022, after which he submits an application for
waiver of the proceedings. At the deadline of 16.06.2022, by Decision no.303, the court finds that the petitioner
Dumitrescu Andrei-Sebastian has waived the application to intervene on the Decision of the General Meeting of
Shareholders of Oil Terminal S.A. no.3/23.02.2022, an application made in contradiction with the respondents: Oil
Terminal S.A., the Trade Register Office of the Constanta Court, the Romanian State through the Ministry of Energy.
33. File No. 2035/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A.. Presidential Order by which the plaintiff Dumitrescu Andrei Sebastian requests the court to suspend the
EGSM Decision no.4/21.03.2022, until the resolution of the case concerning the absolute nullity of the EGSM Decision
no.4/21.03.2022.
By Judgment no.477/18.04.2022 the court rejected as unfounded the application for a writ of summons, concerning a
Presidential Order, filed by the plaintiff Dumitrescu Andrei Sebastian, against the defendant Oil Terminal S.A. The
judgment may be appealed within 5 days from the judgment. Dumitrescu Sebastian Andrei has lodged an appeal and
by Judgment No 269/24.06.2022 the appeal is dismissed as unfounded. The judgment is final.
34. File no.1483/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Action for a declaration that the EGSM Decision no.4/21.03.2022 is no longer applicable. At the
deadline of 20.09.2022, by Judgment no.979/202, the Court of Constanța admits the plea of inadmissibility of the claim.
Dismisses the action brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant Oil Terminal S.A. for
a declaration of the termination of all legal effects of the Decision of the Extraordinary General Meeting of Shareholders
Oil Terminal SA no. 4/12.06.2020, as inadmissible. With appeal within 30 days from communication. Appeal has been
lodged. Deadline: 26.05.2023. Deadline: 10.04.2023 - Summary solution: Decision: Take note that the High Court of
Cassation and Justice, by decision no.801/04.04.2023, ordered the case to be transferred to a different trial. Removes
the case from the register and orders that it be referred to the Bucharest Court of Appeal. No appeal. Delivered by
making the decision available to the parties through the court registry on 10.04.2023. Document: Final decision of the
Council Chamber 5/2023 of 10.04.2023. Summary judgment: The appeal is allowed. Annuls the civil judgment and
remits the case for further proceedings to the Calarasi Court. With appeal within 30 days of communication. The appeal
is lodged with the Bucharest Court of Appeal. Document: Judgment no.914/2023 of 09.06.2023.Deadline at Călărași
Court: 09.04.2024.
35. File no.3305/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Presidential order by which Dumitrescu Andrei Sebastian requests:
- Suspension of the execution of the Decision of the Extraordinary General Meeting of Oil Terminal SA
no.4/21.03.2022, until the resolution of the Case no.7838/118/2021, having as object the declaration of partial absolute
nullity of the Report of the administrators for the first semester 2021, concluded on 30.06.2021, which was the basis
for the action to increase the share capital of Oil Terminal SA ordered by the Decision of the Extraordinary General
Meeting no.4/21.03.2022. Order the defendant Oil Terminal SA to pay the costs.
At the deadline of 15.06.2022, Dumitrescu Andrei Sebastian filed a request for recusal of the panel. The Order orders
that the request be referred to the Chief Judge of Civil Division II, in order to order the necessary measures to resolve
the procedural incident. At the deadline of 17.08.2022, the Constanța Court rejects as unfounded the request for
suspension of the execution of the OGSM Decision no.4/21.03.2022. With appeal within 5 days of the ruling. An appeal
was lodged by Dumitrescu Sebastian Andrei on 22.08.2022. Judgment No 376/2022 of 26.10.2022. Dismisses the
appeal as unfounded. Final judgment.
36. File No 4100/118/2022 pending before the Constanta District Court, claimant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., requesting:
1. A declaration that the Decision of the Ordinary General Meeting of Shareholders of Oil Terminal SA no.7/01.04.2022,
main head of claim not assessable in money, is null and void in its entirety;
2. As a result of the admission of point no.1 above, a declaration of absolute nullity in its entirety of the Decision of the
Board of Directors on the appointment of the intermediary authorised by the Financial Supervisory Authority to draw
up the proportionate offer prospectus, namely the company Prime Transaction SA, as it results from the notice
published by the defendant on the website of the Bucharest Stock Exchange on 11.05.2022;
3. Order the defendant to pay the costs.
By the OGSM Resolution no.7/01.04.2022 the shareholders of the company decided to elect as provisional
administrators Messrs: Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and
Emilian Nicolae. Action notified on 17.06.2022. Statement of defence lodged on 30.06.2022. Court date 09.11.2022.
Deadline: 18.01.2023 - for re-doing the summons procedure. The case is due for trial on 15.02.2023. In the course of
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the ruling. The court adjourns the case to 01.03.2023. Dismisses as unfounded the plea of lack of interest - plea raised
by the court of its own motion. Dismisses as unfounded, in the civil case concerning the action for annulment of the
decision of the OGSM and the decision of the Board of Directors, the application brought by the plaintiff Dumitrescu
Andrei Sebastian against the defendant OIL Terminal S.A. Dismisses as unfounded the plaintiff's claim for costs. The
judgment is subject to appeal only, within 30 days of its communication. The application for appeal shall be submitted
to the Court of Constanța - Second Civil Section, under penalty of nullity, and shall be dismissed by the Court of Appeal
of Constanța. Settled in chambers and pronounced on 15.03.2023, the decision being made available to the parties
through the court clerk's office, in accordance with Article 396 paragraph 2 of the republished Code of Civil Procedure.
Document: Decision of the Council Chamber No 111/2023 of 15.03.2023. Deadline: 27.06.2023 - Removes the case
from the register and forwards it to the Bucharest Court of Appeal. Deadline: 24.11.2023: Ruling: dismiss the appeal
as unfounded. Final.
37. File no.2603/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for intervention against the registration of the OGSM Decision no.7/01.04.2022 by which the
shareholders of the company decided to elect as provisional administrators Messrs: Cristian Florin Gheorghe, Aurelian
Ovidiu Andrei, Ramona Ungur, George Teșeleanu and Emilian Nicolae. Judgement deadline 01.11.2022. A new time-
limit was granted for service of the application to discontinue the proceedings. Deadline: 05.12.2022- Adjourned to
20.12.2022. Judgment under Article 406(1) of the New Code of Civil Procedure. Takes note of the waiver of the
proceedings by the application for intervention no.55.727/07.04.2022 as supplemented by the intervener Dumitrescu
Andrei Sebastian against the defendants Oil Terminal S.A., the Romanian State through the Ministry of Energy (as
majority shareholder) and the Ministry of Energy (as representative of the majority shareholder) and Andrei Aurelian
Ovidiu, Gheorghe Cristian Florin, Nicolae Emilian, Teșeleanu George and Ungur Ramona. Admit the request for
registration of the petitioner Oil Terminal SA registered under no.55666/07.04.2022 at the Commercial Registry Office
of the Court of Constanta. Orders the registration in the Commercial Register of the entries contained in the OGSM
Decision of Oil Terminal S.A. no.7/01.04.2022 regarding the provisional administrators and the publication of the
decision in the Official Gazette of Romania-Part IV after the finality of the present decision, at the expense of the holder
of the request. With appeal within 30 days of communication. The application for appeal shall be filed with the court
whose decision is being appealed, namely the Court of Constanta. No appeal has been lodged.
38. File no.18250/212/2016 pending before the Constanta Court, plaintiff Staar Rating SRL, defendant Oil Terminal
SA, Action for contractual liability 16,411.20 lei, representing fixed compensation, 82,056 lei representing variable
compensation, legal penalty interest and court costs. Deadline: 04.05.2023 - Judgment. Written submissions were
submitted at the hearing. Adjournment of judgment to 19.05.2023. Decision: Partial admission of the application for
interim measures brought by the applicant Staar Rating SRL against the defendant Oil Terminal SA. Orders the
defendant to pay the applicant the sum of 16 411.20 lei as a fixed allowance due for the exercise by the applicant of
the function of director of the defendant. Dismisses as unfounded the head of claim seeking an order that the defendant
pay the variable allowance. Orders the defendant to pay to the applicant the sum of 6,845.71 lei by way of statutory
penalty interest on the fixed allowance for the months of March, April, May and June 2016 calculated up to the date of
the expert's report - 07.12.2022. Grant the expert's request to increase the fee by the amount of 1,000 lei and order
the applicant to pay the difference in the fee. Orders the defendant to pay the applicant's legal costs and expenses in
the sum of 1 283,91 lei as the stamp duty relating to the admissible claims and 2 000 lei - final expert's report fee. With
the right to appeal within 30 days from the communication, to be submitted to the Constanta Court. Document:
Judgment no.4921/2023 of 19.05.2023. A provision of 109,597 lei has been made for this case.
39. File no. 2009/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Action for absolute annulment of the EGSM Decision no.4/21.03.2022.
At the deadline of 13.10.2022. Adjourned to 20.10.2022. Adjourns to 03.11.2022 Decision. Dismisses as unfounded
the application brought by the applicant Dumitrescu Andrei Sebastian against the defendant OIL TERMINAL SA.
With right of appeal within 30 days of communication. Appeal lodged by Dumitrescu on 15.12.2022. Deadline:
15.03.2023 - Pronouncement. Adjourned to 29.03.2022 - Appeal dismissed as unfounded. Final.
40. File no. 1673/118/2023 pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is - Complaint against ORC director's resolution 494/10.02.2023. On
08.11.2023 - Pronouncement: Dismiss the application. Summary ruling: Admit the plea of lack of interest raised in
the statement of defence. Dismisses the complaint lodged by the petitioner Dumitrescu Andrei Sebastian against the
defendants Commercial Registry Office of the Court of Constanța and Oil Terminal SA, as lacking interest. With right
of appeal within 30 days of communication. No appeal was lodged until 06.02.2024.
41. File no.898/118/2023 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. The subject matter of the case is - Action for annulment of administrative act, certificate of attestation
of private ownership of land series M03 no.11703/02.02.2011 and M03 no.11704/02.02.2011.
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At the deadline of 21.09.2023 - ruling: Dismiss the application as untimely. With appeal. Appeal lodged. Deadline:
27.03.2024.
42. File no.2872/118/2023 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. The subject matter of the case is - Action for annulment of the EGSM Decision no.4/18.04.2023.
Deadline: 05.03.2024 - ruling. Postpones the ruling to 19.03.2024.
43. File no.2730/118/2023 pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is - Application for a declaration that the Decision of the Board of
Directors no.9/20.01.2023 is null and void.
At the deadline of 05.10.2023: Ruling: On the basis of Article 413 paragraph 1, item 1 of the Code of Civil Procedure;
Suspends the case until the final resolution of cases no.3656/118/2020 and no.2013/118/2022 of the Court of
Constanța. With separate appeal for the duration of the stay.
44. File no.2699/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is - declaration of nullity of the act - of the Decision of the Board of
Directors no.6/16.01.2023. Deadline: 05.12.2023: decision. Adjourns the ruling until 18.12.2023 - Decision:
Dismisses the application. Summary: Admit the plea of inadmissibility. Dismiss the application as inadmissible. With
right of appeal within 30 days of notification.
45. File no. 521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is: annulment in its entirety of decision no. 46/17.01.2023
issued by the FSA, main claim not assessable in money; annulment in its entirety of the simplified prospectus
relating to the share capital increase with contribution in kind and in cash of Oil Terminal SA, accessory claim not
assessable in money and order the defendants to pay the costs. At the hearing on 12.02.2024 - judgment: Dismisses
the application. Summary: Dismisses the objections of inadmissibility and lack of locus standi as unfounded. The
plea of lack of locus standi of the defendant Viorel Sorin Ciutureanu is upheld and the claim against him is dismissed
as being brought against a person without locus standi. Dismisses the remainder of the application as unfounded.
Orders the applicant to pay to the defendant Prime Transaction S.A. the sum of 3,300 lei by way of costs (lawyer's
fees). With a right of appeal within 15 days of notification.
46. File no.575/2/2023 pending before the Bucharest Court of Appeal, applicant Dumitrescu Andrei Sebastian. The
subject matter of the case is a request for suspension of the execution of the FSA Decision no.46/17.01.2023 until
the final settlement of the case no.521/2/2023. Deadline: 08.02.2023 - Pronouncement. Decision: Dismiss the action
brought against the defendant Ciutureanu Viorel Sorin, as being brought against a person without locus standi.
Dismisses the plea of inadmissibility of the action as unfounded. Dismisses the plea of lack of locus standi as
unfounded. Dismisses the application for stay of execution as unfounded. Orders the applicant to pay to the
defendant Prime Transaction SA the sum of 2,500 lei by way of costs, consisting of lawyers' fees. The judgment is
not final and may be appealed against within 5 days of its notification. Appeal brought by Prime Transaction SA and
Dumitrescu Andrei Sebastian. At the hearing on 17.01.2024, the appeal was dismissed.
4.13. Important events after 31 December 2023
I. warehouse license - updating the amount of the guarantee
On 18.01.2024, the Ministry of Finance, Regional Customs Directorate Bucharest issued decision
no.16/18.01.2024, which set the amount of the updated guarantee for the fiscal warehouse authorization for
gasoline storage at the value of 34,212,379 lei, compared to the previous value of 53,666,067 lei, set by decision
no.33/17.02.2023.
In view of Decision no.15/28.02.2019 of the Regional Commission for the authorisation of operators of products
subject to harmonised excise duties Galati, a decision by which Oil Terminal SA benefits from a 75% reduction in
the value of the guarantee, the updated guarantee to be provided by Oil Terminal for the tax warehouse is RON
8,553,094.76. The deadline for providing the guarantee is 30 working days from the date of notification of the
decision.
Please note that on 20.02.2024, Amendment no.8 to the Bank Guarantee Letter no.G084724/832 was signed,
whereby the value of the guarantee letter is reduced by the amount of 4,863,422 RON, the new guaranteed value
being 8,553,094.76 RON, with extension of the validity term until 28.02.2027.
II. Resolutions of the General Meeting of Shareholders of 22.01.2024:
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/22.01.2024 was adopted:
- approval of the collateral structure (the amount of which does not exceed 20% of the total fixed assets, less
receivables) related to the long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT).
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• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.1/22.01.2024 it was
adopted:
- approval of the contracting of a long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT), for:
• Construction of reservoir 30P in SP Port, capacity 10,000 m3.
• Modernisation of tank T29S, current capacity 50,000 m3
• Modernisation of tank T26S, current capacity 31,500 m3.
III. Resolutions of the General Meeting of Shareholders of 23.02.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.2/23.02.2024 the Budget of
Revenues and Expenses for 2024 was approved.
IV. Identifying a partnership to build a bitumen terminal
OIL TERMINAL SA informs shareholders that the evaluation of the submitted bids has been completed.
We remind you that by the deadline of 20.12.2023, 7 companies out of 8 registered submitted offers, namely: 1) Socar
Petroleum S.A., 2) Takida Terminal S.R.L., 3) Frial S.A., 4) OMV Petrom S.A., 5) Vitaro Energy S.R.L, 6) Trafigura
Pte Ltd, 7) Euronova Energies S.A.
In the meeting held on 23.02.2024 the Board of Directors endorsed the Procedure Report prepared by the Evaluation
Committee and convened the EGSM to be held on 28(29).03.2024 requesting:
- approval to start negotiations with the first-placed bidder (Euronova Energies S.A.) with a view to establishing
a partnership for the construction of a bitumen terminal.
- to mandate the administrative and executive management to negotiate the legal terms and conditions and to
formulate the final proposal on how the partnership should be implemented, to be submitted for approval
to a subsequent EGSM.
V. Convocation by the Board of Directors of the Company, convened in a meeting on 23.02.2024, an Extraordinary
General Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the amendment of the Constitutive Act of the Company Oil Terminal SA, according to the
proposals in the Annex to the Notice of EGSM.
2. Approval to start negotiations with Euronova Energies in order to establish a partnership for the construction
of a bitumen terminal. Mandate the administrative and executive management to negotiate the legal conditions
and formulate the final proposal on how to carry out the partnership, to be submitted for approval to a
subsequent EGSM.
VI. Convocation by the Board of Directors of the Company, convened in a meeting on 23.02.2024, an Ordinary
General Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the purchase by the company of legal advisory, assistance and/or representation services in
the field of commercial law.
5. COMPANY’ TANGIBLE ASSETS
Location and characteristics of the main production capacities owned by the company
The North Platform Section and the South Platform Section are located in the area of Constanta and the Port Platform
Section is located in the port of Constanta.
The three Platform Sections divide between them the activities of receiving, unloading, storing, packaging and
delivering crude oil, petroleum, petrochemical and liquid chemical products for import, export and transit, but they all
follow a single strategy.
Oil Terminal SA provides services relating to the loading, unloading, storage and packaging of the following products:
crude oil, gasoline, diesel, fuel oil, petrochemicals and liquid chemicals.
Each platform has loading/unloading ramps for crude oil, petroleum products and liquid chemicals, tank farms for their
storage, pump houses, pipeline routes connecting the various technical equipment of the depot and facilities for
separating petroleum products from waste water (gravity separators).
The Port Platform Section also has berths, specially equipped for the operation of oil tankers. For petrol, diesel and
crude oil, the facilities are also equipped with metering systems.
The railway tanker loading/unloading ramps with a capacity of approx. 20,000 tonnes/24 hours are represented by a
small section of track, specially arranged for loading/unloading tankers of petroleum products and liquid chemicals.
Parallel to the rail section are the collector pipelines through which the products are discharged by free fall. The
collectors are connected to the pumping equipment by conveyor pipes with diameters ranging from 100 mm to 1,000
mm.
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The pump houses, which can deliver between 300 and 2 500 m3/h, are generally closed constructions, inside which
the pumps are mounted to ensure the discharge of the products in the warehouse. The pumps are electrically driven.
The suction and discharge pipes and the shut-off fittings are also installed inside the pump houses.
The tank farms, with capacities ranging from 1,500 m3 to 50,000 m3, are specialised sub-units for storing liquid
products. Tanks are of metal construction, cylindrical, vertical, above ground, with fixed or floating covers, some with
concrete protective belts, others in earth or concrete retention tanks. The tanks are fitted with specific PSI installations
and, depending on the nature of the products stored, are fitted with thermal insulation or heating coils.
The laboratories are equipped with equipment for carrying out specific physico-chemical analyses.
Degree of wear and tear of the company's properties
From the point of view of the physical condition and maintenance of fixed assets, the degree of wear and tear
established for the installations, technological equipment and tanks of the company's assets, according to the
Catalogue on the classification and normal operating times of fixed assets, is estimated at over 50%.
Of these fixed assets, 80% have used up their useful life as stated in the technical books for these fixed assets.
For the rest of the installations, overhauls and capital repairs are carried out regularly to ensure that all the conditions
for safe operation are met.
Depreciation is calculated at book value (acquisition cost or revalued amount) using the straight-line method over the
estimated useful life of the assets, starting from the month following their commissioning, and is included monthly in
the company's costs.
The useful lives of property, plant and equipment are in line with those set out in the "Catalogue on the classification
and normal useful lives of fixed assets" approved by Royal Decree 2139/2004, as amended.
As at 31 December 2023 the Company has revalued tangible fixed assets, intangible fixed assets and fixed assets
related to rights of use of leased assets. The revaluation at fair value was recorded as at 31 December 2023, based
on Valuation Reports prepared by an authorised valuer, a full member of ANEVAR. The frequency of revaluations
depends on changes in the fair values of the revalued property, plant and equipment. In the case of property, plant
and equipment whose fair values do not change significantly, revaluations are not required.
Potential issues relating to ownership of the company's tangible assets
Not applicable.
6. THE MARKET OF THE SECURITIES ISSUED BY THE COMPANY
Oil Terminal SA’ financial instruments owners structure on 31.12.2023, according to Depozitarul Central CA Bucuresti,
is as follows:
Name of the shareholder
Number of shares
Total nominal
value
Holding (%)
Romanian State by the Ministry of Energy
2,630,258,255
263,025,826
87.76%
Legal persons
83,355,005
8,335,500
2.78%
Physical persons
283,563,872
28,356,387
9.46%
Total capital
2.997,177,132
299,717,713
100.00%
The subscribed and paid-up share capital of OIL TERMINAL as at 31 December 2023 is 299,717,713.20 lei, divided
into 2,997,177,132 registered shares, each share having a nominal value of 0.10 lei/share.
The company is listed on the Bucharest Stock Exchange, Standard category, stock symbol OIL.
Since 09.02.1998, the shares of OIL TERMINAL SA are traded on the regulated spot market administered by BVB,
Main segment, Standard Category, under the symbol "OIL". OIL TERMINAL SA is included in the BVB indices: BET-
NG and BETPlus.
OIL TERMINAL SA has not carried out any transactions involving its own shares and as a result the company does
not hold any of its own shares.
Romanian and foreign markets, where securities issued by the company are negotiated
Oil Terminal SA is a public company, according to Law no.24/2017 regarding the issuers of financial instruments and
market operations, being registered in the National Commission of Securities. Shares issued by Oil Terminal SA are
traded on the regulated market, Bucharest Stock Exchange, in department Capital titles, Standard Class, under symbol
OIL.
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Company’ policy regarding the dividends
Regarding the dividends due to shareholders for 2023, the company has considered the following provisions:
➢ art.1 paragraph (1) letter f) of the OG no.64/2001 on the distribution of profits of national companies, national
companies and companies with full or majority state capital, as well as autonomous companies, with subsequent
amendments and additions, approved with amendments by Law no.769/2001 with subsequent amendments and
additions, "at least 50% shall be distributed to the state or local budget, in the case of autonomous companies, or
dividends, in the case of national companies and companies with full or majority state capital";
➢ Memorandum approved in the Government meeting of 07.03.2024 on "Mandating State representatives in the
General Meeting of Shareholders/Board of Directors, as the case may be, in national companies, national
companies and companies with full or majority state capital, as well as in autonomous companies, with a view to
taking the necessary measures for the distribution of at least 90% of the net profit for the year 2023 in the form of
dividends/payments to the state budget"; communicated by the Ministry of Energy, Directorate for the
Administration of State Holdings in Energy No.220683 /20.03.2024.
Shareholders to receive dividends from net profit achieved in the 2023 financial year are those registered in the
Shareholders Register at the registration date.
Dividends are paid to shareholders proportionally with the rate of participation in share capital.
The dividend payment date will be established in compliance with the provisions of art.178 paragraph (2) of the
Regulation of the Financial Supervision Authority no. 5/2018: "In the case of dividends, the General Meeting of
Shareholders sets the payment date on a working day that is later with no later than 15 working days from the date of
registration, but no later than 6 months from the date of the General Meeting of Shareholders to establish dividends".
In the years 2021 - 2023, the situation of distributed dividends is as follows:
Dividends – lei
Year 2023
Year 2022
Year 2021
Gross due dividends
9,601,748
9,533,012
4,226,555
Net due dividends
-
8,773,621
4,141,870
Paid dividends
-
8,593,834
3,817,776
Accumulated dividends (unpaid on 31.12.)
626,867
179,787
324,094
he value of the gross dividend/share in the period 2021 - 2023 is presented as follows:
Year
Gross dividend lei/share
2021
0.00725676
2022
0.00318066
2023
0.00320360
The proposed gross dividend per share of 0.00320360 lei/share results from the amount of gross dividends proposed
to be distributed from the net profit of 2023 in the amount of 9,601,748 lei based on a total number of 2,997,177,132
shares.
The subscribed and paid-up share capital recorded as at 31.12.2022 and presented in the financial statements for the
year 2022, in the amount of 58,243,025.30 lei (582,430,253 shares), was increased based on the completion on 8
March 2023 of the subscriptions in accordance with the "Simplified prospectus for the share capital increase with
contribution in kind and in cash of Oil Terminal SA" approved by the Financial Supervisory Authority (ASF) by Decision
no.46/17.01.2023.
By EGSM Resolution no.4 /21.03.2022, it was approved to increase the share capital by contribution in kind and in
cash up to the maximum amount of 382,910,843 lei by issuing a maximum of 3,829,108,430 new shares with a nominal
value of 0.10 lei/share, at the issue price of 0.10 lei/share, the subscription right being manifested in accordance with
the "Simplified Prospectus for the increase in share capital with contribution in kind and in cash of Oil Terminal SA"
approved by the Financial Supervisory Authority (FSA) by Decision no.46/17.01.2023.
During the period 23.01.2023 - 08.03.2023, Oil Terminal shareholders subscribed and paid in order to keep their share
in the share capital, a cash contribution in the amount of 13,174,659.70 lei, representing a number of 131,746,597
shares at the subscription value of 0.10 lei/share.
The share capital increase established in accordance with the law and the EGSM Decision no.4/21.03.2022 ended on
08.03.2023, the date established by FSA Decision no.46 /17.01.2023, and the contribution in kind subscribed and paid
by the Romanian State through the MINISTRY OF ENERGY is 228,300,028.20 lei, i.e. a number of 2,283,000,282
shares, with a nominal value of 0.1 lei/share, representing the value of the land for which certificates of ownership
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were issued, value established by the valuation report no.155/2021 drawn up by Mapps - Master Appraisal SRL
(J40/7308/2004 and CUI 16400917), namely:
- land in the area of 254.261,325 sq.m, located in Constanța county, Caraiman street no.2, registered in the railway
no.215416 kept by OCPI, with cadastral number 215416, according to the certificate of attestation of the right of
ownership of land series M03 no.11703/02.02.2011, value 151.325.519,26 lei;
- land with an area of 129.334,70 sqm located in Constanța county, Caraiman street no.2, registered in CF no.215382
kept by OCPI, with cadastral number 215382, according to the certificate of attestation of the right of ownership of land
series M03 no.11704/02.02.2011, worth RON 76.974.508,94.
The subscribed and paid-up share capital existing on 31.12.2022 was increased by 241,474,687.90 lei, representing
a number of 2,414,746,879 new shares with a nominal value of 0.1 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing a number of 131,746,597 shares at a par value of 0.1 lei /share
- contribution in kind subscribed and paid by the Romanian State through the MINISTRY OF ENERGY of
228,300,028.20 lei, i.e. a number of 2,283,000,282 shares with a nominal value of 0.1 lei/share.
The subscribed and paid-up share capital resulting after the increase of 241,474,687.90 lei becomes 299,717,713.20
lei (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares (299,717,713.20 lei /0.1 lei/share).
By Decision no.6522/14.03.2023 the Commercial Registry Office of the Court of Constanta admits Oil Terminal's
request for an increase in share capital and updated Articles of Association.
The Financial Supervisory Authority issued the Certificate of Registration of Financial Instruments with number AC -
1829-3/29.03.2023 related to the registration of the share capital increase on the basis of the EGSM Decision no.4 of
21.03.2022.
The Oil Terminal Extraordinary General Meeting approves the Report on the share capital increase, validates and
approves the operations carried out for the share capital increase, according to the Resolution no.4/18.04.2023.
Company’ activities to own shares’ acquisiton
Oil Terminal SA did not effect trades with object the own shares acquisition and does not have own shares at the end
of 2023.
Number and nominal value of shares issued by company mother owned by branches
Oil Terminal SA has no branches, there are not shares issued by the company mother and owned by branches.
Bonds and/or other receivables titles issue
Oil Terminal SA has not issued bonds or other receivables titles.
7. COMPANY’ MANAGEMENT
7.1. Board of Directors
The company is managed according to the unitary management system, with a Board of Directors consisting of non-
executive administrators managing the company.
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board of directors being
made up of provisional non-executive directors, appointed in accordance with the provisions of Government
Emergency Ordinance no.109/2011, as amended with subsequent additions, following the termination of the
administrators' mandate contracts approved by OGSM Resolution no.5/04.04.2018.
Following the completion of the selection procedure in accordance with the provisions of GEO no.109/2011, carried
out by the Ministry of Energy, in its capacity as Public Supervisory Authority, the OGSM Resolution no.12/27.04.2023
approved the election of 7 non-executive administrators as members of the Board of Directors of Oil Terminal SA,
starting from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011, for a period of 4 (four) years,
the company being managed under the unitary system.
In 2023 the composition of the Board of Directors was as follows:
No.
Name and surname
Position
Term of office during the
reference period
1.
GHEORGHE Cristian Florin
Board of Directors’ Chairman
01.01.2023-27.04.2023
28.04.2023-27.04.2027
2.
UNGUR Ramona
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
3.
ANDREI Ovidiu Aurelian
Provisional administrator Board of Directors
01.01.2023-27.04.2023
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Administrator Board of Directors
28.04.2023-27.04.2027
4.
TEȘELEANU George
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
5.
NICOLAE Emilian
Provisional administrator Board of Directors
01.01.2023-27.04.2023
6.
LAZARIU Ciprian Dragoș
Provisional administrator Board of Directors
01.01.2023-27.04.2023
7.
MICU Ionuț Stelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
8.
MIȘA George Silvian
Administrator Board of Directors
28.04.2023-27.04.2027
9.
BODU Sebastian Valentin
Administrator Board of Directors
28.04.2023-27.04.2027
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.22/25.11.2022 it was approved the
extension for two months from the expiry date, i.e. for the period 04.12.2022 - 03.02.2023 inclusive, of the term of
office of the provisional administrators of Oil Terminal SA elected by the Resolution of the OGSM no.14/29.07.2022,
as follows:
1. Mr. Florin Cristian GHEORGHE - Chairman of the Board of Directors as from 04.08.2022
2. Mrs. Ramona UNGUR
3. Mr. Ovidiu Aurelian ANDREI
4. Mr. George TEȘELEANU
5. Mr. Emilian NICOLAE
6. Mr Ciprian Dragoș LAZARIU
7. Mr Ionuț Stelian MICU
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following were
adopted :
- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting method, in
accordance with the provisions of GEO no.109/2011 on corporate governance of public companies, with subsequent
additions and amendments, of the following persons:
1. Mr. GHEORGHE Cristian Florin
2. Mrs. UNGUR Ramona
3. Mr ANDREI Aurelian Ovidiu
4. Mr TEȘELEANU George
5. Mr NICOLAE Emilian
6. Mr LAZARIU Dragoș - Ciprian
7. Mr MICU Ionuț Stelian
- approval of the term of office of the provisional administrators for a period of 4 months, starting from 03.02.2023, as
provided for in Article 64
1
,paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection
procedure provided for in GEO no.109/2011, if this takes place earlier than 4 months after the appointment of the
provisional administrators by the OGSM.
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected Mr. Gheorghe
Cristian Florin as Chairman of the Board of Directors, in accordance with the provisions of art.18 paragraph 5 of the
articles of association and established the composition of the advisory committees that will function within the Board
of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
NICOLAE Emilian - Member
MICU Ionuț Stelian - Member
Following the completion of the selection procedure according to the provisions of GEO no.109/2011, carried out by
the Ministry of Energy, as Public Trustee Authority, by OGSM Resolution no.12/27.04.2023 the following were adopted:
- approved the election as members of the Board of Directors of Oil Terminal SA, starting from 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011, of the following directors:
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• Mr. ANDREI Aurelian Ovidiu
• Mr. GHEORGHE Cristian Florin
• Mrs. UNGUR Ramona
• Mr. MIȘA George Silvian
• Mr MICU Ionuț Stelian
• Mr TEȘELEANU George
• Mr BODU Sebastian Valentin
- approved the term of office of the members of the Board of Directors elected for a period of 4 (four) years, starting
on 28.04.2023.
In the meeting held on 28.04.2023, the administrators appointed by the OGSM Resolution no.12/27.04.2023, in
accordance with the provisions of art.18 paragraph (5) of the articles of association, elected Mr. Gheorghe Cristian
Florin as Chairman of the Board of Directors and established the composition of the advisory committees that will
function within the Board of Directors as follows:
• Audit Committee:
UNGUR Ramona - Chairman
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the meeting of
the Board of Directors held on 28.07.2023, the administrators of the company updated the composition of the
advisory committees functioning within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - Chairman
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George – Member
As at 31 December 2023 there are no advances and loans to non-executive administrators or management.
Also, Oil Terminal as at 31 December 2023 has no relationships with associated branches or entities and does not
have participations in other companies.
Report on the management activity
During 2023, 44 meetings of the Board of Directors were held, which were conducted in accordance with the
approved Rules of Procedure, based on the agenda submitted to the administrators, with 165 decisions being taken,
the main decisions being as follows:
- Endorsement of the revenue and expenditure budget for 2023;
- Endorsement of the proposal to appoint Transilvania Audit & Fiscalitate SRL as statutory financial auditor of Oil
Terminal SA with a financial audit services contract duration of 3 years (for the years 2023, 2024 and 2025);
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- Approval of the convening and meeting of the Ordinary General Meeting of Shareholders of the company, held on
16(17).02.2023, at 13:00, having on the agenda Approval of the Budget of Revenues and Expenses for the year
2023 and appointment of the statutory financial auditor;
- Approval of the updated Accounting Policy Manual;
- Approval of the Simplified Prospectus form related to the share capital increase with contribution in kind and in cash
of OIL TERMINAL SA, part of the set of documents submitted to the FSA for approval;
- Approval of the form of the Additional Act No. 2/2023 to the applicable Collective Labour Agreement;
- Approval of the manner of implementation of the Offer pursuant to the Simplified Prospectus relating to the share
capital increase with contribution in kind and in cash of OIL TERMINAL SA, pursuant to FSA Decision no.
46/17.01.2023;
- Order the publication of the simplified prospectus related to the increase of the share capital with contribution in
kind and in cash of Oil Terminal SA, as per FSA decision no.46/17.01.2023;
- Approval of the establishment of a partnership for the development of the 38 ha land located in the North Platform
Section, body A and body B and submission to the EGSM;
- Election of the Chairman of the Board of Directors;
- Determination of the composition of the advisory committees that will function within the Board of Directors;
- Approval of the conclusion of an additional deed, to the contract for the supply/provision of drinking water supply
and sewerage service No. 60169CT (247/856/09.12.2022), concluded with RAJA SA, concerning the increase of unit
tariffs, in accordance with ANRSC Decision 202/22.11.2022;
- Approval of the request of the shareholder Dumitrescu Andrei Sebastian to complete the agenda of the EGSM
meeting of 02(03).03.2023 and to complete the agenda of the EGSM with the following items
o Approval of the trading of preference rights provided for in Article 1 of the EGSM Resolution no.4/21.03.2022, their
trading to be carried out on the same regulated market where the securities to which they refer are traded, in
compliance with the specific market regulations;
Approval of the trading of the pre-emptive rights referred to in art.1 of the EGSM Resolution no.4/21.03.2022, their
trading to take place on the same regulated market on which the securities to which they refer are traded, in
compliance with the specific market regulations;
o Approval of the extension of the term of the procedure for increasing the share capital of OIL TERMINAL SA
Constanta, with a minimum of 60 working days or with a longer period necessary to implement and carry out
the trading of preference rights provided for in the previous article;
o Approval of the Board of Directors' authorization to carry out any and all formalities to carry out the resolution
of the EGSM including, but not limited to, the following:
▪ approval of the amendment to the Proposed Prospectus;
▪ follow up and co-ordinate the actions for the approval of the amendment of the proportionate offer
prospectus by the FSA and its publication;
▪ the conduct of the offer (establishing and approving the procedure for the trading of pre-emptive
rights, establishing and approving the underwriting procedure, the date, place and method of
payment, the manner in which subscriptions made are analysed and validated, taking action on
unsubscribed shares, and any other necessary measures).
- To approve the annual financial statements, audited by TRANSILVANIA AUDIT & FISCALITY SRL, as at and for
the financial year ended 31 December 2022, prepared in accordance with the Accounting Regulations approved
by the Order of the Ministry of Public Finance no.2844/2016, the Accounting Law no.82/1991, republished, with
subsequent amendments and additions, the International Financial Reporting Standards (IFRS) and other
applicable legal provisions;
- Approval of the Report on the management activity for the second half of 2022, drawn up in accordance with the
provisions of Article 55(1) of GEO no.109/2011 on corporate governance of public companies;
- Approval of the Report of the Board of Directors of Oil Terminal SA for the financial year ended 31.12.2022,
prepared in accordance with Law no.24/2017, FSA Regulation no.5/2018, art.56 of GEO no.109/2011 and MFP
Order no.2844/2016 for the approval of Accounting Regulations, in compliance with International Financial
Reporting Standards, as amended;
- Endorsement of the proposal to distribute the net profit for the financial year 2022 in the amount of RON
12,663,447;
- To approve the proposal for the establishment of the gross dividend per share for the financial year 2022, based
on the audited annual financial statements prepared in accordance with the Order of the Minister of Public Finance
no.2844/2016 for the approval of the Accounting Regulations in accordance with the International Financial
Reporting Standards, for the financial year ended 31.12.2022, in the amount of 0.00318066 lei/share;
- Approval of the date of 07.06.2023, as the date of payment of dividends to shareholders;
- Submission to the GSM for approval of the mandate of the Board of Directors to appoint the paying agent in
accordance with the applicable regulatory framework for the payment of dividends. Details of the payment
arrangements, payment agent and supporting documents will be communicated to shareholders prior to the
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Payment Date via a press release and will be submitted to the Bucharest Stock Exchange and the Financial
Supervisory Authority via a current report;
- Approval of the Annual Report for the year 2022, in accordance with Law no.24/2017, FSA Regulation no.5/2018
and art.56 of GEO no.109/2011, including in the single electronic reporting format ( Extensible Hypertext Markup
Language - XHTML) provided for in art.1 of the Financial Supervisory Authority Regulation no.7/2021 and in art.3
of the Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing Directive 2004/109/EC of the
European Parliament and of the Council;
- Endorsment of the Annual Report of the Nomination and Remuneration Committee on the remuneration and other
benefits granted to non-executive administrators and directors with a mandate contract of Oil Terminal SA for the
financial year 2022, prepared in accordance with Article 55, paragraph (2) of GEO no.109/2011 on corporate
governance of public companies;
- Endorsment of the Remuneration Report for the year 2022 prepared in accordance with art.107 of Law no.24/2017
on issuers of financial instruments and market operations;
- Approval of the modification of the values of the economic and financial indicators, in Annex no.1 (Income and
expenditure budget for 2023) and Annex no.4 (Investment program, endowments and sources of financing),
according to OMFP no.3818/2019;
- Approval of the updated 2023 Annual Procurement Programme;
- Approval of the Report of the Nomination and Remuneration Committee for the year 2022;
- Approval of the Report of the Audit Committee for 2022;
- Approval of the Report of the Development and Strategy Committee for 2022;
- Endorsment of the convocation and convening of the Ordinary General Meeting of Shareholders of the Company
for 27(28).04.2023, at 11:00 a.m., with the following agenda:
1. Information on the half-yearly report regarding management activity for the second semester of 2022, according
to art. 55, paragraph (1) of GEO 109/2011.
2. Information on the Annual Report of the Nomination and Remuneration Committee regarding the remunerations
and other advantages granted to non-executive managers and mandate directors related to the 2022 financial
year according to art. 55 paragraph (2) of GEO 109/2011
3. Approval of the financial statements for 2022, issued according to the International Financial Reporting Standards
(IFRS), which include: statement of financial position, statement of overall result, statement of change in equity,
statement of cash flows, notes to the financial statements, based on the Report of the Board of Directors and on
the Report of the independent financial auditor
4. Approval of the distribution of the net profit related to 2022’ financial year in the amount of 12,663,447 lei, as
follows:
• Legal reserve: 721,916 lei
• Other reserves representing fiscal facilities provided by law: 1,349,295 lei
• Employees' participation in profit: 1,059,224 lei
• 90% shareholders dividends: 9,533,012 lei
• Own financing source: 0 lei
5. Establishing the value of the gross dividend proposed to be granted to shareholders in the amount of 0.00318066
lei/share.
6. Establishing the date of 07.06.2023 as the date of dividends payment to shareholders.
7. Entrustment of the Board of Directors to appoint the paying agent according to the regulatory framework
applicable for dividends payment. Dividends payment shall be made in lei, only to the shareholders registered in
the Register of Shareholders (kept by “Depozitarul Central” SA) on the registration date established by
Shareholders General Assembly, and the method of dividends payment shall be notified to shareholders before
the date of starting the payment.
8. Approval of the annual financial report of the 2022’ financial year, issued according to Law no. 24/2017 and FSA
Regulation 5/2018 and art.56 of GEO 109/2011, including its single electronic reporting format ( Extendable
Hypertext Markup Language – XHTML) provided in art. 1 of the Delegated Regulation (EU) 2018/815 of 17
December 2018 to supplement Directive 2004/109/CE of the European Parliament and Council.
9. Approval of managers discharge for the activity carried out in the financial year of 2022.
10. Approval of the Remuneration report, issued accprding to art. 107 of Law 24/2017 regarding financial instruments
issuers and market operations.
- Extension by two (2) months of the term of office of the General Director and the Financial Director, approval of
the form and content of the addendum to the mandate contract;
- Endorsement of the request of the majority shareholder, the Ministry of Energy, to add the following items to the
agenda of the OGSM of 27(28).04.2023:
1. Revocation of the members of the Board of Directors of Oil Terminal S.A., starting from 27.04.2023 following the
finalisation of the selection procedure in accordance with the provisions of GEO 109/2011 regarding the corporate
governance of public enterprises (secret vote).
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2. Election of seven members of the Board of Directors of Oil Terminal S.A., starting from 28.04.2023, in accordance
with the provisions of art. 29 of GEO no. 109/2011 (secret vote).
3. Setting the durration of the members of the Board of Directors mandate elected under point 2 to a period of 4 (four)
years, starting with 28.04.2023.
4. Establishment of the fixed monthly gross allowance of the appointed members of the Board of Directors, as equal
to twice the average over the last 12 months of the average gross monthly salary for the activity performed
pursuant to the registered main activity of the company, at class level in accordance with the classification of
activities in the national economy, communicated by the National Institute of Statistics.
5. Approval of the form of the mandate contract to be concluded with the members of the Board of Directors elected
under point 2.
6. Mandating the representative of the State in the Ordinary General Meeting of Shareholders to sign the mandate
contracts with the newly appointed members of the Board of Directors elected under point 2.- Approval of
the conclusion of an additional act to the contract for the supply/provision of potable water supply and sewerage
service no.60169CT (247/856/09.12.2022), concluded with RAJA SA, concerning the increase of the differentiated
tariff applied by risk groups to economic agents who pollute from 01.03.2023;
- Approval of the contracting of appraisal services to determine the market value of 38 ha of land located in the North
Platform Section, Building A and Building B;
- Approval of the Action Plan for the implementation of the Development Strategy of Oil Terminal SA (2016-2025) -
Development Phase - Year 2023;
- Approval of the updated Annual Procurement Programme 2023;
- Appointment of the Chairman of the Board of Directors and determination of the composition of the advisory
committees that will operate within the Board of Directors appointed in accordance with the provisions of GEO
no.109/2011;
- Approval of the initiation of the recruitment and selection process for the General Director and the Financial Director
in accordance with the provisions of GEO no.109/2011 as amended and mandating the Nomination and
Remuneration Committee of the Board of Directors to carry out the recruitment and selection process for the
General Director and the Financial Director;
- Approval of the recruitment and selection procedure for the General Director and the Financial Director, including
the recruitment and selection criteria and the model notice;
- Approval of the Revised Simplified Interim Financial Statements as at 31.03.2023 prepared in accordance with the
applicable Accounting Regulations, i.e. MFP Order no.2844/2016 for the approval of the Accounting Regulations in
accordance with the International Financial Reporting Standards, revised by the statutory financial auditor of Oil
Terminal SA, the company Transilvania Audit & Fiscality SRL;
- Approval of the Administrators' Report of Oil Terminal SA for the first quarter of 2023, ended on 31 March 2023,
prepared in accordance with Article 69 of Law no.24/2017 (r1) and Article 130 of FSA Regulation no.5/2018 (Annex
no.13);
- Designation of BCR as paying agent for the payment of dividends for 2022 in accordance with the applicable
regulatory framework;
- Approval of the management component of the management plan for the period May 2023 - April 2027, in
accordance with the provisions of GEO no.109/2011 as amended;
- Updating the Organization and Functioning Regulation of Oil Terminal SA;
- Approval of the Evaluation Report of the activity of the directors with mandate contract (General Director and
Financial Director), for the year 2022, in accordance with the provisions of Article 36, paragraph 5, of GEO 109/2011;
- Approval of the Code of Ethics and Rules of Conduct of the Executive and Administrative Management and
Employees of OIL TERMINAL SA - Edition 2023;
- Approval of the Interim Report of the recruitment and selection procedure for the General Director and the Financial
Director of OIL TERMINAL SA Constanta;
- Approval of the short list of candidates for the position of General Director and Financial Director, respectively, in
accordance with the provisions of GEO no. 109/2011 as amended;
- Appointment, following the completion of the selection process in accordance with the provisions of GEO
no.109/2011, of the General Director and the Financial Director for a 4-year term of office, approval of the
compensation and the form of the mandate contract;
- Approval of the update of the company's organisational and operational regulations;
- Approving the update of the Organization and Operation Regulations of the Board of Directors of the Company;
- Approval of the update of the Rules of Organisation and Functioning of the Advisory Committee on Development
and Strategies;
- Approval of the update of the Rules of Organisation and Functioning of the Advisory Committee on Nomination
and Remuneration;
- Approval of the update of the Rules of Organisation and Operation of the Audit Advisory Committee;
- Approval of the update of the Corporate Governance Regulation;
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- Approval of the "Code of Ethics and Rules of Conduct of the Executive and Administrative Management and
Employees of Oil Terminal SA - Edition 2023", revised;
- Approval of the update of the Company's Social Responsibility Strategy;
- Approval of the Management Component for the period 2023-2027, drawn up by the directors with a mandate
contract in accordance with the provisions of Article 36 paragraph (1) of GEO no. 109/2011, as amended;
- In accordance with the provisions of Article 30, paragraph 2 of GEO no.109/2011, as amended, approval of the
Administration Plan in its entirety of OIL Terminal SA for the period 2023-2027, to be submitted to the General
Meeting of Shareholders:
1. Financial and non-financial performance indicators for negotiation and approval
2. The level of the variable component of non-executive directors for approval
3. Remuneration limits for directors with mandate contract for approval
- Transmission to the Ministry of Energy, as Public Trustee Authority, of the material for the negotiation of the
financial and non-financial performance indicators resulting from the Management Plan of Oil Terminal SA for the
mandate period 2023-2027;
- Approval of the determination of the amount of the variable component of the remuneration of the non-executive
directors of the company and the limits of the remuneration of the directors with a mandate contract appointed in
accordance with the provisions of GEO no.109/2011 and submission for approval to the General Meeting of
Shareholders;
- To convene the Ordinary General Meeting of Shareholders for 28(29).08.2023, at 11:00 a.m., with the following
agenda:
1. Approval of the financial and non-financial performance indicators resulting from the Administration Plan of
Oil Terminal SA, which will be annexed to the mandate contract of the non-executive administrators.
2. Approval of the variable component of the remuneration of the company's non-executive directors.
3. Approval of the form and content of the Additional Act to be concluded with the non-executive
administrators of the company.
4. Mandate the representative of the State in the General Meeting of Shareholders to sign the Additional Acts
to the Mandate Contract.
5. Establishment of the remuneration limits for directors with a mandate contract.
- Update the structure and composition of the advisory committees that will function within the Board of Directors as
follows:
• Audit Committee:
- UNGUR Ramona - Chairperson
- TEȘELEANU George - Member
- GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
- ANDREI Aurelian Ovidiu - Chairman
- BODU Sebastian Valentin - Member
- MICU Ionuț Stelian - Member
• Development and Strategy Committee
- MICU Ionuț Stelian - Chairman
- UNGUR Ramona - Member
- MIȘA George Silvian - Member
• Risk Management Committee
- BODU Sebastian Valentin - Chairman
- ANDREI Aurelian Ovidiu - Member
- TEȘELEANU George - Member
- Approval of the financial and non-financial indicators resulting from the negotiation with the Ministry of Energy;
- Following the completion of negotiations with the Ministry of Energy of ICP, the Administration Plan of OIL
Terminal SA for the period 2023-2027 has been approved in its entirety, to be submitted to the General Meeting
of Shareholders:
1. Financial and non-financial performance indicators resulting from the negotiations
2. The level of the variable component of non-executive directors for approval
3. Remuneration limits for directors with mandate contract for approval
- To approve the Note on the approval of the establishment of the partnership between Oil Terminal and Iulius
Real Estate for the development of the 38 ha land located in the North Platform Section, body A and body B;
- Approval of the convening and convening of the Extraordinary General Meeting of Shareholders of the Company,
on 01(04).09.2023, with the following agenda:
1. Approval of the establishment of a partnership between Oil Terminal S.A. and Iulius Real Estate S.R.L. ("the
Developer") for the purpose of carrying out an urban regeneration and development project at the Developer's
cost with the following main elements:
a. Form of Collaboration
Page 51/233
a.1. Association Agreement to start the PUZ phase of project permitting, improvement or
extinguishment of environmental obligations with respect to the Land at the developer's cost,
decommissioning of existing infrastructure on the land for the implementation of an urban regeneration
and development project at the developer's cost under the Superficies Contract. a.2. Contract for the
creation of a right of superficies in favour of the Developer, the Developer acquiring the a right of
superficies over the Lands.
b. The object of the Superficies Contract: The land owned by OIL TERMINAL S.A. in the area of 254.261
sqm registered in Land Registry 215416 UAT Constanta, cadastral number 215416 and the land in the area
of 129.335 sqm registered in Land Registry 215382 UAT Constanta, cadastral number 215382.
c. Superficies Tax : 2.000.000 EURO/year for the entire surface of the Lands payable in the amount and at
the terms negotiated between the parties. A superficies tax shall be paid in the amount and at the times
negotiated and shall be indexed in accordance with the negotiated provisions contained in the Superficies
Contract.
d. Duration of the Superficies Contract: The contract is concluded for a period of 99 years with the possibility
of extension in accordance with the applicable legal provisions.
e. Duration of the Association The association will be valid for the duration of the Superficies Contract.
f. Project Functions Developed Directly by the Developer/Functions Developed by Other Entities:
f.1. The following functions within the Project will be developed directly by - Developer: Retail, Office,
Residential, Entertainment, Park, Botanical Garden, Fresh Market , Related parching f.2. The following
functions may be developed, at the Developer's decision, with or directly by public or private
institutional partners: University/university campus, Aquarium, Hotel, Related parching, SPA After
approval of the Zoning Urban Plan, the Developer will be able to decide on the development of the
previously foreseen functions.
2. Mandate the administrative and executive management to take the necessary steps to carry out any conduct
or obligations arising from the Association Agreement and/or the Surface Contract
- Approval of the Revised Simplified Interim Financial Statements as at 30.06.2023 prepared in accordance with
the applicable Accounting Regulations, i.e. MFP Order no.2844/2016 for the approval of the Accounting
Regulations in accordance with the International Financial Reporting Standards, revised by the statutory financial
auditor of Oil Terminal SA, Transilvania Audit & Fiscality SRL.
- Approval of the Directors' Report of Oil Terminal SA for the first half of 2023, ended on 30 June 2023, prepared
in accordance with art.67 of Law no.24/2017(r1), art.128 of FSA Regulation no.5/2018 (Annex no.14), art.55
paragraph (1) of GEO no.109/2011;
- Approval of the Accounting Report as at 30 June 2023, prepared in accordance with the Order of the Minister of
Public Finance no.1669/12.07.2023.
- Approval of the initiation of the legal steps required to adopt a regulatory act to supplement GD no.168/1998 on
the establishment of the expenditure quotas necessary for the development and modernisation of crude oil and
natural gas production, refining, transport and distribution;
- Approval of the Rules of Organisation and Operation of the Risk Management Committee;
- Approval of the update of the Rules of Organization and Functioning of the Audit Committee;
- Approval of the update of the Rules of Organization and Operation of the Board of Directors of the Company;
- Approval of the draft amended Income and Expenditure Budget for 2023;
- Approval of the updated 2023 Annual Procurement Programme (Investment Section);
- Endorsement of the amount of €1 million, representing the limit of indemnity related to the Civil Liability Insurance
policy for the Company's directors in office, with the sole beneficiary of the insurance indemnities being Oil
Terminal SA;
- The convening of the Ordinary General Meeting of Shareholders of the company, to be held on
29.09(02.10).2023, at 11:00 a.m., with the following agenda, was approved:
1. Presentation of the Report of the Administrators of the Oil Terminal Company S.A. for the First
Semester 2023, concluded on June 30, 2023, drawn up in accordance with art. 67 of Law no.
24/2017 ( r1 ), art.128 of the FSA Regulation no. 5/2018 ( Annex no.14 ), art. 55 para. ( 1 ) from
GEO 109/2011.
2. Approval of the Budget of Revenue and Expenditure Project revised for the year 2023.
3. Approval of the amount of 1.000.000 euro representing the limit of compensation for the isurance
policy for civil liability of the administrators of the company in service, with Oil Terminal S.A. as the
sole beneficiary of the insurance indemnities.
- Approval of the variable component of the remuneration of the Director General, in the amount of 12 gross fixed
monthly allowances for each year of mandate, granted under the law, within the provisions of the income and
expenditure budget, approved in accordance with the applicable legal provisions in force;
- Approval of the variable component of the remuneration of the Chief Financial Officer, amounting to 12 gross fixed
monthly allowances for each year of office, granted in accordance with the law, subject to the provisions of the
revenue and expenditure budget approved in accordance with the applicable legal provisions in force.
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- Approval of the form and content of the additional deed to be concluded to the mandate contract of the general
manager of the company appointed by the decision of the Board of Directors no.72/19.06.2023 and the mandate
of Mr. Cristian Florin Gheorghe, as chairman of the Board of Directors, to sign the additional deed to the mandate
contract of the general manager;
- Approval of the form and content of the additional act to be concluded to the mandate contract of the company's
Chief Financial Officer appointed by the BoD decision no.73/19.06.2023 and the mandate of Mr. Cristian Florin
Gheorghe, as Chairman of the Board of Directors, to sign the additional act to the mandate contract of the Chief
Financial Officer;
- Approval of the anti-fraud and anti-corruption policy adopted at the level of Oil Terminal SA;
- Approval of the Memorandum on the completion of the regulatory framework for the creation of the modernization
quota and for oil terminal operators, which will be forwarded to the Ministry of Energy for its promotion for the
completion of the regulatory framework for the creation of the modernization quota and for oil terminal operators;
- Approval of the mandate to the management to initiate the necessary steps to identify a partnership for the
development of a bitumen terminal in the Port Platform Section.
- Approval of the updated Annual Procurement Programme following the rectification of the Revenue and Expenditure
Budget for 2023, approved by OGSM Resolution no.15/29.09.2023.
- Approval of the purchase of a civil liability insurance policy for the company's directors (7 persons) and for the acting
general manager, with an indemnity limit of 1 million Euro, with a validity of 12 months, starting from 25.10.2023,
with Oil Terminal SA as the sole beneficiary of the insurance indemnities. The significant risks covered by the
policy are those of the occurrence of property damage caused by the Insured to the managed/managed company,
employees, third parties.
- Approval of the payment of the insurance premium by the Company, with the sole beneficiary of the insurance
indemnities being Oil Terminal SA.
- Approval of the Revised Simplified Interim Financial Statements as at 30.09.2023, prepared in accordance with the
applicable Accounting Regulations, i.e. Order No.2844/2016 approving the Accounting Regulations in accordance
with the International Financial Reporting Standards.
- Approval of the Directors' Report of Oil Terminal SA for the third quarter of 2023, ended on 30 September 2023
(period 01.01.2023-30.09.2023), prepared in accordance with Article 69 of Law no.24/2017(r1) on issuers of
financial instruments and market operations, republished and Article 130 of FSA Regulation no.5/2018 (Annex
no.13).
- To approve the increase of 19.69% of the regulated tariffs in ANRM Order no.81/2022, which ensures the conduct
of profitable business and full cost coverage for all services and products, and to update the regulated tariffs as a
result of the changes made to the tariffs in ANRM Order no.81/16.05.2022.
- Approval of the increase in the budgeted number of employees for the year 2024 from 1050 employees to 1060
employees, starting from 01.01.2024.
- Approval of the company's organization chart and consequent updating of the Oil Terminal SA's organizational and
operating regulations, with effect from 01.01.2024.
- Approval of the Internal Regulations of Oil Terminal SA, with applicability from 01.01.2024.
- Approval of the guarantee structure related to the long-term credit for the realization of some investment objectives.
- CNAPM-00093-IDP-01/21/10/27.01.2015 and CNAPM-00093-IDP-02/105/537/08.10.2014 concluded with
Administrația Porturilor Martitime SA Constanța, with the object of increasing the rental rates by the total consumer
price index communicated by INS for the period September 2023 vs September 2022, starting from 01.01.2024.
- Approval of the modification of the traffic levels to be applied as from 01.01.2024 within the framework of the lease
contract no.CNAPM-00093-IDP-03/23.10.2017 (as negotiated between the parties presented in the minute
no.50563/07.12.2023)
- Endorsement of the convocation and convening of the Extraordinary General Meeting of Shareholders of the
company, on 22(23).01.2023, with the following agenda:
- Approval of the taking out of a long-term investment loan for the realisation of investment objectives.
- Approval of the convening and convening of the Ordinary General Meeting of Shareholders of the company, dated
22(23).01.2023 with the following agenda:
- Approval of the guarantee structure related to the long-term investment loan for the realization of investment
objectives.
- Approval of the Collective Labour Agreement, for the period 2024-2025, amended in accordance with the provisions
of PV/21.12.2023.
- Approval of Additional Act No. 1/2024 to the Collective Labour Agreement drawn up in accordance with the
provisions of PV/21.12.2023.
- Approval of the Multi-annual Internal Public Audit Plan 2024-2026 and the Annual Internal Public Audit Plan 2024,
accompanied by the justification reports.
- Approval of the updated Annual Procurement Programme 2023.
- Approval of the initial 2024 Annual Procurement Programme.
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- Approval of the conclusion of an additional act to the contract for the supply/provision of drinking water (and/or raw
water) and sewerage services, as well as rainwater collection, No. 60169CT(247/856/09.12.2022), with RAJA SA,
concerning an increase in the unit tariff for the provision of the drinking water supply service, as of 01.01.2024.
- Approval of the conclusion of an additional act to the water and sewerage service supply/ provision contract
no.CNAPM-00093-IDP-03/23.10.2017, with Administrația Porturilor Maritime SA Constanța, concerning the
increase of the water tariff and the tariff for sewerage-industrial wastewater treatment, for economic agents on
the port platform, starting from 01.01.2024.
- Approval of the conclusion of the Subsequent Contract no.3 related to the Framework Agreement for services and
storage no.4787/UT515/07.12.2022 concluded with the National Administration of State Reserves and Special
Problems-Territorial Unit 515 Bucharest, for a period of 12 months starting from 01.01.2024, as presented.
- Approval of the modification of the Regulation of organization and functioning of Oil Terminal SA, with applicability
from 01.01.2024.
7.2. Executive management
The executive management of Oil Terminal SA in 2023:
Name and surname
Position
Viorel Sorin CIUTUREANU
General Director
Adriana FRANGU
Financial Director
Marieta Elisabeta STAȘI
Gabriel DARABAN
Development Director
Commercial Director
Emil ROHAT
Technical Director
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed, on the
recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as provisional General
Director and Mrs. Adriana Frangu as provisional Financial Director, as the term of office of the General Director and
the Financial Director expires on 01.01.2023. The term of office of the two provisional directors appointed is 4 months,
starting from 01.01.2023, in accordance with the provisions of Article 64 index 2 of GEO no.109/2011 on corporate
governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional General Director of Oil
Terminal SA was extended, namely, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the date of expiry of the
mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director of Oil
Terminal SA was extended, respectively, to Mrs. Adriana Frangu, for 2 (two) months from the date of expiry of the
mandate, respectively for the period: 01.05.2023 - 01.07.2023.
By Decision of the Board of Directors no.72/19.06.2023, in accordance with the provisions of art.35 of GEO
no.109/2011, the management of the company was delegated and Mr. Viorel Sorin CIUTUREANU was appointed as
General Director of the company, and the term of office of the General Director was set at 4 years, starting from
20.06.2023 until 20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs. Adriana Frangu was appointed, in accordance with the
provisions of GEO no.109/2011, as the company's Financial Director, and the term of office of the Financial Director
was set at 4 years, from 20.06.2023 to 20.06.2027.
The General Director and the Financial Director work on the basis of mandate contracts and the Development Director,
Technical Director, Commercial Director are employees of the company on the basis of individual employment
contracts concluded for an indefinite period.
At the date of this report, there are no shareholdings of the directors Sorin Viorel CIUTUREANU, Adriana FRANGU,
Marieta Elisabeta STAȘI, Emil ROHAT, Gabriel DARABAN in the share capital of the company.
8. FINANCIAL-ACCOUNTING SITUATION
The individual financial reports issued in accordance with the Order of the Minister of Public Finance No. 2844/2016,
as amended, approving the Accounting Regulations in accordance with International Financial Reporting Standards
("IFRS") are audited by the company's statutory auditor.
According to the Public Finance Minister's Order No. 2844/2016, International Financial Reporting Standards ("IFRS")
are standards adopted in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European
Parliament and of the Council of 19 July 2002 on the application of international accounting standards.
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8.1. Situation of financial position
- lei -
Patrimony elements
Year ended on
31 December
2023
(audited)
Year ended on
31 December
2022
(audited)
Year ended on
31 December
2021
(audited)
0
1
2
3
ASSETS
FIXED ASSETS
Intangible assets
4,351,059
4,743,501
4,765,438
Tangible assets
616,066,424
521,780,338
503,112,534
Tangible assets in execution
108,116,513
44,326,678
26,969,700
Financial assets
908,030
908,030
898,729
Assets related to the rights to use leasing assets
8,463,422
4,855,450
4,362,001
Total fixed assets
737,905,448
576,613,997
540,108,402
CURRENT ASSETS
Stocks
2,152,804
1,614,465
2,037,545
Clients and assimilated accounts
35,544,838
33,354,918
22,516,113
Other receivables
3,269,833
3,620,987
3,141,931
Fees and taxes to be recovered
8,944,901
8,722,986
770,501
Cash and cash equivalents
45,256,216
41,764,411
25,732,870
Total current assets
95,168,592
89,077,767
54,198,960
TOTAL ASSETS
833,074,040
665,691,764
594,307,362
OWN CAPITALS AND DEBTS
OWN CAPITALS
Social capital
299,717,713
58,243,025
58,243,025
Other elements of own capitals
(30,119,878)
(28,177,237)
(8,821,595)
Reserves from reevaluation
233,240,022
221,877,506
222,400,926
Legal reserves
7,654,135
6,772,805
6,050,889
Other reserves
32,047,163
180,026,477
178,677,182
Surplus achieved from reevaluation reserves
12,066,963
11,648,008
11,124,589
Result reported without IAS 29
396,930
396,930
396,930
Result reported arisen from accountant errors
correction
-
-
(19,440,425)
Current profit
14,292,764
11,604,223
5,752,696
Profit distribution
(4,691,016)
(2,071,211)
(1,526,141)
Total own capitals
564,604,796
460,320,526
452,858,076
TOTAL DEBTS ON LONG TERM
Loans on long term
139,123,032
91.655.324
58.753.413
Other loans and assimilated debts
5,963,222
3,348,584
2,526,616
Debts regarding taxation on postponed profit
34,381,247
31,282,452
31,367,235
Total debts on long term
179,467,501
126,286,360
92,647,264
CURRENT DEBTS
Long-term loans – current part
20,574,599
11,888,167
5,695,413
Commercial debts
38,309,841
41,761,272
17,347,630
Debts regarding fees and taxes
10,134,111
8,890,793
7,529,709
Other current debts
4,350,187
4,086,379
3,866,802
Other loans and assimilated debts
2,337,928
1,580,759
1,749,520
Total current debts
75,706,666
68,207,370
36,189,074
TOTAL DEBTS
255,174,167
194,493,730
128,836,338
Provisions
13,084,919
10,716,637
12,502,279
Subventions for investments
210,158
160,871
110,669
TOTAL OWN CAPITALS AND DEBTS
833,074,040
665,691,764
594,307,362
Accounting net asset
577,899,873
471,198,034
465,471,024
The levels achieved at 31.12.2023 compared to the levels recorded at 31.12.2022 are as follows:
Total assets increased by 25.1% (RON 167.4 million), from RON 665.7 million to RON 833.1 million.
Fixed assets increased by 28% (RON 161.3 million), from RON 576.6 million to RON 737.9 million.
The structure of fixed assets includes investments made for the company's own domain, as well as investments made
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for the public domain of the state, in accordance with the provisions of the oil concession agreement for the oil and
petroleum products business.
As at 31 December 2023, the Company revalued tangible fixed assets, intangible fixed assets and fixed assets related
to rights of use of leased assets.
The revaluation at fair value was recorded as at 31 December 2023, based on Valuation Reports prepared by an
authorised valuer, a full member of ANEVAR.
The frequency of revaluations depends on changes in the fair values of the revalued property, plant and equipment.
In the case of property, plant and equipment whose fair values do not change significantly, revaluations are not
required.
Intangible assets, tangible assets, tangible assets in progress and rights of use of leased assets increased by
28% (161,291,451 lei), as follows:
Intangible fixed assets decreased by 8.3% (- 392,442 lei), from 4,743,501 lei to 4,351,059 lei, as follows:
+ 594,382 lei, increase from acquisitions
+ 43,298 lei, surplus from revaluation
- 817,000 lei, reduction on account of revaluation reserves consumed
- 213,122 lei, reduction due to depreciation
Intangible assets recorded in Oil Terminal's accounting records consist of:
- related software/licenses purchased from third parties
- the concession for the operation of reservoirs, pipelines for the transport of crude oil and petroleum products, pumping
installations and other related installations and equipment, under the Petroleum Agreement concluded with the
National Agency for Mineral Resources
- other concessions representing Oil Terminal's internet domain registration ("oilterminal.ro" and "oilterminal.com").
Tangible fixed assets increased by 18.1% (+ 94,286,086 lei), from 521,780,338 lei to 616,066,424 lei, as follows:
+ 23,358,968 lei, increase through transfers from assets in progress (start-ups from tangible assets in
progress)
+ 85,870 lei, increase from inventory gains on fixed assets
+ 71,996,393 lei, increase due to revaluation surplus (recording of difference in value of 254,261.325 sq.m of
land and 129,334.70 sq.m of land, according to the valuation report drawn up for the purpose of increasing the share
capital)
+ 17,849,949 lei, increase through revaluation surplus
- 886,106 lei, reduction by disposals of tangible fixed assets to the remaining value
- 18,118,988 lei, reduction due to depreciation of tangible fixed assets
Tangible fixed assets under construction represent investments not yet completed as at 31.12.2023 and increased by
2.4 times (+ 63,789,835 lei), from 44,326,678 lei to 108,116,513 lei, as follows:
+ 87,148,803 lei, increase during the year
- 23,358,968 lei, reduction through transfers to fixed assets
The total amount of investment expenditure recorded in 2023 is RON 87,743,185, of which 87,148,803 lei investment
expenditure for tangible fixed assets and 594,382 lei investment expenditure for intangible fixed assets.
Fixed assets related to the rights of use of leased assets increased by 74.3% (+ 3,607,972 lei), from 4,855,450
lei to 8,463,422 lei, as follows:
+ 5,352,928 lei, increase from acquisitions
+ 69,220 lei, increase from closing valuation
+ 353,280 lei, increase from revaluation surplus
- 1,248,294 lei, reduction through disposals
- 919,162 lei, reduction due to depreciation
Financial fixed assets
The balance of financial fixed assets (908,030 lei) is at the same level as the balance recorded on 31.12.2022.
Current assets increased by 6.8%, mainly due to cash and cash equivalents and trade receivables, as a result of an
increase in turnover of 11.3% compared to the approved level.
Cash and cash equivalents
As at 31.12.2023 cash and cash equivalents increased by 8.4% compared to 31.12.2022.
In the period 2021 - 2023 total assets have recorded the following changes in value:
- lei -
2023
%
2022
%
2021
%
Fixed assets
737,905,448
88.6
576,613,997
86.6
540,108,402
90.9
Current assets
95,168,592
11.4
89,077,767
13.4
54,198,960
9.1
Total Assets
833,074,040
100.0
665,691,764
100.0
594,307,362
100.0
Own capital increased by 22.7%, mainly due to the increase of the share capital by 241.47 million lei and to the
recording of a net profit of 14.29 million lei, which is 23.2% higher (+2.69 million lei) than on 31.12.2022, and to the
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influence of the revaluation of tangible and intangible assets as of 31.12.2023.
Determining element of current liabilities is represented by own capitals, which had the following evolution during 2021-
2023:
-lei-
2023
%
2022
%
2021
%
Own capitals
564,604,796
67.8
460,320,526
69.1
452,858,076
76.2
Total Liabilities
833,074,040
665,691,764
594,307,362
Long-term debts increased by 42.1%, mainly as a result of the use in 2023 of the amount of 56.5 million lei
(excluding VAT) from the investment loan, contracted with BCR in 2022, for the construction of a 55,000 cubic meter
capacity reservoir, located in SP Sud, while current debts increased by 11%, mainly due to long-term loans -
current part, i.e. the investment loan mentioned above.
Evolution of total debts in last three years:
-lei-
2023
%
2022
%
2021
%
Total debts
255,174,167
30.6
194,493,730
29.2
128,836,338
21.7
Total Pasiv
833,074,040
665,691,764
594,307,362
The total debts recorded as at 31.12.2023 are in the amount of 255,174 thousand lei, of which:
- debts < 1 year 75,707 thousand lei
- debts > 1 year 179,467 thousand lei
Structure Debts < 1 year 75,707 thousand lei, of which:
1. long-term loans - current portion 20,575 thousand lei
2.Commercial debts 38,310 thousand lei
3.Debts to the state budget (taxes and duties) 10,134 thousand lei
4.Other current liabilities (employees, shareholders) 4,350 thousand lei
5.Other loans and similar debts 2,338 thousand lei
Structure Debts > 1 year 179,467 thousand lei, of which:
1. long-term loans 139,123 thousand lei
2.Other loans and similar debts 5,963 thousand lei
3.Deferred income tax* 34,381 thousand lei
* Deferred income tax on revaluation reserves in balance as at 31.12.2023, set up on account of equity capital, totals 34,381,247 lei. Deferred income tax has
been recorded in accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", on the equity side under the account "Retained
earnings arising from the correction of accounting errors".
We mention that as of 31.12.2023 the company does not have any outstanding debts to the state budget, social
security budget, local budget, financial banking institutions, investment suppliers, suppliers for services and
supplies of goods, employees, other third parties.
Provisions in balance as at 31.12.2023 totalled 13,084,919 lei, an increase of 22.1% (2,368,282 lei) compared to
31.12.2022, from 10.72 million lei to 13.08 million lei.
The structure of the provisions outstanding as at 31.12.2023 (totalling 13,084,919 lei) comprises:
• Provisions for litigation amounting to 477,914 lei. Management regularly reviews the situation of pending
litigation and, in consultation with its legal representatives, decides whether it is necessary to record
provisions for the amounts involved or to disclose them in the financial statements.
• Provisions for employee benefits amounting to 8 880 855 lei. This provision was recorded on the basis of
the Actuarial Report on the value of the provision for employee retirement benefits, drawn up by SC
RCOR.RO SRL on the basis of the service contract concluded with Oil Terminal. According to the
Collective Labour Contract in force, the company must pay to the employees at the time of retirement a
benefit equal to a certain number of salaries depending on the length of service and the seniority in the
company.
• Provision for employee profit-sharing in the amount of RON 1,066,861, established on the basis of the
provisions of GEO no.64/2001 on profit-sharing in companies with wholly or majority state capital, as
subsequently amended and supplemented, OMFP no.144/2005 approving the Specifications for
determining the amounts subject to profit-sharing and OMFP no.418/2005 on certain accounting
specifications applicable to economic agents.
• Other provisions totalling 2,659,289 lei represent the variable component for members of the Board of
Directors and directors with a mandate contract, including the labour insurance contribution.
Page 57/233
8.2. Situation of overall result
Year ended on 31
December 2023
(audited)
Year ended on 31
December 2022
(audited)
Year ended on 31
December 2021
(audited)
Revenues from services supplies
346,718,625
301,177,336
210,792,724
Revenues from residual products sale
3,184,831
1,436,416
1,360,398
Other revenues from operating
2,979,996
3,738,219
(4,109,139)
Material expenses
(14,655,258)
(16,567,874)
(10,364,016)
Energy and water expenses
(14,585,412)
(15,752,584)
(4,616,676)
Employees expenses
(139,158,564)
(113,230,127)
(103,769,533)
Services supplies by third parties expenses
(18,355,024)
(12,257,221)
(11,866,993)
Depreciation expenses
(20,507,129)
(20,396,420)
(18,357,892)
Other operating expenses
(118,755,606)
(111,753,528)
(49,586,902)
Result from operating
26,866,459
16,394,217
9,481,971
Financial revenues and expenses (net values)
(10,306,722)
(3,015,114)
(1,666,809)
Year gross result
16,559,737
13,379,103
7,815,162
Expenses on profit taxation
2,266,973
1,774,880
2,062,466
Year net result
14,292,764
11,604,223
5,752,696
Overall result’ other elements:
Elements not being reclassified for profit
and loss, from which:
14,205,228
84,783
5,744,977
Earnings from leased/scrapped real estate’
reevaluation
1,575,108
523,420
3,446,166
Surplus from assets reevaluation
15,728,914
(523,420)
3,160,443
Debt regarding deferred tax
(3,098,794)
84,783
(861,632)
Total overall result
28,497,992
11,689,006
11,497,673
Result per share (lei/share)
0.009508
0.020069
0.019741
Diluted result per share (lei/share)
0.011311
0.020069
0.019741
Compared to the same period in 2022, gross profit as at 31.12.2023 increased by 23.8% and net profit by 23.2%.
The total comprehensive result comprises the net result for the financial year 2023 in the amount of 14,292,764 lei and
items not reclassified to profit and loss in the amount of 14,205,228 lei, relating to gains on revaluation of real estate
disposed of/leased, surplus on revaluation of fixed assets and deferred tax liability as at 31.12.2023.
Earnings per share for the year 2023 presented in the "Statement of comprehensive income as at 31 December 2023"
in the amount of 0.009508 lei/share is calculated as the ratio between the total comprehensive income in the amount
of 28,497,992 lei and the number of shares included in the share capital, i.e. 2,997,177,132 shares.
Please note, that the diluted earnings per share have been determined in accordance with the provisions of IAS 33
Earnings per share, by relating the overall result to the weighted average number of ordinary shares as at 31.12.2023,
as detailed in the Notes to the Financial Statements for the year ended 31.12.2023, i.e. note 40 Earnings per share.
The company's current and deferred corporation tax for 2021 to 2023 is determined at a statutory rate of 16%.
Current income tax
Income tax recognised in the income statement for the years 2021 - 2023:
Year ended on
31 December 2023
Year ended on
31 December 2022
Year ended on
31 December 2021
Expenses from current tax
2,266,973
1,774,880
2,062,466
Total expenses from tax on profit
2,266,973
1,774,880
2,062,466
Reconciliation of the taxation effective rate for 2021 - 2023:
Year ended on
31 December 2023
Year ended on
31 December 2022
Year ended on
31 December 2021
Profit before the taxation on profit
16,559,737
13,379,103
7,815,162
Profit before the taxation on profit
(sponsorship expense excluded)
16,956,633
13,653,940
7,987,162
Taxation on profit at the statutary rate of
16%
2,713,061
2,184,630
1,277,946
Page 58/233
Effect of nondeductible expenses
1,315,147
459,345
1,928,300
Taxation of reserves from reevaluation
619,862
475,626
316,594
Effect of nontaxable revenues
(801,502)
(593,534)
(860,970)
Deductions from legal reserve
(141,013)
(115,507)
(66,278)
Reinvested profit
(641,631)
(227,250)
(187,268)
Sponsorships exemptions
(396,896)
(274,837)
(172,000)
Expenditure on early education according to
Article 25 paragraph (4) letter i2) of Law
no.227/2015 on the Fiscal Code, as
amended and supplemented
-
-
(18,619)
Income tax reduction according to GEO
no.153/2020
(400,055)
(133,593)
(155,239)
Income tax expense
2,226,973
1,774,880
2,062,466
Proposal of the net profit distribution for 2023
The proposal for the distribution of net profit for 2023 took into account the provisions of OG no.64/2001 in conjunction
with the provisions of the Memorandum approved at the Government meeting of 07.03.2024 communicated to the
company by the Ministry of Energy - General Directorate for Privatization and Administration of State Holdings in
Energy, by address no.220683 /20.03.2024, on the subject: "Mandating the State representatives in the General
Meeting of Shareholders/Board of Directors, as the case may be, in national companies, national companies and
companies with full or majority state capital, as well as in autonomous regions, in order to take the necessary measures
for the distribution of a minimum 90% share of the net profit of 2023 in the form of dividends/remittances to the state
budget".
As at 31.12.2023, the Company records a gross profit of 17,626,598 lei and a net profit of 15,359,625 lei.
Following the recording on 31.12.2023 of the provision for risks and charges relating to employee profit-sharing in the
amount of 1,066,861 lei, the gross profit becomes 16,559,737 lei and the net profit 14,292,764 lei.
No.
Elements
Amount
(lei)
Legal basis
1
Gross profit year 2023
16,559,737
2
Tax profit year 2023
2,266,973
3
Net profit year 2023
14,292,764
4
Employee profit-sharing - provision
1,066,861
5
Gross profit, replenished with provision for
employee profit-sharing (1+4)
17,626,598
6
Net profit, replenished with provision for
employee profit-sharing (3+4), allocated to:
15,359,625
6.1
legal reserve 5% of gross profit
881,330
art.183 paragraph (1) Law no.31/1990
art.1 paragraph (1) letter a) OG
nr.64/2001
6.2
other reserves representing tax relief
3,809,686
art.22 paragraph (1) Law no.227/2015
Art.1(1)(b) OG no.64/2001
6.3
employee profit-sharing 10% of profit
1,066,861
Art.1 paragraph (1) letter e) OG
nr.64/2001
6.4
dividends due to shareholders 90 % of the profit
9,601,748
Art.1 par.(1) letter f) OG no. 64/2001
combined with the provisions of the
Memorandum approved by the
Government on 07.03.2024
6.5
own source of financing
0
Art.1 par.(1) letter f) OG no. 64/2001
combined with the provisions of the
Memorandum approved by the
Government on 07.03.2024
The proposal for the distribution of the net profit for the year 2023 will be submitted to the Board of Directors for
approval at the OGSM on 26(29).04.2024.
8.3. Economic and financial indicators
Indicators
2023
2022
Page 59/233
Liquidity indicators
Current liquidity
1.26
1.31
Immediate liquidity
1.23
1.28
Activity (management) indicators
Turnover speed of customer debits (days)
35
33
Supplier turnover (days)
39
32
Fixed assets turnover (rot)
0.47
0.52
Total assets turnover (rot)
0.42
0.45
Profitability indicators
Return on capital employed (%)
3.70
3.21
Gross margin on sales (%)
4.73
4.42
Basic earnings per share (RON/share)
0.009508
0.020069
Risk indicators
Interest coverage indicator (no. of times)
2.51
3.46
Liquidity indicators
The current liquidity indicator provides assurance that current liabilities are covered by current assets, which are usually
liquid and readily marketable, close to book value.
The value obtained on 31.12.2023 is 1.26.
Activity (management) indicators
Turnover speed of trade receivables expresses the effectiveness of the company in collecting receivables and
represents the number of days until the debtors have paid their obligations to the company. The value obtained on
31.12.2023 is 35 days.
Supplier credit turnover expresses the number of days of credit the company obtains from its suppliers. The value
obtained on 31.12.2023 is 39 days.
Profitability indicators
Return on capital employed measures the gross performance of permanent capital (equity + medium and long-term
debt).
The gross profit margin expresses the profitability of the whole activity, the profit taken into account not being
influenced by corporate income tax.
8.4. Cash flow
Year ended
on
31 December
2023
(audited)
Year ended
on
31 December
2022
(audited)
Year ended
on
31 December
2021
(audited)
Cash flows from operating activities
Net profit
14,292,764
11,604,223
5,752,696
Adjustments for non-monetary items
Depreciation and impairment adjustments on non-current
assets
20,507,129
20,396,420
17,934,853
(Profit)/Loss on disposal of fixed assets
(72,189)
217,943
407,602
Net movement in adjustments for current assets
(954,845)
249,187
(107,771)
Net movement in provisions for risks and charges
2,368,282
(1,785,643)
5,517,998
Other adjustments
2,232,653
(902,910)
1,243,212
Loss on interest
10,252,414
5,034,463
2,413,768
(Profit)/Loss on exchange rate differences
54,506
(2,019,349)
(746,959)
Operating profit before other changes in working capital
34,387,950
21,190,111
26,662,703
(Increase)/decrease in inventories
(538,339)
423,080
(1,148,585)
(Increase)/decrease in receivables
(2,060,680)
(19,270,346)
(2,791,230)
Increase/(Decrease) in trade and other payables
(1,987,032)
25,890,575
5,942,638
Net interest (paid)
(10,252,414)
(5,034,463)
(2,413,768)
Net cash flow from operating activities
33,842,249
34,803,180
32,004,454
Cash flow used in investing activities
Page 60/233
Tangible and intangible fixed assets
(93,560,964)
(54,472,068)
(26,311,621)
Increase in value of long-term assets
-
(9,301)
(148,237)
Net cash used in investing activities
(93,560,964)
(54,481,369)
(26,459,858)
Cash flow from financing activities
Increase in share capital with cash contribution
13,174,660
Increase in long-term loans and other similar borrowings
70,564,878
45,964,271
15,419,473
Dividends paid
(9,490,285)
(4,038,142)
(1,227,097)
Loan repayments
(11,038,931)
(6,216,399)
(9,201,663)
Cash flow from financing activities
63,210,322
35,709,730
4,990,713
Net increase/(decrease) in cash and cash equivalents
3,491,607
16,031,541
10,535,309
Cash and cash equivalents at beginning of year
41,764,411
25,732,870
15,197,561
Cash and cash equivalents at end of period
45,256,018
41,764,411
25,732,870
9. CORPORATE GOVERNANCE
Regarding how to comply with the provisions of the Corporate Governance Statement:
- The work of the Board of Directors is evaluated annually at the GSM to approve the annual financial
statements, when the company's shareholders also approve the discharge of the directors for the previous
year.
- During 2023 there were 44 Board meetings attended by the company's directors, which were held at the
company's premises and by electronic means of communication.
Remuneration and benefits of non-executive administrators
Applicable legal framework
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board of
directors being composed of provisional non-executive administrators, appointed in accordance with the provisions of
Government Emergency Ordinance no.109/2011, as amended with subsequent additions, following the termination of
the directors' contracts of office approved by OGSM Resolution no.5/04.04.2018, as follows:
By OGSM Resolution no.22/25.11.2022:
- Art.1 of the OGSM Resolution no.22/25.11.2022 approving the extension for two months from the expiry date,
i.e. for the period 04.12.2022 - 03.02.2023 inclusive, of the term of office of the provisional directors of Oil Terminal SA
elected by OGSM Resolution no.14. /29.07.2022, namely: Florin Cristian GHEORGHE - Chairman of the Board of
Directors as from 04.08.2022, Ramona UNGUR, Ovidiu Aurelian ANDREI, George TEȘELEANU, Emilian NICOLAE,
Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
- Art.2 of the OGSM Resolution no.22/25.11.2022 approving the form and content of the addendum to the
mandate contract to be concluded with the provisional administrators elected by OGSM Resolution no.14/29.07.2022.
By OGSM Resolution no.1/16.01.2023:
- Art.1 of the OGSMResolution no.1/16.01.2023 electing as provisional members of the Board of Directors of
Oil Terminal SA, by cumulative voting method, in accordance with the provisions of GEO no.109. /GHEORGHE Cristian
Florin, UNGUR Ramona, ANDREI Aurelian Ovidiu, TEȘELEANU George, NICOLAE Emilian, LAZARIU Dragoș -
Ciprian, MICU Ionuț Stelian, GHEORGHE Cristian Florin, UNGUR Ramona, ANDREI Aurelian Ovidiu, TEȘELEANU
George, NICOLAE Emilian, LAZARIU Dragoș - Ciprian, MICU Ionuț Stelian
- Art.3 of the OGSM Resolution no.1/16.01.2023 approving the duration of the mandate of the provisional
administrators appointed, for a period of 4 months, starting from 03.02.2023, according to the provisions of art.641,
paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection procedure provided for in GEO
no.109/2011, if this takes place earlier than 4 months after the appointment of the provisional administrators by the
OGSM.
- Art.4 of the OGSM Resolution no.1/16.01.2023 approving the establishment of the fixed gross monthly
compensation of the appointed provisional administrators, equal to 2 (two) times the average gross monthly earnings
over the last 12 months for the activity carried out according to the main activity object registered by the company at
class level according to the classification of activities in the national economy, communicated by the National Institute
of Statistics, prior to the appointment, calculated in compliance with the provisions of GEO no.79 /2017 for amending
and supplementing Law no.227/2015 on the Fiscal Code, in accordance with the provisions of Article 37, paragraph
(2) of GEO no.109/2011 on corporate governance of public enterprises.
- Art.5 of the OGSM Resolution no.1/16.01.2023 approving the form of the mandate contract to be concluded
with the appointed provisional administrators.
Page 61/233
- Art.6 of the OGSM Resolution no.1/16.01.2023 approving the mandate of the representative of the majority
shareholder, the Ministry of Energy, in the Ordinary General Meeting of Shareholders, Mrs. DUMITRU Aura Gabriela,
to sign the mandate contracts with the appointed provisional administrators.
Following the completion of the selection procedure under the provisions of GEO no.109/2011, carried out by the
Ministry of Energy, in its capacity as Public Trustee Authority,
Through OGSM Resolution no.12/27.04.2023 the following are adopted:
- Art.2.2, Art.2.3, Art.2.4, Art.2.5, Art.2.6, Art.2.7 and Art.2.8 of the OGSM Resolution no.12/27.04.2023 approving the
election of 7 non-executive directors as members of the Board of Directors of the Company Oil Terminal SA, starting
from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011, of the following persons: ANDREI
Aurelian Ovidiu, GHEORGHE Cristian Florin, UNGUR Ramona, MIȘA George Silvian, MICU Ionuț Stelian,
TEȘELEANU George, BODU Sebastian Valentin.
- Art.3 of the OGSM Resolution no.12/27.04.2023 approving the term of office of the members of the Board of Directors
for a period of 4 (four) years, starting on 28.04.2023.
- Art.4 of the OGSM Resolution no.12/27.04.2023 approving the establishment of the monthly gross fixed indemnity of
the elected members of the Board of Directors, as equal to 2 times the average gross monthly salary for the last 12
months for the activity carried out according to the main activity object registered by the company, at class level
according to the classification of activities in the national economy, communicated by the National Institute of Statistics
prior to the appointment.
- Art.5 of the OGSM Resolution no.12/27.04.2023 approving the form of the mandate contract to be concluded with
the elected members of the Board of Directors.
- Art.6 of the OGSM Resolution no.12/27.04.2023 approving the mandate of the State representative in the Ordinary
General Meeting of Shareholders to sign the mandate contracts of the newly elected members of the Board of
Directors.
OGSM Resolution no.13/28.08.2023 adopted the following:
- the financial and non-financial performance indicators resulting from the Administration Plan of Oil Terminal SA were
approved. The ICP that will be annexed to the mandate contract of the non-executive directors were approved;
- approved the amount of the variable component of the remuneration of the non-executive administrators at 12 fixed
gross monthly allowances for each year of mandate;
- approved the form and content of the Deed of Amendment to be concluded with the non-executive administrators of
the company;
- approved the mandate of the representative of the State in the General Meeting of Shareholders to sign the Additional
Deeds to the Mandate Contract.
Gross fixed allowance
For the period 01.01.2023 - 03.02.2023 inclusive, the composition of the Board of Directors was as follows: Cristian
Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI, George
TEȘELEANU, Emilian NICOLAE, Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
For the period 01.01.2023 - 03.02.2023 the gross fixed monthly allowance was 14.830 lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly average earnings
over the last 12 months = 7,415 lei/month x 2 times = 14,830 lei/month/person.
For the period 03.02.2023 - 27.04.2023 inclusive, the composition of the Board of Directors was as follows: Cristian
Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI, George
TEȘELEANU, Emilian NICOLAE, Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
For the period 03.02.2023 - 27.04.2023 the gross fixed monthly allowance was 15.711 lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly earnings over the
last 12 months = 7.855,5 lei/month x 2 times = 15.711 lei/month/person.
For the period 27.04.2023 - 31.12.2023 inclusive, the composition of the Board of Directors was as follows: Cristian
Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI, George
TEȘELEANU, George MISA, Sebastian BODU, Ionuț Stelian MICU.
For the period 27.04.2023 - 31.12.2023 the level of the gross fixed monthly indemnity was 16.533 lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly average earnings
over the last 12 months = 8,266.5 lei/month x 2 times = 16,533 lei/month/person.
The total gross fixed indemnity paid during the period 01.01.2023-31.12.2023 to the members of the Board of Directors
elected by the OGSM Resolution no.22/25.11.2022, OGSM Resolution no.1/16.01.2023 and OGSM Resolution
no.12/27.04.2023 was in the amount of 1,475,320 lei, within the level of the Budget of Revenues and Expenses
approved for 2023.
According to the 2023 Rectified Budget of Revenues and Expenses approved by OGSM Resolution no.15/29.09.2023:
-total approved gross fixed compensation = 1,648,927 thousand lei
Page 62/233
-total gross fixed compensation = 1.475.320 thousand lei
Variable component
In 2023, the variable component for 2022 was not granted because the selection procedure for directors with a mandate
contract, in accordance with the provisions of GEO 109/2011, was not completed by 31.12.2022.
By Decision no.88/05.07.2023 the Board of Directors approved the proposal to submit to the GSM of 28(29).08.2023
for the approval of the amount of the annual variable component for the non-executive directors of the company, i.e.,
setting it at 12 gross fixed monthly allowances for each year of mandate.
For the Budget of Revenues and Expenses rectified, year 2023, an annual variable component at the level of 12 gross
fixed monthly allowances has been taken into account as follows:
-non-executive directors = 16,533 lei/pers/month x 7 people x 12 gross fixed monthly allowances = 1,388,772 lei/year
The variable component for the year 2023 in the amount of RON 1,420,019 ( 1,388,772 lei variable component +
31,247 lei labour insurance contribution 2.25%) is reflected in the Buget of Revenues and Expenses 2023, Annex no.2,
line 124 "Provisions related to the mandate contract".
The grant of the variable component related to 2023 will be made after the approval in the GSM scheduled for
26(29).04.2024, according to the Financial Communication Calendar for 2024 communicated to FSA and Bursa Valori
Bucuresti, of the 2023 Annual Audited Financial Statements, provided that the established performance indicators are
met.
Other benefits
During 2023 non-executive administrators did not receive bonuses and other benefits.
In accordance with the provisions of Article 4.1, letter d) of the mandate contract concluded with the company, the non-
executive administrators were paid expenses related to the execution of the mandate, within the framework of the
Budget of Revenues and Expenses approved for 2023.
By OGSM Resolution no.16/29.09.2023, the amount of 1 million euro was approved as the limit of compensation for
the civil liability insurance policy for the directors of the company in office, with the sole beneficiary of the insurance
indemnities being Oil Terminal SA.
Page 63/233
Key performance indicators for the mandate period 2023-2027
NON-EXECUTIVE ADMINSTRATORS
Table nr.1
#
Performance indicators
Value achieved
Target values for performance
indicators
Indicator name
Legal
Basis/Category
Weight
%
Verification instrument
Quarter IV 2023
(cumulative)
2023
2024
2025
2026
FINANCIAL PERFORMANCE INDICATORS 20%
1
Capital expenditure rate
Measures: how much the company invests
in fixed assets to sustain or grow its
business
Formula : (Capital expenditure/Total
assets)*100
GEO 109/2011 Art.
4
7
para. (2) letter a)
Category :
Investment policy
4%
Annual investment
programme, endowments
and sources of financing,
Annex no.4 to the Budget of
Revenues and Expenses
approved by the GSM,
according to OMFP
no.3818/2019
87.743.181
833.074.040
∗ 100=10,53%
≥2%
≥2%
≥2%
≥2%
2
Current liquidity ratio
Measures: the company's ability to pay
short-term debts of up to 1 year
Formula : (Current assets/Current
liabilities)*100
GEO 109/2011 Art.
4
7
al. (2)
lit.b)
Category: Funding
4%
Audited annual financial
statements-Statement of
financial position
95.168.592
75.706.666
∗ 100=125,71%
≥85%
≥85%
≥85%
≥85%
3
Asset turnover rate (days)
Measures: the volume of assets required to
generate income and how efficient a
company is in using its assets to generate
income
Formula : (Total assets/Net turnover)*365
GEO 109/2011 Art.
4
7
para. (2)
lit.c)
Category :
Operations
4%
Audited annual financial
statements-Statement of
financial position
Annual Budgetary
Execution-Appendix 1
833.074.040
349.787.315
∗ 365=869 𝑧𝑖𝑙𝑒
≤ 1.350
zile
≤1.350
zile
≤1.350
zile
≤1.350
zile
4
Return on equity (ROE)
Measures: the amount of net profit a
company generates in relation to the value
of equity
Formula : (Net profit / Value of equity)
GEO 109/2011 Art.
4
7
al. (2)
lit.d)
Category :
Profitability
4%
Audited annual financial
statements-Statement of
financial position
Annual Budgetary
Execution-Appendix 1
14.292.764
564.604.796
∗ 100=2,53%
≥1,2%
≥1,2%
≥1,2%
≥1,2%
5
Dividend payment rate
Measures : dividends paid to shareholders
in relation to the company's net profit
Formula : (Dividends paid/Net profit)*100
GEO 109/2011 Art.
4
7
para. (2)
lit.e)
Category :
Distribution rate of
profit in the form of
dividends
4%
Audited annual financial
statements - Notes to the
financial statements
Annual budget
implementation - Annex 1
9.533.012
11.604.223
∗ 100=82,15%
≥40%
≥40%
≥40%
≥40%
NON-FINANCIAL PERFORMANCE INDICATORS
Page 64/233
and NON-COMMERCIAL 20%
OPERATIONAL INDICATORS
6
Specific technological consumption of
diesel
It measures: the quantity of diesel oil
related to the technological losses caused
by handling, storage and conditioning
operations in/from the oil terminal facilities,
losses justified by specific calculation
formulas regulated by law, taking into
account the physico-chemical
characteristics of diesel oil.
Formula : ( consumption achieved/quantity
of diesel delivered)*100
10%
Annual Activity Report of the
Technical Director
697.168
239.729.130
∗ 100=0,29%
≤0,36%
≤0,36%
≤0,36%
≤0,36%
7
Rate of female senior managers
Measures : no. of women in senior
management positions
Formula : (No. of female senior
managers/No. of female senior
managers)*100
10%
Human Resources Service
Quarterly Activity Report
18
35
∗ 100=51,43%
≥30%
≥30%
≥30%
≥30%
GOVERNANCE INDICATORS 60%
8
Implementation and development of the
internal management control system
(IMS)
Measures : the degree of implementation of
the provisions of OSSG no.600/2018 on the
approval of the company's internal
management control code
Formula : (Measures completed within the
deadline / Measures proposed) * 100
15%
SCIM Development
Programme; Annual SCIM
self-assessment report
prepared in accordance with
the OSSG
110
114
∗ 100=96,5%
≥80%
≥80%
≥80%
≥80%
9
Degree of transparency in financial
reporting and corporate governance
Measures: level of institutional transparency
Formula : ( no. reported requirements /(no.
reporting requirements under financial
calendar + no. reporting requirements
under art.51 GEO 109/2011)*100
20%
Current Reports and
Communications to
Bucharest Stock Exchange
and FSA and company
website
46
6 + 40
∗ 100=100%
100%
100%
100%
100%
10
Attendance rate at board meetings
Measures: attendance of non-executive
administrators at all Board meetings for the
proper functioning of the Board.
Formula : (∑ NtNr of attendees at Board
meetings)/
Total number of Board members*Nt
15%
Minutes of the meetings of
the Administrative Board
42 ∗ 7 + 2 ∗ 6
44 ∗ 7
∗ 100=99%
≥90%
≥ 90%
≥ 90%
≥ 90%
Page 65/233
Where Nt = No. of Board meetings
11
Monitoring executive management
performance
Measures: how well the obligations in the
mandate contracts and the Management
Plan are met
Formula : (Reports produced / reports to be
produced)*100
10%
Quarterly Activity Report of
the General Director and the
Financial Director
4
4
∗ 100=100%
100%
100%
100%
100%
Page 66/233
Remuneration and benefits of directors with a mandate
Applicable legal framework
According to art.38 paragraph (1) of GEO no.109/2011 the remuneration of the directors is determined by the Board
of Directors and cannot exceed the level of the remuneration established for the executive members of the Board of
Directors.
Remuneration consists of a fixed gross monthly remuneration set within the limits provided for in Article 37(2) and a
variable component.
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed, on the
recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as provisional General
Director and Mrs. Adriana Frangu as provisional Financial Director, as the term of office of the General Director and
the Financial Director expires on 01.01.2023. The term of office of the two provisional directors appointed is 4 months,
starting from 01.01.2023, in accordance with the provisions of Article 64 index 2 of GEO no.109/2011 on corporate
governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional general director of Oil
Terminal SA was extended, namely, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the date of expiry of the
mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director of Oil
Terminal SA was extended, respectively, to Mrs. Adriana Frangu, for 2 (two) months from the date of expiry of the
mandate, respectively for the period: 01.05.2023 - 01.07.2023.
By Decision of the Board of Directors no.72/19.06.2023, in accordance with the provisions of art.35 of GEO
no.109/2011, the management of the company was delegated and Mr. Viorel Sorin CIUTUREANU was appointed as
General Manager of the company, and the term of office of the General Manager was set at 4 years, starting from
20.06.2023 until 20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs Adriana FRANGU was appointed, in accordance with the
provisions of GEO no.109/2011, as financial director of the company, and the term of office of the financial director
was set at 4 years, starting from 20.06.2023 until 20.06.2027.
OGSM Resolution no.13/28.08.2023 adopted:
- approved the establishment of the remuneration limits for directors with a mandate contract assimilated to executive
directors as follows:
1. limits of the gross monthly fixed compensation: between 5 and 6 times the average over the last 12 months
of the average gross monthly salary for the activity carried out according to the main object of activity registered
by the company, at class level according to the classification of activities in the national economy,
communicated by the National Institute of Statistics prior to the appointment.
2. limits of the variable (gross) component: between 11 and 12 gross fixed monthly allowances for each year
of office.
Expenditure related to directors with a mandate
Gross remuneration of directors with a contract of office
The gross remuneration is made up of a gross fixed monthly allowance and a variable component.
Taking into account that the term of office of the directors with a 4-year term of office ended on 01.07.2022 and taking
into account the provisions of Article 64
2
of GEO no.109/2011, as subsequently amended and supplemented, where it
is stated that: "(1) In the event that management duties of the public undertaking have been delegated to directors and
the post/positions of director remain vacant, the board of directors may appoint a provisional director until the selection
procedure is completed, in accordance with the provisions of this Emergency Ordinance. The term of office shall be 4
months, with the possibility of extension, for good cause, up to a maximum of 6 months', the remuneration shall
comprise only the gross monthly fixed allowance calculated in accordance with Articles 37 and 38 of GEO 109/2011,
i.e. within the limits provided for in Article 37 paragraph (3) [...], which may not exceed 6 times the average gross
monthly salary over the last 12 months for the activity carried out in accordance with the company's main object of
activity, at class level according to the classification of activities in the national economy, communicated by the National
Institute of Statistics prior to the appointment.
The gross monthly fixed allowance paid to the General Director during 2023 complied with the following
provisions:
The gross fixed allowance was fixed by the following decisions:
-Decision no.106/12.12.2022 by which the Board of Directors established the fixed monthly indemnity for the General
Director in the amount of 46,000 lei gross (for the period 01.01.2023-19.06.2023), which does not exceed 6 times the
average over the last 12 months of the average gross monthly salary for the activity carried out according to the main
Page 67/233
object of activity registered by the company, at class level according to the classification of activities in the national
economy, communicated by the National Institute of Statistics prior to the appointment.
-Decision no.72/19.06.2023 by which the Board of Directors established the fixed gross monthly indemnity for the
General Manager in the amount of 51,000 lei gross (for the period 20.06.2023-31.12.2023), which does not exceed 6
times the average gross monthly salary for the last 12 months for the activity carried out in accordance with the main
object of activity registered by the company, at class level according to the classification of activities in the national
economy, communicated by the National Institute of Statistics prior to the appointment (51,095 lei gross).
Gross monthly fixed allowance paid to the Financial Director during 2023 complied with the following provisions:
The gross fixed allowance was fixed by the following decisions:
-Decision no.107/12.12.2022 by which the Board of Directors established the fixed monthly compensation for the
Financial Director in the amount of 39,000 lei gross (for the period 01.01.2023-19.06.2023), which does not exceed 6
times the average over the last 12 months of the average gross monthly salary for the activity carried out according to
the main object of activity registered by the company, at class level according to the classification of activities in the
national economy, communicated by the National Institute of Statistics prior to the appointment.
-Decision no.73/19.06.2023 by which the Board of Directors established the gross fixed monthly allowance for the
Chief Financial Officer in the amount of 50,000 lei gross, (for the period 20.06.2023-31.12.2023), which does not
exceed 6 times the average gross monthly salary for the last 12 months for the activity carried out according to the
main object of activity registered by the company, at class level according to the classification of activities in the national
economy, communicated by the National Institute of Statistics prior to the appointment (51,095 lei gross).
Gross fixed compensation for 2 directors with mandate in the period 01.01.2023-31.12.2023 = 1,205,714 lei.
According to the 2023 Rectified Income and Expenditure Budget approved by OGSM Resolution no.15/29.09.2023:
-total approved gross fixed indemnity = 1.205.714 lei
-Total gross fixed compensation realised = 1.205.714 lei
Variable component for directors with mandate:
In 2023, the variable component for the year 2022 was not awarded because the selection procedure for directors with
a mandate contract, in accordance with the provisions of GEO no. 109/2011, was not completed by 31.12.2022.
By Decision no.90/05.07.2023 the Board of Directors endorsed the proposal to submit to the OGSM for approval the
setting of the limits of the annual variable component for the company's directors with mandate contracts, between 11
and 12 gross fixed monthly allowances for each year of mandate.
For the rectified Budget of Revenues and Expenses 2023, an annual variable component at the level of 12 gross fixed
monthly allowances has been considered as follows:
-General Director = 51,000 lei/pers/month x 12 gross fixed monthly allowances = 612,000 lei/year
-Financial Director = 50,000 lei/pers/month x 12 gross fixed monthly allowances = 600,000 lei/year
The variable component for the year 2023 in the amount of 1.239.270 lei (1.212.000 lei variable component + 27.270
lei labour insurance contribution 2,25%) is reflected in the Budget of Revenues and Expenses 2023, Annex no.2, line
124 "Provisions related to the mandate contract".
The grant of the variable component relating to 2023 will be made after approval at the EGSM scheduled for
26(29).04.2024, in accordance with the Financial Disclosure Schedule for 2024 communicated to the FSA and
Bucharest Stock Exchange, of the 2023 Annual Audited Financial Statements, provided that the established
performance indicators are met.
Other benefits
During 2023, directors with a mandate contract did not receive bonuses and other benefits.
A of the mandate contracts, both the General Director of the Company and the Chief Financial Officer were paid
expenses related to the execution of the mandate, within the approved BVC for 2023.
By Decision no.135/19.10.2023 the Board of Directors approved the purchase of a liability insurance policy for the
Company's directors and the acting General Manager, with an indemnity limit of 1 million Euro, with a validity of 12
months, starting from 25.10.2023, with Oil Terminal SA as the sole beneficiary of the insurance indemnities.
Page 68/233
Key performance indicators for the mandate period 2023-2027
EXECUTIVE DIRECTORS/DIRECTORS WITH A MANDATE CONTRACT
Table no.2
#
Performance indicators
Value achieved
Target values for performance indicators
Indicator name
Legal Basis/Category
Weight %
Verification instrument
Quarter IV 2023
(cumulative)
2023
2024
2025
2026
FINANCIAL PERFORMANCE INDICATORS 50%
1
Annual investment plan
value realisation rate
Measures: the degree of
value realisation of the
investment plan compared
to the approved approved
value level
Formula : (Value of
investments realised /
Value of approved
investments) * 100
GD 722/2016
Category : Investments
10%
Annual investment
programme, endowments
and sources of financing,
Annex no.4 to the BVE
approved by the GSM, as
per OMFP no.3818/2019
93.956.245
93.956.240
∗ 100=100%
100%
100%
100%
100%
2
Immediate liquidity ratio
(Acid Test)
Measures: the company's
ability to pay short-term
debts of up to 1 year after
deducting the value of
inventories from current
assets. Shows that there is
sufficient cash flow to pay
debts
Formula : [ (Current
assets-Stocks)/ Current
liabilities]*100
GEO 109/2011 Art. 4
7
para (2)
lit.b)
Category : Financing
10%
Audited annual financial
statements-Statement of
financial position
(
95.168.592 − 2.152.804
)
75.706.666
∗ 100
=122,86%
≥75%
≥75%
≥75%
≥75%
3
Equity solvency ratio
Measures: the company's
ability to carry out its
operations and to pay its
medium and long-term
debts arising from past
contracts, the conduct of
its business or taxes,
duties and fiscal
contributions.
GD 722/2016
Category : Debt
10%
Audited annual financial
statements-Statement of
financial position
564.604.796
833.074.040
∗ 100=67,77%
≥65%
≥65%
≥65%
≥65%
Page 69/233
Formula : (Equity/Total
liabilities)*100
4
EBITDA
Measures: profit before
deducting depreciation,
interest and income tax
expense , acting as a
financial management
indicator.
Formula : (Realised
EBITDA / Planned EBITDA
) x 100,
Where EBITDA =
(Operating profit +
Depreciation of fixed
assets + Provision
adjustments)
GD 722/2016
Category : Income
10%
Annual budget execution -
Annex 2
48,787
41,429
∗ 100=117.76%
≥95%
≥95%
≥95%
≥95%
5
Outstanding payments
Measures: amounts due
and not paid by the
company that have
exceeded the payment
deadline as provided for by
the regulations,
contract/invoice or other
grounds.
Formula : Overdue
payments
approved/Overdue
payments made
GD 722/2016
Category : Cash flow
10%
Annual budget execution,
Annex no.1; S1001
reporting required by
OMFP no.2873/2016
Zero lei
Zero lei
Zero lei
Zero lei
Zero lei
NON-FINANCIAL AND NON-COMMERCIAL PERFORMANCE INDICATORS
OPERATIONAL INDICATORS 25%
6
Customer satisfaction
score
Measures: how customers
perceive the quality of
service provided by the
company
Formula : (sum of
customer satisfaction
ratings/no. of
customers)*100
10%
Annual customer
satisfaction evaluation
report
3,030.61%
32
=94.70%
≥80%
≥80%
≥85%
≥85%
7
Benefit Claims Analysis
Index
5%
Monthly analysis report
drawn up by the
Page 70/233
Measures: the way the
company analyses claims
received from potential
clients
Formula : (Number of
client claims analysed/
Total number of claims
received monthly) * 100
Where
Total no. of claims = new
client claims + client claims
with contract but with
additional claims (claims
for which (Additional Acts)
will be drawn up)
Marketing-Commercial
Service/Customer
Application
Register/Specific
Customer Application
Analysis Form
105
106
∗ 100=99.06
≥95%
≥95%
≥95%
≥95%
8
Quality of Service Index
Measures: the quality of
the service provided in
relation to the operation
plans drawn up on the
basis of customer orders
Formula : (no. of
operations executed/no. of
operations planned)*100
5%
Quality Management
Service Analysis Report
7,414
7,414
∗ 100=100%
≥98%
≥98%
≥98%
≥98%
9
Annual training program
for operational personnel
Measures: annual
graduation to instruct
operational personnel.
Formula: (Numar
personnel operational
instruit / Numar personnel
operational)*100
5%
Half-yearly activity report
of the Human Resources
Service
80
80
∗ 100=100%
>90%
>90%
>90%
>90%
GOVERNANCE INDICATORS 25%
11
Risk management
Measures: identification
and management of the
company's risk profile
Formula : (No. of risks of
tolerable level / No. of risks
identified according to the
Risk Register at company
level) *100
5%
Annual risk management
report prepared in
accordance with the
OSSG
99
115
∗ 100=86.09%
≥80%
≥80%
≥80%
≥80%
Page 71/233
12
Degree of transparency
in financial reporting and
corporate governance
Measures: level of
institutional transparency
Formula : ( no. reported
requirements /(no.
reporting requirements
under financial calendar +
no. reporting requirements
under art.51 GEO
109/2011)*100
20%
Current Reports and
Communications to BVE
and FSA and company
website
46
6 + 40
∗ 100=100%
100%
100%
100%
100%
Page 72/233
10. SPONSORSHIPS
The sponsorship activity carried out by OIL TERMINAL is carried out in accordance with the provisions of Law
no.32/1994 on sponsorship, as amended and supplemented and within the approved Budget of Revenues and
Expenses.
In the income and expenditure budget for the year 2023, approved by the OGSM Resolution no.15/29.09.2023,
sponsorship expenses in the amount of 400,000 lei were approved and 396,895.60 lei were realized, as follows:
Sponsorship expenses (lei)
Budget of
Revenues
and
Expenses
aproved
year 2023
Year 2023
Achievements
Achieved/
Budget of
Revenues
and
Expenses
(%)
Total Sponsorship expenses, of which:
400,000
396,895.60
99.22%
Medical and health sponsorship expenditure
160,000
160,000
100.00%
Sponsorship expenditure in education, teaching, social and sport,
of which:
160,000
20,000
156,895.60
20,000
98.06%
100.00%
- for sports clubs
80,000
80,000
100.00%
11. PROPOSAL OF THE MANAGEMENT BOARD
11.1. Approval of the audited financial statements as at 31.12.2023
The audited financial statements for the year 2023 will be presented to the Board of Directors for approval at the OGSM
on 26(29).04.2024.
The audited financial statements for the year 2023 comprise:
- Statement of financial position as at 31.12.2023
- Statement of comprehensive income as at 31.12.2023
- Statement of changes in equity as at 31.12.2023
- Cash flow statement as at 31.12.2023
- Notes to the financial statements at 31.12.2023
11.2. Approval of the distribution of the net profit for the financial year 2023
The proposal for the distribution of the net profit for 2023 will be submitted to the Board of Directors for approval at the
OGSM on 26(29).04.2024.
12. SIGNIFICANT TRANSACTIONS
12.1. Transactions with state-owned entities
During 2023, the Company has carried out transactions with state-owned entities (irrespective of shareholding),
invoiced during the period from 1 January to 31 December 2023, based on contracts concluded in the current or
previous year, as follows:
Customer
Amount
unpaid to
31 December
2022
Sales in the
period
01.01.2023-
31.12.2023
Settlements in the
period
01.01.2023-
31.12.2023
Amounts
outstanding at
31 December
2023
Agenția Română de Salvare a Vieții Omenești pe
Mare
109,669
649,016
649,660
109,025
ANRSPS UT 515
0
2,494,077
2,270,894
223,183
Chimcomplex
240,576
6,373,031
5,752,703
860,904
Conpet
0
238,383
238,383
0
C.N. Căi Ferate CFR
17,132
101,505
104,819
13,818
OMV Petrom
6,629,133
82,423,177
81,166,320
7,885,990
Rompetrol Downstream
3
0
3
0
Rompetrol Rafinare
319,411
3,606,963
3,610,297
316,077
Page 73/233
SNTFM CFR MARFA SA
6,386
138,943
134,211
11,118
Societatea Națională de Radiocomunicații
939
33,995
34,612
322
UM 02133 Farul Roșu – Direcția Hidrografică
Maritimă
14,371
135,849
127,555
22,665
TOTAL
7,337,620
96,194,939
94,089,457
9,443,102
Supplier
Amount
unpaid to
31 December
2022
Purchases during
the period
01.01.2023-
31.12.2023
Settlements in the
period
01.01.2023-
31.12.2023
Amounts
outstanding at
31 December
2023
Administrația Națională Apele Române -Administrația
Bazinală de Apă Dobrogea Litoral
0
14,235
14,235
0
Agenția de Protecție a Mediului
0
1,900
1,900
0
Agenția Natională de Cadastru și Publicitate
Imobiliară
0
890
890
0
Agenția Națională pentru Resurse Minerale
0
12,768
12,768
0
Asociația de Acreditare din România - RENAR
0
24,301
23,798
503
Asociația de Dezvoltare Durabilă a Județului
Constanța
0
25,000
25,000
0
Autoritatea de Siguranță Feroviară Română
0
51,909
50,744
1,165
Autoritatea de Standardizare din România
0
19,833
19,833
0
Autoritatea Feroviară Română - AFER
763
58,504
59,267
0
Autoritatea Națională de Reglementare în domeniul
Energiei - ANRE
0
2,500
2,500
0
Autoritatea Navală Română
0
19,704
19,704
0
Autoritatea Rutieră Română - ARR
0
2,816
2,816
0
Biroul Român de Metrologie Legală
0
50,240
50,240
0
Bursa de Valori
0
17,582
17,582
0
C.N.Căi Ferate CFR
3,843
93,410
88,984
8,269
Camera de Comerț și Industrie a României
0
154,185
154,185
0
Camera de Comerț, Industrie, Navigație și Agricultură
0
27,765
27,765
0
Căpitania Zonală
0
2,933
2,933
0
Centrul Național de Calificare și Instruire Feroviară -
CENAFER
479
8,540
6,829
2,190
Ceronav
1,980
13,695
15,675
0
Compania Națională Administrația Porturilor Maritime
44,993
4,899,681
4,867,398
77,276
Compania Națională de Administrare a Infrastructurii
Rutiere - CNAIR
0
24,375
24,375
0
Compania Națională pentru Controlul Cazanelor,
Instalațiilor de Ridicat și Recipientelor Sub Presiune -
CNCIR
0
51,224
36,654
14,570
Compania Poșta Română
0
118
118
0
Confort Urban
0
1,050
1,050
0
Conpet
0
3,687
3,687
0
Depozitarul Central
188
36,847
36,908
127
Engie România
1,430,669
9,810,471
9,564,798
1,676,342
INCD Insemex
0
74,048
74,048
0
Inspecția de Stat pentru Controlul Cazanelor,
Recipientelor sub Presiune și Instalațiilor de Ridicat -
ISCIR
0
3,550
3,550
0
Inspectoratul Județean în Construcții Constanța
0
385,059
385,059
0
Institutul Național de Cercetare-dezvoltare Protecția
Muncii Alexandru Darabonț
0
15,322
15,322
0
Iprochim
0
6,528
6,528
0
Monitorul Oficial
0
19,805
19,805
0
Oficiul de Cadastru și Publicitate Imobiliară
0
480
480
0
Oficiul Național al Registrului Comerțului de pe lângă
Tribunalul Constanța
0
10,315
10,315
0
OMV Petrom
989,363
6,746,950
7,736,313
0
OMV Petrom Marketing
0
24
24
0
Primăria Municipiului Constanța
0
759,133
759,133
0
RAJA
115,990
1,461,604
1,508,234
69,360
Page 74/233
12.2. Transactions according to Order of the Minister Delegate for Energy no.704/18.08.2014
The transactions are presented in accordance with the provisions of OM no.704/2014 and EGSM Decision
no.11/24.10.2014 on the procurement of goods, services and works whose value is greater than the equivalent in Lei
of 500,000 Euro/purchase (for the procurement of goods and works), and 100,000 Euro/purchase (for services),
respectively, for contracts concluded in the period 01.01.2023 - 31.12.2023.
Procurement is carried out in accordance with the Internal Procurement Rules.
The situation for the period 01.01.2023 - 31.12.2023 is as follows:
Quarter I
No.
Contract No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
06 / 32 /
26.01.2023
Planned, accidental repairs
and maintenance of
locomotives belonging to Oil
Terminal SA Constanta
50221000-0 Repair and
maintenance services of
locomotives
România
Euroest SA
Unit prices - estimated
value of the contract is
1,743,357.00 lei
Services
2
23 / 58 /
13.02.2023
Planned overhauls and
accidental repairs to PSI
trucks
50111000-6 Fleet
management, repair and
maintenance services
Sirom Impex
SRL
Unit prices - estimated
value of the contract is
630.000,00 lei
Services
Quarter II
No.
Contract No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
64 / 226 /
20.04.2023
Repaired diesel pipeline DN
500 with connections in CM1
and CM2
45231113-0 Pipeline
replacement works
Socum Trans
SRL
3,992,704.62 lei
Works
2
65 / 227 /
20.04.2023
Repaired diesel pipe CM1
from K1 to MIM - Port
Platform Section
45231113-0 Pipeline
replacement works
Talpac SRL
5,058,744.22 lei
Works
3
107 / 326 /
06.06.2023
Removal of slurry and
clogged soil from North
Platform Section, Port
Platform Section, South
Platform Section
90522200-4 Disposal of
contaminated soils
Oil Depol SRL
Prețuri unitare - valoare
estimată a contractului
este de 800,000.00 lei
Services
4
108 / 327 /
06.06.2023
Cleaning of tanks T11, T12,
T13 in North Platform
Section
90913200-2 Tank cleaning
services
Partener
Project
Construct &
Serv 95 SRL
5,500,618.05 lei
Services
5
112 / 331 /
09.06.2023
Weed removal services in
North Platform Section,
South Platform Section,
North Platform Section
77312000-0 Weed removal
services
Astoria Prest
SRL
721,125.77 lei
Services
6
116 / 337 /
15.06.2023
Upgrading of tank B 18 in
South Platform Section
(execution)
45247270-3 Reservoir
construction work
Socum Trans
SRL
10,723,234.34 lei
Works
Third quarter
No.
Contract No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
138 / 367 /
07.07.2023
Repair of CM2 diesel
pipeline in the area between
the K1 slipway - Port
Platform Section and MIM
bridge
45231113-0 Pipeline
replacement works
Talpac SRL
4,888,929.62 lei
Works
2
146 / 376 /
20.07.2023
Repair floating cover and
ferrule no.7 tank M21/S
45247270-3 Reservoir
construction works
Global Ports's
Services SRL
3,658,982.35 lei
Works
RNP Romsilva D.C.E.A.C.
15,173
17,552
15,172
17,553
Rompetrol Downstream
62,985
651,302
689,504
24,783
SNTFM CFR Marfa
0
2,142
2,142
0
Serviciul Public de Impozite,Taxe și alte Venituri
0
33
33
0
Telecomunicații CFR
0
11,002
11,002
0
TOTAL
2,666,426
25,595,012
26,369,300
1,892,138
Page 75/233
3
162 / 404 /
23.08.2023
Operational leasing
Combined vacuum car -1
piece
34144410-5 Vacuum sewers
Center
Tea&Co SRL
1,564,650.00 lei
Services
4
168 / 411 /
31.08.2023
Periodic and accidental
repairs of railway lines
50225000-8 Railway
maintenance services
Tehno
Construct SRL
3,422,400.00 lei
Services
5
176 / 423 /
28.09.2023
Natural gas supply
09123000-7 Natural gas
Eye Mall SRL
Unit price - estimated
value of the contract is
8,414,664.80 lei
Supply
Fourth quarter
No.
Contract No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
184 / 441 /
18.10.2023
Repaired PSI installation of
R31/S tank guns
45232150-8 Water supply
pipeline works
Socum Trans
SRL
2,765,999.25 lei
Works
2
201 / 468 /
07.11.2023
Repairs to petrol pipes CB1,
CB2, U1, pipes Dn=350 mm,
in the area between K1 SP
Port and MIM bridge
45231113-0 Pipeline
replacement works
Talpac SRL
10,354,291.37 lei
Works
3
228 / 537 /
12.12.2023
Repairs to fire water supply
pipelines, lines 1, 2 - South
Platform Section
45232150-8 Works for water
supply pipelines
Top Oil Inter
SRL
6,601,931.89 lei
Works
4
191 / 455 /
30.10.2023
Preparation of the project
"Dismantling/demolition,
reservation park Body A (2C
and 2D)
79930000-2 Specialist
design services
Ellis 92 SRL
540,000.00 lei
Services
5
229 / 538 /
12.12.2023
Electricity supply
65310000-9 Electricity
distribution
Engie
Romania SA
Prețuri unitare - valoarea
estimată a contractului
este de 7,738,250.00 lei
Supply
12.3. Transactions according to art.52 of GEO no.109/2011 as amended, of which:
12.3.1. Informing shareholders about transactions with directors or officers, employees, controlling
shareholders or a company controlled by them, pursuant to Article 52(3)(a) of GEO 109/2011 as
amended:
The Board of Directors of Oil Terminal SA, in accordance with Article 52 paragraph (3) letter a) of GEO no.109/2011,
informs the shareholders of any transaction concluded with directors or managers, employees, shareholders who
control the company or a company controlled by them, by making available to the shareholders the documents
reflecting the essential and significant data and information related to those transactions.
Transactions are reported regardless of the amount.
Transaction period 01.01.2023 - 31.12.2023.
Transactions subject to GSM disclosure requirement.
Page 76/233
12.3.1.1. Transactions with suppliers
No.
Legal act parties
Conclusion date
and act number
Legal
act kind
Object description
Total value
(lei)
Mutual receivables
Constituted
guarantees
Payment terms and
methods
Interests and
penalties
1
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
36/
03.01.2023
Order
Issuance of free passage authorization for 39
vehicles (January-September 2023)
18,832.71
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 day
It’s not
necessary
2
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
39/
03.01.2023
Order
Issuance of authorization for free passage in
Constanta port, 8 PSI vehicles for the period
01.01.2023-30.09.2023
66.72
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
3
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
47/
03.01.2023
Order
Issuance of authorization for free passage in the
port of Constanta, for vehicles and SERME
equipment, for the period 01.01.2023-30.09.2023
17,303.22
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
4
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
402/
12.01.2023
Expense
account
Issuing of authorization for free passage in
Constanta port - 7 Renault Arkana cars
58.38
It’s not necessary
It’s not
necessary
Achitat cu numerar la
casierie in data de
11.01.2023
It’s not
necessary
5
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
403/
12.01.2023
Expense
account
Issuing of authorization for free passage
Constanta port, 1 piece vehicle B 106 WSW
18.49
It’s not necessary
It’s not
necessary
Paid in cash on
11.01.2023
It’s not
necessary
6
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
404/
12.01.2023
Expense
account
Issuing authorization for free passage Constanta
port, 1 piece vehicle B 106 WSW
18.49
It’s not necessary
It’s not
necessary
Paid in cash on
11.01.2023
It’s not
necessary
7
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
415/
12.01.2023
Order
Ship information bulletin for the year 2023 -
subscription
1,120.05
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
8
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
492/
16.01.2023
Order
Access authorization for port platform employees
569.65
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
9
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
530/
16.01.2023
Order
Issuance, visas, port worker cards and change of
function on cards for certain categories of
employees in the Port Platform Section for the
year 2023
1,008.62
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
10
Compania Nationala
Administratia
753/
20.01.2023
Order
Issuance of authorization for free passage
Constanta port CT 48 TER
582.54
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
Page 77/233
Porturilor Maritime
SA Constanta
11
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
1327/
02.02.2023
Order
Issuing of passbooks, visas and change of
function on passbooks for certain categories of
employees for 2023
100.11
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
12
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
1386/
03.02.2023
Expense
account
Issuance of authorization for free passage
Constanta port - 2 cars Dacia Dokker
16.68
It’s not necessary
It’s not
necessary
Paid in cash on
02.02.2023
It’s not
necessary
13
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
1693/
09.02.2023
Order
Issuance of free passage authorization in
Constanta port for 2 cars
438.50
It’s not necessary
It’s not
necessary
Plata cu OP in termen
de 30 zile
It’s not
necessary
14
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
1961/
17.02.2023
Order
Legitimatie access to port platform 1 piece
113.93
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
15
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
2142/
22.02.2023
Order
Extension of the validity of the work licenses
necessary for the activities carried out in the Port
Platform Section
19,976.73
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
16
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
2954/
16.03.2023
Expense
account
Issuance of authorization for free passage in
Constanta port - 1 vehicle Dacia Jogger
B102WZK
8.34
It’s not necessary
It’s not
necessary
Paid in cash on
15.03.2023
It’s not
necessary
17
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
2955/
16.03.2023
Expense
account
Issuance of authorization for free passage
Constanta port - 1 vehicle Dacia Jogger
B102WZK
8.34
It’s not necessary
It’s not
necessary
Paid in cash on
15.03.2023
It’s not
necessary
18
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
3618/
03.04.2023
Order
CTE approval - for the demolition of the oil tank
gate house
1,594.57
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
19
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
3955/
10.04.2023
Order
Detection of faults on two medium voltage
cables, located in North I warehouse between PT
connections and PT 87
3,796.32
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
20
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
4119/
18.04.2023
Expense
account
Replaced cardboard free passage Constanta
Port for bus SERME B 111 WIX
8.34
It’s not necessary
It’s not
necessary
Paid in cash on
17.04.2023
It’s not
necessary
Page 78/233
21
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
4239/
20.04.2023
Order
Authorization for free passage in Constanta port
for vehicle B 999 SRM, for the period
01.05.2023-30.09.2023
271.98
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
22
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
4710/
03.05.2023
Order
Detection of faults on two medium voltage cables
located in the North I depot between PT
connections and PT 87
2,936.45
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
23
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
5353/
18.05.2023
Expense
account
Issuance of authorization for free passage
Constanta port
9.92
It’s not necessary
It’s not
necessary
Paid in cash on
18.05.2023
It’s not
necessary
24
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
5521/
23.05.2023
Order
Issuing of port worker cards and visas for certain
categories of employees within S.P. Port for
2023
104.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
25
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
5529/
23.05.2023
Expense
account
Issuing of free passage authorization in the port
of Constanta for the SERME CT 14 SRM dump
truck
9.92
It’s not necessary
It’s not
necessary
Paid in cash on
16.05.2023
It’s not
necessary
26
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
5616/
24.05.2023
Order
CF extract, orthophoto plan and location plan in
the area, scale 1:500 for the building in
Constanta, cadastral number 256089
227.86
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
27
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
6034/
08.06.2023
Order
Issuance of authorization for free passage to the
port of Constanta for vehicle SERME with
registration number B555SRM, for the period
09.06.2023 - 30.09.2023
263.54
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
28
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
7875/ 27.07.2023
Order
Services with PRAM car
12,419.82
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
29
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8703/ 24.08.2023
Expense
account
Issuing of authorization for free passage in
Constanta harbour for the vehicle PS. with
registration number B 102 TER
9.92
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
30
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8808/ 25.08.2023
Order
Issuance of authorization for free passage in
Constanta port for 40 cars of the company
7,926.35
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
31
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8819/ 28.08.2023
Expense
account
Issuing of authorization for free passage in
Constanta port for 9 PSI vehicles
89.32
It’s not necessary
It’s not
necessary
Paid in cash on
25.08.2023
It’s not
necessary
Page 79/233
32
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8833/ 28.08.2023
Order
External port security audit
3,891.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
33
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8857/ 28.08.2023
Order
Legitimation of access to the port platform - 4
pieces
542.31
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
34
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
8949/ 30.08.2023
Order
Issuance of authorization for free passage in
Constanta port for the vehicle SERME with
registration number B999 SRM
219.25
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
35
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
9082/ 04.09.2023
Order
Issuance of a free passage authorization for 19
SERME vehicles for the period 01.10.2023-
31.12.2023
6,261.72
It’s not necessary
It’s not
necessary
Payment by PO in term
of 10 days
It’s not
necessary
36
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
9390/ 13.09.2023
Order
Issuance of authorization for free passage in
Constanta port for 1 vehicle with registration
number CT 2729 in the period 01.10.2023-
31.12.2023
199.74
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
37
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
10092/
05.10.2023
Expense
account
Issuance of authorization for free passage in
Constanta port for 2 cars Hyundai Tucson with
registration number AG 033314 and AG 033315
208.07
It’s not necessary
It’s not
necessary
Paid in cash on
03.10.2023
It’s not
necessary
38
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
10582/
18.10.2023
Expense
account
Issuance of authorization for free passage
Constanta port for 2 cars
9.92
It’s not necessary
It’s not
necessary
Paid in cash on
17.10.2023
It’s not
necessary
39
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
10669/
20.10.2023
Expense
account
Issuing of authorization for free passage in
Constanta port for AG035286
198.15
It’s not necessary
It’s not
necessary
Paid in cash on
20.10.2023
It’s not
necessary
40
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11070/
31.10.2023
Expense
account
Issuing authorization for free passage in
Constanta port for 2 cars
9.92
It’s not necessary
It’s not
necessary
Paid in cash on
30.10.2023
It’s not
necessary
41
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11192/
03.11.2023
Order
Legitimatier access to the port platform
113.93
It’s not necessary
It’s not
necessary
Payment by PO in term
of 3 days
It’s not
necessary
42
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11251/
06.11.2023
Order
Issuance of authorization for free passage in the
port of Constanta
240.34
It’s not necessary
It’s not
necessary
Payment by PO in term
of 10 days
It’s not
necessary
Page 80/233
43
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11405/
09.11.2023
Expense
account
Issuance of free passage authorization for 1 car
at Constanta port
9.92
It’s not necessary
It’s not
necessary
Achitat cu numerar la
caserie in data de
08.11.2023
It’s not
necessary
44
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11683/
15.11.2023
Comand
a
Issuance of authorization for free passage in
Constanta port - SERME (Manitou) - CT 2914 for
the period 15.11.2023-31.12.2023
323.02
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
45
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11804/
17.11.2023
Comand
a
Access authorization to the port platform - 3
pieces
341.79
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
46
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
12387/
05.12.2023
Expense
account
Issuance of free passage authorization Port
Constanta - SERME (Manitou) CT 2914 for
05.12.2023
54.00
It’s not necessary
It’s not
necessary
Achitat cu numerar la
caserie in data de
05.12.2023
It’s not
necessary
47
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
12605/
11.12.2023
Expense
account
Issuance of free passage authorization Port
Constanta - SERME (Manitou) CT 2914 for
11.12.2023
54.00
It’s not necessary
It’s not
necessary
Achitat cu numerar la
caserie in data de
11.12.2023
It’s not
necessary
48
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
12868/
15.12.2023
Comand
a
Release of the CTE permit for the objective
"Metallic piling between lines 3 and 4 at the CF
ramp -SP PORT
1,897.54
It’s not necessary
It’s not
necessary
Payment by PO in term
of 6 days
It’s not
necessary
49
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
10/
15.12.2023 la
contractul
CNAPM 00093-
IDP-
02/15.09.2014
Addition
al Act
Tariff increase
The estimated
value of the
contract for 12
months is
2,388,72 lei
It’s not necessary
Performance
guarantee: the
equivalent in lei
of 3 monthly
rents including
the legal VAT
rate
10 working days from
the date of receipt of
the tax invoice
Penalties
0.10% for
each calendar
day of delay.
50
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11/
15.12.2023 to
contract CNAPM
00093 - IDP - 01/
21.01.2015
Addition
al Act
Tariff increase
The estimated
value of the
contract for 12
months is
10,332.00 lei
It’s not necessary
Performance
guarantee: the
equivalent in lei
of 3 monthly
rents including
the legal VAT
rate
5 working days from
the date of receipt of
the tax invoice
Penalties
0.15% for
each calendar
day of delay.
51
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
12/
15.12.2023 la
contractul
CNAPM 00093 -
IDP - 01/
21.01.2015
Addition
al Act
Change the way invoices are sent via the
national e-invoice system
The estimated
value of the
contract for 12
months is
10,332.00 lei
It’s not necessary
Performance
guarantee: the
equivalent in lei
of 3 monthly
rents including
5 working days from
the date of receipt of
the tax invoice
Penalties
0.15% for
each calendar
day of delay.
Page 81/233
the legal VAT
rate
52
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
11/
22.12.2023 la
contractul
CNAPM 00093-
IDP-02/
15.09.2014
Addition
al Act
Change of the way to send invoices via the
national e-invoice system
Estimated
contract value
for 12 months
is 2,388.72 lei
It’s not necessary
Performance
guarantee : the
equivalent in lei
of 3 monthly
rents including
the legal VAT
rate
10 working days from
the date of receipt of
the invoice
Penalties
0.10% for
each calendar
day late.
53
Compania Nationala
Administratia
Porturilor Maritime
SA Constanta
1/
29.12.2023 la
contractul
93/03/23.10.2017
Addition
al Act
Modification of the way of sending invoices via
the national e-invoice system
Estimated
value of the
contract for 12
months is
3,035,252.38
lei
It’s not necessary
Performance
guarantee : the
equivalent in lei
of 3 monthly
rents including
the legal VAT
rate
10 working days from
date of receipt of
invoice
Penalties
0.10% for
each calendar
day late.
54
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
53/
04.01.2023
Order
Issue of a 1-year vignette for Renault truck with
registration number CT-12-CKI
3,560.98
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
55
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
819/
25.01.2023
Order
Road toll for MAN tipper with registration number
CT 85 TEP
3,560.98
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
56
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
1827/
14.02.2023
Order
1-year vignette issue for van N1 with registration
number CT-42-SRM
470.69
It’s not necessary
It’s not
necessary
Payment by PO in term
of 1 day
It’s not
necessary
57
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
2015/
20.02.2023
Order
1 year vignette issue for the N3 Romprim truck
with registration number CT-10-FOC
3,530.16
It’s not necessary
It’s not
necessary
Payment by PO in term
of 1 day
It’s not
necessary
58
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
2485/
03.03.2023
Order
Issuance of a 1 year vignette for Dacia Logan
with registration number CT-06-WXZ
137.72
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
59
Compania Nationala
de Administrare a
Infrastructurii Rutiere
2840/
14.03.2023
Order
Issue of a 1-year vignette for Dacia Dokker with
registration numbers CT-01-BUF and CT-18-
SRM
275.44
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
Page 82/233
SA - CNAIR SA
Bucuresti
60
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
3912/
10.04.2023
Order
Issuing of a 1-year vignette for Toyota Hilux CT
75 ZSZ
399.21
It’s not necessary
It’s not
necessary
Payment by PO in term
of 3 days
It’s not
necessary
61
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
5458/
23.05.2023
Order
Issue of a 1-year vignette for MAN with
registration number CT-14-SRM
3,559.61
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
62
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
10350/
11.10.2023
Order
Port platform access authorisation
341.79
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
63
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
10366/
12.10.2023
Order
Toll for van Renault Kangoo CT 48 TER
477.59
It’s not necessary
It’s not
necessary
Payment by PO in term
of 1 day
It’s not
necessary
64
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
11334/
08.11.2023
Order
1-year vignette for the MAN - vacuum truck with
registration number CT 10 SRM
3,574.58
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
65
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
11447/
10.11.2023
Order
vignette for PRB Ford CT 01 SRE
476.61
It’s not necessary
It’s not
necessary
Payment by PO in term
of 13 days
It’s not
necessary
66
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
11954/
21.11.2023
Order
1 year vignette for Dacia LOGAN MCV with
registration number CT 01 TEP and Dacia
DOKKER with registration number CT 02 TEP
278.02
It’s not necessary
It’s not
necessary
Payment by PO in term
of 15 days
It’s not
necessary
67
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
12714/
13.12.2023
Order
1 year vignette issue for Dacia DOKKER with
registration number CT 47 NRD, Dacia DOKKER
with registration number CT 45 SRM and Dacia
DOKKER with registration number CT 46 SRM
417.69
It’s not necessary
It’s not
necessary
Payment by PO in term
of 8 days
It’s not
necessary
Page 83/233
68
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
13050/
20.12.2023
Order
1 year vignette issue for RENAULT -self-
propelled truck- with registration number CT 12
CKI
3,580.20
It’s not necessary
It’s not
necessary
Payment by PO in term
of 1 day
It’s not
necessary
69
Compania Nationala
de Administrare a
Infrastructurii Rutiere
SA - CNAIR SA
Bucuresti
13052/
20.12.2023
Order
1 year vignette issue for MAN - orange - with
registration number CT 85 TEP
3,580.20
It’s not necessary
It’s not
necessary
Payment by PO in term
of 1 day
It’s not
necessary
70
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
6456/ 20.06.2023
Order
Technical inspection of the combustion and
automation system of the Clayton heating plant -
port and south platform section
4,000.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
71
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
6457/ 20.06.2023
Order
Technical inspection in use, for interior technical
examinations, steam boilers type Clayton -
thermal power plants - south and port platform
section
6,576.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
72
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
7035/ 03.07.2023
Order
ISCIR authorization for forklift CAT AG 0062
556.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
73
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
8504/ 17.08.2023
Order
Technical inspection in view of ISCIR
reauthorization of compressor air cylinder
6,000.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
74
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
11273/
07.11.2023
Order
Technical verification for ISCIR authorization for
diesel fuel metering installation degassers - 4
pieces
6,244.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
Page 84/233
Presiune – CNCIR
SA
75
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
11356/
08.11.2023
Order
Technical inspection services for ISCIR
authorization MANITOU MRT 2660
MAN00000K01112485
3,663.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 15 days
It’s not
necessary
76
Compania Nationala
pentru Controlul
Cazanelor,Instalatiilor
de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
11940/
21.11.2023
Order
Technical inspection for ISCIR reauthorization of
air compressor cylinder
1,411.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 15 days
It’s not
necessary
77
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
AA
nr.1/01.03.2023-
ctr.263/986/
27.12.2022
Addition
al Act
Increase in the value of the service for contract
No 263/986/27.12.2022
91.44
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
78
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
AA
nr.1/01.03.2023-
ctr.264/987/
27.12.2022
Addition
al Act
Increase in the value of the performance of
contract no. 264/987/27.12.2022
186.51
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
79
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
AA
nr.1/01.03.2023-
ctr.265/988/
27.12.2022
Addition
al Act
Increase in contract value No
265/988/27.12.2022
83.54
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
80
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
AA
nr.1/01.03.2023-
ctr.266/989/
27.12.2022
Addition
al Act
Increase in the value of services under contract
No 266/989/27.12.2022
154.89
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
81
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
AA
nr.1/01.03.2023-
ctr.267/990/
27.12.2022
Addition
al Act
Increase in the value of services provided under
contract no. 267/990/27.12.2022
1,821.52
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
82
Compania Nationala
de Cai Ferate CFR
SA Bucuresti
11892/
20.11.2023
Order
Issuing of the C.T.E. notice - Modification by
demolition of the LFI owned by Oil Terminal S.A.,
north warehouse, ramp 2B
627.99
It’s not necessary
It’s not
necessary
Payment by PO in term
of 30 days
It’s not
necessary
83
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
85/
05.01.2023
Order
Use of radio frequency spectrum for maritime
mobile service quarter IV- 2022 (licence MM-
NAV 28/2014; MM-TRM 02/2014)
414.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
Page 85/233
84
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
86/
05.01.2023
Order
Use of radio frequency spectrum for the land
mobile service for the period 01.01.2022 -
31.12.2022 (licence MT-PMR 0089/2017; MT-
PMR 0090/2017 and MT-PMR 0088/2017)
2,391.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 5 days
It’s not
necessary
85
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
3634/
04.04.2023
Order
Use of radio frequency spectrum for maritime
mobile service quarter I 2023
414.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
86
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
9674/
22.09.2023
Order
Use of radio frequency spectrum for maritime
service -trim III
414.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 6 days
It’s not
necessary
87
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
12845/
15.12.2023
Order
Use of radio frequency spectrum for maritime
service -trim IV
414.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 13 days
It’s not
necessary
88
Autoritatea Nationala
pentru Administrare si
Reglementare in
Comunicatii-ANCOM
13199/
27.12.2023
Order
Radio frequency spectrum usage for land mobile
service
2,391.00
It’s not necessary
It’s not
necessary
Payment by PO until
18.01.2024
It’s not
necessary
89
Administratia
Fondului de Mediu
617/
18.01.2023
Order
Contribution due to the Environmental Fund for
December 2022 - emissions of pollutants into the
atmosphere from stationary sources
48.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
90
Administratia
Fondului de Mediu
1966/
17.02.2023
Order
Contribution to the Environmental Fund for
January 2023
48.00
It’s not necessary
It’s not
necessary
Payment by PO in term
of 2 days
It’s not
necessary
91
Administratia
Fondului de Mediu
3080/
20.03.2023
Order
Contribution due to the Environment Fund for
February 2023 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
52.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
92
Administratia
Fondului de Mediu
4149/
19.04.2023
Order
Contribution due to the Environment Fund for
March 2023 - emissions of pollutants into the
atmosphere from stationary sources (Thermal
power plants)
28.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
93
Administratia
Fondului de Mediu
5109/
12.05.2023
Order
Issue of the declaration on the obligations to the
Environmental Fund
35.00
It’s not necessary
It’s not
necessary
Payment by PO within
7 days
It’s not
necessary
94
Administratia
Fondului de Mediu
6292/
16.06.2023
Order
Issuing of the statement of obligations to the
Environmental Fund
33.00
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
95
Administratia
Fondului de Mediu
7460/
13.07.2023
Order
Issuing of the declaration of obligations to the
environmental fund
13.00
It’s not necessary
It’s not
necessary
Payment with PO
within 6 days
It’s not
necessary
96
Administratia
Fondului de Mediu
8506/
17.08.2023
Order
Contribution due to the Environmental Fund for
July 2023 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 5 days
It’s not
necessary
Page 86/233
97
Administratia
Fondului de Mediu
11722/
16.11.2023
Order
Contribution due to the Environmental Fund for
October 2023 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
16.00
It’s not necessary
It’s not
necessary
Payment by PO within
4 days
It’s not
necessary
98
Administratia
Fondului de Mediu
12910/
18.12.2023
Order
Issuing of the declaration of obligations to the
Environmental Fund
14.00
It’s not necessary
It’s not
necessary
Payment with PO until
19.12.2023
It’s not
necessary
99
Agentia pentru
Protectia Mediului
1446/
06.02.2023
Order
Issuance of environmental agreement for the
project: Abolition of the unloaders' shelter
building (control point building C24), Workers'
tool house (Foam house C26), Pump house
(Pump house C27 partial), Toluene pump house
(Pump house C28), Fire house CS14 (Cabin
C95), Foam house (PSI house C8-C59)
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
100
Agentia pentru
Protectia Mediului
3282/
24.03.2023
Order
Dismantling ruin tank C65-C52, ruin tank C66-
C53, ruin tank C63-C50, ruin pump house C64-
C51, ruin pump house C60-C47
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
101
Agentia pentru
Protectia Mediului
3495/
30.03.2023
Order
Services concerning the approval procedure for
internal transport of hazardous waste
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
102
Agentia pentru
Protectia Mediului
4486/
26.04.2023
Order
environmental agreement stage 2 according to
decision nr 157/03.04.2023 "dismantling of ruin
tank c65(c52), ruin tank C66(C53), ruin tank
c63(c50), ruin pump house c64(c51), ruin pump
house c60(c47)
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
103
Agentia pentru
Protectia Mediului
6161/
13.06.2023
Order
Annual Environmental Permit No.
343/13.09.2023 for Port Platform Section
100.00
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
104
Agentia pentru
Protectia Mediului
7018/
26.07.2023
Order
Initial environmental assessment for the project
"Demolition of the oil tank gate house", located in
Constanta county - SP Port, Dana 69"
100.00
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
105
Agentia pentru
Protectia Mediului
7903/
28.07.2023
Order
Initial environmental assessment for the project
"Demolition of the oil tank gate house", located in
Constanta county - SP Port, Dana 69
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
106
Agentia pentru
Protectia Mediului
8144/
04.08.2023
Order
Issuance of the annual visa for the environmental
authorization nr. 439/14.11.2023 - south platform
section
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
107
Agentia pentru
Protectia Mediului
8276/
09.08.2023
Order
Environmental agreement - dismantling of
unloaders' shelter building, workers' tool house,
CS14 fire house, foam house (payment of the fee
for the registration stage)
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
108
Agentia pentru
Protectia Mediului
8497/
17.08.2023
Order
Environmental agreement for the project
"Modification of LFI Oil Terminal - North Depot -
Ramp 1a", located in the county. Caraiman
street, nr.2, SP Nord 1, lot 1/1
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 87/233
109
Agentia pentru
Protectia Mediului
8932/
30.08.2023
Order
Tariff for the submission of documentation in
order to obtain the Environmental Agreement for
the investment objective "Installation of loading of
tankers CF line 1- S.P. SUD".
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
110
Agentia pentru
Protectia Mediului
9372/
13.09.2023
Order
Issuance of the environmental permit for the
investment objective "Modernization of reservoir
T29S - South platform section"
100.00
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
111
Agentia pentru
Protectia Mediului
9406/
14.09.2023
Order
Issuing of the environmental agreement for the
investment objective "Commissioning of the
Crystal separator sp North
100.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
112
Agentia pentru
Protectia Mediului
9407/
14.09.2023
Order
Foam house dismantling (PSI Remiza) NI
11210294
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
113
Agentia pentru
Protectia Mediului
9570/
20.09.2023
Order
Contribution due to the environmental fund for
August 2023 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
11.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
114
Agentia pentru
Protectia Mediului
9572/
20.09.2023
Order
Environmental agreement for the investment
objective "Installation of loading of tankers CF
line 1 SP South"
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
115
Agentia pentru
Protectia Mediului
9571/
21.09.2023
Order
Revision of the environmental permit for the
South Platform Section no.
343/13.09.20231.2023
250.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
116
Agentia pentru
Protectia Mediului
9602/
21.09.2023
Order
Revision of Environmental Authorisation for
South Platform Section No 439/14.11.2023
250.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
117
Agentia pentru
Protectia Mediului
9698/
25.09.2023
Expense
account
Tariff for the submission of documentation in
order to obtain the Environmental Agreement for
the investment objective "Commissioning of the
Crystal Separator - NORTH Platform Section"
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
118
Agentia pentru
Protectia Mediului
9699/
25.09.2023
Expense
account
Tariff for the submission of documentation in
order to obtain the Environmental Agreement for
the investment objective "Modernization of the
T29S reservoir - South Platform Section".
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
119
Agentia pentru
Protectia Mediului
9807/
27.09.2023
Order
Environmental impact assessment for the project
" modification of LFI Oil Terminal North depot -
Ramp I A
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
120
Agentia pentru
Protectia Mediului
10098/
05.10.2023
Order
Issuing of the Environmental Agreement for the
project : Desfiintare casa spuma, NI 11210651,
located in Constanta , str. Caraiman nr. 2, SP
Sud, lot 1/1/1/1
100.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
121
Agentia pentru
Protectia Mediului
10270/
10.10.2023
Order
Tariff for the submission of documentation in
order to obtain the Environmental Agreement for
the investment objective " Modernization of the
reservoir T26S-SP SUD
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 88/233
122
Agentia pentru
Protectia Mediului
12591/
11.12.2023
Order
Tariff for the submission of documentation in
order to obtain the Environmental Agreement for
the investment objective "Modernization of the
reservoir T26S Section Platform SUD"
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
123
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
977/
27.01.2023
Expense
account
CF extract for the authentication of the real
estate mortgage contract
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
25.01.2023
It’s not
necessary
124
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
1704/
10.02.2023
Expense
account
Obtaining the land register extract for the land of
66.632 sqm
20.00
It’s not necessary
It’s not
necessary
Paid in cash on
09.02.2023
It’s not
necessary
125
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
1830/
14.02.2023
Expense
account
Obtaining land register extract no.256089
(738.255,00 sqm) updated with the actual
situation, issued by OCPI
35.00
It’s not necessary
It’s not
necessary
Paid in cash on
13.02.2023
It’s not
necessary
126
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
4171/
19.04.2023
Expense
account
Land register extract
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
19.04.2023
It’s not
necessary
127
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
4243/
21.04.2023
Expense
account
Land register extract for authentication of the
mortgage maintenance agreement
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
26.04.2023
It’s not
necessary
128
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
4244/
21.04.2023
Expense
account
Registration in the land register of the convention
of maintenance of the real estate mortgage
75.00
It’s not necessary
It’s not
necessary
Paid in cash on
26.04.2023
It’s not
necessary
129
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
4380/
24.04.2023
Order
Registration of a car pergola on lot 1/1/1/1 of the
South Platform Section, with an area of 738255
sq.m, and cadastral number 256089
1,234.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
130
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
5347/
18.05.2023
Expense
account
Notarial services - cadastral plan extract from the
orthophoto plan and land register extract with
OCPI visa with cadastral number 255591
35.00
It’s not necessary
It’s not
necessary
Paid in cash on
18.05.2023
It’s not
necessary
131
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
5611/
24.05.2023
Expense
account
CF extract, orthophoto plan and zoning plan,
scale 1:500 for the building in Constanta,
cadastral number 256089
75.00
It’s not necessary
It’s not
necessary
Paid in cash on
22.05.2023
It’s not
necessary
132
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
5723/
26.05.2023
Expense
account
CF extract, orthophoto plan and zoning plan,
scale 1:500 for the building in Constanta,
cadastral number 214855
235.00
It’s not necessary
It’s not
necessary
Paid in cash on
23.05.2023
It’s not
necessary
133
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
5863/
31.05.2023
Expense
account
CF extract, orthophoto plan and zoning plan,
scale 1:5000 for the building in Constanta,
cadastral number 215382
75.00
It’s not necessary
It’s not
necessary
Paid in cash on
26.05.2023
It’s not
necessary
134
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
6179/
13.06.2023
Expense
account
Fee for the request of the land register extract for
information and of the cadastral plan extract from
the orthofoplan and location plan approved by
OCPI for the objective: "Putting into operation
Crystal Separator - S.P.Nord"
80.00
It’s not necessary
It’s not
necessary
Paid in cash on
12.06.2023
It’s not
necessary
Page 89/233
135
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
6196/
14.06.2023
Expense
account
Rate for the site plan approved by OCPI for the
object: "Putting into operation Crystal Separator -
S.P.Nord"
80.00
It’s not necessary
It’s not
necessary
Paid in cash on
12.06.2023
It’s not
necessary
136
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
6832/
28.06.2023
Expense
account
Extract of the land register and extract of the
cadastral plan from the orthophoto plan approved
by OCPI for the modernization of the tank T29 S
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
27.06.2023
It’s not
necessary
137
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
6993/
30.06.2023
Expense
account
Zoning plan, scale 1:2000, with OCPI visa, for
the building with cadastral number 238837
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
29.06.2023
It’s not
necessary
138
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
7148/
05.07.2023
Expense
account
CF extract, orthophotoplan for the building in
Constanta, Cadastral No. 238837
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
04.07.2023
It’s not
necessary
139
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
7149/
05.07.2023
Expense
account
Extract CF, orthophotoplan for the building in
Constanta, Cadastral No. 255591
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
04.07.2023
It’s not
necessary
140
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
8416/
11.08.2023
Expense
account
CF extract, orthophotoplan for the building in
Constanta, Cadastral no. 255591
35.00
It’s not necessary
It’s not
necessary
Paid in cash on
10.08.2023
It’s not
necessary
141
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
8516/
17.08.2023
Expense
account
Notarial services - cadastral plan extract from
orthophotoplan and land register extract for the
building with cadastral number 246756
35.00
It’s not necessary
It’s not
necessary
Paid in cash on
17.08.2023
It’s not
necessary
142
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
8517/
17.08.2023
Expense
account
Notarial services - cadastral plan extract from
orthophoto plan and land register extract, for the
building with cadastral number 256089
35.00
It’s not necessary
It’s not
necessary
Paid in cash on
17.08.2023
It’s not
necessary
143
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
9291/
12.09.2023
Order
Removal of the building from the land in SP Nord
2- body B
1,680.00
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
144
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
9956/
02.10.2023
Expense
account
Obtaining of the land register extract for the
buildings in Constanta Caraiman street no.2 Lot
1/2/2 with cadastral no. 238837 in surface of
170818sqm, lot 1/2 with cadastral no. 252530 in
surface of 8837sqm, Constanta port- dana 67
with cadastral no. 255923- C 206
60.00
It’s not necessary
It’s not
necessary
Paid in cash on
29.09.2023
It’s not
necessary
145
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
10279/
10.10.2023
Expense
account
Extract of the land register and orthophoto plan
for the building in Constanta, Caraiman street, nr.
2, SP Nord2- Corp B, cadastral number 215382
40.00
It’s not necessary
It’s not
necessary
Paid in cash on
10.10.2023
It’s not
necessary
146
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
10281/
10.10.2023
Expense
account
Extract from the land register and orthophoto
plan for the building in Constanta, str. Caraiman,
nr 2, premises SP Nord 2- Corp A, cadastral
number 215416
30.00
It’s not necessary
It’s not
necessary
Paid in cash on
10.10.2023
It’s not
necessary
147
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
13139/
21.12.2023
Expense
account
Extract of the land register and cadastral plan
from the orthophotoplan approved by OCPE for
80.00
It’s not necessary
It’s not
necessary
Paid in cash on
18.12.2023
It’s not
necessary
Page 90/233
the objective of putting in place the Crystal
separator S.P. Nord
148
Agentia Nationala de
Cadastru si
Publicitate Imobiliara
13142/
22.12.2023
Expense
account
Fee for the request of the land register extract for
information and of the extract from the cadastral
plan on the orthophotoplan approved by OCPI for
the objective "Modernisation of the T29S
reservoir South Platform Section
80.00
It’s not necessary
It’s not
necessary
Paid in cash on
18.12.2023
It’s not
necessary
149
Autoritatea Rutiera
Romana - ARR
728/
20.01.2023
Order
Certified copy of the goods transport licence for
the MAN tipper with registration number AG 16
UOI
260.00
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
150
Autoritatea Rutiera
Romana - ARR
1816/
14.02.2023
Order
ARR database update and drivers reporting
41.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
151
Autoritatea Rutiera
Romana - ARR
3663/
04.04.2023
Order
Issue of a certified copy of the passenger
transport licence for bus mercedes B 111 WIX
260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
152
Autoritatea Rutiera
Romana - ARR
4397/
24.04.2023
Order
Issue of a certified copy of the passenger
transport licence for bus Mercedes B 999 SRM
260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
153
Autoritatea Rutiera
Romana - ARR
5210/
16.05.2023
Order
Issue of a certified copy of the goods transport
licence for van B108 HSE and CT 42 SRM
520.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
154
Autoritatea Rutiera
Romana - ARR
5221/
16.05.2023
Order
Change of registration number of MAN tipper
117.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
155
Autoritatea Rutiera
Romana - ARR
5232/
16.05.2023
Order
Compliant copy of goods transport licence for
SERME CT 29 TER dump truck
260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
156
Autoritatea Rutiera
Romana - ARR
6014/
08.06.2023
Order
Interbus control document for public road
passenger transport by occasional services in
national traffic
58.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
157
Autoritatea Rutiera
Romana - ARR
6080/
09.06.2023
Order
Issue of a certified true copy of the goods
transport licence for a van with registration
number B 555 SRM
260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
158
Autoritatea Rutiera
Romana - ARR
7139/
05.07.2023
Order
Issue of a certified copy of the goods transport
licence for the MAN dumper with registration
number CT 14 SRM
260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
159
Autoritatea Rutiera
Romana - ARR
9178/
06.09.2023
Order
Issue of a certified true copy of the goods
transport licence for MAN dumper truck with
registration number CT 10 SRM and CT 85 TEP
520.00
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
160
Autoritatea Feroviara
Romana-AFER
134/
06.01.2023
Order
Re-certification as RSC-LFI traffic safety officer,
attended by 2 persons from CFU station
1,947.07
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
161
Autoritatea Feroviara
Romana-AFER
196/
09.01.2023
Order
Authorization of personnel for handling
telecommunication installations in stations,
current line, traffic regulator-RC and
authorization for insurance installations with
individual signal locks, crane and non-centralized
derailment shoe in which 1 person from CFU
station participates
591.51
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 91/233
162
Autoritatea Feroviara
Romana-AFER
649/
19.01.2023
Order
Granting of periodic extension visa to the
authorizations for handling of the insurance
installations with key locks and SBW block and
handling of telecommunication installations in
stations, current line, circulation regulator-RC
1,377.55
It’s not necessary
It’s not
necessary
Payment by PO within
5 days
It’s not
necessary
163
Autoritatea Feroviara
Romana-AFER
1057/
30.01.2023
Order
Renewal of operating licence for locomotive No
92 53 0 690042-2
1,176.73
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
164
Autoritatea Feroviara
Romana-AFER
1139/
31.01.2023
Order
Renewal of operating licence for locomotive No
92 53 0 810 736-4
1,179.56
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
165
Autoritatea Feroviara
Romana-AFER
1232/
01.02.2023
Order
Authorisation for 1 person at CFU station for
handling station telecommunications
installations, current line, CR train protection and
authorisation for securing installations with
individual signal locks, crane and non-centralised
derailment shoe
589.77
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
166
Autoritatea Feroviara
Romana-AFER
1504/
07.02.2023
Order
Release of Financial Cover for Civil Liability,
annex no.4/10.03.2022 to the licence for
performing railway shunting services only
no.LMF 012/12.03.2019
3,231.50
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
167
Autoritatea Feroviara
Romana-AFER
1636/
09.02.2023
Order
Examination to ensure training, further training,
assessment of general/specific professional
competences and authorization of staff with
responsibilities in traffic safety, attended by 1
person from CFU Station
586.80
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
168
Autoritatea Feroviara
Romana-AFER
1956/
17.02.2023
Order
Renewal of operating licence for locomotive No
92 53 0 810737-2
1,647.75
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
169
Autoritatea Feroviara
Romana-AFER
2023/
20.02.2023
Order
Granting of the periodic endorsement on the
Single Safety Certificate No. OMF 2022004 for
performing only railway shunting on Romanian
railways.
17,149.73
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
170
Autoritatea Feroviara
Romana-AFER
2312/
28.02.2023
Order
Obtaining approval for the modification of the
industrial railway line belonging to Oil Terminal
SA Depozit Nord - Tarmac 1A, indirectly
connected to the railway network at Palas
station.
1,672.29
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
171
Autoritatea Feroviara
Romana-AFER
3335/
27.03.2023
Order
Right of access to the European Vehicle Register
(REV) for the year 2023-2024, for the rolling
stock owned by Oil Terminal (LDE and LDH 1250
hp)
2,633.88
It’s not necessary
It’s not
necessary
Payment by PO within
5 days
It’s not
necessary
172
Autoritatea Feroviara
Romana-AFER
5356/
18.05.2023
Order
Renewal of operating licence for locomotive No
92 53 0 690 041-4
1,670.96
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
173
Autoritatea Feroviara
Romana-AFER
9015/
01.09.2023
Order
Approval of the AFER technical documentation
for the dismantling of the tracks 5 and 6, ramp 1A
4,942.02
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
Page 92/233
174
Autoritatea Feroviara
Romana-AFER
9987/
03.10.2023
Order
Approval of the AFER technical documentation
for the dismantling of the lines 5 and 6 ramp 1A
3,978.57
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
175
Autoritatea Feroviara
Romana-AFER
10467/
16.10.2023
Order
Renewal of the operating licence for locomotive
No 92 53 0 810738-0
1,985.37
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
176
Autoritatea Feroviara
Romana-AFER
13044/
20.12.2023
Order
Renewal of operating licence for locomotive
92530690040-6
1,800.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
177
Autoritatea de
Siguranță Feroviară
Română-ASFR
5217/
16.05.2023
Order
Re-authorisation in ACAR function for an
employee of the Company
280.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
178
Autoritatea de
Siguranță Feroviară
Română-ASFR
5358/
18.05.2023
Order
Examination for authorisation for the function of
ACAR authorisation for SC installation handling
and handling of telecommunication installations
in stations, current line, circulator-RC, attended
by 1 person
377.96
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
179
Autoritatea de
Siguranță Feroviară
Română-ASFR
5360/
18.05.2023
Order
Granting of visa for the extension of the
authorisation for the function of wagon handler in
which 1 person participates
238.71
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
180
Autoritatea de
Siguranță Feroviară
Română-ASFR
5784/
29.05.2023
Order
Examination for the reauthorization of Voicu
Stefania Valentina for the function of acar
555.30
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
181
Autoritatea de
Siguranță Feroviară
Română-ASFR
5950/
07.06.2023
Order
Authorization for 1 person from CFU station for
the function of acar respectively authorization for
handling SC installation individual signal locks,
crane and non-centralized derailment shoe
376.79
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
182
Autoritatea de
Siguranță Feroviară
Română-ASFR
6116/
12.06.2023
Order
Granting visa to 1 person in the position of acar
(Voicu) and extension of the authorization for 1
person in the position of chief shunter (Sandu)
475.85
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
183
Autoritatea de
Siguranță Feroviară
Română-ASFR
6535/
21.06.2023
Order
Extension of authorization in the acar function for
2 persons in the CFU station
476.42
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
184
Autoritatea de
Siguranta Feroviara
Romana-ASFR
6795/
27.06.2023
Order
Verification of the documentation for the railway
shunting licence
4,480.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
185
Autoritatea de
Siguranta Feroviara
Romana-ASFR
7617/
19.07.2023
Order
Professional training course for the extension of
the RSMS certificate
2,591.97
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
186
Autoritatea de
Siguranta Feroviara
Romana-ASFR
7773/
25.07.2023
Order
Course for the extension of the authorisation to
exercise the function of employee of movement
(IDM) -1 person
236.60
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days of issuing
the tax invoice
It’s not
necessary
187
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9069/
04.09.2023
Order
Course for obtaining the locomotive engineer's
licence - 1 pers
1,736.53
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
Page 93/233
188
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9160/
06.09.2023
Order
Safety adviser in the transport of dangerous
goods by rail (CMP) course
10,425.03
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
189
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9813/
27.09.2023
Order
Re-certification in order to ensure the training,
further training and participation in the
authorisation and assessment committees of
staff with responsibilities in traffic safety -
Competence B
868.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
190
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9815/
27.09.2023
Order
Re-certification to ensure the training, further
training and participation in committees for the
authorisation and assessment of staff with
responsibility for road safety - Competence C
868.00
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
191
Autoritatea de
Siguranta Feroviara
Romana-ASFR
10654/
20.10.2023
Order
Re-certification as person in charge of organising
and conducting railway shunting and traffic safety
operations RM-OC.SC, attended by 1 person
from CFU Station
1,740.34
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
192
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11020/
30.10.2023
Order
Authorisation for handling installations for
keeping locomotives/engines in place in the case
of simplified driving (without assistant driver),
Authorisation for performing train brake tests
1,043.06
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
193
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11022/
30.10.2023
Order
Authorisation to carry out train brake tests
521.53
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
194
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11173/03.11.2023
Order
Re-certification as RSC-LFI, attended by 1
person from the CFU station
2,087.19
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
195
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11270/
07.11.2023
Order
Taking over the authorisation to exercise the
function of RSC-LFI Traffic Safety Officer
521.88
It’s not necessary
It’s not
necessary
Payment with PO
within 7 days
It’s not
necessary
196
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11514/
13.11.2023
Order
Examination to authorise CFU staff in the
function of steers, individual signal locks, crane
and non-centralised derailment shoe. Handling of
telecommunications from stations, current line,
shear regulator -RC
3,479.08
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
197
Agentia Nationala
pentru Resurse
Minerale
1822/
14.02.2023
Order
ANRM approval of the oil terminal rehabilitation
and modernization program in 2022 budget
amendment
6,384.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
198
Agentia Nationala
pentru Resurse
Minerale
5491/
24.05.2023
Order
ANRM approval of the oil terminal rehabilitation
and modernization program in 2023
6,384.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
199
Autoritatea Nationala
de Reglementare in
domeniul Energiei-
ANRE
2972/
16.03.2023
Order
ANRE authorization for 5 electricians within the
Mechanic-Electric Repair Operation Section
1,250.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 94/233
200
Autoritatea Nationala
de Reglementare in
domeniul Energiei-
ANRE
8768/
25.08.2023
Order
ANRE authorization grade I - 5 electricians,
grade II - 1 electrician within the Mechanic-
Electric Repairs Operation Section
1,500.00
It’s not necessary
It’s not
necessary
Payment with PO
within 8 days
It’s not
necessary
201
Autoritatea Nationala
de Reglementare in
domeniul Energiei-
ANRE
8771/
25.08.2023
Order
Reauthorization ANRE grade II B - 1 electrician
within the Section of Mechanic-Electric Repairs
Operation
125.00
It’s not necessary
It’s not
necessary
Payment with PO
Within 8 days
It’s not
necessary
202
Autoritatea Națională
pentru Administrarea
și Reglementare în
Comunicații-ANCOM
6523/
21.06.2023
Order
Use of radio frequency spectrum for maritime
mobile service quarter II- 2023 (licence MM-NAV
28/2014; MM-TRM 02/2014)
414.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
203
Autoritatea Navala
Romana-Constanta
1758/
17.02.2023
Decont
Extension of validity of seaman's book and
certificate of competency
264.76
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
16.02.2023
It’s not
necessary
204
Autoritatea Navala
Romana-Constanta
2264/
27.02.2023
Order
Inspection of transport lifeboat type 371 U (Depol
1)
1,584.24
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
205
Autoritatea Navala
Romana-Constanta
2598/
07.03.2023
Order
ANR reauthorisation for 2023 - Port Platform
Section
15,000.00
It’s not necessary
It’s not
necessary
Paid with PO within 15
days of issuing the tax
invoice
It’s not
necessary
206
Autoritatea Navala
Romana-Constanta
7609/
19.07.2023
Decont
Extension of validity of seaman's book for
seafaring personnel
69.51
It’s not necessary
It’s not
necessary
Paid with cash at cash
desk on 14.07.2023
It’s not
necessary
207
Autoritatea Navala
Romana-Constanta
9898/
29.09.2023
Decont
Extension of validity of seaman's book and issue
of certificate of competency
168.04
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 07.09.2023
It’s not
necessary
208
Autoritatea Navala
Romana-Constanta
9899/
29.09.2023
Decont
Extension of seaman's book and endorsement of
seagoing service
19.77
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
07.09.2023
It’s not
necessary
209
Autoritatea Navala
Romana-Constanta
10039/
04.10.2023
Order
Annual technical inspection of the ship OTC 120
1,349.52
It’s not necessary
It’s not
necessary
Payment by PO within
2 days
It’s not
necessary
210
Autoritatea de
Supraveghere
Financiara
2669/
10.03.2023
Order
FSA commission at the rate of 0.1 of the value of
the subscribed shares, according to FSA
regulation no.16/2014 on FSA revenues
241,475.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
211
Autoritatea de
Supraveghere
Financiara
2908/
15.03.2023
Order
Issuance of the new Certificate of Registration of
Financial Instruments (CIIF)
500.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
212
Camera de Comert si
Industrie a Romaniei
546/
17.01.2023
Order
Seminar on taxation issues for 5 persons from
the Accounting Department
1,550.00
It’s not necessary
It’s not
necessary
Paid with PO within 3
days of issuing the tax
invoice
It’s not
necessary
213
Camera de Comert si
Industrie a Romaniei
653/
19.01.2023
Order
Information seminar on the changes to the waste
regime brought by Ord. 92/2021 by LG 17/2023
for 4 people from Serv. CIPM
1,008.40
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days of issuing
the tax invoice
It’s not
necessary
214
Camera de Comert si
Industrie a Romaniei
678/
19.01.2023
Order
Participation in the economic mission organized
in Colombia from 26.02-07.03.2023
37,335.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
Page 95/233
215
Camera de Comert si
Industrie a Romaniei
1155/
31.01.2023
Order
Extension of membership for 2023
5,000.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
216
Camera de Comert si
Industrie a Romaniei
4089/
13.04.2023
Order
Interactive seminar "Force majeure and fortuitous
event - analysis and comparative presentation".
201.68
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days of issuing
tax invoice
It’s not
necessary
217
Camera de Comert si
Industrie a Romaniei
4092/
13.04.2023
Order
Conference "Insolvency of business partners.
How to manage it in the current economic
context"
235.30
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days of issuing
tax invoice
It’s not
necessary
218
Camera de Comert si
Industrie a Romaniei
7456/
13.07.2023
Order
Economic mission
60,675.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days of
issuing tax invoice
It’s not
necessary
219
Camera de Comert si
Industrie a Romaniei
7870/
27.07.2023
Order
Economic mission
53,815.00
It’s not necessary
It’s not
necessary
To be paid by
31.01.2024
It’s not
necessary
220
Camera de Comert si
Industrie a Romaniei
10587/
18.10.2023
Order
Registration to the gala "National Top
Companies 2023, XXX edition"
1,100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
221
Camera de Comert,
Industrie, Navigatie si
Agricultura CCINA
8240/
08.08.2023
Order
Vocational training course "Technician for fire
containment and extinguishing systems and
installations"
19,200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days of issue
of tax invoice
It’s not
necessary
222
Centrul Teritorial
Cenafer Constanta
706/
19.01.2023
Order
Authorization for 1 person from CFU station, for
handling telecommunication installations in
stations, current line, traffic regulator-RC and
authorization for insurance installations with
individual signal locks, crane and non-centralized
derailment shoe
240.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
223
Centrul Teritorial
Cenafer Constanta
3799/
06.04.2023
Order
Reauthorization of a person in the position of
acar within Oil Terminal SA
120.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
224
Centrul Teritorial
Cenafer Constanta
5508/
22.05.2023
Order
Authorization for 1 person to handle
telecommunication installations in stations,
current line, RC traffic regulator and authorization
for insurance installations with individual signal
locks, crane, non-centralized derailing shoe
240.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
225
Centrul Teritorial
Cenafer Constanta
5615/
24.05.2023
Order
Authorisation for 1 person from the C.F.U. station
to handle telecommunications installations in
stations, current line, RC traffic regulator and
authorisation for insurance installations with
individual signal locks, crane and non-centralised
derailment shoes.
240.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
226
Centrul Teritorial
Cenafer Constanta
147/377/
20.07.2023
Contract
Assessment for periodic confirmation of general
professional competence for positions with
responsibilities in traffic safety (22 persons)
4,400.00
It’s not necessary
It’s not
necessary
Payment with PO
It’s not
necessary
Page 96/233
227
Centrul Teritorial
Cenafer Constanta
9001/
31.08.2023
Order
Examination for the locomotive driver's licence,
attended by 1 person
150.00
It’s not necessary
It’s not
necessary
Payment with PO
within 5 days of issuing
tax invoice
It’s not
necessary
228
Centrul Teritorial
Cenafer Constanta
183/440/
17.10.2023
Contract
Professional development programme every 2
years
2,190.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days of
receipt of invoice
It’s not
necessary
229
Centrul Teritorial
Cenafer Constanta
11734/
16.11.2023
Order
Assessment for the authorisation of CFU staff in
the position of driver - 2 persons
960.00
It’s not necessary
It’s not
necessary
Payment with PO until
31.01.2024
It’s not
necessary
230
Depozitarul Central
SA
89/
05.01.2023
Order
Consolidated list of holders of financial
instruments on 05.01.2023, the date set as the
reference date
504.20
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of issue
of tax invoice
It’s not
necessary
231
Depozitarul Central
SA
799/
20.01.2023
Order
Consolidated list of holders of financial
instruments on 23.01.2023, list of reference
rights OIL R01
504.20
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
232
Depozitarul Central
SA
968/
27.01.2023
Order
Consolidated list of holders of financial
instruments as at 31.12.2022
504.20
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
233
Depozitarul Central
SA
969/
27.01.2023
Order
Consolidated list of holders of financial
instruments as at 03.02.2023, day fixed as
reference date
504.20
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
234
Depozitarul Central
SA
2057/
20.02.2023
Order
Consolidated list of holders of financial
instruments as at 03.02.2023, the reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
235
Depozitarul Central
SA
3675/
04.04.2023
Order
Registration of corporate events
3,305.42
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
236
Depozitarul Central
SA
3815/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 31.03.2023, as established as
reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing the tax invoice
It’s not
necessary
237
Depozitarul Central
SA
3850/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 04.04.2023, set as reference
date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing the tax invoice
It’s not
necessary
238
Depozitarul Central
SA
3851/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 07.04.2023, established as
reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of issue
of tax invoice
It’s not
necessary
239
Depozitarul Central
SA
3852/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 13.04.2023, established as
reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
240
Depozitarul Central
SA
5176/
15.05.2023
Order
Consolidated list of holders of financial
instruments as at 19.05.2023, established as
reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
Page 97/233
241
Depozitarul Central
SA
6622/
22.06.2023
Order
Consolidated list of holders of financial
instruments as at 30.06.2023, the reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 7 days of issuing
tax invoice
It’s not
necessary
242
Depozitarul Central
SA
8228/
08.08.2023
Order
Consolidated list of holders of financial
instruments as at 17.08.2023, the reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 7 days of issuing
tax invoice
It’s not
necessary
243
Depozitarul Central
SA
8811/
25.08.2023
Order
Consolidated list of holders of financial
instruments as at 21.08.2023, reference day for
the EGSM meeting 01(04).09.2023
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
244
Depozitarul Central
SA
8878/
29.08.2023
Decont
Renewal of the LEI Code
270.00
It’s not necessary
It’s not
necessary
It’s not
necessary
245
Depozitarul Central
SA
9627/
21.09.2023
Order
Consolidated list of holders of financial
instruments as at 18.09.2023, the day set as
reference date
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
246
Depozitarul Central
S.A.
10257/
09.10.2023
Order
Consolidated list of holders of financial
instruments as at 30.09.2023, for notes and
accounting reporting on shareholding structure
as at 30.09.2023
630.25
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
247
Directia Regionala de
Metrologie Legala
Constanta
218/
09.01.2023
Order
Evaluation of the metrological laboratory of OIL
Terminal by BRML in order to authorize the
metrological verification of liquid storage tanks
5,492.17
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
248
Directia Regionala de
Metrologie Legala
Constanta
509/
16.01.2023
Order
Supervision of metrological checks of tanks
carried out by Comp. Metrology for the year 2023
9,000.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
249
Directia Regionala de
Metrologie Legala
Constanta
3323/
27.03.2023
Order
Calibration of liquid glass thermometer 0-50 c
180.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
250
Directia Regionala de
Metrologie Legala
Constanta
6688/
23.06.2023
Order
Verification of documentation after expertise,
according to HG 34/2012; HG 1045/2022, for
thermal power plants - port and south platform
section
1,260.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days of
issuing tax invoice
It’s not
necessary
251
Directia Regionala de
Metrologie Legala
Constanta
9349/
13.09.2023
Order
Metrological calibration for dynamometer 0-10
KgF in the metrology department
472.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
252
Directia Regionala de
Metrologie Legala
Constanta
10234/
09.10.2023
Order
Calibration of the molecular absorption
spectrophotometer in VIS type Odyssey DR
2500, HACH series 040400007563, located in
the Port Laboratory, at the following
wavelengths: 405nm, 512nm, 546nm, 670nm
and 721nm.
487.50
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
253
Directia Regionala de
Metrologie Legala
Constanta
10458/
16.10.2023
Order
Evaluation of the OIL Terminal metrological
laboratory by B.R.M.L. in order to authorize the
metrological verification of liquid storage tanks -
1,065.61
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
Page 98/233
on-site evaluation with additional input from
BRML technical expert.
254
Institutul National de
Metrologie Bucuresti
998/
27.01.2023
Order
Calibration of CarePac Mettler Toledo AG weight
set, consisting of 2 standard weights: 10 g weight
class F1 and 200 g weight class F2
192.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
255
Institutul National de
Metrologie Bucuresti
1220/
01.02.2023
Order
Calibration of the ultrasonic thickness gauge
from the Serv. CIPM
275.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
256
Institutul National de
Metrologie Bucuresti
1586/
08.02.2023
Order
Calibration of electronic densimeter model DMA
4500M, A.Paar Austria located in the South
laboratory at 15 degrees C and 45 degrees C
1,450.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
257
Institutul National de
Metrologie Bucuresti
3332/
27.03.2023
Order
Calibration of digital densimeter model DMA 48,
A.Paar Austria-1 piece and calibration of
electronic densimeters model DMA
4,900.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
258
Institutul National de
Metrologie Bucuresti
3637/
04.04.2023
Order
Metrological calibration of measuring wheel
without logo, ballast wheel
390.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
259
Institutul National de
Metrologie Bucuresti
4425/
20.04.2023
Order
Calibration of flow meter Krohne optiflux 5300
300.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
260
Institutul National de
Metrologie Bucuresti
6799/
27.06.2023
Order
Calibration flow meter Krohne Optiflux 5300
350.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
261
Institutul National de
Metrologie Bucuresti
7733/
24.07.2023
Order
Calibration spectrometer FT-IR model Spectrum
BX I Perkin Elmer-Laborator Port
750.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
262
Institutul National de
Metrologie Bucuresti
7920/
28.07.2023
Order
Calibration of laboratory glassware - 13 pieces
11,700.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
263
Institutul National de
Metrologie Bucuresti
7921/
28.07.2023
Order
Calibration of laboratory glassware - 19 pieces
9,949.50
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
264
Institutul National de
Metrologie Bucuresti
8004/
01.08.2023
Order
Calibration of Stabinger vascometer model SVM
3000/G2 Anton Paar at 20°C, 40° and 50° in the
laboratory Port
4,350.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
265
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
1848/
14.02.2023
Order
Extension of the authorization for the position of
Technical Manager with Welding-RTS for 1
person from Oil Terminal SA
150.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing the tax invoice
It’s not
necessary
266
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
2348/
28.02.2023
Order
Authorization and re-authorization of welders
within the company, according to technical
prescription PT CR 1-2018
400.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
267
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
3188/
22.03.2023
Order
Extension of the validity of the RSVTI
authorization
150.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
268
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
3542/
31.03.2023
Order
Authorization and reauthorization of 6 welders
within the company
2,300.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
Page 99/233
269
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
4463/
25.04.2023
Order
Re-authorization for the function of welder
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
270
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
5619/
24.05.2023
Order
Authorization of a welder from the company Oil
Terminal SA
350.00
It’s not necessary
It’s not
necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
271
Iprochim SA
214/
09.01.2023
Order
Annual technical inspection - ITA, for dumper
MAN - AG 16 VYE
981.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
272
Iprochim SA
5460/
19.05.2023
Order
Annual technical inspection (ITA) ADR for the
MAN dump body with number AG-16-UOI
1,430.00
It’s not necessary
It’s not
necessary
Payment with PO
within 30 days
It’s not
necessary
273
Bursa de Valori
Bucuresti SA
942/
26.01.2023
Order
Maintenance of the shares issued by Oil
Terminal SA, for the period 30.01.2023 -
29.01.2024
14,775.00
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
274
Oficiul National al
Registrului
Comertului
01/
03.01.2023
Order
Publication of the completed convocation of the
OGSM on 16(17).01.2023
1,502.20
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
275
Oficiul National al
Registrului
Comertului
06/
03.01.2023
Order
Difference of payment for the publication of the
completed convocation of the OGSM on
16(17).01.2023
168.20
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
276
Oficiul National al
Registrului
Comertului
31/
03.01.2023
Expense
account
Registration of the decision of the Board of
Directors of Oil Terminal no.106/12.12.2022
122.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
02.01.2023
It’s not
necessary
277
Oficiul National al
Registrului
Comertului
71/
05.01.2023
Expense
account
Registration of the decision of the Board of
Directors of Oil Terminal Company
no.107/12.12.2022
122.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
04.01.2023
It’s not
necessary
278
Oficiul National al
Registrului
Comertului
144/
06.01.2023
Expense
account
Obtaining of a Certificate issued by the
Insolvency Proceedings Bulletin
30.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 05.01.2023
It’s not
necessary
279
Oficiul National al
Registrului
Comertului
716/
20.01.2023
Expense
account
Registration of OGSM resolutions adopted during
the meeting of 16.01.2023
896.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
19.01.2023
It’s not
necessary
280
Oficiul National al
Registrului
Comertului
756/
20.01.2023
Expense
account
Obtaining of a Certificate from the Court of
Constanta for the authorization of the metrology
laboratory
45.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 19.01.2023
It’s not
necessary
281
Oficiul National al
Registrului
Comertului
1471/
06.02.2023
Expense
account
Registration of the decision of the Board of
Directors nr.13/03.02.2023 at the Commercial
Registry Office of the Constanta Court
128.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
05.02.2023
It’s not
necessary
282
Oficiul National al
Registrului
Comertului
1834/
14.02.2023
Expense
account
Certificate from the Commercial Registry Office
of the Court of Constanta
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
13.02.2023
It’s not
necessary
283
Oficiul National al
Registrului
Comertului
2141/
22.02.2023
Expense
account
Registration of the OGSM resolutions adopted
during the meeting of 16.02.2023 at the Trade
Register Office
768.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
21.02.2023
It’s not
necessary
Page 100/233
284
Oficiul National al
Registrului
Comertului
2585/
07.03.2023
Expense
account
Registration of the OGSM resolutions adopted
during the meeting held on 02.03.2023 at the
Commercial Registry Office of the Constanta
Court
832.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 04.03.2023
It’s not
necessary
285
Oficiul National al
Registrului
Comertului
2842/
14.03.2023
Expense
account
Obtaining the Certificate of the Commercial
Registry Office from the Constanta Court
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
13.02.2023
It’s not
necessary
286
Oficiul National al
Registrului
Comertului
2950/
16.03.2023
Expense
account
Registration of the Decision of the Board of
Directors no.20 dated 10.03.2023 at the
Commercial Registry Office of the Constanta
Court
576.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
15.03.2023
It’s not
necessary
287
Oficiul National al
Registrului
Comertului
3584/
03.04.2023
Expense
account
Certificate from the Commercial Registry Office
of the Court of Constanta
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
02.04.2023
It’s not
necessary
288
Oficiul National al
Registrului
Comertului
4096/
13.04.2023
Expense
account
Registration of the Decision of the Board of
Directors nr.44/10.04.2023 and of the Decision of
the Board of Directors nr.45/07.04.2023 at the
Trade Register Office of the Court of Constanta
256.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
12.04.2023
It’s not
necessary
289
Oficiul National al
Registrului
Comertului
4386/
24.04.2023
Expense
account
Issuance of the Certificate of the Commercial
Registry Office of the Constanta Court
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
27.04.2023
It’s not
necessary
290
Oficiul National al
Registrului
Comertului
4404/
24.04.2023
Expense
account
Registration of EGSM resolutions adopted during
the meeting of 18.04.2023 at the Commercial
Registry Office of the Constanta Court
768.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
18.04.2023
It’s not
necessary
291
Oficiul National al
Registrului
Comertului
4735/
04.05.2023
Expense
account
Registration of the Decision of the Board of
Directors no.55/28.04.2023 at the Commercial
Registry Office of the Constanta Court
128.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
28.04.2023
It’s not
necessary
292
Oficiul National al
Registrului
Comertului
4894/
09.05.2023
Expense
account
Registration of the OGSM resolutions adopted
during the meeting of 27.04.2023 at the
Commercial Registry Office of the Court of
Constanta
1,408.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
27.04.2023
It’s not
necessary
293
Oficiul National al
Registrului
Comertului
5044/
11.05.2023
Expense
account
Issuance of the Certificate of the Commercial
Registry Office of the Court of Constanta
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
16.05.2023
It’s not
necessary
294
Oficiul National al
Registrului
Comertului
5427/
19.05.2023
Expense
account
Registration of the Decision of the Board of
Directors no.55 dated 28.04.2023 at the
Commercial Registry Office of the Court of
Constanta
128.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
09.05.2023
It’s not
necessary
295
Oficiul National al
Registrului
Comertului
5638/
25.05.2023
Expense
account
Registration of OGSM resolutions adopted during
the meeting of 27.04.2023 at the National Trade
Register Office of the Constanta Court
1,152.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
04.05.2023
It’s not
necessary
Page 101/233
296
Oficiul National al
Registrului
Comertului
6730/
26.06.2023
Expense
account
Certificate from the Register Office of the Court
of Constanta
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
29.06.2023
It’s not
necessary
297
Oficiul National al
Registrului
Comertului
6913/
29.06.2023
Expense
account
Registration of the Decision of the Board of
Directors no.72/19.06.2023 and of the Decision
of the Board of Directors no.73/19.06.2023 at the
Trade Register Office of the Court of Constanta
256.00
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
298
Oficiul National al
Registrului
Comertului
7053/
03.07.2023
Expense
account
Certificate of the Commercial Registry Office of
the Court of Constanta
45.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
29.06.2023
It’s not
necessary
299
Oficiul National al
Registrului
Comertului
8767/
25.08.2023
Expense
account
Issuance of the Certificate of the Commercial
Registry Office of the Court of Constanta
90.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
22.08.2023
It’s not
necessary
300
Oficiul National al
Registrului
Comertului
8983/
31.08.2023
Expense
account
Issuing of the Certificate of the Commercial
Registry Office of the Constanta Court
45.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 31.08.2023
It’s not
necessary
301
Oficiul National al
Registrului
Comertului
8985/
31.08.2023
Expense
account
Registration of the OGSM resolutions adopted
during the meeting of 28.08.2023 at the
Commercial Registry Office of the Constanta
Court
384.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
31.08.2023
It’s not
necessary
302
Oficiul National al
Registrului
Comertului
9030/
01.09.2023
Order
Registration of the EGSM resolutions adopted
during the meeting held on 01.09.2023 at the
Commercial Registry Office of the Constanta
Court
576.00
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
303
Oficiul National al
Registrului
Comertului
10091/
05.10.2023
Expense
account
Registration of the OGSM resolutions adopted
during the meeting held on 29.09.2023 at the
Commercial Registry Office of the Constanta
Court
768.00
It’s not necessary
It’s not
necessary
Paid with PO on
04.10.2023
It’s not
necessary
304
Oficiul National al
Registrului
Comertului
12639/
12.12.2023
Expense
account
Basic certificate and provision of extended
information from the ONRC of the Court of
Constanta
65.00
It’s not necessary
It’s not
necessary
Paid with cash at cash
desk on 06.12.2023
It’s not
necessary
305
Primaria Municipiului
Constanta
11/
03.01.2023
Order
Authorization of circulation on the road network
of Constanta for a period of one year, for CT 10
SRM
12,085.20
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
306
Primaria Municipiului
Constanta
13/
03.01.2023
Order
Authorisation for traffic on the road network of
Constanta municipality for a period of one year,
for AG 16 UOI
24,181.20
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
307
Primaria Municipiului
Constanta
18/
03.01.2023
Order
Authorization to circulate on the streets of
Constanta for a period of one year, for the van
with number AG-16-VYE
24,181.20
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
308
Primaria Municipiului
Constanta
22/
03.01.2023
Order
Authorization to circulate on the road network of
Constanta municipality for a period of one year,
for the vehicle with number CT-85-TEP
12,085.20
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 102/233
309
Primaria Municipiului
Constanta
837/
25.01.2023
Order
Judicial stamp duty in case no.1974/118/2019, in
which Oil Terminal is the plaintiff in contradiction
with Master Chem Oil DMCC, for increase of
claims
578.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
310
Primaria Municipiului
Constanta
1081/
30.01.2023
Expense
account
Authorization to circulate on the road network of
Constanta for a period of 2 months, for Iveco bus
AG 19 TER
450.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 26.01.2023
It’s not
necessary
311
Primaria Municipiului
Constanta
1451/
06.02.2023
Order
Issuance of urbanism certificate for dismantling
of ruin tank C65-(C62), ruin tank C66-(C53), ruin
tank C63-(C50), ruin pump house C64-(C51),
ruin pump house C60-(C47).
16.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
312
Primaria Municipiului
Constanta
2230/
24.02.2023
Order
Judicial stamp duty for file no.1974/118/2019
183.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
313
Primaria Municipiului
Constanta
2277/
27.02.2023
Order
Payment order issued by Oil Terminal SA for the
recovery of the unpaid debt of the client Dialand
SRL.
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
314
Primaria Municipiului
Constanta
2476/
03.03.2023
Order
Judicial stamp duty for file no.25144/212/2021
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
315
Primaria Municipiului
Constanta
2671/
10.03.2023
Order
Judicial stamp duty for the appeal against the
DGPL report no.010439
20.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
316
Primaria Municipiului
Constanta
3777/
06.04.2023
Expense
account
Authorization of circulation on the street network
of mun. Constanta for bus Mercedes Benz B 111
WIX
2,700.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 05.04.2023
It’s not
necessary
317
Primaria Municipiului
Constanta
4025/
12.04.2023
Order
Judicial stamp duty in file no. 1974/118/2019
357.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
318
Primaria Municipiului
Constanta
4385/
24.04.2023
Order
Legalization of Civil Judgment no.
689/13.03.2023 in file no. 6797/118/2022, in
order to open the file for enforcement
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
319
Primaria Municipiului
Constanta
4898/
09.05.2023
Order
Issuance of urban planning certificate for the
demolition of the oil tank gate house
8.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
320
Primaria Municipiului
Constanta
5321/
17.05.2023
Order
Issuance of town planning certificate for the
project :" Demolition of the cabin acar ramp 1A
(gate cabin), foam house (building C20), foam
house (building C19), PCI shed (building), PCI
house (building C16)".
8.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
321
Primaria Municipiului
Constanta
5322/
17.05.2023
Order
Issuance of urbanism certificate for the project:
"Demolition of brick toilet C77 and ruins related
to PSI-house C76".
8.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
322
Primaria Municipiului
Constanta
5388/
19.05.2023
Order
Stamp duty in case 1974/118/2019
177.00
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
323
Primaria Municipiului
Constanta
5497/
24.05.2023
Order
ANRM approval of the rehabilitation and
modernization program of the oil terminal in 2023
8.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
Page 103/233
324
Primaria Municipiului
Constanta
5726/
26.05.2023
Order
Issuance of urbanism certificate for the work
"Desfiintare casa espuma N1" - 112110651
8.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
325
Primaria Municipiului
Constanta
5837/
30.05.2023
Order
Issuance of urban planning certificate for the
work of dismantling CFR line ramp -2B, NI
11220156
79.70
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
326
Primaria Municipiului
Constanta
5947/
07.06.2023
Order
Issuing of the urbanism certificate for the
objective of the installation of loading of straw in
tanks CF line 1 SP SUD
19.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
327
Primaria Municipiului
Constanta
6173/
13.06.2023
Order
Stamp duty
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
328
Primaria Municipiului
Constanta
6281/
15.06.2023
Expense
account
Fee for the submission of documents for
obtaining the Urban Planning Certificate for the
objective: "Putting into operation Crystal
Separator - S.P.Nord"
9.00
It’s not necessary
It’s not
necessary
Paid in cash at cash
desk on 15.06.2023
It’s not
necessary
329
Primaria Municipiului
Constanta
6297/
16.06.2023
Order
judicial stamp duty
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
330
Primaria Municipiului
Constanta
6499/
21.06.2023
Order
Judicial stamp duty
20.00
It’s not necessary
It’s not
necessary
Payment with PO
within 5 days
It’s not
necessary
331
Primaria Municipiului
Constanta
7046/
03.07.2023
Expense
account
Urbanism certificate for the objective of
modernization of the T 29 S tank
37.50
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
27.06.2023
It’s not
necessary
332
Primaria Municipiului
Constanta
7141/
05.07.2023
Order
Fee for the issue of the urbanism certificate for
the project Desfiintare Casa spuma (Remiza
PSI), NI-11210294, located in SP Nord, lot 1/1.
8.00
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
333
Primaria Municipiului
Constanta
7180/
06.07.2023
Order
Stamp duty for file no. 1974/118/2019
20.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
334
Primaria Municipiului
Constanta
7300/
10.07.2023
Order
Court stamp duty
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
335
Primaria Municipiului
Constanta
7301/
10.07.2023
Order
Court stamp duty
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
336
Primaria Municipiului
Constanta
7735/
24.07.2023
Order
Court stamp duty
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
337
Primaria Municipiului
Constanta
7736/
24.07.2023
Order
Court stamp duty
5.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
338
Primaria Municipiului
Constanta
8111/
03.08.2023
Order
Court stamp duty
20.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
339
Primaria Municipiului
Constanta
8292/
09.08.2023
Order
Court stamp duty
200.00
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
340
Primaria Municipiului
Constanta
8366/
10.08.2023
Order
Issuing of urban planning certificate for
"Modification LFI Oil Terminal S.P. Nord - Ramp
1A
165.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
341
Primaria Municipiului
Constanta
8458/
16.08.2023
Order
Stamp duty
1,762.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
Page 104/233
342
Primaria Municipiului
Constanta
8638/
22.08.2023
Expense
account
Obtaining the urban planning certificate for the
objective Modernisation of tank T25 SP SUD
49.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
18.08.2023
It’s not
necessary
343
Primaria Municipiului
Constanta
8827/
28.08.2023
Order
Issuing of building demolition authorization
(demolition of ruin tank C65, C53, C66, C63, ruin
pump house C64, ruin pump house C47)
109.30
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
344
Primaria Municipiului
Constanta
9118/
05.09.2023
Order
Issuance of authorization for the demolition of
buildings, according to the project "modification
of LFI Oil Terminal-Dep Nord - Ramp 1A
650.14
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
345
Primaria Municipiului
Constanta
10309/
11.10.2023
Order
Issuing of urbanism certificate for the work
"Demolition/removal of tank farm - Body B (tank
farm and service buildings)" located in the North
2 platform section, Body B
1,230.19
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
346
Primaria Municipiului
Constanta
10310/
11.10.2023
Order
Issuing of the urbanism certificate for the work
"Demolition/removal of the tank park - Body A
(tank park and service buildings)" located in the
north platform section 2, body A
2,551.17
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
347
Primaria Municipiului
Constanta
10868/
25.10.2023
Order
Judicial stamp duty - File no. 2507/1/2023
100.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
348
Primaria Municipiului
Constanta
10730/
23.10.2023
Order
Issuing of building demolition authorization,
according to the project "Demolition of the oil
tank gate house".
169.19
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
349
Primaria Municipiului
Constanta
12261/
29.11.2023
Order
Stamp duty in file no. 2007/118/2022/a4
20.00
It’s not necessary
It’s not
necessary
Payment with PO
within 3 days
It’s not
necessary
350
Primaria Municipiului
Constanta
12324/
04.12.2023
Order
Judicial stamp duty
50.00
It’s not necessary
It’s not
necessary
Payment with PO
within 2 days
It’s not
necessary
351
Primaria Municipiului
Constanta
12858/
15.12.2023
Order
1% of the value of the construction-assembly
works related to the tariff regularization for the
investment objective -Ramp refurbishment CF for
unloading of CF storage and pumping tanks at
SP Sud ships
108,423.84
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
352
Primaria Municipiului
Constanta
12859/
15.12.2023
Order
1% of the value of the construction works,
including related installations for obtaining the
construction permit for the investment objective -
CF line 1 tankage loading facility SP South
54,211.92
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
353
Primaria Municipiului
Constanta
12874/
15.12.2023
Order
1% of the value of the construction works related
to the installation of the tariff for the investment
objective - Construction of 55.000 m3 capacity
tank SP Sud
533,341.63
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
354
Primaria Municipiului
Constanta
12858/
15.12.2023
Order
1% of the value of the construction-assembly
works related to the tariff regularization for the
investment objective - Rehabilitation of the CF
108,423.84
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
Page 105/233
ramp for unloading of CF tanker bales, storage
and pumping to ships SP Sud
355
Primaria Municipiului
Constanta
12859/
15.12.2023
Order
1% of the value of the construction works,
including the related installations for obtaining
the construction permit for the investment
objective- CF line 1 SP Sud tank loading facility
117,245.61
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
356
Primaria Municipiului
Constanta
12847/
15.12.2023
Order
1% of the value of the construction works related
to the installation of the tariff for the investment
objective - Construction of 55.000 m3 capacity
tank SP Sud
533,341.63
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
357
Primaria Municipiului
Constanta
12875/
15.12.2023
Order
0.1% of the value of the construction and
erection works related to the tariff regularization
for the investment objective - Construction of
55.000 m3 capacity tank SP South
53,334.17
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
358
Primaria Municipiului
Constanta
12876/
15.12.2023
Order
0.5% of the value of the construction works
related to the tariff adjustment for the investment
objective - Construction of reservoir capacity
55.000 m3 SP South
266,670.82
It’s not necessary
It’s not
necessary
Payment with PO
within 4 days
It’s not
necessary
359
Primaria Municipiului
Constanta
13140/
22.12.2023
Order
Regularization of the ISC quota for the
dismantling of the construction of the PCI storage
(Foam C15)
5.31
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
360
Primaria Municipiului
Constanta
13206/
27.12.2023
Order
Issuance of authorization for the dismantling of
buildings, according to project 2022 - 498
"dismantling of unloaders shelter building (control
point building C24), workers tool house (foam
house C26), pump house (pump house C27-
partial), toluene pump house (pump house C28),
fire house CS14 (cabin C95), foam house (PSI
house C8 - C59)" located in the county.
Constanta , SP Nord1 premises
33.85
It’s not necessary
It’s not
necessary
Payment with PO
within 10 days
It’s not
necessary
361
Regia Autonoma
Monitorul Oficial
01/
03.01.2023
Order
Publication of OGSM convocation to be held on
16(17).01.2023
1,262.35
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
362
Regia Autonoma
Monitorul Oficial
06/
03.01.2023
Order
Publication convocation OGSM to be held on
16(17).01.2023
141.34
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
363
Regia Autonoma
Monitorul Oficial
377/
12.01.2023
Order
Publication of the notice of EGSM to be held on
16(17).02.2023
1,414.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
364
Regia Autonoma
Monitorul Oficial
665/
19.01.2023
Order
Annual subscriptions to the Official Gazette, Part
IV, for the year 2023, in electronic format
966.39
It’s not necessary
It’s not
necessary
Payment with PO
within 5 days
It’s not
necessary
365
Regia Autonoma
Monitorul Oficial
996/
27.01.2023
Order
Publication on 30.01.2023 in the Official Gazette,
Part IV and in a local newspaper of the
completed notice of the EGSM to be held on
02(03).03.2023
1,414.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
Page 106/233
366
Regia Autonoma
Monitorul Oficial
1872/
15.02.2023
Order
Publication of the notice of EGSM meeting to be
held on 02(03).03.2023
1,606.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
367
Regia Autonoma
Monitorul Oficial
2946/
16.03.2023
Order
Publication of the convocation of the EGSM to be
held on 18(19).04.2023
1,798.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
368
Regia Autonoma
Monitorul Oficial
3229/
23.03.2023
Order
Publication of the notice of EGSM to be held on
27(28).04.2023
1,542.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
369
Regia Autonoma
Monitorul Oficial
3884/
10.04.2023
Order
Publication of the notice of EGSM to be held on
27(28).04.2023
1,926.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
370
Regia Autonoma
Monitorul Oficial
7853/
27.07.2023
Order
Publication of the notice of EGSM to be held on
28(29).08.2023
1,414.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
371
Regia Autonoma
Monitorul Oficial
7945/
31.07.2023
Order
Publication of the notice of EGSM to be held on
01(04).09.2023
1,606.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
372
Regia Autonoma
Monitorul Oficial
12971/
19.12.2023
Order
Publication of the convocation of the EGM to be
held on 22(23).01.2024
1,414.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
373
Regia Autonoma
Monitorul Oficial
12978/
19.12.2023
Order
Difference payment for publication of EGSM
notice
9.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
374
Regia Autonoma
Monitorul Oficial
12980/
19.12.2023
Order
Difference payment for publication of EGSM
notice
9.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
375
Regia Autonoma
Monitorul Oficial
12972/
19.12.2023
Order
Publication of EGSM notice to be held on
22(23).01.2024
1,414.40
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
376
Regia Autonoma
Administrația
Patrimoniului
Protocolului de Stat
București (RAPPS)
12199/
28.11.2023
Expense
account
Issue of provisional authorisation - SML 727
generating set
13.00
It’s not necessary
It’s not
necessary
Paid by PO on
22.11.2023
It’s not
necessary
377
Asociația de
Standardizare în
România-ASRO
5116/
12.05.2023
Order
ASTM and ASRO reference standard for specific
test procedures performed in the CCP-
Laboratory office
13,131.87
It’s not necessary
It’s not
necessary
Payment with PO
within 5 days
It’s not
necessary
378
Ministerul
Transporturilor-
Directia Medicala
1877/
15.02.2023
Order
Annual visa for the Psychology Structure for the
psychologist of the company
652.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
379
Serviciul Public de
Impozite si Taxe
Constanta SPIT
66/
05.01.2023
Expense
account
Authorization to circulate on the road network of
Constanta for a period of one year, for B 108
HSE
1,814.00
It’s not necessary
It’s not
necessary
Paid with cash at cash
desk on 04.01.2023
It’s not
necessary
380
Serviciul Public de
Impozite si Taxe
Constanta SPIT
91/
05.01.2023
Expense
account
Authorization to circulate on the streets of
Constanta for a period of one year, for CT 42
SRM
1,814.00
It’s not necessary
It’s not
necessary
Paid with cash at cash
desk on 04.01.2023
It’s not
necessary
381
Serviciul Public de
Impozite si Taxe
Constanta SPIT
2077/
21.02.2023
Expense
account
Issuance of Urbanism Certificate for the project:
"Abolition of ruin tank C65-(C52), ruin tank C66-
(C53), ruin tank C63-(C50), ruin pump house
C64-(C51), ruin pump house C60-(C47)
8.00
It’s not necessary
It’s not
necessary
Paid with cash at cash
desk on 20.02.2023
It’s not
necessary
Page 107/233
382
Serviciul Public de
Impozite si Taxe
Constanta SPIT
2327/
28.02.2023
Expense
account
Legalization of criminal sentences in file
no.24489/212/2012
10.00
It’s not necessary
It’s not
necessary
Paid in cash at the
cash desk on
27.02.2023
It’s not
necessary
383
Serviciul Public de
Impozite si Taxe
Constanta SPIT
6072/
09.06.2023
Expense
account
Authorization of circulation on the road network
of the Municipality of Constanta for SERME van
with registration number B 555 SRM
1,416.00
It’s not necessary
It’s not
necessary
Paid by PO on
08.06.2023
It’s not
necessary
384
Serviciul Public de
Impozite si Taxe
Constanta SPIT
6419/
19.06.2023
Expense
account
Issuance of a road traffic authorization for the
period 16.06.2023-31.12.2023 for the vehicle
with registration number CT 29 TER
4,194.00
It’s not necessary
It’s not
necessary
Paid by PO on
16.06.2023
It’s not
necessary
385
Serviciul Public de
Impozite si Taxe
Constanta SPIT
11317/
08.11.2023
Expense
account
Authorization to circulate on the street network of
Constanta Municipality, period 02.11.2023-
04.11.2023 for the vehicle with registration
number B 697 SZS
112.00
It’s not necessary
It’s not
necessary
Paid by PO on
02.11.2023
It’s not
necessary
386
Serviciul Public de
Impozite si Taxe
Constanta SPIT
11380/
09.11.2023
Expense
account
Issuance of traffic authorization on the street
network of Constanta municipality, period
05.11.2023-31.12.2023 for the special vehicle
with registration number B 697 SZS
2,015.00
It’s not necessary
It’s not
necessary
Purchased by PO on
03.11.2023
It’s not
necessary
387
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13300/
29.12.2023
Expense
account
Issuance of a traffic authorization on the street
network of Constanta municipality, period
01.01.2024-31.12.2024 for motor vehicle with
registration number CT 42 SRM
2,063.00
It’s not necessary
It’s not
necessary
Paid with PO within 1
day
It’s not
necessary
388
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13301/
29.12.2023
Expense
account
Issuance of a traffic license for the period
01.01.2024-31.12.2024 for vehicle registration
number B 555 SRM
2,063.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
389
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13302/
29.12.2023
Expense
account
Issuing of a road traffic permit for the period
01.01.2024-31.12.2024 for vehicle registration
number B 108 HSE
2,063.00
It’s not necessary
It’s not
necessary
Payment with PO
within 1 day
It’s not
necessary
390
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13303/
29.12.2023
Expense
account
Issuing of a traffic license for the period
01.01.2024-31.12.2024 for a vehicle with
registration number CT 29 TER
6,869.00
It’s not necessary
It’s not
necessary
Payment by PO within
1 day
It’s not
necessary
12.3.1.2. Transactions with clients
No.
Legal act parties
Act no. and
date
Legal act
kind
Object
description
Validity period
Estimated
value
(VAT
excluded)
Mutual
receivables
Constituted
guarantees
Payment
terms and
methods
Interests and penalties
1
ANRSPS UT 515
BUCUREȘTI
și
Ctr.
subsec-
vent no.2/
03.01.2023 to
the
Framework
agreement
for the
provision of
storage
01.01.2023
-
31.12.2023
Fuel oil storage
services
2,219,200
lei
No
No
20 calendar
days from the
date of issue of
the invoice,
Exceeding the payment
deadline shall result in the
payment by the Depositor
of late payment penalties
at the level of those
Page 108/233
OIL TERMINAL
CONSTANȚA SA
Framework
Agreement
for the
provision of
warehousing
services
no.4787/
07.12.2022
services No
4787/
07.12.2022
with payment
order
provided for budgetary
claims per day of the
amount due, unless the
parties agree otherwise by
mutual consent
2
Agenția Română de
Salvare a Vieții
Omenești pe Mare
Constanța
Contract No
773 /
29.12.2023
Contract
01.01.2024-
30.04.2024
Electricity
refurbishment
Tariff billed
by the utility
provider for
Oil Terminal
-
-
30 days based
on invoice
issued by Oil
Terminal
According to the Code of
Fiscal Procedure
3
C.N.C.F. CFR
SUCURSALA
REGIONALĂ DE CĂI
FERATE
Contract No
778 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Electricity
refurbishment
Rate billed
by the utility
provider for
Oil Terminal
-
-
30 days based
on invoice
issued by Oil
Terminal
In accordance with the
Code of Tax Procedure
4
S.N.T.F.M CFR
MARFĂ SUCURSALA
MUNTENIA
DOBROGEA
Contract no.
754 /
23.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare apă
potabilă
Tariff billed
by the utility
provider for
Oil Terminal
-
-
30 days based
on invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
5
RADIOCOMUNICAȚII
SUC. DIRECȚIA
RADIOCOMUNICAȚII
Contract no.
777 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare
energie electrică
Rate billed
by the utility
provider for
Oil Terminal
-
-
30 days based
on invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
6
UM 02133 Direcția
Hidrografică Maritimă
Contract no.
776 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare
energie electrică
Rate billed
by the utility
provider for
Oil Terminal
-
-
30 days based
on invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
12.3.2. Informing shareholders about transactions concluded with another public undertaking or with the public supervisory authority, falling under Article 52(3)(b)
of GEO no.109/2011 as subsequently amended and supplemented
The Board of Directors of Oil Terminal SA, in accordance with Article 52 paragraph (3) letter b) of GEO no.109/2011, informs the shareholders of any transaction concluded by
the public undertaking with another public undertaking or with the public supervisory authority, if the transaction has a value, individually or in a series of transactions, of at least
the equivalent in lei of 100,000 euro.
Transaction period 01.01.2023 - 31.12.2023
Transactions subject to the obligation to inform the GSM
Page 109/233
12.3.2.1. Transactions with suppliers
No.
Legal act
parties
Act no. and date
Legal act kind
Object description
Valoarea totală (lei)
Mutual
receivables
Constituted
guarantees
Payment terms
and methods
Interests
and
penalties
1
RAJA SA
1 / 10.02.2023
Additional Act
Increase in the tariff for
the provision of drinking
water supply and
sewerage services
Estimated contract
value for 12 months
1,132,470.00 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
2
RAJA SA
to Contract
No.247 / 856 /
09.12.2022
Additional Act
Differentiated tariff
increase for risk grade I
for the provision of
drinking water supply
and sewerage services
Estimated contract
value for 12 months
1,132,470.00 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
3
RAJA SA
2 / 11.04.2023
Additional Act
Increase in the tariff for
the provision of drinking
water supply and
sewerage services
Estimated contract
value for 12 months
1,356,806.80 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
12.3.2.2. Transactions with clients
No.
Legal act parties
Act no. and
date
Legal act kind
Object
description
Validity
period
Estimated
value
(VAT
excluded)
Mutual
receivables
Constituted
guarantees
Payment
terms and
methods
Interests and
penalties
1.
ANRSPS UT 515
BUCUREȘTI
și
OIL TERMINAL
CONSTANȚA SA
Ctr.
subsec-
vent no.2/
03.01.2023 to the
Framework
Agreement for the
provision of
warehousing
services no.4787/
07.12.2022
Framework
agreement for
the provision of
storage services
No 4787/
07.12.2022
01.01.2023
-
31.12.2023
Fuel oil
storage
services
2,219,200 lei
No
No
20 calendar
days from
the date of
issue of the
invoice, with
payment
order
Exceeding the
payment
deadline shall
result in the
payment by the
Depositor of
late payment
penalties at the
level provided
for budgetary
claims per day
of the amount
due, unless the
parties agree
otherwise by
mutual consent
Page 110/233
12.4. Transactions according to art.234 paragraph 1 letter i) of FSA Regulation no.5/2018
Transactions according to Article 234 (1) (i) of FSA Regulation 5/2018:
Contracts concluded by the issuer with the same contractor, individually or cumulatively, whose value exceeds 10% of the net turnover or total revenue, as the case may be, related
to the last annual financial statements.
Transaction period 01.01.2023 - 31.12.2023
12.4.1. Transactions with suppliers
Not the case
12.4.2. Transactions with clients
No.
Legal act parties
Act no. and
date
Legal act
kind
Validity period
Object
description
Estimated
value
Mutual
receivables
Constituted
guarantees
Payment
terms and
methods
Interests and
penalties
1.
OMV PETROM
SA BUCUREȘTI
Service and
forwarding
contract No
35/C/2023
Contract for
services
and
forwarding
Unloading crude oil from
seagoing vessels and
delivery to Conpet for
pumping to the refinery,
unloading/loading gasoline,
diesel, fuel oil and chemical
and petrochemical
products from/into
seagoing vessels, river
barges, CF tank cars,
tankers, bunkering tanks,
storage of crude oil and
petroleum products,
blending diesel with
biodiesel.
01.01.2023 -
31.12.2023
54,300,000
lei
No
No
30 calendar
days from the
date of issue
of the invoice,
with payment
order.
Interest and late
payment penalties:
Late payment interest
of 0.02% for each day
late of the amount not
paid on time and late
payment penalties due
for non-payment of
invoices on time of
0.01% for each day
late.
2.
OSCAR
DOWNSTREAM
SRL MĂGURELE
Service and
forwarding
contract No
27/C/2023
Contract for
services
and
forwarding
Unloading/loading diesel oil
from/into seagoing vessels,
river barges, CF tankers,
road tankers, bunkering
tanks, diesel oil storage,
blending diesel oil with
biodiesel.
01.01.2023 -
31.12.2023
35,500,000
lei
No
No
30 calendar
days from the
date of issue
of the invoice,
with payment
order.
Default interest of
0.02% for each day late
of the amount not paid
on time and late
payment penalties of
0.01% for each day
late.
3.
LITASCO SA
GENEVA
Service and
forwarding
contract No
71/C/2023
Contract for
services
and
forwarding
Unloading of crude oil from
seagoing vessels and
delivery to Conpet for
pumping to refinery,
unloading/loading of
01.01.2023 -
31.12.2023
55,850,000
lei
No
No
30 calendar
days from the
date of issue
of the invoice,
Default interest of
0.02% for each day late
of the amount not paid
on time and late
payment penalties of
Page 111/233
gasoline, diesel, fuel oil
and chemical and
petrochemical products
from/into seagoing vessels,
river barges, CF tankers,
tankers, storage of crude
oil and petroleum products.
with payment
order.
0.01% for each day
late.
4.
EURONOVA
ENERGIES SA
GENEVA
Service and
forwarding
contract No
5/C/2023
Contract for
services
and
forwarding
Unloading/loading diesel oil
from/into seagoing vessels,
river barges, CF tank
wagons, tankers, bunkering
tanks, diesel oil storage.
01.01.2023 -
31.12.2023
20,984,000
lei
No
No
30 calendar
days from the
date of issue of
the invoice, with
payment order.
Default interest of 0.02% for
each day late of the amount
not paid on time and late
payment penalties of
0.01% for each day late.
Page 112/233
13. STATEMENT OF CONFORMITY WITH CORPORATE GOVERNANCE
Corporate Governance Code provisions
Compliant
Non
compliant
or partially
compliant
Noncompliance’ reason
A.1. All companies must have a Board internal regulation
including the Board’ reference terms/responsibilities and
the company’ top position, applying, among others,
Section A’ general principles.
Compliant
A.2. Provisions for interests conflicts management must
be included in the Board’ regulation. Anyway, the Board’
members must notify the Board on any interests conflicts
occured or that can occur and not take part to
discussions
( by nonpresentation included, when nonpresentation
prevents the quorum formation excluded) and from voting
to adopt a decision regarding the matter generating that
interest conflict.
Compliant
A.3. Board of Directors or the Survey council must have
at least five members.
Compliant
A.4. The Board of Directors’ majority must not have an
executive position. At least Board
of Directors or Survey Council ’ one member must be
independent for the companies of standard category. For
the companies of Premium category, at least two
nonexecutive
members of Board of Directors or Survey Council must
be independent. Each independent member of Board of
Directors or Survey Council, if necessary, must submit a
statement when he is nominated to be appointed or re
appointed, and when any change of his status occurs,
indicating elements according to which hei s considered
to be independent according
to his character and judgement and according to the
following criteria:
A.4.1. he is not General/executive director of the
company or of one company controlled by this and didn;t
have such a position in the latest five years;
A.4.2. he is not an employee of the com pany or of one
company controlled by this and didn;t have such a
position in the latest five years;
A.4.3. he doesn’t receive and didn’t receive additional
remuneration or other advantages from the company or
from a compan y controlled by this, besides that for the
nonexecutive manager position;
A.4.4. is not or has not been employed by or does not
have or has not had during the previous year a
contractual relationship with a significant shareholder of
the company, a shareholder controlling more than 10% of
the voting rights, or a company controlled by it;
A.4.5. does not have and has not had in the previous
year a business or professional relationship with the
company or a company controlled by it, either directly or
as a client, partner, shareholder, board member/director,
general manager/executive director or employee of a
company if, by its substantial nature, this relationship
could affect its objectivity;
A.4.6. is not and has not been within the last three years
the external or internal auditor or a partner or salaried
Compliant
Page 113/233
associate of the current external financial auditor or
internal auditor of the company or a company controlled
by it;
A.4.7. is not a managing director/executive director of
another company where another managing
director/executive director of the company is a non-
executive director;
A.4.8. has not been a non-executive director of the
company for more than twelve years;
A.4.9. has no family relationship with a person in the
situations referred to in A.4.1. and A.4.4.
A.5. Other comitments and professional obligations
relatively permanent
of a Board’ member, executive and nonexecutive
positions in the Board
of other non profit companies and institutions included,
must be disclosed
to shareholders and potential investors before
nomination and during
his mandate.
Compliant
A.6. Any Board’ member must present information to
Board regarding any relation with a shareholder owing
directly or indirectly shares representing over 5% from
the voting rights. This obligation refers to any kind of
relation that can affect the member position regarding
matters decided by Board.
Compliant
A.7. Company must appoint a Board’ secretary,
responsible to support
the Board’ activity.
Compliant
A.8. Statement regarding the corporate governance will
inform if an evaluation of the Board under the Chairman
or the nomination committee took place, ifit did, it will
resume the key measures and the changes arisen from
this. The company must have a policy’ guide regarding
the Board’ evaluation containing the evaluation process’
target, criteria, frequency.
Compliant
A.9. Statement regarding the corporate governance must
contain information regarding the Board and committees
meetings number in the latest year, the managers (in
person or in absence) and a report of the Board and
commitees regarding these activities.
Compliant
A.10. Statement regarding the corporate governance
must contain information regarding the exact number of
Board of directors or Survey council’ independent
members.
Compliant
B.1 Board must establishan audit commitee, where at
least one member must be independent nonexecutive
manager. The members majority, the chairman included,
must be proved having the appropriate trening for the
commitee’ positions and responsibilities. At least one
member of the audit committee must have a proved,
appropriate audit or accountant experience. For the
companies of Premium category, the audit committee
must have at least three members and the majority of the
audit committee members must be independent.
Compliant
B.2. The audit committee chairman must be an
independent nonexecutive member.
Compliant
B.3. According to its responsibilities, the audit committee
must effect an annual evaluation of the internal control
system.
Compliant
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B.4. Evaluation must have in view the internal audit
position efficiency, the risk management and internal
control reports, presented by the Board’ audit committee,
promptness and efficiency the executive management
solves the deficiencies and weaknesses identified after
the internal control and the presentation of relevant
reports to Board.
Compliant
B.5. Audit committee must evaluate the interests conflicts
regarding the company and its’ branches’ transactions
with the affiliated parties.
Compliant
B.6. Audit committee must evaluate the internal control
system and the risk management system’ efficiency.
Compliant
B.7. Audit committee must monitor the legal and the
generally accepted internal audit standards application. It
must receive and evaluate the internal audit team reports.
Compliant
B.8. Whenever the Code mentions reports and analyses
initiated by the Audit committee, these must be followed
by periodic reports (at least annually) or adhoc that must
be submitted to the Board furtherly.
Compliant
B.9. No shareholder can have a preferential tratment
than the other shareholders regarding transactions and
agreements concluded by the company with
shareholders and their affiliates.
Compliant
B.10. Board must adopt a policy providing that, any
transaction of the company with any of the companies it
has strong connections, which value is equal or larger
than 5% of the company’ net assets (according to the
latest financial report) is approved by the Board after a
compulsory opinion of the Board’ audit committee and
disclosed correctly to shareholders and to potential
investors, as these transactions are events being object
of reporting requirements.
Compliant
B.11. Internal audits must be effected by a structurally
separated division (internal audit department) of the
company or by hiring a third party independent entity.
Compliant
B.12. In view to achieve the internal audit department
main functions, this must report functionally to the Board
through the audit comittee. For adminstrative reasons
and in the management’ obligations to monitor and
reduce the risks, this must report directly to the general
director.
Compliant
C.1. The company must publish on its web site the
remuneration policy and include in the annual report a
statement regarding the remuneration policy
implementation during the annual period being the
analysis’ object. The remuneration policy must be stated
so that it allows to shareholders to understand the
principles and reasons according to which remuneration
of Board’ members, General Director and the Directorate’
members in dualist system is made.
This must describe the process management way and
the taking of decisions regarding the remuneration, detail
the executive management remuneration components
(such as salaries, annual bonuses, stimulents on long
term connected tos hares value, benefits in kind,
retirement fees and others) and describe the principles
and presumptions of each component (performance
general criteria related to any form of variable
remuneration included). Additionally, the remuneration
policy must mention the contract period to the executive
Compliant
Page 115/233
director and the notice period provided in contract and
the possible compensation for recalling without just
cause. The report regarding the remuneration must
present the remuneration policy for the persons identified
in the remuneration policy during the annual period being
the the analysis’ object. Any main change occured in the
remuneration policy must be published on the company
web site in due time.
D.1. The company must organize a service of
Relationships with investors - mentioning to audience the
responsible person/persons or the organizatorical entity.
Besides the information imposed by legal provisions, the
company must include on its web site a section dedicated
to Relationships with investors, in Romanian and English,
containing all interest information for investors, including:
• D.1.1. Main corporative regulations: constitutive
act, procedures regarding shareholders general
assemblies;
• D.1.2. The company’ management members’
professional CV, other Board’ members’
professional commitments, including executive
and nonexecutive positions in boards of directors
of non profit companies and institutions;
• D.1.3. Current reports and periodic reports
(trimester, semester and annual) - at least those
provided in item D.8 - including the current
reports with detailed information regarding the
noncompliance with the present Code;
• D.1.4. Information regarding the shareholders
general assemblies: day agenda and the
informational stuff; Board’ members selection
procedure; the reasons supporting the
candidates proposals for the Board selection,
together with their professional CV; shareholders’
questions regarding the day agenda and trhe
company’ answers, the adopted decisions
included;
• D.1.5. Informatio regarding the corporate events
such as dividends payment and other
distributions payments to shareholders, or other
events leading to the shareholder’ rights getting
or limitation, including the limit terms and
principles applied to these operations. That
information will be published ina term allowing to
investors to adopt investments decisions;
• D.1.6. Name and contact data of a person who
can supply relevant information, on request;
• D.1.7. The company’ presentations (for example
presentations for investors, those regarding
trimester results, etc.), financial situations
(trimester, semester, annual), audit reports and
annual reports.
Compliant
D.2. The company will have a policy regarding the annual
distribution of dividends or other benefits to shareholders,
proposed by General Director or by the Directorate and
adopted by Board as a set of directives regarding the net
profit distribution, the company intends to follow. The
annual policy principles of distribution to shareholders will
be published on the com pany’ web site.
Compliant
The dividends’ distribution is
achieved according to legal
provisions.
Page 116/233
D.3. The company will adopt a policy regarding the
previsions, public or no public ones. The previsions refer
to quantified conclusions of some studies regarding the
overall impact settling of a series of factors for a future
period ( so called hypotheses): by its kind, this projection
has a high degree of uncertainty, the effective results
being able to differ significantly from the initially
presented previsions. Policy regarding previsions will
settle the frequency, the period taken into account and
the previsions content. If published, the previsions can be
included only in annual, semester, trimester reports.
Policy regarding previsions will be published on the
company’ web site.
Partially
complies
There is no policy regarding
the provisions.
D.4. Shareholders general assemblies regulations must
not limit to shareholders’ participation to general
assemblies and their rights exercising. The regulations
changes will come into force, the earliest, since the next
shareholders general assembly.
Compliant
D.5. External auditors will be present to shareholders
general assembly when their reports are presented in
those meetings.
Compliant
D.6. Board will present a brief appreciation on the internal
control systems and significant risks management and
opinions on some matters decided by the general
assembly to the shareholders annual general assembly.
Compliant
D.7. Any specialist, adviser, expert or financial analist can
participate to the shareholders general assembly,
according to a previous invitation from the Board. The
accredited journalists can participate to the shareholders
general assembly, if the Board’ Chairman decides
otherwise excluded.
Compliant
D.8. Trimester and semester reports will include
information in Romanian and English regarding the key
factors influencing changes in sales, the operational profit,
net profit and other relevant financial indicators, from a
trimester to another, from one year to another one.
Compliant
D.9. A company will organize at least two
meetings/conferences with analists and investors each
year. The information presented will be published in the
section relationships with investors on the company’ web
site on the meetings/teleconferences.
NO
The measure is going to be
implemented.
D.10. If a company supports different kinds of artistic and
cultural expression, sport activities, educational or
scientific activities and it considers that their impact on the
company’ inovative and competitive character is a part of
its mission and development strategy, it will publish policy
regarding its activity in this field.
YES
Board of Directors’ Chairman,
Cristian Florin GHEORGHE
General Director, Financial Director,
Sorin Viorel CIUTUREANU Adriana FRANGU
Page 117/233
14. THE CONSTITUTIVE ACT OF
the company "OIL TERMINAL" S.A. CONSTANȚA
CHAPTER I
NAME, LEGAL FORM, REGISTERED OFFICE, DURATION
Art. 1. Company name
The name of the company is OIL TERMINAL S.A. In all documents, invoices, notices,
publications and other documents issued by the company, the name of the company shall be
preceded or followed by the words "joint stock company" or the initials "S.A", the share capital
and the company's registration number in the commercial register, the registered office and the
unique registration code.
Art. 2. Legal form of the company
OIL TERMINAL S.A. is a Romanian legal entity with the legal form of a joint stock
company. It carries out its activity in accordance with the Romanian laws and with this
Constitution.
OIL TERMINAL S.A. is a commercial company of strategic interest, in accordance with G.E.O.
15/2001.
Art. 3. Company headquarters
The registered office of the company is in Romania, in Constanța Municipality, Constanța
County, Caraiman Street, no. 2. The headquarters of the company may be moved to another
location in Romania based on the decision of the general meeting of shareholders, according to
the law.
Art. 4. Duration of the company
The duration of the company is unlimited, starting from the date of registration with the
National Trade Register Office.
CHAPTER II
PURPOSE AND OBJECT OF ACTIVITY OF THE COMPANY
Art. 5. Purpose of the Society
The purpose of the company is to earn revenue and profit, distributable to shareholders,
by providing services to customers in connection with the import, export and transit of crude oil,
petroleum products, petrochemicals and liquid chemicals.
Art. 6. The object of activity
6.1. Main activity according to CAEN/ 2007.
Page 118/233
5224 Handling- performing services related to the receipt, loading, unloading of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
Secondary objects of activity
5210 Warehousing-performing services relating to the storage and conditioning of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
0113 Cultivation of vegetables and melons, roots and tubers.
0119 Growing other plants from non-permanent crops
0910 Services activities ancillary to the extraction of crude oil and natural gas
1610 Wood cutting and planing
2562 General mechanical operations.
3101 Manufacture of furniture for offices and shops
3311 Repair of articles made of metal
3312 Repair of cars
3314 Repair of electrical equipment
3512 Transportation of electricity.
3513 Distribution of electricity.
3514 Marketing of electricity.
3530 Supply of steam and air conditioning.
3600 Capture, treatment and distribution of water.
3700 Collection and treatment of wastewater.
3811 Collection of non-hazardous waste.
3812 Hazardous waste collection.
3831 Dismantling (disassembling) of machinery and equipment put out of use for the recovery of
materials.
3832 Recycling of sorted recyclable materials.
3900 Decontamination activities and services
4120 Construction works of residential and non-residential buildings.
4212 Construction works of surface and underground railways.
4213 Construction of bridges and tunnels.
4221 Construction work of utility projects for fluids.
4222 Construction works of utility projects for electricity and telecommunications.
4299 Construction works of other engineering projects n.c.a.
4321 Electrical installation works
4322 Plumbing, heating and air conditioning work
4520 Maintenance and repair of motor vehicles.
4671 Wholesale of liquid and gaseous solid fuels and derived products.
4675 Wholesale of chemicals.
4677 Wholesale of waste and scrap.
4711 Retail trade in non-specialised stores, with the predominant sale of foodstuffs, beverages
and tobacco.
4778 Retail sale of other new goods in specialised stores (excluding objects of worship, arms and
ammunition).
4920 Freight transport by rail.
4939 Other land passenger transport, n.c.a.
4941 Road transport of goods.
4950 Pipeline transport
Page 119/233
5221 Ancillary services activities for land transport.
5222 Services activities ancillary to water transport.
5229 Other activities related to transport.
6110 Telecommunications activities over wired networks.
6120 Telecommunications activities over cable-free networks (excluding satellite).
6130 Satellite telecommunications activities.
6190 Other telecommunications activities.
6820 Renting, subletting of own or leased immovable property.
7120 Other activities and technical analysis
7211 Research and development in biotechnology.
7219 Research and development in other natural sciences and engineering
7490 Other professional, scientific and technical activities n.c.a.
7732 Rental and leasing activities of construction machinery and equipment.
7733 Rental and leasing activities of machinery and office equipment (including computers).
7739 Rental and leasing activities of other machinery, equipment and tangible goods.
8121 General (non-specialized) activities of interior cleaning of buildings
8129 Other cleaning activities n.c.a.
8130 Landscape maintenance activities
8219 Photocopying, document preparation and other specialized secretarial activities
8425 Fire fighting and prevention activities
8621 General health care activities.
9319 Other sporting activities
9601 Washing and dry cleaning of textile articles and fur products.
6.2. Commercial Company OIL TERMINAL S.A. Constanta has the following work points:
1. NORTH PLATFORM SECTION, located in Constanța Municipality, Constanța
County, Caraiman Street, no. 2, with the following activities and CAEN codes:
5224 Handling - performing services related to the receipt, loading, unloading of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
5210 Warehousing - provision of services related to the storage and conditioning of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
0910 Services activities ancillary to the extraction of crude oil and natural gas
1610 Wood cutting and planing
2562 General mechanical operations
3101 Manufacture of furniture for offices and shops
3311 Repair of articles made of metal
3312 Repair of cars
3314 Repair of electrical equipment
3512 Transport of electricity
3513 Distribution of electricity
3514 Marketing of electricity
3530 Supply of steam and air conditioning
3600 Capture, treatment and distribution of water
3700 Collection and treatment of wastewater
3811 Collection of non-hazardous waste
Page 120/233
3812 Hazardous waste collection
3831 Dismantling (disassembling) of decommissioned machinery and equipment for the recovery
of materials
3832 Recycling of sorted recyclable materials
3900 Decontamination activities and services
4120 Construction works of residential and non-residential buildings.
4212 Construction works of surface and underground railways.
4213 Construction of bridges and tunnels for fluids.
4221 Construction work of utility projects
4222 Construction work of utility projects for electricity and telecommunications.
4299 Construction works of other engineering projects n.c.a.
4321 electrical installation works
4322 Plumbing, heating and air conditioning work
4520 Maintenance and repair of motor vehicles
4671 Wholesale of solid, liquid and gaseous fuels and derived products
4675 Wholesale of chemicals
4677 Wholesale of waste and scrap
4711 Retail trade in non-specialised stores with predominant sale of foodstuffs, beverages and
tobacco
4778 Retail sale of other new goods in specialised stores (excluding objects of worship, weapons
and ammunition).
4920 Carriage of goods by rail
4939 Other land transport of passengers, n.c.a.
4941 Road freight transport 4950 Pipeline transport.
5221 Ancillary services activities for land transport.
5222 Services activities ancillary to water transport.
5229 Other activities related to transport.
6110 Telecommunications activities via cable networks
6120 Telecommunications activities over cable-free networks (excluding satellite)
6130 Satellite telecommunications activities
6190 Telecommunications activities
6820 Renting, subletting of own or leased immovable property
7120 Testing and technical analysis activities.
7211 Research and development in biotechnology.
7219 Research and development in other natural sciences and engineering
7490 Other professional, scientific and technical activities n.c.a.
7732 ActivitiesRentaleasingMachinery and equipment constructions
7733 ActivitiesRentaleasingOffice machinery and equipment (including computers)
7739 Rental and leasing activities of other machinery, equipment and tangible goods
8121 General (non-specialized) activities of interior cleaning of buildings
8129 Other cleaning activities n.c.a.
8130 Landscape maintenance activities
8219 Photocopying, document preparation and other specialized secretarial activities
8425 Fire fighting and prevention activities
9319 Other sporting activities
9601 Washing and (dry) cleaning of textile articles and fur products
Page 121/233
2. PORT PLATFORM SECTION — located in the Port area, berth 69, with the following
activities and CAEN codes:
5224 Handling - performing services related to the receipt, loading, unloading of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
5210 Warehousing - provision of services related to the storage and conditioning of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
0910 Services activities ancillary to the extraction of crude oil and natural gas
1610 Wood cutting and planing
2562 General mechanical operations
3101 Manufacture of furniture for offices and shops
3311 Repair of articles made of metal
3312 Repair of cars
3314 Repair of electrical equipment
3512 Transport of electricity
3513 Distribution of electricity
3514 Marketing of electricity
3530 Supply of steam and air conditioning
3600 Capture, treatment and distribution of water
3700 Collection and treatment of wastewater
3811 Collection of non-hazardous waste
3812 Hazardous waste collection
3831 Dismantling (disassembling) of decommissioned machinery and equipment for the recovery
of materials
3832 Recycling of sorted recyclable materials
3900 Decontamination activities and services
4120 Construction work of residential and non-residential buildings
4212 Construction works of surface and underground railways
4213 Construction of bridges and tunnels for fluids.
4221 Construction work of utility projects
4222 Construction work of utility projects for electricity and telecommunications.
4299 Construction works of other engineering projects n.c.a.
4321 electrical installation works
4322 Plumbing, heating and air conditioning work
4520 Maintenance and repair of motor vehicles
4671 Wholesale of solid, liquid and gaseous fuels and derived products
4675 Wholesale of chemicals
4677 Wholesale of waste and scrap
4711 Retail trade in non-specialised stores with predominant sale of foodstuffs, beverages and
tobacco
4778 Retail sale of other new goods in specialised stores (excluding objects of worship, weapons
and ammunition).
4920 Carriage of goods by rail
4939 Other land transport of passengers, n.c.a.
4941 Road freight transport
4950 Pipeline transport
5221 Ancillary service activities for land transport.
5222 Services activities ancillary to water transport.
Page 122/233
5229 Other activities related to transport.
6110 Telecommunications activities via cable networks
6120 Telecommunications activities over cable-free networks (excluding satellite)
6130 Satellite telecommunications activities
6190 Telecommunications activities
6820 Renting, subletting of own or leased immovable property
7120 Testing and technical analysis activities.
7211 Research and development in biotechnology.
7219 Research and development in other natural sciences and engineering
7490 Other professional, scientific and technical activities n.c.a.
7732 Rental and leasing activities of construction machinery and equipment
7733 Rental and leasing of office machinery and equipment (including computers)
7739 Rental and leasing activities of other machinery, equipment and tangible goods
8121 General (non-specialised) activities of internal cleaning of buildings
8129 Other cleaning activities n.c.a.
8130 Landscape Maintenance Activities
8219 Photocopying, document preparation and other specialized secretarial activities
8425 Fire fighting and prevention activities
9319 Other sporting activities
9601 Washing and (dry) cleaning of textile articles and fur products
3. SOUTH PLATFORM SECTION - located in Constanta Municipality, MOVILA SARA,
with the following activities and CAEN codes:
5224 Handling - performing services related to the receipt, loading, unloading of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
5210 Warehousing - provision of services related to the storage and conditioning of crude oil,
petroleum products, petrochemicals, chemicals and other finished products or liquid raw
materials for import, export and transit.
0910 Services activities ancillary to the extraction of crude oil and natural gas
1610 Wood cutting and planing
2562 General mechanical operations
3101 Manufacture of furniture for offices and shops
3311 Repair of articles made of metal
3312 Repair of cars
3314 Repair of electrical equipment
3512 Transportation of electricity
3513 Distribution of electricity
3514 Electricity marketing
3530 Supply of steam and air conditioning
3600 Capture, treatment and distribution of water
3700 Collection and treatment of wastewater
3811 Collection of non-hazardous waste
3812 Hazardous waste collection
3831 Dismantling (disassembling) of decommissioned machinery and equipment for the recovery
of materials
3832 Recycling of sorted recyclables
3900 Decontamination activities and services
4120 Construction works of residential and non-residential buildings.
Page 123/233
4212 Construction works of surface and underground railways.
4213 Construction of bridges and tunnels. for fluids.
4221 Construction work of utility projects
4222 Construction work of utility projects for electricity and telecommunications.
4299 Construction works of other engineering projects n.c.a.
4321 Electrical installation works
4322 Plumbing, heating and air conditioning work
4520 Maintenance and repair of motor vehicles
4671 Wholesale of solid, liquid and gaseous fuels and derived products
4675 Wholesale of chemicals
4677 Wholesale of waste and scrap
4711 Retail trade in non-specialised stores with predominant sale of foodstuffs, beverages and
tobacco
4778 Retail sale of other new goods in specialised stores (excluding objects of worship, weapons
and ammunition).
4920 Carriage of goods by rail
4939 Other land transport of passengers, n.c.a.
4941 Road freight transport
4950 Pipeline transport.
5221 Ancillary service activities for land transport.
5222 Services activities ancillary to water transport.
5229 Other activities related to transport.
6110 Telecommunications activities via cable networks
6120 Telecommunications activities over cable-free networks (excluding satellite)
6130 Satellite telecommunications activities
6190 Telecommunications activities
6820 Renting, subletting of own or leased immovable property
7120 Testing and technical analysis activities.
7211 Research and development in biotechnology.
7219 Research and development in other natural sciences and engineering
7490 Other professional, scientific and technical activities n.c.a.
7732 Rental and leasing activities of construction machinery and equipment
7733 Rental and leasing of office machinery and equipment (including computers)
7739 Rental and leasing activities of other machinery, equipment and tangible goods
8121 General (non-specialized) activities of interior cleaning of buildings
8129 Other cleaning activities n.c.a.
8130 Landscape Maintenance Activities
8219 Photocopying, document preparation and other specialized secretarial activities
8425 Fire fighting and prevention activities
9319 Other sporting activities
9601 Washing and (dry) cleaning of textile articles and fur products
4. MEDICAL CABINET (8512), Occupational Medicine, located in Constanța Municipality,
Constanța County, Caraiman Street, no. 2, with outpatient nursing activities, code CAEN 8621.
Page 124/233
CHAPTER III
SHARE CAPITAL, SHARES, SHAREHOLDING
Art. 7. Share capital
(1) OIL TERMINAL is a joint-stock company of open type.
(2) The share capital of 299,717,713.20 lei divided into 2,997,177,132 nominal shares,
with a nominal value of 0.10 lei each and is fully subscribed and poured by the shareholders
(contribution in kind - 286,543,053,50 lei; cash contribution 13,174,659.70 lei).
(3) The structure of shareholding and capital is:
Shareholders
Number of shares
Percentage
of share
capital
Ministry of Energy
2,630,258,255
87.7579
Other natural and
legal persons
366,918,877
12.2421
TOTAL
2,997,177,132
100%
Art. 8. Actions
Registered shares issued by the company are in dematerialised form, by book entry.
The records of securities issued by the company and traded on a regulated market are kept by
an independent registrar authorised by the Financial Supervisory Authority (F.S.A.).
Art. 9. Reduction or increase of share capital
The share capital may be reduced or increased on the basis of the decision of the
extraordinary general meeting of shareholders under the conditions and in compliance with the
procedure provided for by law.
Art.10. Rights and obligations arising from shares
(1) Each share subscribed and paid up by shareholders shall confer on them the rights
provided for by law and the statutes.
(2) Ownership of the share implies de jure adherence to the statutes.
(3) The rights and obligations attaching to shares shall follow the shares in the event of
their transfer to other persons.
(4) The obligations of the company shall be secured by its share capital and the
shareholders shall be liable only to the extent of the subscribed share capital.
(5) The assets of the company may not be encumbered by debts or other personal
obligations of the shareholders. A creditor of a shareholder may claim the share of the
company's profit to be distributed to him by the general meeting of the shareholders or the
share due to him in the liquidation of the company carried out under the terms of these
statutes.
Page 125/233
Art.11. Transfer of shares
The shares are indivisible with respect to the company, which recognizes only one owner
for each share.
The partial or total transfer of shares between shareholders or third parties is made under
the conditions and in accordance with the procedure laid down by law.
CHAPTER IV
GENERAL MEETING OF SHAREHOLDERS
Art.12. Attributions
(1) The General Meeting of Shareholders is the supreme governing body of the company,
which decides on its activities and ensures its economic and commercial policy.
(2) The general meeting of shareholders may be ordinary or extraordinary.
(3) The ordinary general meeting shall meet at least once a year, no later than four months
after the end of the financial year. Apart from discussing other issues on the agenda, the ordinary
general meeting is obliged to:
a) discuss, approve or amend the annual financial statements, based on the reports
submitted by the board of directors and the statutory auditor, approve the distribution of
profits and fix the dividend. Dividends shall be distributed to shareholders in proportion to
the share of the paid-up share of the share capital. They are paid within the time limit set
by the general meeting of shareholders, within the time limits provided by law. Otherwise,
the company will pay damages for the delay period, at the level of statutory interest;
b) appoint and reappoint the members of the the Board of Directors.
c) appoint or dismiss the statutory auditor and fix the minimum duration of the financial audit
contract,
d) fix the remuneration due for the current year to the members of the Management Board;
e) to rule on the management of the Management Board;
f) establish the revenue and expenditure budget and, where appropriate, the programme of
activity, for the following financial year;
g) to decide on the pledge, lease or liquidation of one or more units of the company;
h) to set general limits on directors’ remuneration,
(4) The Extraordinary General Assembly shall meet whenever it is necessary to take a
decision on:
a) changing the legal form of the company;
b) moving the company’s headquarters;
c) change of the object of activity of the company;
d) the establishment or abolition of secondary establishments: branches, agencies,
representative offices or other such establishments without legal personality;
e) the extension of the duration of the company;
f) increase of share capital;
g) the reduction of the share capital or its reunification through the issuance of new shares;
h) merger with other companies or division of the company;
i) the early dissolution of the company;
j) conversion of nominative shares into bearer shares or bearer shares into nominative
shares;
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k) conversion of shares from one category to another;
l) the conversion of one category of obligations into another category or into shares;
m) issuance of bonds;
n) contracting of bank loans, in accordance with the powers set out in the annex to the
company’s articles of incorporation.
o) sale, association, lease, usufruct and other rights in rem over assets defined under Article
3 of GEO 88/1997;
p) approval of acts of acquisition, alienation, exchange or pledging of assets in the category
of fixed assets of the company, the value of which exceeds, individually or cumulatively,
during a financial year, 20% of the total fixed assets, less receivables,
q) approval of the leasing of tangible assets, for a period exceeding one year, the value of
which individually or cumulatively to the same co-contractor or persons involved or acting
in concert exceeds 20% of the value of the total fixed assets, less claims at the date of
conclusion of the legal act, as well as joint ventures for a period exceeding one year,
exceeding the same value,
r) any other resolution for which the approval of the extraordinary general meeting is
required.
(5) For the validity of the deliberations of the Ordinary General Meeting, the presence of
shareholders holding at least one-fourth of the total number of voting rights is required. Decisions
of the Ordinary General Assembly shall be taken by a majority of the votes cast. If the Ordinary
General Assembly is unable to work due to non-fulfillment of the above conditions, the assembly
meeting at a second convocation may deliberate on the items on the agenda of the first meeting,
regardless of the quorum, taking decisions with a majority of the votes cast.
(6) For the validity of the deliberations of the Extraordinary General Meeting, the presence
of shareholders holding at least one-fourth of the total number of voting rights is required at the
first convocation. Decisions are taken with a majority of the votes held by the shareholders
present or represented. The decision to change the main object of activity of the company, to
reduce or increase the share capital, to change the legal form, to merge, divide or dissolve the
company shall be taken by a majority of at least two-thirds of the voting rights held by the
shareholders present or represented. If the Extraordinary General Meeting is unable to work due
to non-fulfillment of the above conditions, the meeting to be convened at a second convocation
requires the presence of shareholders, representing at least one fifth of the total number of voting
rights. Decisions are taken with a majority of the votes held by the shareholders present or
represented.
Art.13. Convening of the General Meeting of Shareholders
(1) The General Meeting shall be convened by the Administrative Board whenever
necessary. The time limit for the meeting may not be less than 30 days from the publication of the
notice of meeting in the Official Gazette of Romania, Part IV. The notice of meeting shall be
published in the Official Gazette of Romania, Part IV, and in one of the newspapers of general
circulation in the locality in which the registered office of the company is situated. The notice shall
be filed with the Autonomous Regie "Monitorul Oficial" for publication within 5 days from the date
of adoption by the Board of Directors of the decision to hold the general meeting.
(2) The notice of the meeting shall state the place and date of the meeting and the
agenda, with an explicit mention of all matters to be discussed at the meeting. If the agenda
includes the appointment of directors, the notice shall state that the list containing information on
the names, place of residence and professional qualifications of the persons proposed for
appointment as directors is available for inspection and completion by the shareholders. Where
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the agenda includes proposals for the amendment of the articles of association, the convocation
must contain the full text of the proposals.
(3) One or more shareholders representing, individually or jointly, at least 5% of the share
capital shall have the right to request the inclusion of new items on the agenda. Requests shall
be submitted to the Board of Directors no later than 15 days after publication of the notice of
meeting for publication and notification to the other shareholders. If the agenda includes the
appointment of directors and the shareholders wish to make proposals for candidates, the
request shall include information on the names, place of residence and professional qualifications
of the persons proposed for the positions in question. The agenda supplemented with the items
proposed by the shareholders, after the convocation, must be published with the fulfilment of the
legal requirements for the convocation of the general meeting, at least 10 days before the
general meeting, on the date mentioned in the original convocation.
((4) The annual financial statements, the annual report of the board of directors and the
proposal for the distribution of dividends shall be made available to the shareholders at the
registered office of the company from the date of the convocation of the general meeting. Copies
of these documents shall be made available to shareholders on request. The amounts charged
for the issue of copies may not exceed the administrative costs involved in providing them. The
convocation, any other items added to the agenda at the request of shareholders, the annual
financial statements, the annual report of the board of directors and the proposal on the
distribution of dividends shall also be published on the company's own website for free access by
shareholders.
(5) Each shareholder may address questions in writing to the Board of Directors
concerning the company's activities before the date of the general meeting and shall be
answered at the meeting. The answer shall be deemed to have been given if the information
requested is published on the company's website under "Frequently Asked Questions".
(6) In the notice of the first general meeting, it shall be possible to fix the day and time of
the second assembly, when the first meeting cannot be held. The second general assembly may
not meet on the very day fixed for the first assembly. If the day for the second general meeting is
not mentioned in the notice published for the first meeting, the term of the meeting may be
reduced to 8 days after the publication of the convocation in the Official Gazette of Romania, Part
IV.
(7) The Board of Directors shall immediately convene the general meeting, at the request
of shareholders representing, individually or jointly, at least 5% of the share capital and if the
request contains provisions falling within the competence of the meeting. The General Assembly
shall be convened no later than 30 days and shall meet no later than 60 days from the date of
receipt of the request.
Art.14. Organization of the general meeting of shareholders
(1) On the day and at the time stated in the notice of meeting, the meeting shall be opened
by the chairman of the board of directors or by his deputy. The general meeting shall elect, from
among the shareholders present, 1 to 3 secretaries, who shall check the attendance list of
shareholders, indicating the share capital each represents. One of the secretaries shall draw up
the minutes of the general meeting. The chairman may appoint one or more technical secretaries
from among the company's employees to take part in these operations. Once it has been
established that the legal requirements and the provisions of the constitutive act for holding the
general meeting have been met, the agenda shall be opened.
(2) Decisions of general meetings shall be taken by open vote. A secret ballot shall be
mandatory for the election of members of the board of directors and financial auditors, for their
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dismissal and for decisions concerning the liability of members of the company's administrative,
management and supervisory bodies.
(3) Minutes, signed by the chairman and the secretary, shall record the completion of the
convening formalities, the date and place of the general meeting, the shareholders present, the
number of shares, the debates in summary form, the resolutions passed, and, at the request of
the shareholders, the statements made by them at the meeting. The minutes shall be
accompanied by the documents relating to the convocation and the attendance lists of
shareholders. The minutes shall be entered in the register of general meetings. In order to be
enforceable against third parties, the resolutions of the general meeting shall be filed within 15
days with the Trade Register Office, to be entered in the register and published in the Official
Gazette of Romania, Part IV.
(4) Upon request, each shareholder shall be informed of the voting results for resolutions
passed at the general meeting. The results shall also be published on the company's own
website no later than 15 days after the date of the general meeting.
Art.15. Exercise of the right to vote in the General Meeting of Shareholders
(1) Shareholders shall exercise their right to vote at the general meeting in proportion to
the number of shares they hold.
(2) Shareholders who are members of the Board of Directors may not vote, on the basis of
their shares, either personally or by proxy, on the discharge of their management or on any
matter in which their person or management would be at issue. However, those persons may
vote on the annual financial statement if the majority provided for by law or statute cannot be
formed.
(3) Shareholders must exercise their rights in good faith, respecting the rights and
legitimate interests of the company and other shareholders.
Art.16. Representation of shareholders in the general meeting
(1) Representation of shareholders in the general meeting of shareholders may be made
by persons other than shareholders, with the exception of directors, on the basis of a special
proxy, in accordance with the regulations of the National Securities Commission.
(2) Shareholders who do not have the capacity to act, as well as legal entities, may be
represented/represented by their legal representatives who, in turn, may give other persons a
proxy for that general meeting.
(3) Proxies must be submitted in original 48 hours before the meeting, under penalty of
forfeiture of voting rights at that meeting. Proxies shall be withheld by the company and shall be
recorded in the minutes.
CHAPTER V
BOARD OF DIRECTORS
Art.17. Organization
(1) The company is managed by a board of directors consisting of 5-9 members elected in
accordance with the provisions of the legislation in force.
(2) The Board of Directors shall consist of a Chairman and non-executive, executive and
independent directors, of which not more than two members, appointed from the guardianship
public authority or other public authorities or institutions.
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(3) The rights and obligations of the members of the Board of Directors are those provided
for by the legislation in force applicable to companies.
(4) The directors shall be elected for a period not exceeding four years, and their term of
office may be renewed if they have performed their duties properly.
(5) The members of the Board of Directors shall be remunerated with an allowance
established by the General Meeting of Shareholders within the limits and structure provided for
by the legislation in force.
(6) The Chairman shall coordinate the work of the Board and report thereon to the general
meeting of shareholders. He watches over the proper functioning of the organs of society.
Art.18. Duties of the Board of Directors
(1) The Board of Directors is in charge of performing all necessary and useful acts for the
realization of the object of activity of the company, except those reserved by law or this
Constitutive Act for the general meeting of shareholders.
(2) The Board of Directors shall delegate the management of the company to one or more
directors and appoint one of them as General Director. The General Director will not be able to
serve as Chairman of the Board of Directors. Directors with a mandate contract may be
appointed either from among the members of the Board of Directors or from outside the Board of
Directors.The other directors will be appointed from outside the Board of Directors.
(3) The Board of Directors shall have the following basic powers, which may not be
delegated to Directors:
a) to establish the main directions of activity and development of the company;
b) the establishment of the general strategies of the company;
c) approving its own development strategy and annual programmes;
d) establishing accounting policies and the financial control system and approving financial
planning,
e) endorsement of tariff proposals submitted to the National Mineral Resources Authority for
approval,
f) reviewing and approving non-deductible tax expenditures;
g) approving the organisation chart and the duties of the directors who have a mandate
contract in the company's organisation and operation regulations;
h) appointment and dismissal of directors who have a mandate contract, determination of
their remuneration;
i) determining the organisation of the activity and supervising the activity of the directors
who have a mandate contract,
j) preparing the annual report, organising the general meeting of shareholders and
implementing its resolutions;
k) filing a petition for the opening of the company's insolvency proceedings, according to the
Law no. 85/2006 on insolvency proceedings;
l) approving the directors' report;
m) the sale, association, lease, usufruct as well as the constitution of other real rights on
tangible fixed assets, the value of which, individually or cumulatively during a financial
year, does not exceed 20% of the total fixed assets;
n) the approval of acts of acquisition, disposal, exchange or pledging of assets of the
company's fixed assets, the value of which does not exceed, individually or cumulatively,
during a financial year, 20% of the total fixed assets, less claims;
o) approval of leases of tangible assets, for a period exceeding one year, the value of which
individually or cumulatively to the same co-contractor or persons involved or acting in
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concert does not exceed 20% of the value of the total fixed assets, less claims at the date
of conclusion of the legal act, as well as joint ventures for a period exceeding one year,
which do not exceed the same value.
p) approve the Rules of Organization and Functioning of the Company and the Internal
Regulations.
(4) The Board of Directors shall delegate the management of the company to one or more
directors, appointing one of them as General Director. Together with the powers of
management of the company, the general manager is also delegated the power to represent
the company in relation to third parties and in court.
(4.1) The Board of Directors may delegate to the General Director the approval of non-
regulated tariffs, with the information of the Board of Directors.
(5) The Chairman of the Board of Directors of the Company shall be elected by the Board of
Directors from among its members.
(6) The organisation and conduct of the meetings of the Board of Directors shall be carried
out in accordance with the provisions of the legislation in force as well as the Rules of
Organisation and Functioning of the Board of Directors, approved by the Board of Directors .
(6.1) Within the Board of Directors the Nomination and Remuneration Committee and the
Audit Committee shall be established. Other advisory committees may also be established.
(6.2) The committees formed within the Board of Directors shall consist of at least three
directors, the composition of which shall be validated by the Board of Directors.
(6.3) Committee chairmen are elected by the Board of Directors. They convene meetings, set
the agenda and chair the work of the committee.
(6.4) Each Committee shall meet at the request of its Chairperson, at the request of the
Chairperson of the Administrative Board or of at least two of its members.
(6.5) Meetings of the Committees may also be held by electronic means.
(6.6) The secretariat of the Committees and meetings shall be provided by the secretariat of
the Administrative Board.
(6.7) At committee meetings, decisions shall be taken by an absolute majority of the
members.
(6.8) Decisions of the committees are advisory to the Board of Directors.
(7) The Board of Directors delegates the management of the Company to the Chief Executive
Officer, on the proposal of the Nomination Committee and following the selection procedure
prescribed by the legislation in force. The General Director may be appointed from among the
administrators, the latter thus becoming an executive administrator or outside of the Board of
Directors. The Chairperson of the Board of Directors may not also be appointed General
Director.
(8) The Chairman of the Board of Directors is empowered to represent the company with full
rights. The Board of Directors shall, however, retain the power to represent the company in
dealings with directors.
CHAPTER VI
MANAGEMENT OF THE COMPANY
Art.19 The management of the company is controlled by the shareholders and the
statutory auditor as well as through internal audit activity. The statutory audit will be carried out in
accordance with the conditions laid down in the GEO no. 90/2008, approved with amendments
by Law no. 278/2008, as amended.
The internal audit is organised in the company in accordance with the legal provisions in
force.
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Duties of the statutory auditor:
• Ensures the examination of the financial statements in accordance with auditing standards
in order to express the opinion of the auditors, presented to the general meeting of
shareholders at the close of the financial year.
• Convenes the ordinary or extraordinary meeting of shareholders when it has not been
convened by the directors.
• It takes part, as a guest, in ordinary and extraordinary meetings and may have any
proposals it deems necessary included in the agenda.
The tasks of the internal audit are as follows:
• shall draw up methodological rules specific to the company in which it operates, with the
opinion of the Central Harmonisation Unit for Internal Public Auditing (U.C.A.A.P.I), and in
the case of subordinate public units, i.e. under the coordination or authority of another
public entity, with its opinion;
• prepares the draft multiannual internal public audit plan, as a rule for a period of three
years, and on the basis of this, the draft annual internal public audit plan;
• carries out internal public audit activities to assess whether the company's financial
management and control systems are transparent and comply with the rules of legality,
regularity, economy, efficiency and effectiveness;
• informs the U.C.A.A.P.I. of the recommendations not followed by the head of the audited
structure and their consequences;
• report regularly on the findings, conclusions and recommendations resulting from its audit
activities;
• prepares the annual report of the internal public audit activity;
• in case of identification of irregularities or possible damages, report immediately to the
company's general manager and the competent internal control structure.
• carries out internal audit activities in accordance with legal provisions and reports directly
to the Board of Directors.
CHAPTER VII
ACTIVITY OF THE COMPANY
Art.20. Financial year
The financial year begins on 1 January and ends on 31 December of each year. The first
exercise begins on the date of incorporation of the company.
Art.21. Company personnel
The staff of the company is employed by the General Director in accordance with the law.
Payment of salaries, taxes, social security contributions and other obligations is made in
accordance with the law.
Art.22. Depreciation of funds
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The Board of Directors shall determine, in accordance with the law, the method of
depreciation of tangible and intangible assets.
Art.23. Accounting records and annual financial statements
The company will keep the accounting records in Romanian and in national currency,
prepare the annual financial statements in accordance with the conditions stipulated by the law.
The annual financial statements shall comprise:
• statement of financial position,
• statement of comprehensive income,
• statement of changes in equity,
• statement of cash flows,
• notes to the financial statements or other reports required by applicable accounting
regulations.
The Company shall publish in the Official Gazette of Romania, Part IV, a notice confirming the
submission to the territorial units of the Ministry of Public Finance of the Annual Financial
Statements, the Report of the Board of Directors and the Statutory Auditor's Report.
Art.24. Calculation and distribution of profit or cover of accounting loss
The accounting profit or loss shall be determined in accordance with the law on the basis
of the annual financial statements approved by the general meeting of shareholders. The taxable
profit shall be determined in accordance with the law.
The distribution of the accounting profit remaining after deduction of income tax by
destination shall be made in accordance with the legal provisions in force.
Dividends shall be distributed to shareholders in proportion to their share of the paid-up
share capital.
In the event of book losses, the general meeting of shareholders shall decide how to cover
the losses.
Shareholders shall bear losses in proportion to their share of the paid-up capital.
Art.25. Registers of the company
The company keeps the records required by law.
CHAPTER VIII
CHANGE OF LEGAL FORM, DISSOLUTION, LIQUIDATION OF THE COMPANY. LITIGATION
Art.26. Change of legal form
The company may be changed into another form of company by resolution of the general
meeting of shareholders.
Art.27. Dissolution of society
They have the effect of dissolving the company and entitle each shareholder to request the
liquidation of the company:
a. Impossibility of achieving the object of the company;
b. Resolution of the general meeting;
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c. Bankruptcy;
d. Loss of half of the company's capital after the reserve fund has been used up, unless
the general meeting of shareholders decides to increase the capital or reduce it to the
amount remaining. The number of shareholders shall be reduced below five for more than
6 months:
e. At the request of any shareholder, if circumstances of force majeure and their
consequences last for more than 8 months and the general meeting of shareholders
determines that the operation of the company is no longer possible;
f. In any other circumstances, on the basis of a unanimous resolution of the general
meeting of shareholders.
The dissolution of the company must be entered in the Commercial Register and published in the
Official Gazette.
Art.28. Liquidation of the company
In case of dissolution, the company will be liquidated.
The liquidation of the company and the distribution of the company's assets shall be carried out
under the conditions and in compliance with the procedure laid down by law.
Art.29. Litigation
Disputes between the company and Romanian individuals or legal entities are under the
jurisdiction of the Romanian courts.
Disputes arising from contractual relations between the company and Romanian legal
entities may also be settled by arbitration, which operates within the Chamber of Commerce,
Industry, Shipping and Agriculture of Constanta.
CHAPTER IX
FINAL PROVISIONS
Art.30. The provisions of these Statutes shall be supplemented by the legal provisions
relating to companies.
Done today, 10.03.2023, in three original copies, under private signature.
CHAIRMAN OF THE BOARD
OF THE COMPANY OIL TERMINAL S.A.
CRISTIAN-FLORIN GHEORGHE
APPENDIX no. 1, integral part of the Constitutive Act, with the following content
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No.
CONTRACTS, CREDITS AND BANKING
OPERATIONS
COMPETENCES
Type of
contract/operation
Value/type of
guarantee
General
Director
Board of
Directors
General
Meeting of
Shareholders
1
Current short-term
bank loans/loans
(up to 1 year):
- Credit, lines of
credit,
overdrafts,
bank letter of
guarantee.
Under 20,000,000 lei
Endorse
Approve
It informs
Over 20,000,001 lei
Propose
Endorse
Approve
2
Current
medium/long term
bank loans/loans:
- Loans, lines of
credit,
- Overdrafts,
Bank guarantee
letter
Regardless of value
Propose
Endorse
Approve
3
Guarantees
related to current
bank credits/loans
(event-driven),
regardless of
credit duration
Real estate,
regardless of value
and type of credit
Propose
Endorse
Approve.
Movable property,
receivables and other
categories of
securities, for all
types of credit, the
value of which is less
than 10% of the value
of the company's
fixed assets less
receivables, in the
month preceding the
request
Endorse
Approve
It informs
Movable property,
receivables and other
categories of
securities, for all
types of credit, the
value of which
exceeds 10% of the
value of the
company's fixed
assets less
receivables in the
month preceding the
event
Propose
Endorse
Approve
The ceilings apply for each operation separately, without cumulating operations. It is not permitted to divide a contract
or any legal act committing the company into several stages or value tranches in order to change the approval level in
this way.
CHAIRMAN OF THE BOARD
OF THE COMPANY OIL TERMINAL S.A.
CRISTIAN-FLORIN GHEORGHE
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DECISION
no. 12 of 27.04.2023
Shareholders Ordinary General Assembly
of OIL TERMINAL S.A.
Having in view the provisions of Law no. 31/1990 republished, with further alterations and additions, those of Law no.
24/2017 regarding financial instruments issuers and market operations, FSA Regulation no. 5/2018 regarding financial
instruments issuers and market operations, company’ Constitutive Act and Shareholders General Ordinary Assembly’
meeting’ Report of 27.04.2023 the followings were adopted:
Decision:
Art. 1.1 With 99,9220 % the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on corporate governance of public companies of Mr. GHEORGHE Cristian Florin,
Romanian citizen, profession engineer, CNP___________ , identified by ___ series ____ , no. _____, domiciled in
Bucharest.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
Art. 1.2 By 99.9220% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., starting from 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on corporate governance of public companies, of Ms. UNGUR Ramona, Romanian
citizen, profession economist, CNP ___________, identified by ___ series __, no. _____, domiciled in Bucharest, is
approved.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 1.3 By 99.9220% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on corporate governance of public companies, of Mr. ANDREI Aurelian Ovidiu,
Romanian citizen, profession engineer, CNP ___________, identified by ___ series ___, no. ______, domiciled in
Giurgiu, Giurgiu County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
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Art. 1.4 By 99.9220% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on the corporate governance of public companies, is approved for Mr. TEȘELEANU
George, Romanian citizen, profession engineer, CNP __________ identified by ____ series _____, no. ______,
domiciled in Constanța, Constanța County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
Art. 1.5 By 99.9220% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on the corporate governance of public companies, is approved for Mr. NICOLAE
Emilian, Romanian citizen, profession lawyer, CNP ____________identified by ___ series ___, no. ____, domiciled in
Cernavodă, Constanța County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 1.6 By 96.2533% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on corporate governance of public companies, of Mr. LAZARIU Dragos-Ciprian,
Romanian citizen, profession economist, CNP ___________ identified by _____ series ___, no. ____, domiciled in
Voluntari, Ilfov County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 1.7 By 99.9220% of the votes cast, it is approved the revocation of the membership of the Board of Directors of
Oil Terminal S.A., as of 27.04.2023, following the completion of the selection procedure in accordance with the
provisions of GEO no. 109/2011 on corporate governance of public companies, of Mr. MICU Ionuț Stelian, Romanian
citizen, profession economist, CNP ___________, identified by ___, series ___, no. _______, domiciled in Voluntari,
Ilfov County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.730.517.858 votes “for”, representing 99,9220 % of the votes cast total;
− 2.130.236 votes “against”, representing 0,0780 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 2.1. By 96.3310% of the votes cast, it is rejected the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011, of Mr. LAZARIU
Dragoș Ciprian, Romanian citizen, profession economist, CNP ___________ identified by __ series ___, no.
_______, domiciled in Voluntari, Ilfov County.
Page 137/233
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 100.259.603 votes “for”, representing 3,6690 % of the votes cast total;
− 2.632.388.491 votes “against”, representing 96,3310 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
Art. 2.2. By 96.2533% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr. ANDREI Aurelian
Ovidiu, Romanian citizen, profession engineer, CNP ___________, identified by ____ series ____, no. ____,
domiciled in Giurgiu, Giurgiu County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
Art. 2.3. With 96,2533 % of the votes cast, it is approved election as member of the Board of Directors of Oil
Terminal S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr.
GHEORGHE Cristian Florin, Romanian citizen, profession engineer, CNP ___________, identified by _____ series
____, no. ______, domiciled in Bucharest.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0votes was annulled.
Art. 2.4. By 96.2533% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mrs. Ramona
UNGUR, Romanian citizen, profession economist, CNP ______, identified by ____ , series ___, no. _______,
domiciled in Bucharest.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 2.5. By 96.2531% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr. MIȘA George-
Silvian, Romanian citizen, profession economist, CNP __________ identified by ____series _____, no. _______,
domiciled in Constanta.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 2.6. By 96.2533% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr. MICU Ionuț-
Page 138/233
Stelian, Romanian citizen, profession economist, CNP 1780605293104, identified by CI, series IF, no. 808813,
domiciled in Voluntari, jud. Ilfov.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 2.7. By 96.2533% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr. TEȘELEANU
George, Romanian citizen, profession engineer, CNP _________ identified by ___series ___, no. ______, domiciled
in Constanța, Constanța County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 2.8. By 96.2533% of the votes cast, it is approved the election as member of the Board of Directors of Oil Terminal
S.A., starting from 28.04.2023, in accordance with the provisions of art. 29 of GEO no. 109/2011 Mr. BODU Sebastian
Valentin, Romanian citizen, profession lawyer, CNP _________ identified by ____ series ___, no. ______, domiciled
in Constanța, Constanța County.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 3 By 96.2533% of the votes cast, the term of office of the members of the Board of Directors elected in Article 2
is approved for a period of 4 (four) years, starting on 28.04.2023.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 4 By 96.2533% of the votes cast, it is approved to set the gross monthly fixed indemnity of the members of the
Board of Directors elected in Article 2 as equal to 2 times the average gross monthly salary for the last 12 months for
the activity carried out according to the main object of activity registered by the company, at class level according to
the classification of activities in the national economy, communicated by the National Institute of Statistics prior to the
appointment.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 5 By 96.2533% of the votes cast, the form of the mandate contract to be concluded with the members of the
Administrative Board elected under Article 2 is approved.
Page 139/233
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 6 By 96.2533% of the votes cast, it is approved to mandate the representative of the State in the Ordinary General
Meeting of Shareholders to sign the mandate contracts of the new members of the Board of Directors elected in Article
2.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.630.262.880 votes “for”, representing 96,2533 % of the votes cast total;
− 102.385.214 votes “against”, representing 3,7467 % of the votes cast total;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 7 By 100 % from the votes cast, is approved the empowerment of the meeting’ Chairman to sign the assembly’
decisions.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.732.648.094 votes “for”, representing 100 % of the votes cast total;
− 0 votes “against”;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Art. 8 By 100% from the votes cast is approved the empowerment of the company’ general director to sign the
necessary documents regarding the registration of shareholders general assembly’ decisions in Trade Register Office
of Constanta Court and to conduct the formalities regarding publishing these decisions.
With a turnout of 2.732.648.094 votes, representing 91,17 % of the voting rights total, the votes cast were recorded
as follows:
− 2.732.648.094 votes “for”, representing 100 % of the votes cast total;
− 0 votes “against”;
− 0 votes “unexpressed”.
A number of 0 votes was annulled.
Chairman of OIL TERMINAL S.A.’
Shareholders General Ordinary Assembly of 27.04.2023
Cristian- Florin GHEORGHE
Page 140/233
II. FINANCIAL SITUATIONS
FOR THE YEAR ENDED ON
31 DECEMBER 2023
Issued according to International financial reporting standards
Page 141/233
Situation of financial position for the year ended on 31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Note
Year ended on
31 december 2023
(audited)
Year ended on
31 december 2022
(audited)
ASSETS
FIXED ASSETS
Intangible assets
17
4,351,059
4,743,501
Tangible assets
15
616,066,424
521,780,338
Tangible assets in execution
16
108,116,513
44,326,678
Financial assets
18
908,030
908,030
Assets related to the rights to use leasing assets
17
8,463,422
4,855,450
Total fixed assets
737,905,448
576,613,997
CURRENT ASSETS
Stocks
19
2,152,804
1,614,465
Clients and assimilated accounts
20
35,544,838
33,354,918
Other receivables
21
3,269,833
3,620,987
Fees and taxes to be recovered
21
8,944,901
8,722,986
Cash and cash equivalents
22
45,256,216
41,764,411
Total current assets
95,168,592
89,077,767
TOTAL ASSETS
833,074,040
665,691,764
OWN CAPITALS AND DEBTS
OWN CAPITALS
Social capital
23
299,717,713
58,243,025
Other elements of own capitals
24
(30,119,878)
(28,177,237)
Reserves from reevaluation
25
233,240,022
221,877,506
Legal reserves
27
7,654,135
6,772,805
Other reserves
27
32,047,163
180,026,477
Surplus achieved from reevaluation reserves
26
12,066,963
11,648,008
Result reported without IAS 29
26
396,930
396,930
Current profit
13
14,292,764
11,604,223
Profit distribution
27
(4,691,016)
(2,071,211)
Total own capitals
564,604,796
460,320,526
DEBTS ON LONG TERM
Loans on long term
28
139,123,032
91,655,324
Other loans and assimilated debts
28
5,963,222
3,348,584
Debts regarding taxation on postponed profit
28
34,381,247
31,282,452
Total debts on long term
179,467,501
126,286,360
CURRENT DEBTS
Long-term loans – current part
28
20,574,599
11,888,167
Commercial debts
31
38,309,841
41,761,272
Debts regarding fees and taxes
32
10,134,111
8,890,793
Other current debts
33
4,350,187
4,086,379
Other loans and assimilated debts
33
2,337,928
1,580,759
Total current debts
75,706,666
68,207,370
TOTAL DEBTS
255,174,167
194,493,730
Provisions
34
13,084,919
10,716,637
Subventions for investments
35
210,158
160,871
TOTAL OWN CAPITALS AND DEBTS
833,074,040
665,691,764
The financial situations presented were issued by the company on 22.03.2024 and signed on its behalf by:
Chairman of Board of Directors,
Gheorghe Cristian Florin
Attached notes 1-42 are integral parts of these financial situations
General Director,
Financial Director,
Chief of Accountancy Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Page 142/233
Situation of overall result for the year ended on 31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Note
Year ended on
31 December 2023
(audited)
Year ended on
31 December 2022
(audited)
Revenues from services supplies
3
346,718,625
301,177,336
Revenues from residual products sale
4
3,184,831
1,436,416
Other revenues from operating
5
2,979,996
3,738,219
Material expenses
7
(14,655,258)
(16,567,874)
Utilities expenses
8
(14,585,412)
(15,752,584)
Employees expenses
9
(139,158,564)
(113,230,127)
Services supplies by third parties expenses
10
(18,355,024)
(12,257,221)
Amortization expenses
11
(20,507,129)
(20,396,420)
Other operating expenses
12
(118,755,606)
(111,753,528)
Result from operating
26,866,459
16,394,217
Financial revenues and expenses (net values)
6
(10,306,722)
(3,015,114)
Year gross result
16,559,737
13,379,103
Expenses on profit taxation
13
2,266,973
1,774,880
Year net result
14,292,764
11,604,223
Overall result’ other elements:
Elements not being reclassified for profit
and loss, from which:
14,205,228
84,783
Earnings from leased/scrapped real
estate’ reevaluation
25
1,575,108
523,420
Surplus from assets reevaluation
25
15,728,914
(523,420)
Debt regarding deferred tax
28
(3,098,794)
84,783
Total overall result
28,497,992
11,689,006
Result per share (lei/share)
40
0,009508
0,020069
Diluted result per share (lei/share)
40
0,011311
0,020069
The presented financial situations were issued by the company on 22.03.2024 and signed on its behalf by:
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director,
Financial Director,
Chief of Accounting Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Attached notes 1-42 are integral parts of these financial situations
Page 143/233
Situation of cash flows for the year ended on 31 december 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Note
Year ended on
31 decembrie 2023
(audited)
Year ended on
31 decembrie 2022
(audited)
Cash flow from operating activity
Net profit
14,292,764
11,604,223
Regulations for non monetary elements
Amortization and regulations from fixed assets impairment
11,5
20,507,129
20,396,420
Loss from fixed assets disposal
(72,189)
217,943
Net movement of regulations for current assets
5
(954,845)
249,187
Net movement of provisions for risks and expenses
2,368,282
(1,785,643)
Other regulations
2,232,653
(902,910)
Loss regarding interest rates
6
10,252,414
5,034,463
Profit/loss from exchange rate differences
6
54,506
(2,019,349)
Operational profit before other alterations in current
capital
34,387,950
21,190,111
Decrease/Increase in stocks value
19
(538,339)
423,080
Increase of receivables
20,21
(2,060,680)
(19,270,346)
Increases in commercial or other kind of debts value
31,32,33
(1,987,032)
25,890,575
Net interest rates (paid)
6
(10,252,414)
(5,034,463)
Net cash flow from operating activity
33,842,249
34,803,180
Cash flow used in investment activity
Tangible and intangible assets
16,17
(93,560,964)
(54,472,068)
Increases in long term assets value
18
-
(9,301)
Net cash flow used in investment activity
(93,560,964)
(54,481,369)
Cash flow from financing activity
Increase of long term loans and other assimilated loans
and debts
13,174,660
-
Paid dividends
28
70,564,878
45,964,271
Loans payments
(9,490,285)
(4,038,142)
Cash flow from financing activities
28
(11,038,931)
(6,216,399)
Net decrease of cash and cash equivalents
63,210,322
35,709,730
Cash and cash equivalents value at the year’ start
3,491,607
16,031,541
Cash and cash equivalents value at the year’ end
22
41,764,411
25,732,870
Cash flow from financing activity
22
45,256,018
41,764,411
The presented financial situations were issued by the company on 22,03,2024 and signed on its behalf by:
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director,
Financial Director,
Chief of Accounting Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Attached notes 1-42 are integral parts of these financial situations
Page 144/233
Situation of change quity on 31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise (audited)
Subscribed
paid social
capital
Other
elements of
own capital
Reevaluation
reserves
Legal
reserves
Reported result
representing
surplus
achieved from
reevaluation
reserves
Other reserves
Reported result
arisen from the
first adoption of
IAS, excepting
IAS 29
Reported
result
arisen from
accountant
errors
correction
Year result
Profit
distribution
Reported
result
representin
g
undistribute
d profit
Total own
capitals
Balance on 1 January
2023
58,243,025
(28,177,237)
221,877,507
6,772,805
11,648,008
180,026,477
396,930
-
11,604,223
(2,071,211)
-
460,320,527
Year net profit
14,292,764
14,292,764
Other elements of
overall result :
Surplus from the
revaluation of fixed
assets
17,304,022
17,304,022
Transfer of
reevaluation reserves
in reported result
(1,575,108)
1,575,108
-
Tax on deferred profit
(1,942,641)
(1,156,153)
-
(3,098,794)
Total period’ overall
result
-
(1,942,641)
15,728,914
-
418,955
-
-
-
14,292,764
-
-
28,497,992
Other elements
241,474,688
(4,366,399)
881,330
(147,979,314)
(9,533,012)
9,533,012
90,010,305
Other elements total
241,474,688
-
(4,366,399)
881,330
(147,979,314)
(9,533,012)
9,533,012
90,010,305
Dividends distribution
(9,533,012)
(9,533,012)
Profit distribution
(2,071,211)
(2,619,805)
-
(4,691,016)
Balance on 31
December 2023
299,717,713
(30,119,878)
233,240,022
7,654,135
12,066,963
32,047,163
396,930
-
14,292,764
(4,691,016)
564,604,796
For details regarding own capital, see notes: 13, 23, 24, 25, 26, 27.
The presented financial situations were issued by the company on 22.03.2024 and signed on its behalf by:
Chaiman of Board of Directors,
Gheorghe Cristian Florin
Attached notes 1-42 are integral parts of these financial situations
General Director,
Financial Director,
Chief of Accountant Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Page 145/233
Situation of change quity on 31 December 2022
(all amounts are expressed in lei (RON) if not mentioned otherwise (audited)
Subscribed
paid social
capital
Other
elements of
own capital
Reevaluation
reserves
Legal
reserves
Reported
result
representing
surplus
achieved
from
reevaluation
reserves
Other
reserves
Reported result
arisen from the
first adoption of
IAS, excepting
IAS 29
Reported
result arisen
from
accountant
errors
correction
Year result
Profit
distribution
Reported
result
representing
undistributed
profit
Total own
capitals
Balance on 1
January 2022
58,243,025
(8,821,595)
222,400,926
6,050,889
11,124,589
178,677,182
396,930
(19,440,425)
5,752,696
(1,526,141)
-
452,858,076
Year net profit
11,604,223
11,604,223
Other elements of
overall result :
Transfer of
reevaluation reserves
in reported result
(523,419)
523,419
-
Tax on deferred profit
(19,355,642)
19,440,425
84,783
Total period’ overall
result
-
(19,355,642)
(523,419)
-
523,419
-
-
19,440,425
11,604,223
-
-
11,689,006
Other elements
721,916
1,349,295
(4,226,555)
4,226,555
2,071,211
Other elements total
721,916
1,349,295
(4,226,555)
4,226,555
2,071,211
Dividends distribution
(4,226,555)
(4,226,555)
Profit distribution
(1,526,141)
(545,070)
0
(2,071,211)
Balance on 31
December 2022
58,243,025
(28,177,237)
221,877,507
6,772,805
11,648,008
180,026,477
396,930
-
11,604,223
(2,071,211)
-
460,320,526
For details regarding own capital, see notes: 13, 23, 24, 25, 26, 27.
The presented financial situations were issued by the company on 22.03.2024 and signed on its behalf by:
Chaiman of Board of Directors,
Gheorghe Cristian Florin
General Director,
Financial Director,
Chief of Accountant Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Attached notes 1-42 are integral parts of these financial situations
Page 146/233
Notes to the financial statements for the year ended 31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
1. General information and main activities
Oil Terminal is a joint stock company domiciled in Romania. The company's registered office is located on Caraiman
Street, nr.2, Constanta.
The company was established in accordance with the provisions of Law no.15/1990 and H.G. no.1200/1990, having
the legal form of a joint-stock company and was registered at the Commercial Register of Constanta under
no.J13/512/01.02.1991, with tax registration code RO2410163.
Oil Terminal has the LEI code: 315700QNENQ53MELTT73, which is the "Legal Entity Identifier".
Oil Terminal, with 125 years of experience in the field, occupies a strategic position in the Black Sea area, being the
largest oil terminal operator of petroleum products in the port of Constanta, whose basic activity includes the provision
of services related to the reception, loading, unloading of crude oil, petroleum products, petrochemicals, liquid
chemicals and other finished products or liquid raw materials for import, export and transit (CAEN code 5224 -
handling).
The Constanta oil terminal is located in south-eastern Europe, at the intersection of the shipping lanes between Asia,
Central and Western Europe and the Middle East.
❖ Climate issues
OIL TERMINAL pays particular attention to climate issues and their effects when providing a balanced and
comprehensive analysis of the development and performance of the company's business and financial position, taking
into account the following infrastructure issues:
Oil Terminal has 3 depots with a total storage capacity of approximately 1.3 million m
3
, of which:
- North Platform section, storage capacity of approximately 290,000 m
3
, used for storage of crude oil, fuel oil and
VGO.
- The Port Platform Section, located in Port berth 69, with a storage capacity of approximately 105,000 m
3
, designed
for the storage of petroleum products and chemicals.
- South Platform section, capacity about 910,000 m
3
, used for storage of crude oil, gasoline, diesel, fuel oil.
Depending on the specifics, each platform has the following infrastructure:
• tanks with capacities of between 1,000 m
3
and 55,000 m
3
, of metal construction, cylindrical, vertically located -
above ground, fitted with protective belts, fixed or floating covers and fire-fighting installations. Some of the tanks
are equipped with automatic measuring equipment of the radar type for measuring the height and temperature
of the stored product;
• loading/unloading capacity for petroleum and liquid chemical products consisting of ramps, internal railways with
a total length of approximately 30 km, equipped with loading/unloading facilities;
• loading facilities produced in tankers;
• transport pipelines for loading/unloading crude oil, petroleum products, petrochemicals, liquid chemicals and oils
to/from ships, with diameters between 100 mm and 1000 mm;
• pump boxes that can achieve flow rates between 300 m
3
/h - 2,500 m /h;
3
• canting for road tankers and rail tankers;
• computerised metering installations located in the immediate vicinity of diesel, petrol and crude oil
loading/unloading bays;
• laboratories equipped with equipment for carrying out specific physico-chemical analyses;
• dockside facilities for loading barge products (crude oil, diesel, gasoline, fuel oil) and bunkering light and heavy
fuel ships in all oil berths.
The oil terminal has in operation 7 operational berths in the Port of Constanta with depths between 12.50 - 17 m,
allowing the operation of vessels with a capacity of up to 150,000 tdw. The berths are equipped with hydraulically
operated loading/unloading ship coupling facilities with diameters of 12" and 16" respectively.
Oil Terminal is interconnected with Romanian refineries through the transport company Conpet SA Ploiesti for the
transport of crude oil from the terminal to the refineries, on underground pipelines that are part of the national transport
system.
The oil terminal has connections to the national railway network, the road network and the Danube-Black Sea canal.
Global warming currently poses two major problems for mankind:
- the need to drastically reduce greenhouse gas emissions in order to stabilise the level of greenhouse gas
concentrations in the atmosphere to prevent anthropogenic influence on the climate system and to enable natural
ecosystems to adapt naturally,
- the need to adapt to the effects of climate change, given that these effects are already visible and unavoidable due
to the inertia of the climate system, regardless of the outcome of actions to reduce emissions.
Page 147/233
Given the centenary activity of the Oil Terminal Company, there is an impact on the environment related to both
historical pollution and current activity.
A basic concern of top management is to minimise issues with a negative impact on the environment, which is why
studies have been carried out over time to correctly assess historical pollution of environmental factors and implement
appropriate remediation solutions.
The company has included in its development strategy investment objectives with an impact on the environment and
implicitly on climate change mitigation and adaptation.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources, minimising
the amount of waste generated and emissions to air, water and soil.
The company has developed and implemented plans to prevent and combat the impact on environmental factors in
the event of accidental spills and leaks of crude oil, petroleum products and petrochemicals.
Issues related to the impact of the company's core business on the environment
Due to the volume of petroleum and petrochemical products handled, OIL TERMINAL SA is subject to Law no.59/2016
on the control of major accident hazards involving hazardous substances.
Compliance with the requirements of the permits implies compliance with the legal provisions, implementation and
maintenance of environmental and safety management systems, ensuring that all machinery and installations of the
site operate within the designed parameters, with compliance with the maintenance programmes and constant concern
for upgrading the installations.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources, minimising
the amount of waste generated and emissions to air, water and soil. The company has developed and implemented
plans to prevent and combat the impact on environmental factors in the event of possible accidental spills and leaks
of crude oil, petroleum and petrochemical products.
Monitoring of environmental factors: water, air, soil, groundwater is currently being carried out in accordance with the
requirements of the Environmental Permits:
- for the environmental factor water: monitoring the indicators of wastewater discharged into the sewage system of
RAJA SA Constanta and the National Company for the Administration of Sea Ports SA Constanta, in order to maintain
their values within the limits imposed by the regulations in force. With the commissioning of the wastewater treatment
plant of the National Company for the Administration of Sea Ports, the influence of the current activity on the natural
outfall has been eliminated.
- for the environmental factor groundwater: measurement of its piezometric level and the height of the product film,
extracting, if necessary, by pumping/pumping the water with petroleum product.
- for the soil environmental factor: the indicators "petroleum product" and metals are monitored every six months.
Visual inspection of the installations is carried out continuously.
- for the environmental factor air: the VOC (volatile organic compounds) indicator value is monitored on the perimeter
of the South Platform Section where gasoline is stored, and the benzene and toluene indicators on the perimeter of
the three platform sections. In 2023, additional volatile organic compound concentration determinations were
conducted in residential areas adjacent to the North Platform Section. Oil Terminal SA has VOC emission certificates
and annual VOC emission calculations for gasoline storage facilities issued by authorised companies in accordance
with the legislation in force. Emissions from thermal power plants (dust, carbon monoxide, sulphur oxides and nitrogen
oxides) are monitored annually.
In the year 2023, the investment programme includes objectives with significant impact on the current performance of
the business and on the environment, as follows:
- investment/upgrading works (construction of tank 125 with a capacity of 55,000mc and related technological
installations in the South Platform Section, upgrading of tank B18 SP South);
- repair and maintenance works on petroleum products transport pipelines and tanks (repair and repositioning of diesel
oil pipeline section 1 from underground to above ground between MIM bridge and Port flap, repair and repositioning
of diesel oil pipeline section 2 from underground to above ground between MIM bridge and Port flap, repair works on
tanks R 21, 23 and 4 in SP South, cleaning works on hydrocarbon separator in SP North).
OIL TERMINAL communicates, whenever appropriate, to its employees and interested parties, the public information
prepared in accordance with Law no.59/2016 on the control of major accident hazards involving dangerous substances
and the public information prepared in accordance with GD no.878/2005 on public access to environmental information.
The information is updated and communicated on the website www.oil-terminal.com/Comunicare and to the media in
the "SEVESO Public Information" section and in the "Environment" section and includes information on operational
safety measures and behaviour in the event of a major accident, risks to human health and the environment, and the
impact of the activity on environmental factors.
The company has its own specific acoustic alarm system in the event of a major accident (fire, explosion, toxic
dispersal, etc.) and, where appropriate, stakeholders will be further informed of the specific measures they need to
take to protect themselves.
Page 148/233
For all major accident scenarios that go beyond the site of the platform sections, neighbouring companies and
homeowners' associations that may be affected have been informed. The spatial planning areas resulting from the
scenarios contained in the Safety Reports have been submitted to the Dobrogea Emergency Situations Inspectorate
and the Municipality of Constanta and can be used as a database.
Oil Terminal responds, through its own specialised staff, to every complaint made by the population and neighbours
regarding the quality of the environment or other situations that could be caused by the company's activity and
participates in all investigations carried out by the authorities or other legal entities.
In order to minimise the impact on the environment, to limit the consequences of possible accidental events as a result
of carrying out the activity, the company has implemented the Integrated Environment, Health and Safety at Work
System, has updated the plans for the prevention of oil pollution, the general plan for the management of waste from
construction and/or dismantling activities, the programme for the prevention and reduction of the quantities of waste
generated from its own activity.
The implementation of the 14001/2015 standard - "Environmental Management Systems" has the objectives of
increasing environmental performance, meeting compliance obligations and achieving proposed environmental
objectives, as well as systematically improving environmental management.
Periodically, Oil Terminal's activity is audited internally/externally and verified through thematic or substantive controls
by environmental, water management or emergency authorities.
As at 31 December 2023 the Company has not identified any significant climate-related issues on the operations
carried out by OIL TERMINAL.
There is no indication of impairment of assets and there are no legal or constructive obligations to establish a provision
related to climate commitments at 31 December 2023.
❖ The competitive situation in the company's field of activity:
Domestically, Oil Terminal is the largest terminal in the port of Constanta for import and export of crude oil, petroleum
products and chemicals.
With regard to the whole sphere of oilfield services, the company's main competitors are:
- the terminal in the port of Midia
- terminals in Romanian Danube ports (Galati, Giurgiu and Drobeta Turnu Severin)
- Reni terminal
- port operators Chimpex and Frial for the export and import of liquid fertilisers or vegetable oils.
The work of the competitors mentioned consists of:
•
The terminal at the port of Midia:
The terminal in the port of Midia exclusively serves the Rompetrol Rafinare refinery. Through the mono buoy
located 8.6 km off the Black Sea, ships are unloaded with crude oil needed for processing in the refinery, and
through the oil berths located in the port of Midia, ships are unloaded with other raw materials to feed the refinery
and with bio-components that are mixed with diesel and gasoline in proportions according to the legislation in
force. Ships/barges are also loaded with a maximum of 20 thousand tonnes of petrol and diesel for export. The
quantitative limitation is imposed by the maximum draught at berths. In 2023, crude oil and other raw materials
used for processing in the Petromidia refinery were unloaded at the Marine Midia Terminal and fuel for export and
import was loaded.
•
Terminals in Romanian Danube ports (Galati, Giurgiu and Drobeta Turnu Severin):
The Danube terminals are used to load/unload gasoline, diesel, fuel oil and bioethanol from/to river barges:
- OMV Petrom and Petrotel Lukoil refineries load gasoline and diesel from CF tankers via the Drobeta Turnu
Severin terminal directly onto river barges unloading at Danube ports in Austria, Slovakia and Hungary.
Bioethanol unloading from barges loaded in Hungary is also carried out for the 2 refineries mentioned above.
- During 2014, MOL built a new terminal in the port of Giurgiu where it unloads barges of gasoline and diesel
loaded on river barges at Oil Terminal, Rompetrol Rafinare and other Danube ports in Hungary and Slovakia. A
CF ramp for unloading gasoline and diesel from rail tanker wagons is also to be commissioned at the Mol depot.
- small quantities of diesel oil and fuel oil, mainly arriving by tanker wagons from various operators, run through
the terminal at Galati. The depot has Russian type wide gauge rail lines connecting to Ukraine, so it is no longer
necessary to tranship wagons onto CFR type axles to be unloaded/loaded at this depot.
Page 149/233
•
Reni Terminal:
This terminal is a competitor in terms of cargo turnover loaded at the port in Serbia. It has a small storage capacity of
about 5 thousand tonnes and the draught on the Danube allows the operation of small capacity vessels up to 5-6
thousand tdw. For larger quantities, customers use the services of Oil Terminal.
•
Export and import of liquid fertilizers and vegetable oils:
In the Port of Constanta there are two port operators that have tanks in operation: Frial with a capacity of 15,000 cubic
meters and Chimpex with tanks of 20 thousand cubic meters. During 2016 and 2017, in line with market demands, the
two owners changed the destination of the tanks from liquid fertilizers to vegetable oils. The import of urean was carried
out by the company HGM Logistic. It was carried out due to the closure of the three urean producing plants belonging
to INTERAGRO.
❖ Management system
Since 13.05.2003, Bureau Veritas Romania has certified the management system implemented in OIL TERMINAL,
which is maintained until today and continuously improved in accordance with the requirements of SR EN ISO
9001:2015. Since 2018, the company has been certified for Integrated Management System, Quality, Environment,
Health and Safety at Work.
The company holds a quality management certificate from Bureau Veritas Certification, valid until 13 May 2024, with
a recertification audit to be carried out in April 2024.
In accordance with the requirements of SR EN ISO/IEC 17025:2018, reaccreditation of laboratory tests was carried
out in 2021 by the National Body RENAR for 23 laboratory tests and the reaccreditation certificate was obtained for a
period of 4 years.
Internal audits with qualified auditors and external audits of the above mentioned bodies are planned to ensure
compliance with the requirements of the management system.
In June 2021, an audit was conducted to assess the compliance of the Metrology Laboratory with the requirements of
SR EN ISO/IEC 17025:2018. Following the audit, the Metrology Laboratory obtained Re-authorization for a period of
2 years.
On 20-21.04.2023, Surveillance Audit No.2 was carried out in accordance with the requirements of SR EN ISO
9001:2015 and on 24-25.04.2023, Surveillance Audit No.1 was carried out in accordance with the requirements of SR
EN ISO 14001:2015 and SR ISO 45001:2018.
In August 2023, the 2nd Surveillance Audit of Petroleum Products Testing Laboratories was conducted in accordance
with the requirements of SR EN ISO/IEC 17025:2018.
In October 2023, the documents for the reauthorization of the Metrology Laboratory for volume verifications in
accordance with the requirements of SR EN ISO/IEC 17025:2018 were submitted again. New documentation had to
be submitted because during the assessment period some of the standards were re-scaled and the annexes of the
certificates had to be redone.
In November 2016, AFER-ASFR verified the railway safety management system in order to assess it and issue the
railway safety authorisation for OIL TERMINAL, in accordance with Directive 2004/49/EC, transposed into Law
55/2006. The verification of the system implemented in 2016 is carried out annually, based on its documentation,
issuing the Railway Operator Operating Authorisations.
As of December 24, 2019, based on AEO authorization no. RO AEOF 00000000224, the company has the status of
authorized economic operator for customs simplifications/safety and security, according to address no.31426 dated
19.12.2019, sent by the Directorate General of Customs.
During the period 01.03.2023-04.05.2023, a reassessment of the compliance with the conditions and criteria for
obtaining the status of authorized economic operator and the AEOC/AEOS Authorization -
RO/AEOC/AEOS/00000000224/19.12.2019 was carried out by the Bucharest Regional Customs Directorate.
Following the reassessment, the Bucharest Regional Customs Directorate proposed maintaining the authorization,
given that OIL TERMINAL meets the conditions and criteria for granting AEO-Customs Simplifications/Security and
Safety status, and issued AUDIT REPORT no.48/1/DM/ZM/04.05.2023, registered at Oil Terminal with
no.5386/09.05.2023.
In order to meet the requirements of the Authorised Economic Operator, compliance with the requirements of
Integrated Management, Quality, Environment, Health and Safety at Work is maintained.
On 11.02.2022 the Ministry of Public Finance - National Agency for Tax Administration - General Directorate for the
Administration of Large Taxpayers - Commission for the Authorization of Operators of Products Subject to Harmonized
Excise Duty, issued the Authorization of Tax Warehouse No. RO 0070413DD02/03.02.2022 with validity from
03.03.2022 until 01.03.2027, in the name of the authorized warehouseman OIL TERMINAL SA. This authorisation
permits the receipt, holding and dispatch, where applicable, of unleaded petrol under suspension of excise duty.
Page 150/233
❖ The main services provided by the company are:
• receipt, storage, conditioning and dispatch of crude oil, fuel oil, petroleum products, petrochemicals
and liquid chemicals for import, export and transit;
• carrying out technical tests and analyses in its own laboratories for the products developed;
• carrying out technical tests and analyses in its own laboratories for third parties;
• carrying out repairs and maintenance on the installations and machinery in their possession;
• renting own property;
• wholesale of waste and scrap.
The turnover achieved in 2023 is 349,787,315 lei. Compared to the previous year, there was an absolute increase of
47,108,337 lei.
The breakdown of the turnover achieved by products run in 2023 compared to 2022 is as follows:
Petroleum products lei
Year 2023
Year 2022
Crude oil
72,422,623
85,180,155
Diesel
201,588,670
151,674,507
Petrol
10,531,942
15,097,403
Fuel oil
27,929,818
16,864,344
Chemicals
23,953,556
22,130,507
Waste products
1,731,390
842,275
Other products and services
11,629,316
10,889,787
TOTAL
349,787,315
302,678,978
The main economic and financial indicators achieved by the company in 2023 compared to 2022 are as follows:
Indicator name
Year 2023
Year 2022
Current liquidity
1.26
1.31
Immediate liquidity
1.23
1.28
Turnover speed of customer flows (days)
35
33
Supplier credit turnover rate (days)
39
32
Turnover speed of fixed assets (rot)
0.47
0.52
Turnover speed of total assets (rot)
0.42
0.45
Return on capital employed (%)
3.70
3.21
Basic earnings per share (lei/share)
0.009508
0.020069
Interest cover indicator (no. of times)
2.51
3.46
Gross margin on sales (%)
4.73
4.42
The average number of employees was 996 on 31 December 2023 and 962 on 31 December 2022.
The structure of staff expenditure is as follows:
Indicator
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on salaries, meal vouchers and allowances
130,222,498
106,092,470
Expenditure on bonuses related to employee profit-sharing
1,059,224
469,618
Insurance and social protection expenditure
5,058,856
4,376,736
Insurance contribution for work - employees
2,757,637
2,222,095
Insurance contribution for work for persons other than employees
60,349
69,208
Staff expenditure
139,158,564
113,230,127
During 2023, the Company has carried out transactions with state-owned entities (irrespective of shareholding)
invoiced during the period from 1 January 2023 to 31 December 2023 under contracts concluded in the current or
previous year as follows:
Page 151/233
Customer
Amount
unpaid to
31 December
2022
Sales during
the period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Undisbursed
amounts to
31 December
2023
Agenția Română de Salvare a Vieții
Omenești pe Mare
109,669
649,016
649,660
109,025
ANRSPS UT 515
0
2,494,077
2,270,894
223,183
Chimcomplex
240,576
6,373,031
5,752,703
860,904
Conpet
0
238,383
238,383
0
C.N. Căi Ferate CFR
17,132
101,505
104,819
13,818
OMV Petrom
6,629,133
82,423,177
81,166,320
7,885,990
Rompetrol Downstream
3
0
3
0
Rompetrol Rafinare
319,411
3,606,963
3,610,297
316,077
SNTFM CFR MARFA SA
6,386
138,943
134,211
11,118
Societatea Națională de Radiocomunicații
939
33,995
34,612
322
UM 02133 Farul Roșu – Direcția Hidrografică
Maritimă
14,371
135,849
127,555
22,665
TOTAL
7,337,620
96,194,939
94,089,457
9,443,102
Supplier
Undisbursed
amounts at 31
December
2022
Purchases
during the
period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Undisbursed
amounts at 31
December
2023
Administrația Națională Apele Române -
Administrația Bazinală de Apă Dobrogea Litoral
0
14,235
14,235
0
Agenția de Protecție a Mediului
0
1,900
1,900
0
Agenția Natională de Cadastru și Publicitate
Imobiliară
0
890
890
0
Agenția Națională pentru Resurse Minerale
0
12,768
12,768
0
Asociația de Acreditare din România - RENAR
0
24,301
23,798
503
Asociația de Dezvoltare Durabilă a Județului
Constanța
0
25,000
25,000
0
Autoritatea de Siguranță Feroviară Română
0
51,909
50,744
1,165
Autoritatea de Standardizare din România
0
19,833
19,833
0
Autoritatea Feroviară Română - AFER
763
58,504
59,267
0
Autoritatea Națională de Reglementare în
domeniul Energiei - ANRE
0
2,500
2,500
0
Autoritatea Navală Română
0
19,704
19,704
0
Autoritatea Rutieră Română - ARR
0
2,816
2,816
0
Biroul Român de Metrologie Legală
0
50,240
50,240
0
Bursa de Valori
0
17,582
17,582
0
C.N.Căi Ferate CFR
3,843
93,410
88,984
8,269
Camera de Comerț și Industrie a României
0
154,185
154,185
0
Camera de Comerț, Industrie, Navigație și
Agricultură
0
27,765
27,765
0
Căpitania Zonală
0
2,933
2,933
0
Centrul Național de Calificare și Instruire
Feroviară - CENAFER
479
8,540
6,829
2,190
Ceronav
1,980
13,695
15,675
0
Compania Națională Administrația Porturilor
Maritime
44,993
4,899,681
4,867,398
77,276
Compania Națională de Administrare a
Infrastructurii Rutiere - CNAIR
0
24,375
24,375
0
Compania Națională pentru Controlul Cazanelor,
Instalațiilor de Ridicat și Recipientelor Sub
Presiune - CNCIR
0
51,224
36,654
14,570
Page 152/233
❖ Executive management of OIL TERMINAL in 2023:
Crt. no.
Full name
Function
Viorel - Sorin CIUTUREANU
Director General
Adriana FRANGU
Chief Financial Officer
Marieta Elisabeta STAȘI
Development Director
Gabriel DARABAN
Commercial Director
Emil ROHAT
Technical Director
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed, on the
recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as provisional General
Manager and Mrs. Adriana Frangu as provisional Financial Manager, as the term of office of the General Manager and
the Financial Manager expires on 01.01.2023. The term of office of the two provisional directors appointed is 4 months,
starting from 01.01.2023, in accordance with the provisions of Article 64 index 2 of GEO no.109/2011 on corporate
governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional general manager of
Oil Terminal SA was extended, respectively, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the date of expiry
of the mandate, respectively, for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director of Oil
Terminal SA, i.e. Adriana Frangu, was extended by 2 (two) months from the date of expiry of the mandate, i.e. for the
period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.72/19.06.2023 Mr. Viorel Sorin CIUTUREANU was appointed as General
Manager of the company, to whom, in accordance with the provisions of art.35 of GEO no.109/2011, the management
of the company was delegated for a mandate of 4 years, starting from 20.06.2023 until 20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs. Adriana FRANGU was appointed, in accordance with
the provisions of GEO no.109/2011, as the company's Financial Director , and the term of office of the Financial
Director was set at 4 years, starting from 20.06.2023 until 20.06.2027.
Compania Poșta Română
0
118
118
0
Confort Urban
0
1,050
1,050
0
Conpet
0
3,687
3,687
0
Depozitarul Central
188
36,847
36,908
127
Engie România
1,430,669
9,810,471
9,564,798
1,676,342
INCD Insemex
0
74,048
74,048
0
Inspecția de Stat pentru Controlul Cazanelor,
Recipientelor sub Presiune și Instalațiilor de
Ridicat - ISCIR
0
3,550
3,550
0
Inspectoratul Județean în Construcții Constanța
0
385,059
385,059
0
Institutul Național de Cercetare-dezvoltare
Protecția Muncii Alexandru Darabonț
0
15,322
15,322
0
Iprochim
0
6,528
6,528
0
Monitorul Oficial
0
19,805
19,805
0
Oficiul de Cadastru și Publicitate Imobiliară
0
480
480
0
Oficiul Național al Registrului Comerțului de pe
lângă Tribunalul Constanța
0
10,315
10,315
0
OMV Petrom
989,363
6,746,950
7,736,313
0
OMV Petrom Marketing
0
24
24
0
Primăria Municipiului Constanța
0
759,133
759,133
0
RAJA
115,990
1,461,604
1,508,234
69,360
RNP Romsilva D.C.E.A.C.
15,173
17,552
15,172
17,553
Rompetrol Downstream
62,985
651,302
689,504
24,783
SNTFM CFR Marfa
0
2,142
2,142
0
Serviciul Public de Impozite,Taxe și alte Venituri
0
33
33
0
Telecomunicații CFR
0
11,002
11,002
0
TOTAL
2,666,426
25,595,012
26,369,300
1,892,138
Page 153/233
The Managing Director and the Chief Financial Officer work on the basis of mandate contracts, while the Development
Director, the Technical Director and the Commercial Director are employed by the company on the basis of individual
employment contracts concluded for an indefinite period.
At the date of this report there are no shareholdings of the directors Sorin Viorel CIUTUREANU, Adriana FRANGU,
Marieta Elisabeta STAȘI, Emil ROHAT, Gabriel DARABAN in the share capital of the company.
The company is managed according to the unitary system of administration, with a Board of Directors consisting of 7
non-executive administrators.
In 2023 the composition of the Board of Directors was:
No.
crt.
Full name
Function
Term of office during
the reference period
1.
GHEORGHE Cristian Florin
Chairman of the Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
2.
UNGUR Ramona
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
3.
ANDREI Ovidiu Aurelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
4.
TEȘELEANU George
Provisional Administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
5.
NICOLAE Emilian
Provisional Administrator Board of Directors
01.01.2023-27.04.2023
6.
LAZARIU Ciprian Dragos
Provisional Administrator Board of Directors
01.01.2023-27.04.2023
7.
MICU Ionut Stelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
8.
MIȘA George Silvian
Administrator Board of Directors
28.04.2023-27.04.2027
9.
BODU Sebastian Valentin
Administrator Board of Directors
28.04.2023-27.04.2027
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.22/25.11.2022, it was approved the
extension of the term of office of the provisional directors of Oil Terminal SA, elected by the OGSM Resolution
no.14/29.07.2022, for two months from the date of expiry, i.e. for the period 04.12.2022 - 03.02.2023 inclusive, as
follows:
1. Mr. Florin Cristian GHEORGHE - Chairman of the Board of Directors from 04.08.2022
2. Mrs Ramona UNGUR
3. Mr. Ovidiu Aurelian ANDREI
4. Mr George TEȘELEANU
5. Mr Emilian NICOLAE
6. Mr. Ciprian Dragoș LAZARIU
7. Mr Ionuț Stelian MICU
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following were
adopted:
- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting method, in
accordance with the provisions of GEO no.109/2011 on corporate governance of public companies, with
subsequent additions and amendments, of the following persons:
1. Mr GHEORGHE Cristian Florin
2. Mrs UNGUR Ramona
3. Mr. ANDREI Aurelian Ovidiu
4. Mr. TEȘELEANU George
5. Mr NICOLAE Emilian
6. Mr. LAZARIU Dragos - Ciprian
7. Mr. MICU Ionuț Stelian
- approval of the term of office of the provisional administrators, for a period of 4 months, in accordance with the
provisions of art.64
1
, paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection procedure
provided for in GEO no.109/2011, if this takes place earlier than 4 months after the appointment of the provisional
administrators by the GSM, starting from 03.02.2023.
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected as Chairman
of the Board of Directors, Mr. Gheorghe Cristian-Florin, in accordance with the provisions of Article 18 paragraph 5 of
the articles of association and established the composition of the advisory committees that will function within the
Board of Directors, as follows:
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• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
NICOLAE Emilian - Member
MICU Ionuț Stelian - Member
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023 the following were
adopted:
- approved the election as members of the Board of Directors of Oil Terminal SA, starting from 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011 of the following:
•
Mr ANDREI Aurelian Ovidiu
•
Mr GHEORGHE Cristian Florin
•
Mrs UNGUR Ramona
•
Mr MIȘA George Silvian
•
Mr MICU Ionuț Stelian
•
Mr TEȘELEANU George
•
Mr BODU Sebastian Valentin
- the term of office of the elected members of the Board of Directors was approved for a period of 4 (four) years,
starting on 28.04.2023.
The Directors elected by the OGSM Resolution no.12/27.04.2023, meeting on 28.04.2023, elected, in accordance with
the provisions of Article 18 paragraph (5) of the Articles of Association, as Chairman of the Board of Directors, Mr.
Gheorghe Cristian Florin and established the composition of the advisory committees that will function within the Board
of Directors as follows:
• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee
MICU Ionuț Stelian - President
UNGUR Ramona - Member
MIȘA George Silvian - Member
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the meeting of the
Board of Directors held on 28.07.2023, the directors of the company updated the composition of the advisory
committees operating within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee
MICU Ionuț Stelian - President
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - President
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George - Member
As at 31 December 2023 there are no advances and loans to non-executive managers or management.
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Oil Terminal as at 31 December 2023 is not part of a group, has no relationships with subsidiaries or associated entities
and has no shareholdings in other companies.
2. Significant accounting policy disclosures
The accounting policies applied in these individual annual financial statements are the same as those applied in the
Company's annual financial statements as of and for the year ended December 31, 2022, except for the adoption of
new standards effective January 1, 2023. The Company has not early adopted any other standards, interpretations or
amendments that have been issued but are not yet effective.
Significant accounting policies are described in note 2 and are consistently applied by the company in the preparation
of the financial statements.
2.1 Declaration of conformity
These individual financial statements of the Company have been prepared on the basis of accounting regulations in
accordance with International Financial Reporting Standards ("IFRS") approved by Order of the Minister of Public
Finance No. 2844/2016, as amended.
International Financial Reporting Standards ("IFRS") are standards adopted in accordance with the procedure laid
down in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the
application of international accounting standards and include standards and interpretations endorsed by the
International Accounting Standards Board ("IASB"), International Accounting Standards ("IAS") and interpretations
issued by the International Financial Reporting Interpretations Committee ("IFRIC").
These financial statements have been prepared on a going concern basis.
The financial year corresponds to the calendar year.
The financial statements as at and for the year ended 31 December 2023 have been audited.
2.2 a) Standards and amendments to standards issued by the International Accounting Standards Board
(IASB) and adopted by the European Union (EU) that are effective from 1 January 2023:
Subject
Requirements
Possible impact
on the financial
statements
IFRS 17 'Insurance
Contracts' and
Amendments to IFRS
17
International Financial Reporting Standard (IFRS) 17 'Insurance
Contracts' is introduced, which requires insurance obligations to be
measured at a present value of realisation and provides a more
uniform measurement and presentation approach for all insurance
contracts. IFRS 17 will result in significant changes for many
insurers, requiring adjustments to existing systems and processes.
The standard sets out principles for the recognition, measurement,
presentation and disclosure of information about insurance
contracts within the scope of the standard.
The company does
not issue contracts
that are subject to
IFRS 17, so the
financial
statements have
not been affected
by this standard as
it is not applicable
to us.
Amendments to
IAS 1 "Presentation of
Financial Statements":
Presentation of
accounting policies
In accordance with IAS 1 Presentation of Financial Statements, an
entity discloses significant accounting policy information.
Information about the measurement basis (or bases) used in the
preparation of financial statements is expected to be significant
accounting policy information. In February 2021 the IASB
published amendments to IAS 1, which changes the disclosure
requirements for accounting policies from 'significant accounting
policies' to 'significant accounting policy disclosures'. The
amendments provide guidance on when information about
accounting policies can be considered significant.
The adoption of
these amendments
did not have a
significant impact
on the annual
financial
statements.
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Amendments to
IAS 8 - Accounting
Policies, Changes in
Accounting Estimates
and Errors:
Definition of
accounting
estimates:
In February 2021, the IASB issued amendments to IAS 8, which
added the definition of accounting estimates to IAS 8. The
amendments also clarified that the effects of a change in an input
or measurement technique are changes in accounting estimates,
unless they result from the correction of prior period errors.
Definition of accounting estimates: Accounting estimates are
monetary amounts in financial statements that are subject to
measurement uncertainty.
The adoption of
these amendments
did not have a
material impact on
the annual financial
statements.
Amendments to
IAS 12 "Income
Taxes":
Deferred tax on
assets and liabilities
arising from a single
transaction
These amendments clarify how companies should account for
deferred taxes on transactions such as leases and
decommissioning liabilities and aim to reduce the diversity in the
reporting of deferred tax assets and liabilities related to leases and
decommissioning liabilities.
The amendments introduce an additional criterion for the initial
recognition exemption under IAS 12.15, whereby the exemption
does not apply to the initial recognition of an asset or liability that,
at the time of the transaction, gives rise to equal taxable and
deductible temporary differences.
Taxable temporary differences:
A deferred tax liability shall be recognised for all taxable temporary
differences, except to the extent that the deferred tax liability arises
from:
(a) initial recognition of goodwill; or
(b) the initial recognition of an asset or liability in a transaction that:
(i) is not a business combination;
(ii) at the time of the transaction it affects neither accounting profit
nor taxable profit (tax loss); and
(iii) at the time of the transaction does not give rise to equal
taxable and deductible temporary differences
Temporary deductible differences:
A deferred tax asset shall be recognised for all deductible
temporary differences to the extent that it is probable that taxable
profit will be available against which the deductible temporary
difference can be utilised, unless the deferred tax asset arises
from the initial recognition of an asset or liability in a transaction
that:
(a) is not a business combination;
(b) at the time of the transaction it affects neither accounting profit
nor taxable profit (tax loss); and
(c) at the time of the transaction does not give rise to equal taxable
and deductible temporary differences.
The adoption of
these amendments
did not have a
significant impact
on the annual
financial
statements.
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Amendments to
IAS 12 "Income
Taxes:
International tax
reform - second
pillar rules"
International tax reform - second pillar model rules. The
amendments introduce a temporary exception to the accounting
for deferred taxes arising in jurisdictions implementing the global
tax rules and the disclosure requirements for company exposure to
corporate taxes arising from the reform, particularly before the
legislation implementing the rules comes into force.
On 8 October 2021, the OECD/G20 Inclusive Framework on Base
Erosion and Profit Shifting (BEPS) reached agreement on key
elements of a reform of the international corporate tax rules for
multinational enterprises. This agreement is set out in the
declaration on a two-pillar solution to address the tax challenges
posed by the digitalisation of the economy, also known as the
October 2021 Declaration of the OECD/G20 Inclusive Framework
on BEPS. The October 2021 Declaration of the OECD/G20
Inclusive Framework on BEPS foresees a two-pillar solution.
Pillar One consists of rules and mechanisms that will allow the
reallocation of taxing rights between jurisdictions where the largest
and most profitable multinational groups have a market share and
make a profit.
The second pillar essentially comprises minimum effective tax
rules for the largest multinational groups, designed to reduce the
scope for tax base erosion and profit shifting. The Pillar also aims
to ensure the payment of the overall minimum corporate tax rate,
agreed at 15%.
The financial
statements have
not been affected
by these
amendments.
2.2 b) New standards, amendments and interpretations that apply after 1 January 2024 and have not been
adopted earlier.There are amendments and interpretations that apply for annual periods beginning on or after 1
January 2024 that have not been applied in the preparation of these financial statements.
Requirements to be applied in the future:
Subject
Requirements
Possible impact
on the financial
statements
Amendments to IAS 7
"Statement of Cash
Flows"
and IFRS 7 'Financial
instruments:
disclosures':
Supplier financing
agreements"
(applicable for periods
beginning on or after 1
January 2024);
The amendments require entities to provide certain specific
information (qualitative and quantitative) on supplier financing
arrangements. The amendments also provide guidance on the
characteristics of supplier financing arrangements.
Entities will be obliged to provide certain specific information
(qualitative and quantitative) on supplier financing arrangements.
To meet this objective, an entity must provide the following:
- terms and conditions of the agreements.
- at the beginning and end of the reporting period:
(i) the carrying amount of suppliers' financial liabilities and the line
items of financial liabilities in which they are presented.
(ii) the carrying amounts and related line items of financial liabilities
disclosed in (i) for which suppliers have already received payment
from the financing providers.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
Page 158/233
(iii) the range of payment due dates for both the financial liabilities
disclosed in (i) and comparable trade payables that are not part of
a vendor financing arrangement. Where the ranges of payment
due dates are wide, explanatory information on these or additional
ranges (e.g. stratified ranges) should be disclosed.
- the type and effect of non-cash changes in the carrying amounts
of liabilities under the vendor financing arrangement, for example
the effect of business combinations, foreign exchange differences
or other transactions that do not require the use of cash or cash
equivalents.
Amendments to IFRS
16 Leases:
Lease debt in a sale
and leaseback
agreement
(applicable for annual
periods beginning on
or after 1 January
2024)
The amendments to IFRS 16 require the seller-lessee to
subsequently measure lease liabilities arising from a leaseback
transaction in such a way that it does not recognise any gains or
losses on the retained right of use. The new requirements do not
prevent the seller-lessee from recognising in profit or loss gains or
losses on the partial or full termination of a lease.
The impact of the
first-time
application of these
amendments is
being assessed
Amendments to
IAS 1 "Presentation of
Financial Statements":
Classification of
liabilities as current
or long-term
(applicable at the
latest from the
commencement date
of the first financial
year starting on or
after 1 January 2024)
The amendments specify how a company should determine, in the
statement of financial position, liabilities and other liabilities with an
uncertain settlement date.
According to these amendments, those liabilities or other liabilities
must be classified as either current (due or potentially due within
one year) or long-term.
These amendments also improve the information that a company
should provide when its right to defer settlement of a debt for at
least twelve months is subject to restrictive covenants.
As a result of the COVID-19 pandemic, the Council has postponed
by one year the effective date of the changes for annual reporting
periods beginning on or after 1 January 2024.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
Amendments to
IAS 1 "Presentation of
Financial Statements":
Long-term debt with
commitment clauses
(applicable at the
latest from the
commencement date
of the first financial
year starting on or
after 1 January 2024)
Following the publication of amendments to IAS 1 - 'Classification
of Liabilities as Current or Long-Term', the IASB amended IAS 1 in
October 2022.
If an entity's right to defer is conditional on the entity's compliance
with specified conditions, those conditions affect the existence of
that right at the end of the reporting period if the entity is required
to comply with the condition at or before the end of the reporting
period and not if the entity is required to comply with the conditions
after the reporting period. The amendments also provide
clarification of the meaning of the term 'settlement' for the purpose
of classifying a liability as current or non-current. The amendments
address concerns expressed by stakeholders about the effects of
the amendments to IAS 1- Classification of Liabilities as Current or
Non-tradable on the classification of liabilities with covenants.
Under the 2022 amendments, a commitment affects the existence
of the right to defer settlement to the end of the reporting period if
compliance with the commitment is required by the end of the
reporting period.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
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Amendments to
IAS 21 The Effects of
Changes in Foreign
Exchange Rates:
Lack of exchange
possibilities
(applicable for annual
periods beginning on
or after 1 January
2025)
The amendments introduce requirements for assessing when a
currency is or is not exchangeable into another currency. The
amendments require an entity to estimate the spot exchange rate
when it concludes that a currency is not exchangeable into another
currency.
The changes mainly include the following:
- requirements for assessing when a currency is exchangeable into
another currency and when it is not.
- spot exchange rate estimation requirements when a currency
cannot be exchanged into another currency.
- additional disclosure requirements if an entity estimates spot
exchange rates because a currency cannot be exchanged into
another currency.
- application guidelines to help entities assess whether a currency
can be exchanged into another currency and to estimate spot
exchange rates when a currency is not exchangeable.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
2.3. Basis for evaluation
The financial statements are prepared at historical cost, except for property, plant and equipment, intangible assets
and assets relating to rights to use leased assets, other than assets under construction, which are stated at revalued
amount. Inventories are valued at the lower of cost and net realisable value. International Accounting Standard IAS
29 - Financial Reporting in Hyperinflationary Economies was applied until 31 December 2003. As from 1 January
2004 Romania's economy is no longer considered hyperinflationary. The company has ceased to apply IAS 29 from
this date.
The accounting policies set out below have been applied consistently for all periods presented in these financial
statements.
2.4. Functional and presentation currency
The financial statements are presented in Romanian lei (lei), which is also the company's functional currency as
defined by IAS 21 "The Effects of Changes in Foreign Exchange Rates".
In accordance with applicable accounting regulations, all amounts are rounded to the nearest leu.
2.5. Use of professional estimates and judgements
The preparation of financial statements in conformity with International Financial Reporting Standards ("IFRS")
requires management to make estimates, judgements and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses.
Estimates and assumptions are evaluated on an ongoing basis and are based on past experience and other factors,
including predictions of future events that are believed to be reasonable under the circumstances.
The results of these estimates form the basis of professional judgements about the carrying amounts of assets and
liabilities that cannot be obtained from other sources of information. Actual results may differ from the estimated
values.
The significant business judgements used by management in applying the Company's accounting policies and the
key sources of estimation uncertainty were the same as those applied to the 2022 financial statements.
In accordance with IAS 36, both property, plant and equipment and intangible assets are analysed at the balance
sheet date for indications of impairment. If there is an indication that an impairment loss has occurred the company
estimates the recoverable amount of the cash-generating unit or asset. Recoverable amount is the higher of value in
use and selling value less costs to sell. In most cases, the company estimates value in use. The calculation of value
in use is based on budgets and forecasts.
2.6. Assumptions
In the process of applying the Company's accounting policies, management has not made significant assumptions,
other than those involving estimates of provisions/adjustments for inventories, receivables, litigation, employee
benefit provisions, employee profit-sharing provisions, other provisions in relation to the mandate contract
representing the variable component for the non-executive administrators, General Director and Financial Director,
that have a material effect on the amounts in the financial statements.
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2.7 Accounting and reporting fundamentals in hyperinflationary economies
The valuation and reporting currency of the company is the Romanian Leu (leu).
IAS 29 - Financial Reporting in Hyperinflationary Economies requires financial statements of companies reporting in
the currency of a hyperinflationary economy to be prepared in terms of the currency unit current at the balance sheet
date and all amounts must be restated on those terms.
IAS 29 states that reporting operating profit or loss and financial position in local currency without restatement for
inflation is unhelpful because money loses its purchasing power so quickly that a comparison of the value of
transactions or other events that occurred at different times, even within the same reporting period, is wrong. IAS 29
suggests that an economy should be considered hyperinflationary if certain conditions are met, one of which is that
the cumulative rate of inflation over a three-year period exceeds 100%.
Adjustments were made up to 31 December 2003 to reflect the application of IAS 29.
The application of IAS 29 to specific categories of transactions and balances in the financial statements is set out
below:
- Monetary assets and liabilities: monetary assets and liabilities have not been revalued for the purposes of applying
IAS 29 as they are already expressed in terms of the currency unit current at the balance sheet date.
- Non-monetary assets and liabilities and equity: in this category the equity components have been restated by
applying the inflation index from the month in which the equity components were originally recorded in the financial
statements to 31 December 2003.
As from 1 January 2004 the Company no longer applies the provisions of IAS 29 because the characteristics of the
economic environment in Romania indicate the end of hyperinflation.
2.8. Foreign currency transactions
Foreign currency transactions are converted into the company's functional currency using the exchange rate on the
day of the transaction.
Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated into the
functional currency at the exchange rate at the balance sheet date.
Exchange differences are recorded in the Statement of Comprehensive Income.
Non-monetary assets and liabilities, which are stated at historical cost in foreign currency, are translated using the
exchange rate at the transaction date.
As at 31 December 2023 and 31 December 2022 respectively, the official exchange rates used for the conversion of
foreign currency balances are :
Currency
Year ended
31 December 2023
Year ended
31 December 2022
1 SWISS FRANC
CHF
5.3666
5.0289
1 EURO
EUR
4.9746
4.9474
1 POUND STERLING
GBP
5.7225
5.5878
1 USD
USD
4.4958
4.6346
2.9 Tangible fixed assets
a) Overview
Property, plant and equipment held by the company are classified in the following categories of assets of the same
nature and similar uses :
- land
- construction
- technological equipment, measuring, controlling and regulating apparatus and installations and means of transport
- other tangible assets
- tangible assets in progress.
The fair value of tangible assets has been determined on a going concern basis.
b) Recognition assessment
Tangible fixed assets are initially valued at acquisition cost (for those acquired for consideration), contribution value
(for those received as a contribution in kind when forming/increasing share capital) or fair value at the date of
acquisition (for those received free of charge).
The cost of an item of property, plant and equipment consists of the purchase price, including non-recoverable import
duties or purchase taxes, transport, handling, commission, notary fees, permitting and other non-recoverable
expenses directly related to the property, plant and equipment and any direct costs attributable to bringing the asset
to its place and condition.
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Tangible fixed assets in progress represent unfinished investments made in the enterprise. They are valued at cost.
Tangible fixed assets in course of construction are classified as completed fixed assets after their acceptance, putting
into service or commissioning, as appropriate.
The cost of a self-constructed item of property, plant and equipment is determined using the same principles as for
a purchased asset.
The cost of self-constructed assets includes the cost of materials, direct salaries, the initial estimate, where
applicable, of directly attributable dismantling and removal costs and site restoration, and a share of indirect costs.
When an asset has major components with different useful lives, these components are recorded as separate assets.
The Company does not recognise in the carrying amount of an item of property, plant and equipment routine repairs
and routine maintenance, these costs are recognised as an expense when incurred.
Ongoing maintenance costs are primarily labour and consumable costs and may include the cost of small
components. The purpose of these costs is to carry out the repair and maintenance of the item of property, plant and
equipment.
c) Evaluation after recognition
For subsequent recognition, the revaluation model has been adopted in accordance with IAS 16 - Property, Plant
and Equipment.
After initial recognition, property, plant and equipment are presented in the statement of financial position at revalued
amount, determined on the basis of a valuation report prepared by an independent certified expert ANEVAR.
Property, plant and equipment are stated in the statement of financial position at revalued amount less accumulated
depreciation and accumulated impairment losses, except for advances and property, plant and equipment in progress
which are stated at cost.
The value of the revalued asset is its fair value at the date of revaluation less any subsequent accumulated
depreciation and any accumulated impairment losses.
Revaluations must be made with sufficient regularity to ensure that the carrying amount is not materially different
from what would have been determined using the fair value at the balance sheet date.
Revaluations are carried out by ANEVAR certified independent valuers.
The revalued (surplus) value replaces the acquisition cost. The revaluation surplus is reflected in the accounts in
equity as 'revaluation surplus', unless the increase offsets a decrease from a previous revaluation of the same asset
previously recognised in profit or loss, in which case the increase is recognised directly in profit or loss.
Revaluation losses are recognised in profit or loss unless the decrease offsets a previous revaluation increase,
accumulated in equity as revaluation surplus, in which case the decrease is recognised in other equity, reducing the
revaluation surplus.
The revaluation surplus included in equity relating to an item of property, plant and equipment is transferred directly
to retained earnings when the asset is derecognised. This involves transferring the entire surplus when the asset is
retired or disposed of.
Transfers from revaluation surplus to retained earnings are not made through profit or loss.
As at 31 December 2023 the Company has revalued property, plant and equipment, intangible assets and assets
related to rights of use of leased assets.
The revaluation at fair value was recorded as at 31 December 2023, based on valuation reports prepared by an
authorised valuer, a full member of ANEVAR.
The frequency of revaluations depends on changes in the fair values of the revalued property, plant and equipment.
In the case of property, plant and equipment whose fair values do not change significantly, no revaluation is required.
If an item of property, plant and equipment is revalued, all other assets in the group to which it belongs must be
revalued, unless there is no active market for it.
A group of property, plant and equipment comprises assets of the same nature and similar uses that are in the
operation of an entity. If the fair value of an item of property, plant and equipment can no longer be determined by
reference to an active market, the amount of the asset presented in the balance sheet shall be its revalued amount
at the date of the last revaluation less any cumulative value adjustments.
d) Subsequent expenditure
The company recognises in the net carrying amount of a tangible fixed asset the cost of a replaced component if the
recognition criteria are met: it is probable that future economic benefits associated with the asset will flow to the
company and the cost of the asset can be measured reliably.
Expenditure on repairs or maintenance of fixed assets incurred to restore or maintain the value of these assets is
recognised in the income statement at the date of expenditure.
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Amounts paid or payable, generated by operations that lead to an increase in the value and/or useful life, through
the modernisation of tangible fixed assets held, i.e. those operations that lead to a significant improvement in the
technical parameters, to an increase in the potential for generating economic benefits from them, are capitalised (the
book value of the asset in question is increased accordingly).
e) Depreciation
Depreciation is calculated at book value (acquisition cost or revalued amount) using the straight-line method, over
the estimated useful life of the assets, starting from the month following their commissioning and is included monthly
in the company's costs.
The useful lives of tangible fixed assets are in line with those set out in the "Catalogue on the classification and
normal useful lives of fixed assets" approved by H.G. no.2139/2004.
Depreciation expense for each period is recognised in profit or loss only if it is not included in the carrying amount of
another asset.
Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for
it to function in the manner intended by management.
Depreciation of an asset ceases at the earliest date when the asset is classified as held for sale (or included in a
disposal group that is classified as held for sale) in accordance with IFRS 5 and at the date the asset is derecognised.
Therefore, depreciation does not cease when the asset is not used or is retired, unless it is fully depreciated.
However, under use-based depreciation methods, depreciation expense can be zero when there is no production.
Each part of an item of property, plant and equipment with a significant cost in relation to the total cost of the item is
depreciated separately.
The residual value and the useful life of an asset are reviewed at the date of the revaluation of the assets and, where
appropriate, at the date of the increase in value as a result of the modernisation of the assets.
If expectations differ from other previous estimates, the change(s) should be accounted for as a change in accounting
estimate in accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.
Land does not depreciate. Depreciation of other tangible assets is calculated using the straight-line depreciation
method, allocating residual value costs in accordance with the related useful life.
f) Depreciation of tangible fixed assets
An asset is impaired when its carrying amount exceeds its recoverable amount.
At each reporting date, the company must check for indications of impairment of assets. If such indications are
identified, the company shall estimate the recoverable amount of the asset.
If the carrying amount of an asset is decreased as a result of a revaluation, this decrease shall be recognised in profit
or loss.
However, the reduction should be recognised in other comprehensive income only to the extent that the revaluation
surplus does not present a credit balance for that asset.
The reduction recognised in other equity reduces the amount accumulated in equity as revaluation surplus.
g) De-recognition
The carrying amount of an item of property, plant and equipment must be derecognised:
- the yield;
- when no future economic benefit is expected from its use or disposal.
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be included in profit
or loss when the item is derecognised.
h) Public heritage
The company does not manage public assets but has concluded a concession agreement with the National Agency
for Mineral Resources in Bucharest (ANRM) for the exploitation of reservoirs, pipelines for the transport of crude oil
and petroleum products, pumping installations and other related installations and equipment, approved by GD
no.886/16.08.2002 for a period of 30 years.
Investments made by the company in the assets covered by the concession contract are capitalised and depreciated
over the minimum of the remaining life of the asset in question or the remaining life of the oil agreement, and the
value of the assets making up the public domain of the State is replenished after their full depreciation.
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2.10. Intangible assets
a) Recognition and evaluation
For an asset to be recognised as an intangible asset, the company must demonstrate that the item meets the
following:
• the definition of an intangible asset, ie:
- is separable, i.e. it can be separated or divided by the entity and sold, transferred, licensed, leased or
exchanged, either individually or together with a corresponding contract, asset or liability;
- arises from contractual or other legal rights, regardless of whether those rights are transferable or separable
from the entity or from other rights or obligations;
• recognition criteria, respectively:
- it is likely that the future economic benefits expected to flow to the company from the asset;
- the cost of the asset can be assessed reliably.
An intangible asset should initially be measured at cost.
The cost of a separately acquir
ed intangible asset is made up of:
- Its purchase price, including import duties and non-refundable purchase taxes, after deduction of trade discounts
and rebates;
- Any cost directly attributable to preparing the asset for its intended use.
For an intangible asset acquired free of charge, or for nominal consideration through a government grant, the
company initially recognises the asset at nominal value plus any expenditure directly attributable to preparing the
asset for its intended use.
Intangible assets, according to generally accepted regulations, cannot be acquired through exchanges of assets,
they are treated as special deliveries.
b) Recognition of expenses
Expenditure on an intangible item shall be recognised as an expense when incurred, unless it forms part of the cost
of an intangible asset that meets the recognition criteria.
Expenditure on intangible assets that was initially recognised as an expense is not included in the cost of intangible
assets at a later date.
Subsequent expenditure is capitalised only when it increases the value of the future economic benefits embodied in
the asset to which it relates. All other expenditure, including expenditure on goodwill and internally generated brands,
is recognised in profit or loss when incurred.
c) Evaluation after recognition
After recognition, an intangible asset is accounted for using the revaluation model, or the cost model if there is no
active market for the intangible asset, i.e. at its cost less any accumulated depreciation and any accumulated
impairment losses.
d) Depreciation
The software and licences used are depreciated over three years using the straight-line method .
2.11. Assets relating to rights of use of leased assets
The Company has adopted IFRS 16 "Leases" for the first time as of January 1, 2019.
IFRS 16 Leases replaces IAS 17 and establishes new requirements for accounting for leases. In lessee accounting
under IFRS 16, the 'operating lease' or 'finance lease' classifications in IAS 17 are removed and there is a single
model for recording leases. Under IFRS 16, the lessee is required to recognise the right of use of the underlying
assets and the lease liabilities and will recognise the depreciation of the right of use of the underlying assets
separately from the interest on the lease liabilities in the income statement.
The Company has applied IFRS 16 from 1 January 2019, using the modified retrospective method for transition,
without restating comparative amounts for the prior period presented.
As at 1 January 2019, the Company recognised assets in the form of rights of use of underlying assets in the account
"Assets related to rights of use of leased assets" and lease liabilities in the account "Other loans and similar liabilities"
arising from previous operating leases.
The rights to use the underlying leased assets are amortised on a straight-line basis over the lease term.
Interest expense is charged to the income statement over the lease term and is calculated on the remaining balance
of the lease liability for each period.
The interest rate was set by the Company based on what it would cost the entity to borrow in a market to use the
underlying asset.
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In the statement of financial position, the right of use of the underlying assets is shown in a separate line under 'non-
current assets' and lease liabilities are shown under 'other loans and similar liabilities' broken down into long-term
liabilities and current liabilities.
When initiating a contract, the company assesses whether that contract is, or includes, a lease. A contract is, or
contains, a lease if that contract grants the right to control the use of an identified asset for a specified period of time
in exchange for a consideration.
Under IFRS 16 Leases, at the inception of the lease, the company, as lessee, recognises an asset for the right to
use the underlying asset.
The cost of the right-of-use asset includes the initial valuation of the liability arising under the lease, any lease
payments made on or before the commencement date, less any lease inducements received and any initial direct
costs incurred by the company as lessee.
The company determines the lease term as the irrevocable period of a lease, together with:
(a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and
(b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
2.12. Impairment of assets
a) Non-financial assets
The carrying amounts of the Company's non-financial assets, other than deferred tax assets, are reviewed at each
reporting date for indications of impairment. If such indications exist, the recoverable amount of those assets is
estimated.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value less
costs to sell that asset or unit. A cash-generating unit is the smallest identifiable cash-generating unit that
independently of other assets and other groups of assets has the ability to generate cash flows. In determining value
in use, expected future cash flows are discounted using a pre-tax discount rate that reflects current market conditions
and risks specific to the asset.
An impairment loss is recognised when the carrying amount of the asset or its cash-generating unit exceeds the
estimated recoverable amount of the asset or cash-generating unit.
Impairment losses recognised in prior periods are assessed at each reporting date to determine whether they have
decreased or no longer exist. Impairment losses are reversed if there has been a change in the estimates used to
determine the recoverable amount.
The increased carrying amount of an asset, other than goodwill, resulting from the reversal of an impairment loss
shall not exceed the carrying amount (net) that would have been determined had no impairment loss been recognised
for the asset in prior years.
Taking into account some internal and external factors, the Company has analysed the net carrying amount recorded
at the balance sheet date for depreciable fixed assets to assess the possibility of impairment of these assets, which
may trigger the recording of an impairment adjustment.
b) Financial assets
Short-term receivables are not discounted. The recoverable amount of other assets is taken to be the higher of fair
value (less costs to sell) and value in use.
Estimating the value in use of an asset involves discounting estimated future cash flows using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment
losses on financial assets or a receivable carried at amortised cost are reversed if there has been a change in the
estimates used to determine recoverable amount.
2.13. Customers and similar accounts
Trade accounts receivable and similar accounts include invoices issued and not received at 31 December 2023 at
the nominal value of the services rendered.
Trade accounts receivable and similar accounts are stated at realisable value.
The amount of receivables is stated at the value of the original invoices less the provision (impairment adjustment)
for doubtful debts.
The amount of provisions (impairment adjustments) is calculated as the difference between the carrying amount and
the recoverable amount.
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2.14. Stocks
The main categories of stocks are consumables and inventory items.
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined on a first-
in, first-out (FIFO) basis and includes the expenditure incurred in acquiring the inventories, production or processing
costs and other costs incurred in bringing the inventories to their present form and location.
Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to complete
the asset where applicable and expenses incurred in making the sale.
Value adjustments are recorded for deteriorated, slow-moving, physically or morally worn stocks, where applicable.
2.15. Cash and cash equivalents
Cash and cash equivalents are stated in the balance sheet at cost.
For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank, cash in transit, other
short-term highly liquid financial investments with a maturity of 3 months or less and overdraft facilities.
Cash in foreign currency is revalued at the exchange rate at the end of the period.
2.16. Employee benefits
In the course of its business, the company makes payments on behalf of its employees to the state and social security
budgets in respect of: tax on income from salaries, individual social security contributions deducted from insured
persons, health insurance contributions deducted from insured persons.
All company employees are members of the state pension plan.
As at 31.12.2023 the Company has no other pension scheme in place and therefore has no pension obligations.
Short-term salary obligations due to employees are charged to the profit and loss account in the period in which they
are received.
A provision is made for bonuses that are legally expected to be paid as a result of short-term employee services, if
they can be reasonably measured.
The Company has recorded a provision for retirement benefits. The present value of the retirement benefit obligation
is determined by an independent actuary.
The company establishes a fund for employee profit-sharing in accordance with the provisions of Government
Ordinance no.64/30.08.2001.
2.17. Corporation tax
Income tax expense includes current and deferred tax.
Income tax is recognised either in profit or loss for the period or outside profit or loss, in other comprehensive income
or directly in equity.
a) Recognition of debts and claims relating to current tax
The income tax liability for the reporting period and prior periods is recognised to the extent that it is not paid.
If the amounts paid in respect of the current period and prior periods exceed the amounts due in respect of those
periods, the excess is recognised as a recoverable amount.
The benefit of a tax loss that can be carried forward for the purpose of recovering prior period income tax is recognised
as a recoverable amount.
Income tax liabilities (assets) relating to the current and prior periods are valued at the amount to be paid/recovered
to the tax authority using the tax rate and legal regulations applicable at the balance sheet date.
For the financial year ended 31 December 2023 the corporate income tax rate under the Tax Code was 16%.
b) Recognition of deferred tax assets and liabilities
Deferred income tax is determined using the balance sheet method for those temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using the tax rates that are expected to apply to temporary differences on their
reversal, based on legislation in force at the reporting date.
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The main temporary differences arise from movements in the fair value of assets, provisions for employee benefits
and impairment of fixed assets.
Deferred tax relating to the fair value of available-for-sale investments that are recognised directly in equity is also
credited or charged to equity and subsequently recognised in the income statement, together with the deferred gain
or loss.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary difference can be utilised.
In determining the amount of current and deferred tax, the Company considers the impact of uncertain tax positions
and the possibility of additional tax and interest charges. This assessment is based on estimates and assumptions
and may involve a number of judgments about future events. New information may become available, thereby
causing the Company to change its judgment regarding the accuracy of its estimate of existing tax liabilities; such
changes in tax liabilities have an effect on tax expense in the period in which such determination is made.
2.18. Provisions
Provisions are liabilities that are uncertain in terms of timing or amount.
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation.
A reliable estimate of the amount of this obligation must also be possible. If the company expects partial or full
reimbursement of the expenditure required to settle a provision (e.g. through insurance contracts) it will have to:
- recognise a reimbursement only if it is certain that the reimbursement will be made if the company meets its
obligations and the amount recognised as reimbursement will not exceed the provision;
- recognise the amount repaid as a separate asset.
In the statement of comprehensive income, the expense relating to a provision may be disclosed after deducting the
recognised amount of the reimbursement.
Provisions are reviewed at the end of the reporting period and adjusted to reflect the current best estimate.
The amount recognised as a provision is the best estimate at the balance sheet date of the costs required to settle
the current obligation.
The best estimate of the costs required to extinguish the current debt is the amount that the Company would
reasonably pay to extinguish the obligation at the balance sheet date or to transfer it to a third party at that time.
If the outflow of resources embodying economic benefits is no longer probable, the provision should be reversed.
Provisions are not recognised for costs that are incurred in carrying on the business in the future.
The Company records provisions for onerous contracts in situations where the benefits expected to be derived from
a contract are less than the unavoidable expenses associated with meeting the contractual obligations.
Provisions for risks and charges are recognised when the company has a legal or constructive obligation as a result
of past events, when an outflow of resources embodying economic benefits is required to settle the obligation, and
when a reliable estimate can be made of the amount of the obligation.
The company will record as "other provisions for risks and charges" the amounts necessary to set up the profit-
sharing fund for the current year for the granting of incentives to employees, directors and managers working under
the mandate contract.
After the approval by the General Meeting of Shareholders of the annual financial statements, prepared for the year
in which the profit from which the incentives are granted was realised, the provision is cancelled and the employee
profit-sharing expense is recorded.
2.19 Quota
Contingent liabilities and contingent assets are not recognised in the statement of financial position and statement of
comprehensive income. They are disclosed in the notes to these financial statements unless the possibility of an
outflow of resources embodying economic benefits is remote.
Contingent liabilities are disclosed where an outflow of resources embodying economic benefits is possible rather
than probable.
A contingent asset is not recognised in the accompanying financial statements but is disclosed when an inflow of
economic benefits is probable.
2.20 Revenue recognition
The revenue recorded by the company is accounted for according to its nature (operating and financial).
Income from the provision of services
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Revenue from the rendering of services is recognised in the period in which they are rendered and in line with the
stage of completion. In accordance with IFRS 15 - Revenue from Contracts with Customers, the amount of the
transaction price that is allocated to a performance obligation is recognised in revenue when (or as) a performance
obligation is satisfied.
The terms of the contract and standard business practices are taken into account to determine the transaction price.
The transaction price is the amount of consideration to which the company expects to be entitled in exchange for the
transfer of promised goods or services to a customer, not including amounts collected on behalf of third parties
Revenue should be measured at the fair value of the consideration received or receivable.
If the transaction is financial in nature, fair value is determined by discounting all future receivables using an implied
interest rate, with the difference from the carrying amount being interest income.
When the outcome of a transaction involving the rendering of services cannot be estimated reliably, revenue shall be
recognised only to the extent of the recognised recoverable expenses.
Amounts collected on behalf of third parties, such as sales taxes, goods and services taxes, value added taxes are
not economic benefits generated for the company and do not result in increases in equity. They are therefore excluded
from income.
Similarly, in the case of an agency agreement, gross inflows of economic benefits include amounts collected on behalf
of the agency that do not result in increases in the company's equity. Amounts collected on behalf of the mandate are
not income. Instead, income is represented by the amount of commissions.
Revenue from the provision of services is recorded in the accounts as it is earned. The provision of services includes
the execution of works and any other operations which cannot be considered as supplies of goods.
The stage of completion of the work shall be determined on the basis of the statements of work accompanying the
invoices, acceptance reports or other documents attesting to the stage of completion and acceptance of the services
provided.
Recognition also requires that the economic benefits associated with the transaction are likely to flow to the company,
the final status of the transaction at the end of the period and the costs incurred for the transaction and the costs to
complete the transaction can be measured reliably.
Income from the transfer of goods
Revenue from the transfer of goods is recognised in the accounts on the basis of the contracts concluded. In
recognising such revenue, account is taken of the period to which the revenue relates and the contractual penalties
for failure to pay contractual obligations on time.
Financial income and expenditure
Financial income comprises interest income on invested funds, foreign exchange gains and other financial income.
Interest income is recognised in profit or loss on an accrual basis, using the effective interest method, pro rata over
the relevant period of time, based on the principal and the effective rate over the period to maturity or over shorter
periods, if the transaction costs are linked to this period, when it is determined that the company will earn such income.
Financial expenses represent the amount of interest on borrowings, foreign exchange losses, changes in the fair value
of financial assets and impairment losses on financial assets. All borrowing costs are presented on an effective interest
basis
The expense arising from liabilities under the lease is recognised within finance costs. Interest expense is recognised
in the income statement over the lease term and is calculated on the remaining balance of the lease liability for each
period. This will result in higher expenses at the start of the lease
Grants
Grants for assets, including non-monetary grants at fair value, are recorded in the accounts as investment grants and
recognised in the balance sheet as deferred income.
Deferred income is recognised in the profit and loss account to the extent that depreciation expense is recognised or
on the disposal of assets. Grants that compensate the company for expenses incurred are recognised in the income
statement on a systematic basis in the same periods in which the expenses are recognised.
Determining fair value
The company's accounting policies require the determination of fair value for both financial and non-financial assets
and liabilities. Fair value has been determined using the methods shown below. Additional information, where
appropriate, about the assumptions made in determining fair value is disclosed in the notes specific to the asset and
liability concerned.
The Company has revalued property, plant and equipment at 31 December 2023. The revaluation at fair value was
recorded on the basis of Valuation Reports prepared by an authorised valuer, a full member of ANEVAR. The frequency
of revaluations depends on changes in the fair values of the revalued property, plant and equipment. In the case of
property, plant and equipment whose fair values do not change significantly, revaluations are not required.
Page 168/233
If an item of property, plant and equipment is revalued, all other assets in the group to which it belongs must be
revalued, unless there is no active market for it. A group of property, plant and equipment comprises assets of the
same nature and similar uses that are in the operation of an entity. If the fair value of an item of property, plant and
equipment can no longer be determined by reference to an active market, the amount of the asset presented in the
balance sheet shall be its revalued amount at the date of the last revaluation less any cumulative value adjustments.
2.21 Earnings per share
In accordance with IAS 33 'Earnings per share', earnings per share is calculated by dividing profit or loss attributable
to shareholders by the weighted average number of ordinary shares for the reporting period.
The weighted average number of shares outstanding during the year is the number of shares at the beginning of the
period, adjusted by the number of shares issued, multiplied by the number of months the shares were outstanding
during the year.
Dilution is a reduction in earnings per share or an increase in loss per share resulting from the assumption that
convertible instruments are converted, or that ordinary shares are issued after certain specified conditions are met.
The purpose of earnings per share is similar to that of basic earnings per share, namely to measure the interest of
each ordinary share in the performance of the entity.
2.22 Revaluation reserves
Revaluations are carried out with sufficient regularity so that the carrying amount does not differ materially from that
which would be determined using the fair value at the balance sheet date.
The Company revalued property, plant and equipment as follows: 31 December 2003, 31 December 2007, 31
December 2010, 31 December 2012, 31 December 2013, 31 December 2014, 31 December 2015, 31 December 2017,
31 December 2019, 31 December 2021 and 31 December 2023.
The difference between the revaluation value and the net book value of property, plant and equipment is presented,
depending on its nature (appreciation/depreciation), either in the revaluation reserve as a separate item in equity or in
the profit and loss account.
If the result of the revaluation is an increase over the net book value, then this is treated as follows: as an increase in
the revaluation reserve shown within equity, if there has been no previous decrease recognised as an expense in
respect of that asset, or as income offsetting the expense against the previously recognised decrease in that asset.
If the result of the revaluation is a decrease in the net book value, this is treated as an expense for the full amount of
the write-down when no amount relating to that asset (revaluation surplus) is recorded in the revaluation reserve, or
as a decrease in the revaluation reserve by the minimum of the amount of that reserve and the amount of the write-
down, and any uncovered difference is recorded as an expense.
The revaluation surplus included in the revaluation reserve is transferred to retained earnings when this surplus
represents a realised gain. The gain is deemed to be realised when the asset for which the revaluation reserve was
created is derecognised.
No part of the revaluation reserve may be distributed, directly or indirectly, unless it represents an actual realised gain.
As from 1 May 2009, reserves from the revaluation of fixed assets carried out after 1 January 2004, which are deducted
in the calculation of taxable profit by means of tax depreciation or expenditure on assets disposed of and/or scrapped,
are taxed at the same time as the deduction of tax depreciation, i.e. when these fixed assets are written off.
2.23 Legal reserves
The legal reserves shall be constituted in the proportion of 5% of the gross profit recorded at the end of the year until
the total legal reserves reach 20% of the nominal share capital paid up in accordance with the legal provisions. These
reserves are deductible in the calculation of corporation tax and are not distributable until the liquidation of the
company.
2.24 Reporting by business segments
A segment is a distinct component of the Company that provides certain products or services (business segment) or
provides products and services in a certain geographical environment (geographical segment) and is subject to
different risks and rewards than the other segments.
Oil Terminal has one reportable segment, namely the provision of services relating to the receipt, storage, conditioning
and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import, export and transit.
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2.25 Subsequent events
The financial statements reflect events after the year-end, events that provide additional information about the
Company's position at the reporting date, or those that indicate a possible breach of the going concern principle (events
that result in adjustments).
Events after the year-end that are not adjusting events are disclosed in the notes when they are considered material.
2.26 Dividend
Dividends are recognised as a liability in the period in which their distribution is approved.
The distribution of dividends is made after the approval of the annual financial statements.
2.27 Comparative information
The statement of financial position for the year ended 31 December 2023 is comparable with the statement of financial
position for the year ended 31 December 2022.
3. Income from provision of services
Year ended
31 December 2023
Year ended
31 December 2022
Income from the provision of services
344,106,984
298,604,671
Income from goods use lease
1,329,248
1,077,911
Income from miscellaneous activities
1,282,393
1,494,754
Total income from services rendered
346,718,625
301,177,336
The total revenue realised in the amount of 355,985 thousand lei is up by 12% compared to the level approved for
2023 and by 15.2% compared to 2022.
Realised operating income shows an increase of 12% compared to the budgeted level, due to the revenue from
services rendered which has a share of 98.4% in turnover and an increase of 16.2% compared to the level achieved
in 2022.
The increase in benefit revenues in 2023 was based on the following economic situation:
Initially, in 2023 the BVC was approved by OGSM Resolution no.4/16.02.2023, later by OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of income from services rendered above
the approved level due to the Black Sea-Ukraine conflict crisis and deliveries to the Republic of Moldova.
It should be noted that, compared to the revenue planned in the approved budget, due to the context generated by the
conflict in Ukraine, additional revenue not foreseen in the initially approved Physical Programme was generated from
the provision of services, referred to as contingency revenue.
Thus, as of 31.12.2023, the realized revenue is 27,840 thousand lei and represents 73.5% of the planned revenue
overrun (37,892 thousand lei).
4. Revenue from the sale of waste products
Year ended
31 December 2023
Year ended
31 December 2022
Revenue from the sale of waste products
(recovered product type A)
1,731,390
842,275
Revenue from the recovery of other waste
1,337,299
659,367
Income related to costs of stocks of products
116,142
(65,226)
Total revenue from sales of residual products
3,184,831
1,436,416
5. Other operating income
Year ended
31 December 2023
Year ended
31 December 2022
Income from adjustments for trade and other receivables
1,413,930
287,343
Impairment losses on trade and other receivables
(470,001)
(472,633)
Net adjustments for receivables
943,929
(185,290)
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Income from the production of fixed assets
854,233
697,476
Penalty income
2,076,166
461,612
Proceeds from the sale of tangible fixed assets
72,189
26,630
Income from the reversal of provisions
3,085,667
3,409,158
Expenditure on provisions
(5,453,949)
(1,623,515)
Net adjustments for provisions
(2,368,282)
1,785,643
Income from stock adjustments
207,189
13,086
Expenditure for the write-down of inventories
(196,273)
(76,983)
Net adjustments for inventory write-downs
10,916
(63,897)
Income from revaluation of fixed assets
125,504
-
Other operating income
1,265,341
1,016,045
Total other operating income
2,979,996
3,738,219
6. Financial income and expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Interest income
724,310
394,765
Income from exchange rate differences
892,982
3,811,334
Other financial income
70,555
7,266
Total financial income
1,687,847
4,213,365
Expenditure on interest paid
(10,533,486)
(5,116,902)
Exchange rate expenses
(966,336)
(1,791,487)
Leasing interest expense
(443,237)
(312,326)
Other financial charges
(51,510)
(7,764)
Total financial expenditure
(11,994,569)
(7,228,479)
Net financial results
(10,306,722)
(3,015,114)
7. Material expenses
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on ancillary materials
6,660,698
8,217,583
Fuel expenditure
2,122,412
2,263,702
Expenditure on packaging materials
188,277
106,847
Spare parts expenditure
1,440,208
1,500,837
Expenditure on other consumables
1,098,105
1,221,312
Expenditure on inventories
3,107,198
3,228,689
Expenditure on non-stored materials
38,360
28,904
Total expenditure on materials
14,655,258
16,567,874
8. Expenditure on utilities
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on electricity consumption
7,054,707
8,706,826
Expenditure on gas consumption
5,627,732
5,621,533
Expenditure on water consumption
1,902,973
1,424,225
Total expenditure on utilities
14,585,412
15,752,584
9. Staff expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on allowances Administrative Board
1,475,320
1,626,192
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Expenditure on directors' allowances under mandate
contract*
1,205,714
1,449,356
Expenditure related to staff salary entitlements
120,986,294
98,284,105
of which: executive directors**
1,119,774
961,080
Expenditure on bonuses related to profit-sharing
1,059,224
469,618
Expenditure on meal vouchers
6,555,170
4,732,817
Expenditure on social security contributions***
139,707
116,672
Other expenditure on insurance and social protection
4,919,149
4,260,064
Insurance contribution for employees
2,757,637
2,222,095
Insurance contribution for work for persons other than
employees
60,349
69,208
Total staff expenditure
139,158,564
113,230,127
* gross amounts granted for the General Manager and Finance Director, representing the gross fixed monthly
compensation for the period 01.01.2023-31.12.2023, and for the period 01.01.2022-31.12.2022 include both the gross
fixed compensation and the variable component for the year 2021, according to the mandate contracts.
** amounts represent gross amounts awarded to 3 executive directors as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Gross amount
1,119,774
961,080
Social security contributions
279,947
239,159
Health insurance contributions
111,977
95,665
Income tax
73,991
63,871
*** The company is obliged to pay 8% of the social security contribution for special working conditions in both 2023
and 2022.
Expenditure on salaries and related contributions recorded as at 31 December 2023 compared to 31 December
2022 is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on salaries*
74,876,570
61,383,608
Expenditure on social insurance contributions and
insurance contributions for work
2,957,693
2,407,975
Total expenditure on salaries and related
contributions
77,834,263
63,791,583
*The line "Salaries and wages" does not include bonuses and allowances for employees or for members of the Board
of Directors and directors with a mandate (General Director, Financial Director).
In accordance with the provisions of the Collective Labour Agreement in force, the company has granted the following
bonuses and allowances to employees: retirement bonuses, bonuses, loyalty bonuses, marriage allowances, holiday
and treatment tickets, including related transport, gifts to employees, gifts to minor children, childbirth, funeral and
serious illness allowances, meal vouchers, bonuses in accordance with the Collective Labour Agreement and other
bonuses (hospitalisation and dormitory allowances).
The employee bonus obligations are as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Retirement bonuses
1,245,825
883,537
Benefits
30,751,137
24,495,842
Other bonuses
475,229
417,669
Total employee bonus obligations
32,472,191
25,797,048
The employee bonus obligations are as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Non-taxable rest and treatment tickets and related
2,625,679
2,630,866
Page 172/233
transport
Taxable rest and treatment tickets and related transport
507,384
-
Gifts for employees and minor children
996,365
667,200
Childbirth aids
208,510
57,520
Funeral aids
366,650
307,390
Aid for critical illness and other health services
214,561
597,088
Meal vouchers
6,555,170
4,732,817
Bonuses under the Collective Labour Agreement
7,476,905
5,824,515
Loyalty bonuses
5,881,604
4,792,468
Aid for marriage
112,450
181,650
Hospitalisation aid
-
199,265
Dormitory helpers
137,928
105,551
Afterschool aids
28,646
-
Expenditure on bonuses related to profit-sharing
1,059,224
469,618
Total employee bonus obligations
26,171,076
20,565,948
Employees
The actual number of employees evolved as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Staff with higher education, of which:
185
173
Managerial staff
34
34
Staff with secondary/gymnasium education, of which:
865
846
Qualified staff
791
769
Total number of employees
1,050
1,019
The average number of employees was 996 on 31 December 2023 and 962 on 31 December 2022.
Director General, Chief Financial Officer and members of the Board of Directors
The expenses related to the mandate contracts paid by the Company to the General Director, Financial Director and
Board members are detailed below:
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure related to directors' contracts
1,205,714
1,449,356
Expenditure related to contracts with administrators
1,475,320
1,626,192
Total expenditure related to mandate contracts
2,681,034
3,075,548
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.5/04.04.2018 7 members of the Board
of Directors were elected, in accordance with the provisions of GEO no.109/2011, as amended and supplemented for
a term of 4 years, i.e. until 01.04.2022.
From 01.04.2022 until 27.04.2023 the provisional non-executive administrators were elected on the basis of the
following OGSM resolutions: no.7/01.04.2022, no.14/29.07.2022, no.22/25.11.2022 and no.1/16.01.2023.
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023 7 members of the
Board of Directors of Oil Terminal S.A. (non-executive administrators) were elected, with a term of office of 4 (four)
years, starting from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011.
The composition of the Board of Directors is presented in Note 1.
On 02.07.2018, the selection procedure for the company's General Manager and Chief Financial Officer was
completed, in accordance with the provisions of GEO 109/2011 on corporate governance of public companies, as
amended and supplemented. Based on the recommendation of the Nomination and Remuneration Committee, the
Board of Directors of the company, appointed on 02.07.2018 the General Director Mr. Viorel Sorin Ciutureanu and the
Financial Director Mrs. Adriana Frangu, for a term of office of the two directors of 4 years, starting from 02.07.2018
until 01.07.2022.
From 01.07.2022 until 01.07.2023 by decisions of the Board of Directors, on the recommendation of the Nomination
and Remuneration Committee, Mr. Viorel Sorin Ciutureanu was appointed as provisional General Manager and Mrs.
Page 173/233
Adriana Frangu as provisional Financial Manager, in accordance with the provisions of art.64
2
of GEO no.109/2011
on corporate governance of public companies:
On 19.06.2023, the selection procedure for the General Manager and the Chief Financial Officer of the Company was
completed, in accordance with the provisions of GEO no.109/2011 on the corporate governance of public companies,
as amended.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the company
appointed on 19.06.2023 the General Director and the Financial Director for a term of office of 4 years, starting
20.06.2023 until 20.06.2027.
The remuneration of the members of the Board of Directors and of the non-executive administrators is determined by
the General Meeting of Shareholders within the structure and limits provided for in Article 37(2) of GEO no. 109/2011,
and consists of a fixed gross monthly remuneration and a variable component.
The remuneration of the directors with a mandate contract is established according to Article 38 paragraph (2) of GEO
no.109/2011 by the Board of Directors and cannot exceed the level of the remuneration established for the executive
members of the Board of Directors, being composed of a fixed gross monthly remuneration and a variable component.
The indemnities related to the mandate contracts for the members of the Board of Directors, amounting to 1,475,320
lei and the indemnities related to the mandate contracts for the directors, amounting to 1,205,714 lei, refer to the gross
fixed indemnity granted during the period 01.01.2023-31.12.2023. No variable component was granted for 2022.
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.13/28.08.2023 the following were
adopted:
- The financial and non-financial performance indicators resulting from the Management Plan of Oil Terminal S.A. were
approved. The KPIs that will be annexed to the non-executive administrators' mandate contract were approved.
- The amount of the variable component of the non-executive administrators' remuneration was approved at 12 gross
fixed monthly allowances for each year of office.
- The form and content of the Deed of Amendment concluded with the non-executive administrators of the company
was approved.
- Remuneration limits for directors with a mandate contract assimilated to executive directors have been set as follows:
1. the limits of the gross fixed monthly allowance: between 5 and 6 times the average gross monthly earnings over
the previous 12 months for the activity carried out in accordance with the company's main activity, at class level
according to the classification of activities in the national economy, as communicated by the National Institute of
Statistics prior to the appointment.
2. variable (gross) component limits: between 11 and 12 gross fixed monthly allowances per year of service.
10. Expenditure on services provided by third parties
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on miscellaneous services received from third
parties, of which:
*
17,371,231
11,612,150
Total expenditure statutory auditor's fee
87,715
68,730
Postage and telecommunications charges
380,163
338,700
Expenditure on banking services
89,076
73,317
Expenditure on commissions and fees
514,554
233,054
Total expenditure on services provided by third parties
18,355,024
12,257,221
* By the resolution of the Ordinary General Meeting of Shareholders no.6/16.02.2023 the appointment of Transilvania
Audit & Fiscality S.R.L. as statutory financial auditor of Oil Terminal Company was approved with a contract duration
of 3 years respectively for the financial years 2023, 2024 and 2025.
Fees are set on the basis of the contract concluded between the 2 parties. All fees paid relate to:
- Statutory audit services of the annual financial statements prepared in accordance with the Order of the Ministry of
Public Finance No. 2844/2016 approving the Accounting Regulations in accordance with International Financial
Reporting Standards, for the financial years ending 31 December 2023, 31 December 2024 and 31 December 2025.
- review services for the Simplified Interim Financial Statements prepared as at 31 March (relating to Quarter I), 30
June (relating to Quarter II) and 30 September (relating to Quarter III) for the following financial years: year 2023, year
2024 and year 2025.
- other additional reports upon request, as appropriate, in accordance with the provisions of Law 24/2017, Article 144
of Regulation 5/2018 on issuers of financial instruments and market operations, as amended and supplemented, and
Article 11 of Regulation (EU) No 537/2014 of the European Parliament and of the Council of the European Union of
16 April 2014 on specific requirements for statutory audit of public-interest entities and repealing Commission Decision
2005/909/EC; "Supplementary report to the Audit Committee: (1) Statutory auditors or audit firms carrying out statutory
audits of public-interest entities shall submit a supplementary report to the audit committee of the audited entity (...)".
Page 174/233
By the resolution of the Ordinary General Meeting of Shareholders no.3/05.03.2020 the appointment of
Transilvania Audit & Fiscality S.R.L. as statutory financial auditor of Oil Terminal was approved for a contract period
of 3 years, respectively for the financial years 2020, 2021 and 2022.
The fees were established on the basis of the contract concluded between the 2 parties. All fees paid relate to:
- Statutory audit services of the annual financial statements prepared in accordance with the Order of the Ministry of
Public Finance No.2844/2016 approving the Accounting Regulations in accordance with International Financial
Reporting Standards, for the financial years ending 31 December 2020, 31 December 2021 and 31 December 2022.
- review services for the Simplified Interim Financial Statements prepared as at 31 March (relating to Quarter I), 30
June (relating to Quarter II) and 30 September (relating to Quarter III) for the following financial years: 2020, 2021 and
2022.
- related services for the preparation of a report of agreed procedures for the first and second half of 2020, 2021 and
2022, based on the provisions of art.144 letter B paragraph (4) of Regulation no.5/2018 of the A.S.F., regarding
transactions reported according to art.82 of Law no.24/2017 (legal acts with a value of more than 50,000 euro
concluded by OIL TERMINAL S.A. with directors, employees, controlling shareholders).
11. Depreciation of fixed assets
Year ended
31 December 2023
Year ended
31 December 2022
Amortisation of intangible assets
213,121
266,354
Depreciation of fixed assets related to entitlements
of use of leased assets
2,175,020
2,051,883
Depreciation of tangible fixed assets, of which:
18,118,988
18,078,183
Construction and building improvements
12,644,374
13,123,177
Technical installations, technological equipment
5,269,833
4,757,527
Furniture and other fixed assets
204,781
197,479
Total depreciation of fixed assets
20,507,129
20,396,420
Other operating expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Repair expenditure
75,174,421
70,816,719
Maintenance costs
13,453,156
17,906,657
Royalty expenses
13,698,699
11,804,215
Expenditure on rents and management rentals
3,801,764
3,738,352
Expenditure on insurance premiums
2,293,457
315,133
Expenditure on studies and research
1,135,000
765,900
Expenditure on staff training
469,124
319,474
Advertising and publicity expenditure
135,415
117,645
Protocol expenses
735,834
182,454
Staff transport costs
397,850
412,450
Travel expenses
685,038
403,401
Expenditure on other taxes and duties
3,880,254
3,562,651
Losses on receivables
-
352,889
Expenditure on sponsorship
396,896
274,837
Expenditure on damages, fines and penalties
1,622,207
514,208
Other operating expenditure
889,182
280,203
Trade discounts received
(12,691)
(13,660)
Total other operating expenditure
118,755,606
111,753,528
13. Current and deferred income tax
The company's current and deferred income tax for 2023 and 2022 is determined at a statutory rate of 16%.
Current income tax
Page 175/233
Income tax recognised in the income statement:
Year ended
31 December 2023
Year ended
31 December 2022
Current tax expenditure
2,266,973
1,774,880
Total income tax expense
2,266,973
1,774,880
The company has recorded income tax expenses on current operations as well as on revaluation differences
transferred on depreciation expense during the year which are taxable in the calculation of income tax.
In 2023 and 2022 the company did not record any deferred tax income or expense.
As at 31 December 2023, the company records a gross profit of 17,626,598 lei and a net profit of 15,359,625 lei.
Following the recording on 31 December 2023 of the provision for risks and charges related to employee profit-sharing
in the amount of 1,066,861 lei, gross profit becomes 16,559,737 lei and net profit 14,292,764 lei.
For the year 2023, the tax profit calculated in accordance with the provisions of Law no.227/2015 on the Tax Code, as
amended, is 19,149,518 lei.
The income tax calculated on the taxable profit is in the amount of 3,063,923 lei , reduced to 2,266,973 lei due to the
recording of sponsorship expenses in the amount of 396,895 lei and the 15% reduction of the income tax due according
to GEO no.153/2020, in the amount of 400,055 lei.
The reconciliation of the effective tax rate for the years 2023 and 2022 is as follows :
Year ended
31 December 2023
Year ended
31 December 2022
Profit before income tax
16,559,737
13,379,103
Profit before income tax (excluding sponsorship expense)
16,956,633
13,653,940
Corporation tax at the statutory rate of 16%.
2,713,061
2,184,630
Effect of non-deductible expenditure
1,315,147
459,345
Taxation of revaluation reserves
619,862
475,626
Effect of non-taxable income
(801,502)
(593,534)
Deductions from the legal reserve
(141,013)
(115,507)
Reinvested profit
(641,631)
(227,250)
Sponsorship exemptions
(396,896)
(274,837)
Income tax reduction according to GEO no.153/2020
(400,055)
(133,593)
Total income tax expense
2,266,973
1,774,880
Corporation tax deferred
Year ended
31 December 2023
Year ended
31 December 2022
34,381,247
31,282,452
TOTAL deferred income tax
34,381,247
31,282,452
Deferred taxes payable and recoverable are calculated on the basis of taxable and/or deductible temporary differences,
determined for assets and liabilities as the difference between the carrying amount of the asset and/or liability and the
amount attributed for tax purposes. The Company recognises deferred tax on an expense or income basis, except for
tax arising from an event recognised directly in equity.
As at 31 December 2023, the deferred income tax on equity increased by 3,098,795 lei compared to the previous year,
representing:
- Deferred income tax written off recognised in equity, related to revaluation reserves transferred to retained earnings,
representing realised revaluation surplus, related to assets sold/leased and rights of use of leased assets written off
upon termination of lease contracts, in the amount of (956,723) lei.
- deferred income tax recorded in 2023, recognised in equity under retained earnings, relating to revaluation reserves
transferred to retained earnings, in the amount of 1,156,154 lei.
- 2,899,364 lei deferred income tax on own capital, related to revaluation reserves for the year 2023 when recording
the revaluation of fixed assets.
Page 176/233
14. Information by segment
Oil Terminal has only one reportable segment, namely the provision of services relating to the receipt, storage,
conditioning and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import,
export and transit.
Total income from services rendered
Year ended
31 December 2023
Year ended
31 December 2022
∆%
Services relating to the reception, storage, conditioning
and dispatch of crude oil, fuel oil,
petroleum
products
,
petrochemicals and liquid chemicals
344,106,984
298,604,671
15
Main external customers:
Client name
Country
Year ended
31 December 2023
Year ended
31 December 2022
∆%
Litasco
Switzerland
48,152,109
61,939,061
(22)
Euronova Energies
Switzerland
38,185,231
29,848,125
28
Vitol
Switzerland
12,700,220
6,899,339
84
Mol PLC
Hungary
9,849,109
8,823,548
15
Maddox
Switzerland
6,462,343
12,043,113
46
Ivict Europe GMBH
Germany
3,627,317
3,332,531
9
Cantarell
Cyprus
2,783,305
-
-
Island Petroleum
Cyprus
2,666,295
2,574,285
6
Alpha Element
Switzerland
2,383,392
1,576,251
51
Norwind Trade
Switzerland
1,857,729
579,577
221
Oil Terminal's main customers:
Client name
Country
Year ended
31 December 2023
Year ended
31 December 2022
Invoiced
value
%
Invoiced
value
%
OMV Petrom
Romania
70,048,425
20.00
60,554,764
19.96
Oscar Dowstream
Romania
63,197,823
18.04
48,242,689
15.91
Litasco
Switzerland
48,152,109
13.75
61,936,061
20.42
Euronova Energies
Switzerland
38,185,231
10.90
29,848,125
9.84
Mol Romania Petroleum Products
Romania
22,886,977
6.53
19,136,315
6.31
Socar Petroleum
Romania
13,955,622
3.98
8,028,788
2.65
Vitol
Switzerland
12,700,221
3.63
6,899,339
2.27
Mol PLC
Hungary
9,849,109
2.81
8,823,548
2.91
Maddox
Switzerland
6,462,343
1.84
12,043,113
3.97
Vitaro Energy
Romania
6,314,684
1.80
1,707,182
0.56
15. Tangible fixed assets
Gross values
Land
Construction
Technical
installations
and machinery
Other plant,
machinery
and furniture
Total
Balance at 31 December 2022
324,149,984
183,022,362
32,127,954
1,007,379
540,307,679
Transfers from assets under
construction
14,980,888
8,134,808
243,272
23,358,968
Inventory gains in the nature of
fixed assets
-
85,870
-
-
85,870
Depreciation taken over from the
financier
-
-
869,919
-
869,919
Accumulated depreciation
cancelled
-
(25,672,556)
(11,270,963)
(397,125)
(37,340,644)
Revaluation surplus, recorded
71,996,393
-
-
-
71,996,393
Page 177/233
on reserves
Revaluation surplus recorded on
capital
13,133,864
4,062,811
516,029
16,355
17,729,059
Revaluation surplus taken to
profit and loss account
-
53,981
65,740
1,169
120,890
Reductions from outgoing
-
(902,180)
(149,490)
(10,040)
(1,061,710)
Balance at 31 December 2023
409,280,241
175,631,176
30,293,997
861,010
616,066,424
Depreciation
Land
Construction
Technical
installations
and machinery
Other
plant,
machinery
and furniture
Total
Balance at 31 December 2022
-
13,092,969
5,237,215
197,157
18,527,341
Depreciation in 2023
-
12,644,374
5,269,833
204,781
18,118,988
Cancellation of accumulated
depreciation
(25,672,556)
(11,270,963)
(397,125)
(37,340,644)
Depreciation taken over from the
financier
-
869,919
869,919
Cumulative depreciation of
outputs
-
(64,787)
(106,004)
(4,813)
(175,604)
Balance at 31 December 2023
-
-
-
-
-
Net value
Balance at 31 December 2022
324,149,984
169,929,393
26,890,739
810,222
521,780,338
Balance at 31 December 2023
409,280,241
175,631,176
30,293,997
861,010
616,066,424
Property, plant and equipment is presented in the annual financial statements at revalued amount less depreciation
and impairment adjustments in accordance with IAS 16 - Property, Plant and Equipment and IAS 36 - Impairment of
Fixed Assets.
At 31 December 2023 the net value of tangible fixed assets increased by 94,286,086 lei compared to the end of 2022,
as follows:
➢ start-ups from tangible assets in progress, increase of 23,358,968 lei
➢ inventory gains of fixed assets, increase of 85,870 lei
➢ registration of difference in value of land in the area of 254,261.325 sq.m, and land in the area of 129,334.70
sq.m, according to the Valuation Report prepared for the purpose of increasing the share capital, increasing
71,996,393 lei
➢ revaluation surplus, increase of 17,849,949 lei
➢ disposals of tangible fixed assets at remaining value, reduction of 886,106 lei
➢ depreciation of tangible fixed assets in 2023, reduction of 18,118,988 lei
As at 31 December 2023, the company has recorded the revaluation of tangible fixed assets based on the valuation
reports prepared by an authorised valuer, a full member of ANEVAR. The frequency of revaluations depends on
changes in the fair values of the revalued property, plant and equipment. In the case of tangible fixed assets whose
fair values do not change significantly, no revaluation is required.
The fair value resulting from the valuation reports, evidenced by the revalued amount method, is presented as follows:
➢ land
➢ construction
➢ technical installations and machinery
➢ other plant, machinery and furniture
409,280,241 lei
175,631,176 lei
30,293,997 lei
861,010 lei
The company owns the following land:
➢ land with an area of 951,386.79 sqm, registered according to the title deed series MO3 no.3285/19.11.1996,
located in the South Platform Section, worth 82,618,157 lei, registered in the share capital in July 1997;
➢ land with an area of 413,413.16 sq.m., acquired during 2003 on the basis of the title deed series MO3
no.8448/16.04.2003, located in the North Platform Section, worth 58,824,645 lei, registered in the share
capital in July 2003;
➢ the land purchased in 2004 according to the sale-purchase contract no.181/20.01.2004 concluded with the
Constanta City Hall, with an area of 243,912.70 sqm located in the North Platform Section, worth 37,712,443
lei;
Page 178/233
➢ land with an area of 254,261.325 sq.m, acquired during 2011 on the basis of the title deed series MO3
no.11703/02.02.2011, located in the North Platform Section, worth 152,535,174 lei, registered in the share
capital in March 2023;
➢ land with an area of 129,334.70 sq.m., acquired during 2011 on the basis of the title deed series MO3
no.11704/02.02.2011, located in the North Platform Section, worth 77,589,822 lei, registered in the share
capital in March 2023.
16. Tangible fixed assets in course of construction
Assets under construction, amounting to 108,116,513 lei, represent unfinished investments as at 31 December 2023,
of which:
Assets under construction
Investments
according to OIL
TERMINAL
programme
Investments made
for goods in the
public domain*
Total
Balance at 31 December 2022
43,163,604
1,163,074
44,326,678
Increases during the year
86,577,631
571,172
87,148,803
Transfers to fixed assets
(21,875,379)
(1,483,589)
(23,358,968)
Balance at 31 December 2023
107,865,856
250,657
108,116,513
* Assets under construction from investment expenditure on goods in the public domain of the State
The total amount of investment expenditure recorded in 2023 is 93,093,113 lei, representing:
- 87,148,803 lei investment expenditure on tangible fixed assets
- 594,382 lei investment expenditure for intangible assets
- 5,352,928 lei fixed assets related to the rights of use of leased assets.
The main investment objectives achieved in 2023 are:
• Refurbishment of CF ramp for unloading fuel oil from CF tankers, storage and pumping to ships, in the
South Platform Section
• Construction of a 55,000 cubic metre capacity tank in the South Platform Section
• Upgrading of the two-stream crude oil metering system - Port Platform Section (own infrastructure and
infrastructure according to Petrolier Agreement)
• Modernization of the Commercial Directorate building
• Modular container (8 pcs)
• Sanitary container (2 pcs)
• Dacia Dokker Laureate (2 pcs)
• Electric central heating (4 pcs)
• PC RYZEN (29 PCS)
• UPS (5 pcs)
• Laptop (5 pcs)
• Multifunction printer (1 pc)
• Dumper MAN TGS 26 TO
• Special PSI car (1 piece)
• Motor compressor (1 piece)
• Submersible pump (1 piece)
• Hydraulic pick (1 piece)
• Baler (1 piece)
• Universal milling machine (1 piece)
• Industrial universal lathe (1 piece)
• Access system P1 and P2 - SP-SUD
• SP-NORD access system
• Breathing apparatus (14 pieces)
• Refrigerated laboratory bench (1 piece)
• Automatic equipment for determining the flash point (1 piece)
• Sampling equipment (8 pcs)
• Multi-purpose loader with telescopic arm (1 piece)
• Three-phase welding inverter (2 pcs)
Page 179/233
• UV fluorescence sulphur analyser with autosampler (1 piece)
• Fuel distribution pump (2 pcs)
• Fuel oil pump (1 piece)
• Verical pump for residues (1 piece)
• Tank AD-BLUE
17. Intangible assets and assets relating to rights to use leased assets
a) Intangible assets
Gross values
Concessions
Other intangible
assets
Total
Balance at 31 December 2022
4,315,592
687,697
5,003,289
Increases from acquisitions
-
594,382
594,382
Revaluation surplus reversed to profit and
loss account
-
14
14
Revaluation surplus reversed on capital
-
43,284
43,284
Accumulated depreciation cancelled
(3,962)
(468,948)
(472,910)
Impairment losses reversed on capital
(revaluation reserves consumed)
(817,000)
-
(817,000)
Balance at 31 December 2023
3,494,630
856,429
4,351,059
Depreciation and amortisation
Concessions
Other intangible
assets
Total
Balance at 31 December 2022
2,040
257,748
259,788
Depreciation in 2023
1,921
211,200
213,121
Cancellation of accumulated depreciation
(3,961)
(468,948)
(472,909)
Balance at 31 December 2023
-
-
-
Net value
Balance at 31 December 2022
4,313,552
429,949
4,743,501
Balance at 31 December 2023
3,494,630
856,429
4,351,059
Intangible assets recorded in the Company's accounting records consist of related software/licenses purchased from
third parties, the concession for the operation of reservoirs, pipelines for the transport of crude oil and petroleum
products, pumping installations and other related installations and equipment, concluded with the National Agency for
Mineral Resources, other concessions representing Oil Terminal's internet domain registration ("oilterminal.ro" and
"oilterminal.com") and other intangible assets representing OIL TERMINAL trademarks.
Following the analysis as at 31 December 2012 of the concession contract approved by H.G. no.886/16.08.2002, it
was found that the conditions for recognition of the concession as an intangible asset according to IAS 38 - Intangible
Assets and the clarifications provided by IFRIC 12 are met. As at 31 December 2012, based on the valuation report
prepared by an authorised appraiser, a full member of ANEVAR, the intangible asset "concession" was recognised at
fair value of 3,034,941 lei, recorded in the accounts with indefinite useful life, in accordance with paragraph 88 of IAS
38 - Intangible Assets and therefore not subject to amortisation.
As at 31 December 2023 the company revalued its intangible assets based on a valuation report prepared by an
authorised valuer, a full member of ANEVAR. The frequency of revaluations depends on changes in the fair values of
the revalued intangible assets.
The fair value at 31 December 2023 for intangible assets is as follows:
➢ Concession Oil Agreement
3,479,000 lei
➢ other concessions - trademarks
15,630 lei
➢ related software/licenses
856,429 lei
b. Fixed assets relating to rights to use leased assets
Page 180/233
Gross values
Assets related to rights
of use of leased assets
Balance at 31 December 2022
6,692,950
Increases from acquisitions
5,352,928
Increases from valuation closing
69,220
Revaluation surplus reversed to profit
and loss account
4,601
Revaluation surplus reversed on capital
348,679
Reductions from outgoing
(1,248,294)
Accumulated depreciation cancelled
(2,756,662)
Balance at 31 December 2023
8,463,422
Depreciation and amortisation
Assets related to rights
of use of leased assets
Balance at 31 December 2022
1,837,500
Depreciation in 2023
2,175,020
Cumulative depreciation of outputs
(1,255,858)
Cancellation of accumulated
depreciation
(2,756,662)
Balance at 31 December 2023
-
Net value
Balance at 31 December 2022
4,855,450
Balance at 31 December 2023
8,463,422
As from 1 January 2019, the Company has applied IFRS 16 "Leases", the standard that replaced IAS 17 "Leases"
and all interpretations (SIC/IFRIC) issued in application of IAS 17, resulting in the recognition of the right of use of
the underlying assets as an intangible asset in the account "assets related to the right of use of leased assets" and a
liability in the account "other loans and similar liabilities" arising from leases.
The major changes introduced by IFRS 16 'Leases' relate to the accounting at the lessee (user) level for the right to
use the underlying leased asset, i.e. the recognition in the balance sheet of assets and liabilities relating to rights and
obligations under leases. The right of use of the underlying asset is amortised on a straight-line basis over the lease
term. The Company has recognized, as of January 1, 2019, an expense for the amortization of the right of use of
assets and an interest expense related to the liability arising from the lease contract. The interest rate was
determined by the Company based on what it would cost the entity to borrow in a market to use the underlying asset.
At 31 December 2023 the company revalued the assets related to the rights of use of the leased assets.
The revaluation at fair value was recorded as at 31 December 2023 based on a Valuation Report prepared by a
chartered appraiser, a full member of ANEVAR. The frequency of revaluations depends on changes in the fair values
of the assets related to the rights of use of the revalued leased assets. If the assets relating to the rights of use of the
leased assets do not change significantly, no revaluations are required.
The Company is a lessee (user) under 12 operating leases, described in note 29.
18. Financial fixed assets
Year ended
31 December 2023
Year ended
31 December 2022
Other non-current receivables
908,030
908,030
Total financial fixed assets
908,030
908,030
As at 31 December 2023, the company records fixed receivables in the amount of 908,030 lei, representing:
• Performance guarantee representing a bank guarantee letter in the amount of 1,100 lei in favour of the
National Company for the Administration of Sea Ports;
• Performance guarantee paid in the amount of 906,930 lei in favour of the National Company for the
Administration of Sea Ports.
During 2023 there were no changes in the amounts of guarantees granted.
Page 181/233
19. Stocks
Year ended
31 December 2023
Year ended
31 December 2022
Auxiliary materials
1,780,714
1,491,052
Fuels
131,814
42,085
Packaging materials
13,325
1,094
Spare parts
72,964
23,158
Other consumables
50,555
13,633
Materials in the nature of inventory items
154,070
42,177
Waste products
3,266
64,586
Consumables in stock
-
1,500
Adjustments for consumables
(53,558)
(64,820)
Adjustments for materials of an inventory nature
(346)
-
Total stocks
2,152,804
1,614,465
Non-moving stocks outstanding as at 31 December 2023 amounted to 53,904 lei, down 10,916 lei from the previous
year. Adjustments for impairment of materials have been made for these stocks as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Balance adjustments for inventory write-downs at
1 January 2023
64,820
923
Constitutions in year
196,273
76,983
Reversals in year
(207,189)
(13,086)
Balance adjustments for inventory write-downs
on 31 December 2023
53,904
64,820
20. Customers and similar accounts
Year ended
31 December 2023
Year ended
31 December 2022
Customers invoices issued, receivable
35,544,012
33,348,358
Uncertain and disputed customers
4,542,682
5,486,611
Customers invoices to be drawn up
826
6,560
Impairment adjustments on trade receivables
( 4,542,682)
(5,486,611)
Total clients
35,544,838
33,354,918
The situation of customers, invoices issued to be received amounting to 35,544,012 lei, outstanding as at 31
December 2023, is classified by age as follows:
• Receivables not past due
31,869,955 lei
• Customer receivables overdue between 1 - 30 days
3,597,935 lei
• Customer receivables overdue between 31 - 60 days
76,122 lei
Doubtful customers recorded as at 31 December 2023 totalled 4,542,682 lei, down from 31 December 2022 by 943,929
lei. For doubtful customers, the company has made adjustments for impairment of trade receivables for the total
amount of the receivable including VAT.
During 2023, the Company recorded adjustments for impairment of trade and other receivables as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Depreciation adjustment balance as at 1 January
2023
5,486,611
5,215,983
Constitutions in year
470,001
472,630
Reversals in year
(1,413,930)
(202,002)
Impairment adjustment balance at
31 December 2023
4,542,682
5,486,611
Page 182/233
21. Other receivables and prepaid expenses
Year ended
31 December 2023
Year ended
31 December 2022
Sundry debtors
701,297
1,400,132
Suppliers - debtors for services rendered
135,000
-
Impairment adjustments for sundry debtors
(602)
(602)
Prepaid expenses
186,514
78,378
Other claims
2,247,624
2,143,079
Total other receivables
3,269,833
3,620,987
Taxes to be recovered
Year ended
31 December 2023
Year ended
31 December 2022
Corporate tax
4,543,554
2,981,745
VAT to be recovered
4,401,347
5,741,241
Total taxes to be recovered
8,944,901
8,722,986
22. Cash and cash equivalents
Year ended
31 December 2023
Year ended
31 December 2022
Available in lei, in current accounts with banks
17,075,017
11,039,754
Cash in foreign currency on current accounts with
banks
28,158,206
30,686,172
Other values
6,454
26,571
Available in cash
16,539
11,914
Total cash and cash equivalents
45,256,216
41,764,411
There are no restrictions on cash accounts.
23. Share capital
No. of shares
Share capital
Statutory share capital
2,997,177,132
299,717,713
Total share capital
2,997,177,132
299,717,713
The subscribed and paid-up share capital as at 31 December 2023 is 299,717,713.20 lei, divided into 2,997,177,132
shares, at a par value of 0.1 lei/share. Each share entitles its holder to one vote.
The subscribed and paid-up share capital registered as at 31.12.2022, amounting to 58,243,025.30 lei (582,430,253
shares) was increased by 241,474,687.90 lei representing a number of 2,414,746,879 new shares, with a nominal
value of 0.10 lei/share, as a result of the completion of subscriptions on 8 March 2023, in accordance with the
"Simplified Prospectus for the increase in share capital with contribution in kind and in cash of Oil Terminal SA"
approved by the Financial Supervisory Authority (ASF) by Decision no. 46/17.01.2023.
By the EGSM Decision No 4/21.03.2022 approved the share capital increase by contribution in kind and in cash up to
the maximum amount of 382,910,843 lei by issuing a maximum of 3,829,108,430 new shares with a nominal value of
0.10 lei/share, at the issue price of 0.10 lei/share, the subscription right being manifested in accordance with the
"Simplified Prospectus for the share capital increase with contribution in kind and in cash of Oil Terminal SA" approved
by the Financial Supervisory Authority (ASF) by Decision no.46/17.01.2023.
During the period 23.01.2023 - 08.03.2023, Oil Terminal shareholders have subscribed and paid, in order to keep their
share in the share capital, a cash contribution in the amount of 13,174,659.70 lei, representing a number of
131,746,597 shares at the subscription value of 0.10 lei/share.
The share capital increase established in accordance with the law and the EGSM Decision no.4/21.03.2022 ended on
08.03.2023, date established by ASF Decision no.46./17.01.2023, and the contribution in kind subscribed and paid by
the Romanian State through the MINISTRY OF ENERGY is 228,300,028.20 lei, i.e. a number of 2,283,000,282 shares,
with a nominal value of 0.1 lei/share, representing the value of the land for which certificates of ownership were issued,
value established by the valuation report no.155/2021, drawn up by MAPPS - Master Appraisal SRL (J40/7308/2004
and CUI 16400917), namely:
Page 183/233
➢ land with an area of 254,261.325 sq.m, located in Constanta county, Caraiman street no.2, registered in the
CF no.215416 kept by OCPI, with cadastral number 215416, according to the certificate of attestation of the
right of ownership of land series M03 no.11703/02.02.2011, value 151,325,519.26 lei;
➢ land with an area of 129,334.70 sqm, located in Constanta county, Caraiman street no.2, registered in the CF
no.215382 kept by OCPI, with cadastral number 215382, according to the certificate of attestation of the right
of ownership of land series M03 no.11704/02.02.2011, worth 76,974,508.94 lei.
The existing subscribed and paid-up share capital as at 31.12.2022 was increased by 241,474,687.90 lei, representing
a number of 2,414,746,879 new shares with a nominal value of 0.10 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing 131,746,597 shares at a par value of 0.10 lei/share;
- the contribution in kind subscribed and paid by the Romanian State through the Ministry of Energy, in the amount of
228,300,028.20 lei, respectively, a number of 2,283,000,282 shares, with a nominal value of 0.1 lei/share.
The subscribed and paid-up share capital, resulting after the increase of 241,474,687.90 lei, becomes 299,717,713.20
lei: (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares (299,717,713.20 lei /0.1 lei / share).
By Decision no.6522/14.03.2023, the Commercial Registry Office of the Constanta Court admits Oil Terminal's
application for an increase of the share capital and updated Articles of Association.
The Financial Supervisory Authority has issued the Certificate of Registration of Financial Instruments number AC-
1829-3/29.03.2023 related to the registration of the share capital increase based on the EGSM Decision no.4 of
21.03.2022. On 04.04.2023, the Central Depository SA registered the increase in the company's share capital.
The Extraordinary General Meeting of Oil Terminal approves the Report on the share capital increase, validates and
approves the operations carried out for the share capital increase, according to the Resolution no.4/18.04.2023.
The shareholding structure as at 31 December 2023 compared to 31 December 2022, according to data provided by
the Central Depository, is as follows:
Shareholders at 31 December 2023
Number of shares
Total value
nominal
Ownership %
The Romanian State through the Ministry of Energy
2,630,258,255
263,025,826
87.76
Legal entities
83,355,005
8,335,500
2.78
Individuals
283,563,872
28,356,387
9.46
Total capital
2,997,177,132
299,717,713
100
Shareholders at 31 December 2022
Number of shares
Total value
nominal
Ownership %
The Romanian State through the Ministry of Energy
347,257,973
34,725,797
59.62
Dumitrescu Andrei Sebastian
101,108,021
10,110,802
17.36
Legal entities
49,166,889
4,916,689
8.44
Individuals
84,897,370
8,489,737
14.58
Total capital
582,430,253
58,243,025
100
OIL TERMINAL SA is a company listed on the Bucharest Stock Exchange.
The shares traded at 0.1270 lei/share (closing price) on 29 December 2023 and at 0.1610 lei/share (closing price) on
30 December 2022.
The amount of unpaid dividends 31 December 2023 is 626,867 lei, of which individuals 602,190 lei and legal entities
24,677 lei.
24. Other equity items
Year ended
31 December 2023
Year ended
31 December 2022
Deferred tax recognised on equity, of which:
(33,154,819)
(31,212,178)
Deferred income tax recognised in equity on revaluation
reserves
(33,225,093)
(31,282,452)
Income tax deferred for tax relief
70,274
70,274
"Other equity items*
3,034,941
3,034,941
Total other equity
(30,119,878)
(28,177,237)
* "Other equity items" include the counterpart of the recognition of the intangible asset "oil concession agreement",
approved by H.G. no.886/2002.
Page 184/233
As at 31 December 2023, deferred income tax recognised on equity increased compared to the previous year by the
amount of 1,942,641 lei, of which:
- (956,723) lei decrease - related to revaluation reserves transferred to retained earnings, representing surplus from
revaluation of fixed assets, for fixed assets sold/cashed in year 2023.
- 2,899,364 lei increase - deferred income tax on own capital, related to revaluation reserves for the year 2023 when
recording the revaluation of fixed assets.
25. Revaluation reserves
Year ended
31 December 2023
Year ended
31 December 2022
Reserves from revaluation of tangible fixed assets,
intangible assets and rights of use of leased assets
233,240,022
221,877,506
Total revaluation reserves
233,240,022
221,877,506
As at 31 December 2023 the revaluation reserve increased compared to the previous year by the amount of
11,362,516 lei, representing the revaluation surplus.
As at 31 December 2023, reserves from the revaluation of fixed assets comprise :
➢ revaluation reserve relating to tangible fixed assets of 232,167,916 lei;
➢ the revaluation reserve relating to intangible assets, representing rights established by the oil concession
agreement for the exploitation of reservoirs, pipelines for the transport of crude oil and petroleum products,
pumping installations and other installations and equipment related thereto, concluded with the National
Agency for Mineral Resources Bucharest, approved by GD no.886/2002, in the amount of 444,059 lei;
➢ the revaluation reserve relating to intangible fixed assets representing licences, amounting to 170,434 lei;
➢ revaluation reserve on assets related to rights of use of leased assets, amounting to 457,613 lei.
26. Retained earnings
a. Retained earnings representing realised surplus on revaluation reserves
Year ended
31 December 2023
Year ended
31 December 2022
Retained earnings representing realised surplus on
revaluation reserves
12,066,963
11,648,008
Total realised surplus from revaluation reserves
12,066,963
11,648,008
The revaluation surplus realised on revaluation reserves was formed by writing off the revaluation difference relating
to fixed assets to retained earnings on derecognition.
During the year 2023 there was a realised surplus from revaluation reserves in the amount of 418,955 lei, so that the
retained earnings representing the realised surplus from revaluation reserves in the balance at 31 December 2023 is
12,066,963 lei.
b. Retained earnings arising from first-time adoption of IAS, less IAS 29
Year ended
31 December 2023
Year ended
31 December 2022
Retained earnings from first-time adoption of IAS, less
IAS 29
396,930
396,930
Total retained earnings from first-time adoption of
IAS, less IAS 29
396,930
396,930
Retained earnings arising from the first-time adoption of IAS, less IAS 29, as at 31 December 2023 is 396,930 lei
and is unchanged from 31 December 2022. The amount of 396,930 lei represents restatements from the first-time
adoption of IAS, less IAS 29, for the year 2000, in accordance with Order No 94/2001 approving the Accounting
Regulations harmonised with Directive IV of the European Economic Communities and International Accounting
Standards.
For the year 2000 the balance sheet items prepared in accordance with Order of the Minister of Finance No.
403/1999 approving the Accounting Regulations harmonised with the Fourth Directive of the European Economic
Communities and International Accounting Standards have been restated in accordance with Order No. 94/2001
Page 185/233
approving the Accounting Regulations harmonised with the Fourth Directive of the European Economic Communities
and International Accounting Standards.
27. Legal reserves, other reserves and profit distribution
a. Legal and other reserves
Year ended
31 December 2023
Year ended
31 December 2022
Legal reserves
7,654,135
6,772,805
Other reserves, of which:
32,047,163
180,026,477
Reserves from distributed profits to constitute own source
of financing as per GSM resolutions
23,748,898
23,748,898
Reserves from tax relief
8,008,401
4,198,715
5,494 sqm of land*
289,864
289,864
Land recognised against reserves for which title deeds
were obtained in 2011
-
151,789,000
Total reserves
39,701,298
186,799,282
* Land in the area of 5,494 sq.m, recognized on account of reserves, in the amount of 289,864 lei, representing the
difference of land resulting from the updating of the cadastral documentation carried out in 2015, for the land in the
area of 951,386.79 sq.m, registered according to the title deed series MO3 no.3285/19.11.1996, located in the South
Platform Section.
The legal reserves increased compared to the previous year in the amount of 881,330 lei, representing the legal
reserve distributed from the net profit of the year 2023, in accordance with OG no.64/2001, with subsequent
amendments and additions, Company Law no.31/1990 with subsequent amendments and additions and OMFP
no.2844/2016 with subsequent amendments and additions.
Compared to the previous year, the "Other reserves" account shows a decrease of 147,979,314 lei, representing:
➢ cancellation of the value of land recognized on account of reserves, for which title deeds were obtained in 2011, in
the amount of 151,789,000 lei, and for which the procedure for increasing the share capital was completed on
08.03.2023 thus:
- land with an area of 254,261.3 sq.m, acquired during 2011 on the basis of the property title deed series MO3
no. 11703 /02.02.2011, located in the North Platform Section, worth 100,611,000 lei;
- land with an area of 129,334.70 sqm acquired in 2011 on the basis of the property title deed series MO3 no.
11704/02.02.2011, located within the North Platform Section in the amount of 51,178,000 lei.
For these 2 plots of land, the procedure for increasing the share capital, provided for by HG.834/1991, was
completed in March 2023. The share capital increase, established in accordance with the law and the EGSM
Decision no.4/21.03.2022, was completed on 08.03.2023, date established by ASF Decision no.46/17.01.2023.
By Decision no.6522/14.03.2023, the Commercial Registry Office of the Constanta Court admits Oil Terminal's
application for an increase of the share capital and updated Articles of Association.
➢ tax incentives in the amount of 3,809,686, according to art.22 of Law no.227/2015 on the Tax Code, as amended,
from the distribution of the net profit of 2023 according to OG no.64/2001 and OMFP no.2844/2016
b. Profit sharing
Year ended
31 December 2023
Year ended
31 December 2022
Profit distribution, of which:
(4,691,016)
(2,071,211)
Legal reserves
(881,330)
(721,916)
Other reserves representing tax relief
(3,809,686)
(1,349,295)
From the net profit of the year 2023, a profit distribution of 4,691,016 lei was recorded, representing:
➢ 881,330 lei legal reserve.
According to the provisions of art.1, paragraph (1), letter a) of OG no.64/2001 in conjunction with the provisions of
art.183 paragraph (1) of Law no.31/1990 on companies, republished, with subsequent amendments and additions,
"From the company's profit, at least 5% shall be taken each year to form the reserve fund, until it reaches at least
one fifth of the share capital". The legal reserve constituted before the distribution of the net profit for 2023 is
6,772,805 lei (2.26% of the share capital).
Page 186/233
Accounting profit before corporate income tax = 17,626,598 lei.
Legal reserve 5% of gross profit = 17,626,598 x 5% = 881,330 lei.
➢ 3,809,686 lei other reserves, representing tax incentives provided by law.
According to the provisions of Article 1, paragraph (1), letter a) of the OG no.64/2001 in conjunction with Article 22
paragraph (1) and paragraph (5) of the Law no.227/2015 on the Tax Code, as subsequently amended and
supplemented, the profit invested in technological equipment, electronic computers and peripheral equipment, cash
register, control and billing machines and appliances, in software, as well as for the right to use software, produced
and/or purchased, including under financial leasing contracts, and put into operation, used for the purpose of carrying
out the economic activity, is exempt from tax. Tangible assets to which the tax exemption applies are those referred
to in subgroup 2.1, respectively in class 2.2.9 of the Catalogue on the classification and normal operating life of fixed
assets, approved by Government decision.
The profit invested in 2023 is 4,010,196 lei.
The legal reserve of 5% of the tax-exempt profit is 4,010,196 lei x 5% = 200,510 lei.
The invested profit allocated to reserves is 3,809,686 lei. (4,010,196 lei - 200,510 lei = 3,809,686 lei).
28. Long-term debt
As of 31 December 2023, the Company records total debts of 255,174,167 lei.
Depending on the due date, total liabilities are as follows:
Net value
Value
contractual
< 12 months
1- 5 years
> 5 years
Trade and other current liabilities
42,660,028
42,660,028
42,660,028
-
-
Taxes and duties payable
10,134,111
10,134,111
10,134,111
-
-
Loans
159,697,631
196,753,866
20,574,599
64,144,470
74,978,562
Other loans and similar debts
(leasing debts)
8,301,150
8,301,150
2,337,928
5,963,222
-
TOTAL
220,792,920
257,849,155
75,706,666
70,107,692
74,978,562
Other debts:
Deferred income tax liabilities
34,381,247
TOTAL
34,381,247
a. Long-term loans
Year ended
31 December 2023
Year ended
31 December 2022
Contract no.1870/02.08.2017 Bancpost (taken over by
Banca Transilvania through Additional Act
no.1/09.01.2019)
12,269,606
15,615,862
Minus current part
(3,346,256)
(3,346,256)
Contract no. 201810290206/29.10.2018 BCR
16,052,570
18,401,726
Minus current part
(2,544,920)
(2,349,157)
Contract no. 20200914051/15.09.2020 BCR
30,180,869
30,698,516
Minus current part
(3,364,706)
(776,471)
Contract no. 2022022309/25.02.2022 BCR
101,194,586
38,827,387
Minus current part
(11,318,717)
(5,416,283)
Total long-term loans
139,123,032
91,655,324
The long-term loans reported are generated by the following contracts mentioned below:
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
1. Contract no.1870
of 02.08.2017 -
Bancpost, taken over
by Banca
Transilvania
lei
02.08.2027
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
12,269,606
15,615,862
On 02.08.2017, the company signed with Bancpost an investment credit agreement to finance the investment
objectives "R34/S reservoir modernization" located in the South Platform Section and "Aboveground laying of crude
oil pipelines (T1 and T2)", in the amount of 26,770,050 lei, with a repayment term until 02.08.2027 and a grace period
until 02.08.2019.
Page 187/233
Oil Terminal has provided Bancpost with the following guarantees:
Mortgage on the building "intravilan land, with an area of 66,632 sq.m" (part of the lot with S=951,387 sq.m), located
in Constanta municipality, Constanta county, South Platform Section, Movila Sara, identified with cadastral number
246756, registered in the Land Register with no.246756 of Constanta, together with the existing buildings on it, as
follows:
- tank R22 - 11222512 - C1 - 2362 sqm
- tank R24 - 11222860 - C2 - 2362 sqm
- tank R26 - 11222873 - C3 - 2362 sqm
- foam tank house - 11210589 - C4 - 42 sqm
- foam tank house - 11210590 - C5 - 36 sqm
- foam tank house - 11210591 - C6 - 30 sqm
Movable hypothec on current accounts opened with Bancpost.
In 2017 the amount of 21,294,730 lei was drawn from the credit facility, and in 2018 the remaining 5,475,320 lei was
drawn from the credit facility, bringing the total approved credit to 26,770,050 lei.
By the Additional Deed no.1/09.01.2019 signed with Banca Transilvania, the company took note of the fact that on
28.12.2018, following a merger process, all the rights and obligations assumed by Bancpost SA (absorbed company)
by the credit agreement no.1870/02.08.2017 were transferred to the assets and liabilities of Banca Transilvania
(absorbing company).
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
2. Contract
no.201810290206 of
29.10.2018 - BCR
lei
27.10.2028
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
16,052,570
18,401,726
On 29.10.2018, the company signed with BCR an investment credit agreement to finance the investment objectives
"Modernization of tank T30/S" located in the South Platform Section and "Purchase of skids for fiscal measurement of
petroleum products", in the amount of 23,716,665 lei, with a repayment term until 27.10.2028 and a grace period until
29.10.2020.
By the additional act no.1/07.01.2020 the amount of the loan granted initially was decreased by the amount of 225,099
lei, resulting in a loan amount of 23,491,566 lei and the loan repayment schedule was modified, the last loan repayment
instalment being on 27.10.2028.
Oil Terminal has constituted the following guarantees in favour of BCR:
a. Mortgage on the building "intravilan land, with an area of 60,394 sq.m" (part of the lot with S=951,387 sq.m),
located in Constanta municipality, Constanta county, South Platform Section, Depozit IV South Movila Sara, identified
and registered in the Land Register of Constanta with cadastral number 246755, together with the existing buildings
on it, as follows:
- tank R35 - 11223089 - C1 - 2937 sqm
- tank R25 - 11222861 - C2 - 2362 sqm
- tank R23 - 11222859 - C3 - 2362 sqm
- foam house - 11210627 - C4 - 36 sqm
- foam house building - 11210625 C5 - 35 sqm
b. Movable hypothec on current accounts opened with BCR.
By the Supplementary Deed no.2/24.03.2021 the interest rate is modified, i.e. the interest rate becomes variable
according to the evolution of the three-month ROBOR index plus the applicable margin.
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
3. Contract
no.20200914051 of
15.09.2020 - BCR
lei
13.09.2030
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
30,180,869
30,698,516
On 15.09.2020 the company signed with BCR an investment credit agreement for financing the investment objective
"Modernization of the T31/S tank" located in the South Platform Section, in the amount of 31,058,821 lei, with a
repayment term until 13.09.2030 and a grace period of 36 months.
On 15.01.2021, an additional deed no.1 to the credit agreement no.20200914051/ 15.09.2020 was signed with BCR,
modifying the guarantees provided in the original form of the agreement.
Oil Terminal has constituted the following guarantees in favour of BCR:
a. Mortgage on the building "land with an area of 170.818 sq.m", lot 1/2/2 (part of the lot with S=243.912,70 sq.m),
located in Constanța municipality, Constanța county, Caraiman Street no.2, North Platform Section, identified with
cadastral number 238837, together with the existing buildings on it, as follows:
- tank - 11223524 - C10 - 831 sq.m
Page 188/233
- tank T6N - 11221615 - C19 - 835 sqm
- tank T9N - 11222069 - C20 - 803 sqm
- tank T7N - 11221614 - C21 - 832 sqm
- tank T10N - 11122070 - C22 - 802 sqm
- tank T18N - 11222356 - C23 - 821 sqm
- tank T19N - 11222357- C24 - 866 sqm
- tank T20N - 11222358 - C25 - 828 sqm
- cloakroom -11110025 - C27+ C28 - 255 sqm
b. Mortgage on the building "land with an area of 8.837 sq.m", (part of the lot with S=804.360 sq.m), located in
Constanta municipality, Constanta county, Caraiman Street no.2, South Platform Section, identified with cadastral
number 252530, together with the existing buildings on it, as follows:
- R20 tank -11222603 - C2 - 823 sqm
- tank R21 -11222604 - C1 - 823 sqm
c. Movable hypothec on current accounts opened with BCR.
On 29.06.2022, an additional deed no.2 was signed with BCR to the loan agreement no.20200914051/ 15.09.2020,
which amended the loan amount to 30,698,516 lei, following the decrease of the initial amount of 31,058,821 lei by
360,305 lei.
In December 2023, the mortgage on the building with cadastral number 238837-C15 - Remiza PCI foam centre, with
inventory number 11210245, with an area of 29 sqm, which has used up its useful life and has been approved for
decommissioning, following the agreement with BCR no.351/10.03.2022, is cancelled.
A total of 30,698,516 lei was drawn from the credit facility as follows:
- year 2020: value 8,829,864 lei
- year 2021: value 15,905,960 lei
- 1st semester 2022: amount 5,962,692 lei
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
4. Contract no.
2022022309 of
25.02.2022 - BCR
lei
24.02.2037
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
101,194,587
38,827,387
On 25.02.2022 the company signed with BCR an investment credit agreement for financing the investment objective
"Construction of a 55,000 m
3
capacity reservoir" in the South Platform Section, in the total amount of 98,429,274 lei,
of which :
- credit A, in the amount of 82,713,676 lei for the financing of the investment objective "Construction of a 55,000 cubic
meter capacity reservoir", maturing on 24.02.2037.
- credit B, in the amount of 15,715,598 lei for the payment of VAT related to the financing of the investment objective
"Construction of a 55,000 cubic meter capacity reservoir", due on 24.02.2026.
On 25 February 2022, the movable mortgage contract no.2022022309/1 is signed, by which Oil Terminal has
constituted in favour of BCR the following guarantees:
a. Movable hypothec on present and future bank accounts opened with the Lender by the Borrower;
b. Movable hypothec on all rights arising from insurance contracts concluded for the insurance of goods
provided as security, to be concluded in the case of insurance policies whose insured value exceeds EUR 5,000,000
(or the equivalent of this amount in foreign currency), calculated per insurance policy. This movable mortgage will be
taken out only if there are or will be insurance policies with an insured value in excess of EUR 5,000,000. The movable
mortgage will be taken out after completion of the construction built on the credit.
On 10.03.2023, the Additional Deed No.1 is signed amending the provisions of Clause 12 (turnover) of the credit
agreement No.2022022309 of 25.02.2022.
On 27.05.2022, Supplementary Deed No.2 is signed amending the provisions of Clause 11 (transaction guarantees)
of the credit agreement No.2022022309 of 25.02.2022.
On 24 August 2022, the real estate mortgage contract no.1890/24.08.2022 was signed, by which Oil Terminal
constituted in favour of BCR the following guarantees:
a. Mortgage on the land with an area of 11,688 sq.m, (part of the lot with S=951,386 sq.m), located in
Constanta, Caraiman Street no.2, Lot 1/1/1/2, Depozit IV Sud Movila Sara, Constanta County, registered in the Land
Register with cadastral number 256090.
b. Mortgage on the reservoir that is under construction on the land of 11,688 sq.m, located in Constanta,
Caraiman Street no.2, Lot 1/1/1/2, Depozit IV Sud Movila Sara, Constanta County, registered in the Land Register with
cadastral number 256090.
On 28.12.2022, the Additional Act no.3 to the credit agreement no.2022022309 of 25.02.2022 is signed, by which the
credit A for financing the investment objective "Construction of 55,000 m
3
capacity reservoir" is amended from
82,713,676 lei to the amount of 97,305,659 lei, and the credit B for VAT payment related to the financing of the
Page 189/233
investment objective "Construction of 55,000 m
3
capacity reservoir" is amended from 15,715,598 lei to the amount of
18,488,075 lei.
Up to 31 December 2023 the amount of 89,875,870 lei was drawn from the credit facility under credit A and 16,665,574
lei from credit B. From credit B, an amount of 5,346,857 lei has been repaid to the bank.
b. Deferred income tax liabilities
Year ended
31 December 2023
Year ended
31 December 2022
Deferred income tax liabilities
34,381,247
31,282,452
Total deferred income tax
34,381,247
31,282,452
As at 31 December 2023, the deferred income tax on equity increased by 3,098,795 lei compared to the previous
year, representing:
- Deferred income tax written off recognised in equity, related to revaluation reserves transferred to retained
earnings, representing realised revaluation surplus, related to assets sold/leased and rights of use of leased assets
written off upon termination of lease contracts, in the amount of (956,723) lei.
- deferred income tax recorded in 2023, recognised in equity under retained earnings, relating to revaluation
reserves transferred to retained earnings, in the amount of 1,156,154 lei.
- 2,899,364 lei deferred income tax on own capital, related to revaluation reserves for the year 2023 when recording
the revaluation of fixed assets.
The deferred income tax reconciliation is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Corporation tax postponed to 1 January 2023
31,282,452
31,367,235
Corporate income tax deferred to 31 December 2023
34,381,247
31,282,452
Change in deferred income tax
3,098,795
(84,783)
Of which, deferred income tax liability recognised in
equity
3,098,795
(84,783)
c. Other loans and similar liabilities arising from leasing contracts
The Company is a lessee (user) under a number of 12 operating leases described in note 29.
As from 1 January 2019, the Company has applied IFRS 16 "Leases", which replaced IAS 17 "Leases" and all
interpretations (SIC/IFRIC) issued in application of IAS 17.
As of January 1, 2019, the Company recognized the right of use of the underlying assets under the leases in the
account "Assets related to the right of use of leased assets" and a liability in the account "Other loans and similar
liabilities" arising from the leases.
The liability recorded in the "other loans and similar liabilities" account arising from leasing contracts is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Other loans and similar debts
8,301,150
4,929,343
Minus current part
(2,337,928)
(1,580,759)
Total other loans and similar liabilities,
long-term
5,963,222
3,348,584
29. Liabilities relating to leasing obligations
The company is a lessee (user) under the following operating leases:
1. Contract 153/392/18.11.2019 concluded with Center Tea & CO SRL having as object:
Operating lease for PSI MAN TGS - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods
2. Contract no.25/42/10.02.2020 concluded with Center Tea & CO SRL having as object:
Operating Lease for Caterpillar DP50CN Diesel Power Tiller - 1 pcs;
The duration of the contract is 57 months from the date of delivery of the goods.
3. Contract no.116/278/14.09.2020 concluded with Center Tea & CO SRL having as object:
Operational leasing Dacia Logan Stepway - 8 pcs;
Page 190/233
Operating lease of Ford Transit DCAB specialized dump truck - 1 piece ;
The duration of the contract is 57 months from the date of delivery of the goods.
4. Contract 40/82/09.02.2021 concluded with Center Tea & CO SRL having as object:
Operating lease for CAT M314 wheeled excavator with attachments - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
5. Contract 104/243/14.06.2021 concluded with Center Tea & CO SRL having as object:
Operating lease for SUV Hyundai New Santa Fe 2.2 CRDI Luxury - 1 pcs.
The duration of the contract is 36 months from the date of delivery of the goods.
6. Contract 138/346/06.10.2021 concluded with Energopetroleum Top Service SRL having as object:
Operating lease for Volkswagen T-Cross Life - 5 pcs.
Operating lease for Volkswagen Multivan T7 - 1 pcs.
Operating lease for Volkswagen Touareg V6 Hybrid - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
7. Contract 117/420/27.06.2022 concluded with Center Tea & CO SRL having as object:
Operational lease for Dacia Duster Comfort Blue DCII15 4WD - 1 pcs.
Operating lease for Skoda Superb Ambition - 2 pcs.
Operational lease for Dacia Jogger - 2 pcs.
Operating lease for Mercedes Benz Intouro - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods.
8. Contract 184/719/07.10.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for Kia Ceed - 1 pcs.
Operating lease for Piaggio Porter Np 6 -Pick UP - 1 pcs.
Operating lease for Piaggio Porter Np 6 -Van - 1 pcs.
Operating lease for Mercedes Benz Sprinter Tourer - 1 pcs.
Operational leasing for Mercedes Benz Sprinter Doka - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
9. Contract 209/767/14.11.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for Renault Arkana Rs Line - 7 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
10. Contract 252/874/16.12.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for PSI water and foam truck - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods.
11. Contract 75/287/10.05.2023 concluded with Center Tea & Co SRL having as object:
Operating lease for SUV Hybrid - 3 pcs.
Operating lease for SUV M1 - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
12. Contract 162/404/23.08.2023 concluded with Center Tea & Co SRL having as object:
Operational lease for Combined Emptying Special - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
The major changes introduced by IFRS 16 'Leases' relate to the accounting at the lessee (user) level for the right to
use the underlying leased asset, i.e. the recognition in the balance sheet of assets and liabilities relating to rights and
obligations under leases. The right of use of the underlying leased asset is amortised on a straight-line basis over the
lease term.
On 1 January 2019, the Company recognised the right of use of the underlying assets as an intangible asset in the
account "assets related to the right of use of leased assets" and a liability in the account "other loans and similar
liabilities" arising from lease contracts.
Effective January 1, 2019, the Company recognized an asset right-of-use amortization expense and an interest
expense related to the debt arising from the lease.
The interest rate was set by the company based on what it would cost the entity to borrow in a market to use the
underlying asset.
The depreciation expense related to the rights of use of the leased assets, recorded in 2023, amounts to 2,175,020 lei
and the interest expense related to the debt arising from the lease contracts, recorded in 2023, amounts to 443,238
lei.
In the cumulative period to 31 December 2023, the following asset movements related to the rights of use of leased
assets have occurred:
• On 16 January 2023 the asset related to the right of use for the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece Minibus Daily 70C18HP, was derecognised.
• On February 08, 2023 the company recognized the right of use of the underlying asset representing 2 pieces
of Dacia Jogger in the amount of 175,258 lei and a debt in the amount of 175,258 lei, under the leasing contract
no.117/420/27.06.2022 concluded with Center Tea & Co.
Page 191/233
• On 16 March 2023 the company recognized the right to use the underlying asset - 1 piece Mercedes Benz
Intouro in the amount of 833,043 lei and a debt in the amount of 833,043 lei under the leasing contract
no.117/420/27.06.2022 concluded with Center Tea & Co.
• On 01 April 2023 the asset related to the right of use of the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece of MAN TGS dumper truck, was derecognised.
• On 01 April 2023 the company recognized the right to use the underlying asset representing 1 Mercedes Benz
317 CDI Sprinter Tourer in the amount of 357,013 lei and a debt in the amount of 357,013 lei under the leasing
contract no.184/719/07.10.2022 concluded with Center Tea & Co.
• On 06 April 2023 the asset related to the right of use of the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece of PSI special vehicle, was derecognised.
• On May 29, 2023 the company recognized the right to use the underlying asset representing 1 piece Mercedes
Benz 515 CDI Sprinter Doker in the amount of 320,471 lei and a debt in the amount of 320,471 lei under the
leasing contract no.184/719/07.10.2022 concluded with Center Tea & Co.
• On July 27, 2023 the company recognized the right to use the underlying asset representing 1 piece of PSI
water and foam special vehicle in the amount of 2,331,673 lei and a debt in the amount of 2,331,673 lei under
the leasing contract no.252/874/16.12.2022 concluded with Center Tea & Co.
• On October 3, 2023 the company recognized the right to use the underlying asset representing 2 Hyundai
Tucson units in the amount of 240,443 lei and a debt in the amount of 240,443 lei under the leasing contract
no.75/287/10.05.2023 concluded with Center Tea & Co.
• On 18 October 2023 the company recognized the right to use the underlying asset - 1 piece Hyundai Tucson
in the amount of 240,114 lei and a debt in the amount of 240,114 lei under the lease contract
no.75/287/10.05.2023 concluded with Center Tea & Co.
• On 23 October 2023 the company recognized the right to use the underlying asset representing 1 piece of the
Mercedes Atego Combined Special-purpose vehicle in the amount of 1,556,326 lei and a debt in the amount
of 1,556,326 lei under the leasing contract no.162/404/23.08.2023 concluded with Center Tea & Co.
As at 31 December 2023, the Company has revalued the assets related to the rights of use of the leased assets. The
revaluation at fair value was recorded as at 31 December 2023, based on a Valuation Report prepared by a chartered
appraiser, a full member of ANEVAR.
The fair value of the rights of use of the leased assets at 31.12.2023 compared to 31.12.2022 is as follows:
Contract no.
Object operating lease
Classificat
ion code
according
to H.G. nr.
2139/2004
Value of assets
relating to the
rights of use of
assets leased at
31 December 2023
Value of assets
relating to the
rights of use of
assets leased at
31 December 2022
277/507/21.12.2017
AA2/15.01.2019
Center Tea
Special PSI car
2.1.24.3
-
377,918
Minibus 32+1 - Iveco Daily
2.3.2.1.2
-
179,875
Dumper truck
2.3.2.2.3
-
167,420
Autovidanja
2.3.2.2.3
-
489,344
153/392/18.11.2019
Center Tea
MAN TGS PSI Special
2.1.24.3
462,714
981,382
25/42/10.02.2020
Center Tea
Caterpillar Diesel Motor
Grader
2.3.6.8.1
105,322
247,619
116/278/14.09.2020
Center Tea
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Ford Tranzit specialised
tipper van
2.3.2.2.1
45,693
101,439
Page 192/233
40/82/09.02.2021
Center Tea
CAT M314 wheeled
excavator with attachments
2.1.20.1
434,744
797,603
104/243/14.06.2021
Center Tea
Hyundai New Sante FE 2.2
CRDI 202CP SUV
2.3.2.1.1
27,046
105,472
138/346/06.10.2021
Energopetroleum Top
Service
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen Multivan T7
2.3.2.1.2
214,221
334,186
Volkswagen Touareg V6
Hybrid
2.3.2.1.1
240,552
367,527
117/420/27.06.2022
Center Tea
Dacia Duster Comfort Blue
DCII15 4WD
2.3.2.1.1
91,927
117,576
Skoda Superb Ambition
2.3.2.1.1
131,844
161,768
Skoda Superb Ambition
2.3.2.1.1
-
162,014
Dacia Jogger
2.3.2.1.1
77,702
-
Dacia Jogger
2.3.2.1.1
77,702
-
Mercedes Benz Intouro
2.3.2.1.2
722,064
-
184/719/07.10.2022
Center Tea
Kia Ceed
2.3.2.1.1
98,387
120,570
Piaggio Porter NP 6-Pick UP
2.3.2.1.1
111,872
139,775
Piaggio Porter NP 6-Van
2.3.2.1.1
109,866
137,973
Mercedes Benz 317 CDI
Sprinter Tourer
2.3.2.1.2
310,906
-
Mercedes Benz 515 CDI
Sprinter DokeR
2.3.2.2.1
289,645
-
209/767/14.11.2022
Center Tea
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
252/874/16.12.2022
Center Tea
Special PSI car
2.1.24.3
1,837,755
-
75/287/10.05.2023
Center Tea
Hyundai Tucson
2.3.2.1.1
202,659
-
Hyundai Tucson
2.3.2.1.1
202,659
-
Hyundai Tucsin
2.3.2.1.1
204,033
-
162/404/23.08.2023
Center Tea
Vidanja Combined Special
2.1.24.3
1,208,762
-
TOTAL
8,463,422
6,692,950
The carrying amount of the right-of-use assets at 31 December 2023 by class of underlying asset is as follows:
Classification code according to H.G. nr.2139/2004
Fair value of assets
relating to rights of use
of leased assets
(lei)
2.1.20.1
Machinery and equipment for digging and land preparation. Diggers,
rakes, bulldozers, backhoes, trenchers, pit diggers and scarifiers.
434,744
2.1.24.3
Fire-fighting machinery, equipment and installations
3,509,231
2.3.2.1.1
Means of passenger transport - passenger cars
2,831,596
2.3.2.1.2
Means of passenger transport - minibuses
1,247,191
2.3.2.2.1
Means of transport - trucks, vans and fixed platform trucks
335,338
Page 193/233
2.3.6.8.1
Other transport and lifting machinery, plant and equipment - electric
and fork-lift trucks
105,322
The total cash outflows related to leasing contracts during 2023 are in the total amount of 2,944,694 lei, of which,
VAT in the amount of 470,161 lei.
The situation of future minimum lease payments as at 31 December 2023 is as follows:
Future
payments
up to 1 year
(lei)
Future
payments
between 1 - 2
years (lei)
Future
payments
between 2 - 3
years (lei)
Future
payments
between 3 - 5
years (lei)
Contract 153/392/18.11.2019 Center Tea&Co SRL
270,583
183,117
-
-
Contract 25/42/10.02.2020 Center Tea&Co SRL
77,467
19,626
-
-
Contract 116/278/14.09.2020 Center Tea&Co SRL
116,777
56,970
-
-
Contract 40/82/09.02.2021 Center Tea&Co SRL
201,611
212,679
49,640
-
Contract 104/243/14.06.2021 Center Tea&Co SRL
23,157
-
-
-
Contract 138/346/06.10.2021 Energopetroleum
Top Service
234,297
247,160
224,555
-
Contract 117/420/27.06.2022 Center Tea&Co SRL
263,953
278,444
293,731
245,687
Contract 184/719/07.10.2022 Center Tea&Co SRL
219,581
230,262
242,534
222,822
Contract 209/767/14.11.2022 Center Tea&Co SRL
207,341
217,159
228,451
150,551
Contract 252/874/16.12.2023 Center Tea&Co SRL
394,583
415,583
438,397
601,178
Contract 75/287/10.05.2023 Center Tea&Co SRL
106,449
113,923
123,732
203,010
Contract 162/404/23.08.2023 Center Tea&Co SRL
222,129
244,725
265,796
453,490
Total
2,337,928
2,219,648
1,866,836
1,876,738
30. Short-term loans - description short-term loans
Contracts on short-term loans are:
Creditor
Currency
Deadline
Reimbursemen
t
Interest
31.12.2023
31.12.2022
1. Credit agreement no.
20201029058/29.10.2020
(Facility for issuing a letter of
guarantee) concluded with
BCR SA
lei
28.02.2027
full
repayment at
maturity
3-month
ROBOR
plus
margin
35,464,066
35,464,066
By Credit Agreement no.20201029058/29.10.2020 BCR granted Oil Terminal a non-revolving credit facility in the
amount of 35,464,066 lei in order to issue a letter of guarantee in favour of the National Agency for Tax Administration,
for the purpose of obtaining the authorization for a tax warehouse, for which the following guarantees were constituted:
a. Mortgage on the land of 20,000 sqm, located in the South Platform Section, registered in the land register
no.244347 Constanța, identified with cadastral number 244347, and the buildings erected on it:
- reservoir R36, capacity 50,000 m
3
, identified with cadastral number 244347-C9 (inventory number 11223318), with
an area of 2,859 m
2
;
- reservoir R37, capacity 50,000 m
3
, identified with cadastral number 244347-C10 (inventory number 11223319), with
an area of 2,859 m
2
.
b. Movable hypothec on the borrower's bank accounts with the lender
c. Movable hypothec on all rights arising from insurance contracts concluded for the insurance of goods
provided as security
d. Movable hypothec on claims arising from contracts with Mol Romania Petroleum Products and Maddox.
On 16.12.2020, the Additional Deed no.1 to the credit agreement no.20201029058/29.10.2020 BCR is signed,
modifying the chattel mortgage and supplementing it with a chattel mortgage on the receivables resulting from the
contracts concluded with Mol Romania Petroleum Products and Maddox. On 30 October 2020 Banca Comercială
Română sent to the National Agency for Tax Administration the bank guarantee letter no.G084724/832 in the amount
of 17,262,501 lei valid until 31.12.2020.
On 17.12.2020, Amendment No.1 to the Bank Guarantee Letter No.G084724/832 is signed, extending the validity until
31.03.2021, all other provisions of the guarantee letter remain unchanged.
Page 194/233
On 25.02.2021, Amendment no.2 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the value of the
guarantee letter is decreased by the amount of 1,039,772 lei and the new value of the guarantee letter is 16,222,729
lei. The validity of the letter of guarantee has been extended until 30.06.2021. On 10.03.2021 the Company submitted
to the National Tax Administration Agency the amendment no.2 to the Bank Guarantee Letter no.G084724/832.
On 22.06.2021, Amendment No.3 to Bank Guarantee Letter No. G084724/832 is signed, extending the validity of the
guarantee letter until 31.12.2021. On 24.06.2021 the Company submitted to the National Tax Administration Agency
Amendment No. 3 to the Bank Guarantee Letter No. G084724/832.
On 13.12.2021, Amendment no.4 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the validity of the
guarantee letter in the amount of 16,222,729 lei was extended until 30.06.2022. On 20.12.2021 the Company
submitted to the National Tax Administration Agency Amendment No. 4 to the Bank Guarantee Letter No.
G084724/832.
On 01.02.2022, the National Agency for Tax Administration issued Decision no.41/01.02.2022, setting the amount of
the guarantee for the tax warehouse in conjunction with the provisions of Decision no.15/28.02.2019, at the level of
6,924,529 lei.
On 16.02.2022, Amendment no.5 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the value of the
guarantee letter is reduced by the amount of 9,298,200 lei, and the new value of the guarantee letter is 6,924,529 lei,
valid until 30.06.2022. On 22.02.2022 the Company submitted to the National Tax Administration Agency Amendment
No.5 to the Bank Guarantee Letter No.G084724/832.
On 20.06.2022, Amendment no.6 to the Bank Guarantee Letter no.G084724/832 is signed, extending the validity of
the guarantee letter until 31.10.2025. On 29.06.2022 the Company submitted to the National Tax Administration
Agency Amendment No.6 to Bank Guarantee Letter No.G084724/832.
On 17.02.2023, the National Agency for Tax Administration issued Decision no.33/17.02.2023, setting the amount of
the guarantee for the tax warehouse in conjunction with the provisions of Decision no.15/28.02.2019, at the level of
13,416,517 lei.
On 14.03.2023, Deed of Amendment No. 2 was signed amending the Drawdown Period starting on 29.10.2021
(exclusive) and ending on 31.12.2023 (inclusive).
On 15.03.2023, Amendment no.7 to the Bank Guarantee Letter no.G084724/832 is signed, by which the value of the
guarantee letter is increased by the amount of 6,491,988 lei, and the new value of the guarantee letter is 13,416,517
lei, valid until 31.10.2025. On 22.03.2023 the Company submitted to the National Tax Administration Agency
Amendment No.7 to the Bank Guarantee Letter No.G084724/832.
On 21.09.2023, Deed of Amendment No.3 was signed amending the Drawdown Period starting from 31.12.2023
(exclusive) and ending on 31.12.2024 (inclusive) and the Maturity Date 26.02.2027.
On 08.02.2024, Deed Addendum No.4 was signed changing the Maturity Date to 28.02.2027.
Creditor
Currency
Deadline
Interest
Guarantee
31.12.2023
31.12.2022
2.Contract no.
20190419032 of
19.04.2019 BCR
lei
unlimited until
the date of
discharge
ROBOR
at 3 months
plus margin
Mortgage, chattel
mortgage and
chattel mortgage
on account
9,887,533
9,887,533
The company OIL TERMINAL S.A. has obtained, as of 17.05.2019, the Authorization to use the global guarantee
number ROCGURODRVGL0-2019 - EQN53778, in accordance with the provisions of Decision no.145/25.06.2018
issued by the General Customs Directorate of Galati and Order no.2671/2017 issued by the President of ANAF and
the Authorization for storage of goods under the customs warehousing procedure number ROCW1RODRVGL0-201-
VC53780. By address no.5582/SRV/21.05.2020 MFP- ANAF-DGRV Galați - Customs Regulations Service
communicated to Banca Comerciala Romana the approval of the revocation of the guarantor's commitments given
that the company OIL TERMINAL has obtained on 24.02.2020 the guarantee exemption for carrying out customs
warehousing operations, following the obtaining of the status of authorized economic operator (authorization
ROAEOF00000000224/24.12.2019).
According to the said address, the guarantor remains liable for payment of any debt arising during the customs
operation to which the undertaking relates and which commenced before the effective date of the revocation of the
guarantee, even if the demand for payment is made after the revocation.
By Credit Agreement no.20190419032/19.04.2019, Banca Comerciala Romana (BCR) granted Oil Terminal a non-
revolving revocable credit facility in the amount of 8,000,000 lei for the purpose of issuing a Guarantee Instrument, i.e.
a global guarantee in favour of the Regional Customs Directorate of Galati.
Page 195/233
The following securities were created by the chattel mortgage contract no.20190419032/1 dated 19.04.2019:
- movable mortgage for the vessel for depollution of the harbour basin (inventory no. 24000083);
- chattel mortgage for Clayton SE 604 G saturated steam generator (inventory no. 22224140);
- chattel mortgage on any bank account opened by the company;
- chattel mortgage on receivables arising from contracts with its main trading partners
By additional deed no.1 to the movable mortgage contract no.20190419032/1 signed on 20.06.2019 the following
additional guarantees were constituted:
- Clayton SE 604 G saturated steam generator (inventory no. 22224141);
- Clayton SE 604 G saturated steam generator (inventory no. 22224142);
- TVCI surveillance system (inventory no. 36000378);
By additional deed no. 1/20.06.2019 to contract no. 20190419032/19.04.2019, Banca Comercială Română (BCR)
granted Oil Terminal a revocable non-revolving credit facility in the amount of 9,887,533 lei for the purpose of issuing
a Guarantee Instrument, i.e. a global guarantee in favour of the Regional Customs Directorate of Galati.
On 15.01.2021, the following additional guarantees were established by the Real Estate Mortgage Contract no.672
authenticated under number 37/15.01.2021:
• Mortgage on the 19,900 sq.m of land registered in the land register no.214853 Constanța, identified with
cadastral number 214853 and the buildings located on the land:
- building annex to the sports complex building with cadastral number 214853-C1 (inventory number 11111220), in
the area of 14 sqm;
- football pitch with cadastral number 214853-C2, with an area of 7,359 sq.m;
- the 100 sq.m. grandstand skeleton with cadastral number 214853-C3;
- sports complex and bowling alley with cadastral number 214853-C4 (inventory number 11210720), with an area
of 651 sqm;
- building attached to the sports complex with cadastral number 214853-C5 (inventory number 11111219), with an
area of 19 square meters;
- tennis court with cadastral number 214853-C6, with an area of 536 sq.m;
- car parking for the administrative building with cadastral number 214853-C7, (inventory number 11111062) with
an area of 1,165 sq.m;
- Caraiman office no. 2 with cadastral number 214853-C11, (inventory number 11110042) with an area of 198 sqm;
- Centennial monument with cadastral number 214853-C12 (inventory number 11223657) with an area of 33 square
meters;
On 19.01.2021, the Additional Deed no.2 to the Credit Agreement no. 20190419032/ 19.04.2019 is signed amending
the guarantees.
On 19.01.2021, the real estate mortgage contract no.48 is signed, supplementing the collaterals of the loan
no.20190419032/19.04.2019 with the mortgage on the tank RW1 R29, capacity 10.000 m
3
, (inventory number
11111160) with an area of 655 sqm. Located in the Port Platform Section, Dana 67 Port Constanta Enclosure, cadastral
number 222953-C261.
In 2019, the company issued two letters of guarantee in favour of the Galati Regional Customs Directorate in the
amount of 9,887,533 lei, as follows:
- Guarantee letter no.G076482/803/22.04.2019, issued by Banca Comercială Română, in the amount of 8,000,000
lei;
- Guarantee letter no.G076661/820/10.05.2019, issued by Banca Comercială Română, in the amount of 1,887,533
lei.
The bank guarantee letters issued in favour of the Galati Regional Customs Directorate, in the amount of 9,887,533
lei, were issued in order to comply with the provisions of ANAF President's Order no.2671/2017 and Decision
no.145/25.06.2018 issued by the Galati General Customs Directorate.
On 24.09.2020, Oil Terminal returned to Banca Comerciala Romana the bank guarantee letters
no.G076482/803/22.04.2019 and no.G076661/820/10.05.2019 received from MF - ANAF- DGRV Galați.
31. Trade debts
Year ended
31 December 2023
Year ended
31 December 2022
Supplier obligations for goods and services
37,887,402
37,675,811
Obligations of collaborators
-
47,385
Suppliers of unused invoices
422,439
4,038,076
Total trade payables
38,309,841
41,761,272
Suppliers outstanding at 31 December 2023, amounting to 38,309,841 lei, are overdue; the company has no
outstanding suppliers at 31 December 2023.
Page 196/233
32. Taxes and duties payable
Year ended
31 December 2023
Year ended
31 December 2022
Current oil royalty obligations
4,176,497
3,531,517
Current liabilities to the social security budget
4,633,845
4,112,228
Current liabilities to the state budget
1,323,757
1,247,000
Current liabilities to the local budget
12
48
Total taxes and duties
10,134,111
8,890,793
33. Other current liabilities
Other current payables outstanding as at 31 December 2023 totalled 6,688,115 lei, of which 2,337,928 lei related to
leasing contracts.
a. Other current liabilities
Year ended
31 December 2023
Year ended
31 December 2022
Obligations relating to staff
3,310,121
3,296,027
Dividend payment
626,867
584,140
Creditor customers
29,427
23,155
Various creditors
383,772
183,057
Total other current liabilities
4,350,187
4,086,379
b. Other current liabilities - operating leases
Year ended
31 December 2023
Year ended
31 December 2022
Other loans and similar debts
2,337,928
1,580,759
Total other loans
2,337,928
1,580,759
34. Provisions
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
10,716,637
12,502,279
Constitutions during the year
5,453,949
1,623,516
Reversals during the year
(3,085,667)
(3,409,158)
Balance at end of period
15,744,208
10,716,637
Provisions in balance as at 31 December 2023 total 15,744,208 lei, an increase of 5,027,571 lei compared to 31
December 2022, of which:
a) Provisions for litigation
As at 31 December 2023, the company records provisions for litigation in the amount of 477,914 lei:
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
1,109,879
1,865,446
Constitutions during the year
120,622
28,384
Reversals during the year
(752,587)
(783,921)
Balance at end of period
477,914
1,109,879
Provisions for litigation are made for the following cases:
Page 197/233
Third party name
Explanation
Value (lei)
ANAF - Regional General Directorate of Public Finance
Galati
File 6586/212/2022
500
Balkan Energy SHA
File 23580/212/2023
1.962
DG Petrol SRL
File 4206/2/2015
187.963
Directorate General Local Police
File 31881/212/2022
584
Dumitrescu Andrei Sebastian
File 2007/118/2022/A4
20
Dumitrescu Andrei Sebastian
File 2730/118/2023/A1
50
Eco Petroleum
Case 7556/212/2014
15.595
Elvimex Trans Group
Case 2639/212/2013
1.352
Iasar Ana, Iasar Tair, Iasar Doina, Iasar Sevinci, Iasar Islam,
Iasar Esan, Iasar Giulgean, Iasar Sabria
Case 11403/212/2011
90.000
Master Chem Oil DMCC
File 1974/118/2019
24.277
Master Chem Oil DMCC
File 7729/118/2019
7.841
MFP ANAF DGRFP
File 166/118/2018
1.050
MFP ANAF DGRFP
Case 4456/118/2018
32.811
Oil Prod
Case 2380/118/2013
2.220
Poenaru and others
Case 24489/212/2012
20
The City Hall of Constanta, through the Mayor - General
Directorate of Local Police - Office of Recording of Minutes
File 6637/212/2023
770
Rottco Consult
File 1571/93/2018
200
Silk Road Petroleum
Case 8944/212/2015
631
Staar Rating SRL
Case 18250/212/2016
109.597
Sucala Alina Elena
File 24561/212/2021
320
Sucala Alina Elena
File 6875/118/2021
150
Management regularly reviews the state of ongoing litigation and, in consultation with its legal representatives,
decides whether it is necessary to record provisions for the amounts involved or to disclose them in the financial
statements. Based on the information available, management considers the following to be significant pending
litigation:
1. File no.11403/212/2011, pending before the Constanta District Court, in which the plaintiffs Iasar Ana, Iasar Tair,
Iasar Doina, Iasar Sevinci, Iasar Islam, Iasar Esan, Iasar Ghiulgean and Iasar Sabria request that the defendants Oil
Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. be ordered to pay material damages in the amount of 30,000 lei and
moral damages in the amount of 60,000 lei. By the Decision of 26.06.2013 the court suspended the case by right under
Article 36 of Law no.85/2006, due to the insolvency of Oil Prod SRL. Insolvency case no.3437/118/2013 with term on
11.03.2024 at the Court of Constanta. A provision of 90,000 lei was set up for this file.
2. File no.166/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction with ANAF
- Regional General Directorate of Public Finance Galati - Commission for the Authorization of Operators of Products
Subject to Harmonized Excise Duty - through the Trustee County Administration of Public Finance Constanta. Oil
Terminal S.A. filed on 11.01.2018 an application to the Constanța Court requesting the suspension of the effects of
the Decision no.2/21.12.2017 which ordered the revocation of the Fiscal Warehouse Authorisation
no.RO0070413DD02/22.10.2015, until the court of first instance pronounces on the annulment of the Decision
no.2/21.12.2017. By Judgment no.419/15.03.2018 the Constanța Court ordered the suspension of Decision
no.2/21.12.2017 issued by the National Agency for Tax Administration - Regional Directorate General of Finance Galati
- Commission for the authorisation of operators of products subject to harmonised excise duties, pending the decision
of the court of first instance. By Decision no.854/20.06.2018, the Court of Appeal of Constanta rejected the appeal
filed by ANAF as unfounded. The case file is file no.4456/118/2018 on the Constanta Court with term 09.05.2023.
Adjourns the ruling to 06.06.2023. Admit the request. Summary: Rejects the plea of lack of legal standing of DGRFP
Galați - Commission for the Authorisation of Operators of Excisable Products. The application is granted. Annuls
Decision No 2/21.12.2017 and Decision No 002/16.02.2018. With right of appeal within 15 days of communication.
The request for appeal shall be submitted to the Court of Constanta. Document: Decision no.744/2023 of 06.06.2023.
An appeal has been lodged by ANAF. Appeal lodged by the Constanta Customs Authority. Deadline: 14.12.2023.
Pronouncement: dismiss the appeals as unfounded. Definitive. Judgment not notified. A provision of 1,050 lei has been
made for this case.
Page 198/233
3. File no.4456/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction with ANAF
- Regional General Directorate of Public Finance Galati - Commission for the Authorization of Operators of Products
Subject to Harmonized Excise Duties.
On 24.07.2018, Oil Terminal S.A. filed an administrative appeal with the Constanta Court requesting the annulment of
Decision no.2/21.12.2017 and Decision no.002/16.02.2018, by which ANAF - Regional General Directorate of Public
Finance Galati - Commission for the Authorization of Operators of Products Subject to Harmonized Excise Duties
ordered the revocation of the Fiscal Warehouse Authorization number RO0070413DD02 issued on 22.10.2015. The
next court date is set for 09.05.2023. Adjourned to 06.06.2023. Admit the application.
Summary: Dismisses the plea of lack of locus standi of DGRFP Galați - Commission for the Authorisation of Operators
of Excisable Products. The application is granted. Annuls Decision No 2/21.12.2017 and Decision No 002/16.02.2018.
With right of appeal within 15 days of communication. The request for appeal shall be submitted to the Court of
Constanta. Document: Decision no.744/2023 of 06.06.2023. An appeal has been lodged by ANAF. Appeal lodged by
the Constanta Customs Authority. Deadline: 14.12.2023. Pronouncement: dismiss the appeals as unfounded.
Definitive. Judgment not notified. A provision of 26,644 lei has been made for this case.
4. File no.4206/2/2015*, pending before the Bucharest Court of Appeal, by which the plaintiff DG Petrol SRL, a
company in bankruptcy, through the judicial liquidator Fineco Insolvency SPRL, filed on 29.01.2020 at the Bucharest
Court of Appeal an administrative appeal requesting the annulment of the Decision no.1/05.01.2015, by which ANAF
- Regional Directorate for Excise and Customs Operations Bucharest established the obligation to pay the amount of
3,759,256 lei for the plaintiff DG Petrol SRL.
At the hearing on 10.06.2020, the applicant DG Petrol SRL filed a request for a guarantee claim against Oil Terminal
S.A. asking the court to issue a judgment ordering the defendant Oil Terminal S.A. to pay the sum of 3,759,256 lei.
Oil Terminal S.A. filed a statement of defence within the legal time limit, in which it pleaded the objection of
inadmissibility of the request for a guarantee, the objection of lateness of the request for a guarantee, and on the merits
of the case, it requested that the request for a guarantee be rejected as unfounded. By the Judgment delivered on
23.09.2020, the court of first instance, i.e. the Bucharest Court of Appeal, rejected the claim for a guarantee filed by
the claimant DG Petrol SRL against Oil Terminal S.A. as inadmissible. The plaintiff DG Petrol SRL appealed and the
Bucharest Court of Appeal, on 02.12.2020, pursuant to Article 64 paragraph 4 of the Civil Procedure Code, suspended
the proceedings. The judgment may be appealed for the duration of the suspension. The case has been resumed and
the deadline for judgment is 19.10.2023. Summary of the decision: The Bucharest Court of Appeal, by judgment No
1621/2023, allowed the applicant's application. Dismisses the application for a guarantee by OIL TERMINAL SA. The
judgment is not final and may be appealed. An appeal was lodged on 26.02.2024 by the Ministry of Public Finance, on
27.02.2024 by the Romanian Customs Authority, on 29.02.2024 by the National Tax Administration Agency. A
provision of 187,963 lei was established for this file.
5. File no.1974/118/2019, pending before the Constanta Court, creditor Oil Terminal S.A. and debtor Master Chem
OIL DMCC. On 02.12.2020, the court connects case no.7729/118/2019 to case no.1974/118/2019 and stays the ruling
on the suspension until the resolution of case no.3068/118/2018. On 16.12.2020, the court suspends the case until
the final resolution of case no.3068/118/2018 pending before the Court of Appeal of Constanța, with the right to appeal
during the suspension. Oil Terminal S.A. has filed a request to resume the proceedings and to increase the claims.
At the deadline of: 09.06.2023 - Judgment: adjourned to 22.06.2023.
Summary: Admit the plea of inadmissibility raised by the defendant Master Chem Oil DMCC, in respect of the period
28.09.2018-13.05.2021. Dismisses as inadmissible the claim for damages brought by the plaintiff Oil Terminal SA
against the defendant Master Chem Oil DMCC in respect of the period 28.09.2018-13.05.2021. Dismisses as
unfounded the plea of inadmissibility of the claim for damages brought by the applicant OIL TERMINAL SA against the
defendant Master Chem Oil DMCC, in respect of the period from 13 May 2021 to 28 April 2023. Admit, in part, the
action brought by the applicant Oil Terminal SA against the defendant Romanian Customs Authority through the
Regional Customs Directorate Bucharest. Orders the defendant Romanian Customs Authority through the Bucharest
Regional Customs Directorate to pay the applicant the sum of RON 2,253,845.33, equivalent to USD 536,965.09, as
compensation consisting of expenses related to the storage of the cutter stock petroleum product for the period
28.09.2018 - 13.05.2021. Admit, in part, the action brought by the plaintiff Oil Terminal SA against the defendant Master
Chem Oil DMCC. Orders the defendant Master Chem Oil DMCC to pay the applicant the sum of 449,099.17 lei,
equivalent to 99,858.46 USD, as compensation consisting of expenses relating to the storage of the cutter stock
petroleum product for the period 13.05.2021-28.04.2023. Orders the defendants to pay to the plaintiff Oil Terminal S.A.
the costs of the proceedings corresponding to the claims to which they have been obliged, as follows: - orders the
defendant Master Chem Oil DMCC to pay the sum of 4,992.46 lei in respect of stamp duty and the sum of 2,989.80
euro in lei equivalent at the BNR exchange rate on the date of actual payment as lawyer's fees. - order the defendant
Page 199/233
Romanian Customs Authority, through the Bucharest Regional Customs Directorate, to pay to the applicant the sum
of 25,064.53 lei in respect of stamp duty and the sum of EUR 15,010.20 in RON equivalent at the BNR exchange rate
on the date of actual payment as lawyer's fees. With appeal within 30 days of notification. Decision No 724/2023 of
22.06.2023. An appeal was lodged by Master Chem Oil DMCC and the Romanian Customs Authority. Deadline:
10.04.2024. A provision in the amount of 24,277 lei has been established for this case.
6. File no.7729/118/2019, pending before the Constanta Court, creditor Oil Terminal S.A, debtor Master Chem Oil
DMCC. Action for claims by which the creditor Oil Terminal S.A. requests the court to pronounce a judgment by which
the debtor Master Chem Oil DMCC is obliged to pay the amount of USD 16,872.02 (72,261.63 lei) representing the
value of the cutter stock storage. Subsequently, Oil Terminal S.A. filed a request for an increase of the claims to the
total amount of 423,625.51 lei (97,913.72 USD). By the Judgment of 02.12.2020, the court ordered the connection of
case no.7729/118/2019 to case no.1974/118/2019, pending before the Court of Constanta. A provision of 7,841 lei
has been established for this case.
7. File no.3656/118/2020, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin, defendant Oil
Terminal S.A. Action for annulment of the EGSM Decision no.4/12.06.2020 by which the shareholders have determined
the termination of the applicability of the Extraordinary General Meeting of Shareholders Decision no.6/10.10.2016,
have determined the increase of the share capital of Oil Terminal S.A. with the value of the two lands in the area of
254.261,325 sqm and 129.334,70 sqm respectively., object of the certificates of attestation of the right of ownership
series MO3, no.11703/02.02.2011 and series MO3, no.11704/02.02.2011 and approved the formulation of a request
to the judge - delegate of the ONRC for the appointment of one or more experts for the valuation of the two lands to
be included in the process of the capital increase of the company.
By the Judgment of 16.06.2021, pursuant to Article 412 (1) (1) NCPC, the court finds that the case has been suspended
by operation of law following the death of the plaintiff until the introduction of the heirs. With appeal for the duration of
the suspension. Time limit for the stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the plea of time-
bar of the main claim and the related applications for legal action brought by the plaintiff Dumitrescu Sebastian Valentin
against the defendants OIL TERMINAL S.A. and the applications for leave to intervene. The case is dismissed as time-
barred. Orders the intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - legal costs - in favour of
the defendant company Oil Terminal S.A. An appeal may be lodged with the Court of Appeal of Constanța within 5
days of the judgment. Dumitrescu Sebastian Andrei appealed. Deadline: 06.12.2023. On 14.12.2023 the ICCJ orders
the transfer of the case from the Court of Appeal Constanta to the Court of Appeal Bucharest. On 29.04.2024 the
Bucharest Court of Appeal by Judgement 86//29.02.2024 admits the appeal. Sets aside in its entirety the civil judgment
under appeal and refers the case to the Giurgiu Court for further proceedings.
8. File no.3656/118/2020/a1, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin, defendant
Oil Terminal S.A. Presidential order requesting the suspension of the registration of the EGSM Decision
no.4/12.06.2020 until the conclusion of Case no.3656/118/2020.
By the Judgment of 16.06.2021, pursuant to Article 412 paragraph 1, item 1 NCPC, the court finds that the case has
been suspended as of right following the death of the plaintiff until the introduction of the heirs. With appeal for the
duration of the suspension. Time limit for reopening the proceedings and for the time-bar: 23.11.2022. Deadline for the
stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the exception of the time-barring of the main claim
and the related applications for legal action brought by the plaintiff Dumitrescu Sebastian Valentin, against the
defendants Oil Terminal S.A. and the applications for intervention. The case is dismissed as time-barred. Orders the
intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - legal costs - in favour of the defendant
company Oil Terminal S.A. An appeal may be lodged with the Court of Appeal of Constanța within 5 days of the
judgment. Deadline: 14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the civil judgment under appeal
in its entirety and remits the case for further proceedings to the Court of Constanța. Final. Deadline: 25.10.2023. On
26.10.2023, the Court of Constanța by Judgement no.1122/Annuls, as untimely, the application for main intervention
made by the company Rometta Impex S.A. Rejects in its entirety, as unfounded, the related applications for legal
action made by the plaintiff Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu
Sebastian Valentin) against the defendant company Oil Terminal SA. Dismisses in their entirety, as unfounded, the
applications for leave to intervene made by Dumitrescu Andrei Sebastian against the defendant company Oil Terminal
S.A. Orders the intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - costs - in favour of the
defendant company Oil Terminal S.A. The judgment is not final. With appeal, within 5 days from the pronouncement
Document: Judgment no.1122/2023 of 26.10.2023. Appeal filed on 26.11.2023 by Dumitrescu Andrei Sebastian.
9. File no.4049/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin, defendant
Oil Terminal S.A., Mapps Master Appraisal SRL. Request for the recusal of the appraiser Mapps Master Appraisal
SRL, appointed by the ORC by resolution no.16280/07.07.2020, pronounced in case no.60751/06.07.2020. The next
trial date has been set for 26.05.2021. By the Decision of 16.06.2021, pursuant to Article 412 (1) NCPC, the court finds
Page 200/233
that the case has been suspended by operation of law due to the death of the plaintiff until the introduction of the heirs
in the case. With appeal for the duration of the suspension. On 13.10.2022, the Court of Constanta, by decision
no.455/2022, declared the claim time-barred. Summary: Admit the plea that the joint applications for a writ of summons
brought by the plaintiff Dumitrescu Sebastian Valentin against the defendants Oil Terminal S.A., Mapps Master
Appraisal S.R.L. and the National Trade Registry Office, represented by the Director of the Trade Registry Office of
the Constanta Court - Luiza Mardare, and the applications for intervention brought by Dumitrescu Andrei Sebastian
and Rometta Impex S.A. are time-barred. With appeal to the Court of Appeal Constanța, within 5 days of the ruling,
the appeal application to be filed with the Court of Constanța. On 18.10.2022, the plaintiff Dumitrescu Sebastian
Valentin filed an appeal. Deadline for appeal: 14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the
civil judgment under appeal in its entirety and remits the case for further proceedings to the Constanța Court. Final.
Annuls, as untimely, the application for intervention filed by Rometta Impex S.A. Admit the plea of lack of general
jurisdiction of the courts, as regards the resolution of the joint applications for legal action, filed by the plaintiff
Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin against the
defendants Oil Terminal S.A., MAPPS - Master Appraisal S.R.L. and the National Trade Registry Office through the
Director of the Trade Registry Office of the Court of Constanța and the application for leave to intervene made by
Dumitrescu Andrei Sebastian. Declares that the Commercial Registry Office of the Court of Constanta has jurisdiction
to hear and determine the applications. Dismisses the complaint registered in case no. 5264/118/2020 of the Constanța
Tribunal and sets the trial date for 28 March 2024.
10. File no.6919/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin, defendant
Oil Terminal S.A. Action for a declaration of absolute nullity of the updated articles of incorporation of Oil Terminal S.A.
By Judgment no.87/27.01.2021 the court of first instance rejected the application as unfounded. The plaintiff filed an
appeal, and at the trial date of 27.09.2021, the Court of Appeal of Constanta suspended the trial until the introduction
of the heirs of the plaintiff-appellant Dumitrescu Sebastian Valentin. The judgment may be appealed during the
suspension. Deadline for appeal: 08.06.2022 Civil decision no.219/08.06.2022 Admit the application for a stay of
proceedings. Declares the appeal out of time. Dismisses as inadmissible the application of the heir Dumitrescu Andrei
Sebastian to introduce the case. Appeal within 5 days of the judgment. On 15.06.2022 the heirs of the deceased
Dumitrescu Sebastian Valentin lodged an appeal. On 04.10.2022 the High Court of Cassation and Justice admitted
the appeal. Orders that the case be retried. Deadline: 07.06.2023. Decision: Delay the disposal of the case. Orders
that the case be removed from the case-file and referred to the Bucharest Court of Appeal, the court to which the case
was transferred. Deadline: 22.09.2023: Decision: Dismisses the appeal as unfounded. With appeal within 30 days of
communication.
11. File no.4558/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian, in
contradiction with Oil Terminal S.A., the Romanian State through the Ministry of Public Finance, the Romanian State
through the Ministry of Energy and the Ministry of Energy, requests the Court of Constanta the following:
- to establish the existence of a preferential right to purchase from the defendant Ministry of Energy a number of shares
necessary to maintain the shareholding in the share capital of the defendant Oil Terminal S.A.
- to oblige all the defendants to respect the right of preference set out in paragraph 1 from the date of registration of
the increase in the share capital of Oil Terminal S.A.
By judgment dated 09.12.2021, the Constanța Court admitted the application for suspension of the proceedings filed
by the defendant company Oil Terminal S.A. against the plaintiff Dumitrescu Andrei Sebastian and the defendants
State of Romania, represented by the Ministry of Finance, represented by the General Regional Directorate of Public
Finance Galați - County Administration of Public Finance Constanța. On the basis of Article 413(1)(1)(1) of the Code
of Civil Procedure, suspends the proceedings until the final settlement of the case registered with the Constanța Court
under number 4150/118/2020. The judgment has been appealed. Settled on 16.02.2023 Dismisses the application.
Admit the plea of inadmissibility of part I of the application. Dismisses, as inadmissible, the application for a declaration
of the existence of a preferential right, brought by the plaintiff Dumitrescu Andrei Sebastian - in contradiction with the
defendants Oil Terminal S.A, the Romanian State, represented in the proceedings by the Ministry of Finance,
represented by the Regional General Directorate of Public Finance Galați - County Administration of Public Finance
Constanța, and the Ministry of Energy. The plea of lack of interest in the formulation and support of the second head
of the application is granted. Dismisses, as devoid of interest, the claim brought by the plaintiff Dumitrescu Andrei
Sebastian against the defendants Oil Terminal S.A., the Romanian State, represented in the proceedings by the
Ministry of Finance, represented by the Regional Directorate General of Public Finance Galați - County Administration
of Public Finance Constanța, and the Ministry of Energy, for an order that the defendants respect the right of
preference. Orders the plaintiff to pay the sum of 762.14 lei - costs (fees of the chosen lawyer) - in favour of the
defendant company Oil Terminal S.A. With appeal, to the Court of Appeal Constanța, within 30 days of communication,
the appeal application to be filed with the Court of Constanța. Decision no.151/2023 of 16.02.2023.
Page 201/233
Final by non-appeal. Application for enforcement for recovery of costs. File BEJ Ulman no.907/2023.
12. File No 7054/118/2021, pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A., Ministry of Economy, Entrepreneurship and Tourism
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration of partial
absolute nullity of the OGSM Decision no. 2/26.04.2021, with regard to Article 1. by which the shareholders of Oil
Terminal S.A. approved "the financial statements for the year 2020, prepared in accordance with International Financial
Reporting Standards (IFRS), comprising: statement of financial position, statement of comprehensive income,
statement of changes in equity, statement of cash flows, notes to the financial statements, based on the Report of the
Board of Directors and the Report of the independent financial auditor". On 18.10.2022, the Constanta Court rejected
the claim made by Dumitrescu Andrei Sebastian as unfounded. The judgment may be appealed within 30 days of its
communication. Appeal filed by Dumitrescu Andrei Sebastian on 13.03.2023. Deadline: 20.03.2024.
13. Case no.7838/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A., Romanian State through the Ministry of Economy, Entrepreneurship and Tourism.
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration of partial
absolute nullity of the Directors' Report for the first half of 2021, concluded on 30.06.2021. On 05.01.2022 the plaintiff
makes a supplementary application requesting:
1. annul in its entirety Decision CA No 70/10.08.2021.
2. the absolute annulment in its entirety of the OGSM Decision no.14/29.12.2021.
The case is due to be heard on 26.10.2022. Adjourns the case to 09.11.2022. Rejects as unfounded the objection of
unlawfulness of the M03 certificate no. 11703/02.02.2011 issued for the land of 254,261.33 sq.m. located in the North
Platform Section, as well as the objection of unlawfulness of the M03 certificate no. 11704/02.02.2011 issued for the
land of 129,334.70 sq.m. located in the North Platform Section. Dismisses, as unfounded, the application brought by
the applicant Dumitrescu Andrei Sebastian. Appeal within 30 days of notification. The appeal was lodged on
13.03.2023. Time limit: 20.03.2023.
14. File no.8452/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. and the Roman State through the Ministry of Energy.
Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the Court of
Constanta to order "the partial absolute nullity of the following corporate acts:
1. updated articles of association (memorandum and articles of association) authenticated under no.631/12.05.1997
by B.N.P. Victoria Badea, main claim, not assessable in money;
2. the by-laws (articles of incorporation) updated according to the Decision no.2 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A. dated 28.07.2000, ancillary end of the claim, non-valuable in money;
3. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 29.03.2001, ancillary end of the claim, non-valuable in money;
4. the by-laws (articles of incorporation) updated according to the Extraordinary General Meeting of Shareholders
of Oil Terminal S.A., dated 31.07.2001, accessory end of the claim, non-valuable in money;
5. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 11.06.2003, accessory end of the claim, not assessable in money;
6. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 22.12.2004, ancillary end of the claim, non-valuable in money;
7. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 05.03.2007, ancillary end of the claim, non-valuable in money;
8. the articles of association (articles of incorporation) updated in accordance with Resolution No. 2 of the
Extraordinary General Meeting of Shareholders, dated 06.03.2009, ancillary end of the claim, not assessable in
money;
9. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 04.03.2010, accessory end of the claim, not assessable in money;
10. by-laws (articles of association) updated according to the Decision no.2 of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 02.08.2010, ancillary end of the claim, non-valuable in money;
11. by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 24.11.2011, ancillary end of the claim, non-valuable in money;
12. by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 17.08.2012, ancillary head of claim, non-valuable in money;
13. by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 04.07.2013, ancillary end of the claim, non-valuable in money;
14. by-laws (articles of association) updated according to the Decision no.10 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 24.10.2014, ancillary end of the claim, non-valuable in money;
Page 202/233
15. by-laws (articles of association) updated according to the Resolution No.ll of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 19.06.2017, accessory end of the claim, non-valuable in money;
16. the by-laws (articles of association) updated according to the Decision no.28 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 29.10.2018, accessory end of the claim, not assessable in money" and
17. the restoration of the parties to their previous situation,
18. finding that Oil Terminal S.A. has a total share capital of 43,615,149.50 lei divided into 436,151,495 shares, each
with a nominal value of 0.1 lei, accessory end of the claim, non-valuable in money,
19. the finding that the Romanian State, through the Ministry of Energy, is a shareholder in Oil Terminal S.A. with
200,979,215 shares, each with a nominal value of 0.1 lei and a total value of 20,097,921.5 lei, representing 46.08%
of the entire share capital, ancillary claim not assessable in money.
20. order the defendants to pay the costs.
The case had a deadline of 19.05.2022. By judgment of 30.06.2022 the court rejected as unfounded the claim for
damages brought by the plaintiff Dumitrescu Andrei Sebastian, against the defendants Oil Terminal SA and the
Romanian State through the Ministry of Energy. Appeal within 30 days of notification. The company Oil Terminal
submitted a request for the costs of the proceedings to be added to the order. The request formed the file
no.8452/118/2021/a1. At the hearing on 17.08.2022, the Court of First Instance granted the application brought by Oil
Terminal against the defendant Dumitrescu Andrei Sebastian. Orders the defendant to pay to the applicant the sum of
17,850 lei in respect of costs in case no. 8452/118/2021, consisting of lawyers' fees. With right of appeal within 30
days of notification. By Civil Decision no.8, rendered on 01.03.2023, the Court of Appeal of Constanta rejected as
unfounded the appeal filed by Dumitrescu Andrei Sebastian, ordering him to pay to the respondent Oil Terminal SA
the sum of 5,950 lei, as costs of the appeal. The judgment is final. Dumitrescu appealed to the High Court of Cassation
and Justice . Deadline: 05.12.2023: Ruling: Suspends the judgment of the appeal filed by the defendant Dumitrescu
Andrei Sebastian against civil decision no. 7/2023 of 01 March 2023, rendered by the Court of Appeal Constanța -
Second Civil, Insolvency and Litigation Section with Professionals and Companies, pursuant to the provisions of Article
413 para. (1), item 1 of the Code of Civil Procedure until the resolution of the appeal lodged against civil decision no.
8/2023 of 1 March 2023, delivered in case no. 8452/118/2021. Final. In case 8452/118/2021 Dumitrescu appealed to
the High Court of Cassation and Justice on 12.10.2023. At the present date, the case has not been set for trial.
15. File no.2007/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. The following files have been
attached to this file: 2010/118/2022, 2011/118/2022, 2014/118/2022, 2018/118/2022, 2022/118/2022, 2029/118/2022.
The case is due to be heard on 03.10.2023: the case is adjourned until the final decision in case 7054/118/2022. With
appeal for the duration of the stay. Appeal lodged by Oil Terminal S.A. on 20.11.2023. Court of Appeal Constanța to
be heard on 03.04.2024.
16. File no.2010/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected
to file no.2007/118/2022.
17. File no.2011/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A.. Action for absolute annulment of the EGSM Decision No 4/21.03.2022. Connected to file
no.2007/118/2022.
18. File no.2014/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
19. File no.2018/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
20. File no.2022/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
Page 203/233
21. File no.2025/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. Connected to file
no.2007/118/2022.
22. File no.2008/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. The case has a deadline of
15.06.2023. Adjourn the case. Cyclically reassigned in accordance with Decision no.4/03.04.2023 of the President of
the Court of Constanța. No trial date.
23. File no.2009/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. In
pronouncement. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian
against the defendant Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 15.12.2022. At the
trial date of 29.03.2023, the Court rejects the appeal as unfounded. Final. Document: Judgment no.34/2023 of
29.03.2023.
24. File no.2013/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei Sebastian
requests the Court of Constanta to order the absolute annulment of the EGSM Decision no.4/21.03.2022. The case is
due to be decided on 10.10.2023.The decision is postponed to 04.12.2023: Solution: Rejects the request for legal
action as unfounded. With right of appeal within 30 days from the communication of the judgment. An appeal was
lodged by Dumitrescu Andrei Sebastian on 07.02.2024.
25. File no.2016/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. In pronouncement.
Judgment: Rejects as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant
SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, Civil Section II, within 30 days of
communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 06.12.2022. At the term of 05.04.2023
the Court of Appeal Constanța removed the case from the register and referred it to the Court of Appeal Bucharest. At
the deadline of 24.11.2023: Pronouncement: orders the Constitutional Court to rule on the exception of
unconstitutionality of the provisions of art.12 of Law no.137/2002, by reference to art.1 paragraph (3) and art.1
paragraph (5) of the Romanian Constitution, exception invoked by the appellant-claimant Dumitrescu Andrei Sebastian
by the notes of the hearing submitted on 9.11.2023. Dismisses the appeal as unfounded. There is no appeal against
the decision on the plea of unconstitutionality and the appeal is final.
26. File no.2017/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. In pronouncement.
Judgment. Dismisses as unfounded the application filed by the plaintiff Dumitrescu Andrei Sebastian against the
defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section, within
30 days of communication. Appeal lodged by the plaintiff Dumitrescu on 06.12.2022. Deadline: 31.03.2023. Take note
that the High Court of Cassation and Justice ordered the case to be adjourned by decision no.775/29.03.2023.
Removes the case from the register and orders its submission to the Bucharest Court of Appeal. No appeal. Document:
Final decision of the Council Chamber 2/2023 of 31.03.2023. Deadline at the Bucharest Court of Appeal: 12.05.2023.
Pronouncement: Dismisses the appeal as unfounded. Definitive.
27. File no.2019/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM decision no.4/21.03.2022. To be pronounced on
15.03.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. Appeal lodged by the plaintiff Dumitrescu Andrei Sebastian on 07.12.2022. On
29.03.2023 Dismisses the appeal as unfounded. Definitive. Document: Judgment no.35/2023 of 29.03.2023. Deadline
at the Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal as unfounded. Definitive.
Page 204/233
28. File no.2020/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. On 21.11.2022 I received a copy of SC no.494/2022. Appeal lodged by the plaintiff
Dumitrescu on 07.12.2022. On 05.04.2023 the Court of Appeal of Constanta pronounced the following decision:
Resume the case. Removes the case from the Court of Appeal Constanta and forwards it to the Court of Appeal
Bucharest, in accordance with the transfer order of 04.04.2023, issued by the High Court of Cassation and Justice in
case no.555/1/2023. Deadline for the Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal
as unfounded. Definitive.
29. File no.2021/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Admit the petitioner Dumitrescu Andrei Sebastian's request for referral to the Constitutional
Court of Romania. The Constitutional Court of Romania is seised to rule on the exception of unconstitutionality invoked
by the applicant Dumitrescu Andrei Sebastian with regard to Article 12 of Law no.137/2002 by reference to Article 1
paragraph 3 and Article 1 paragraph 5 of the Romanian Constitution. Orders the formation of the associated file
no.2021/118/2022/a1 with the object of referring the matter to the Constitutional Court. No appeal. Dismisses as
unfounded the application brought by the applicant Dumitrescu Andrei Sebastian against the defendant SC Oil
Terminal SA. With a right of appeal to be lodged with the Court of Constanța, Civil Division II, within 30 days of
communication. Pronounced in public sitting of 03.11.2022, by making the solution available to the parties through the
court registry. Appeal brought by the plaintiff Dumitrescu on 07.12.2022. The case is scheduled for trial on 29.03.2023.
Solution: Admit the objection of inadmissibility of the grounds of appeal relating to the opinion of the court on the
objection of unconstitutionality of the provisions of Article 12 of Law 137/2002. Within the limits of the investment, thus
established: Dismisses the appeal as unfounded, Final. Judgment no.36/2023 of 29.03.2023. File transmitted to the
Bucharest Court of Appeal. Deadline:04.05.2023 - Dismisses the appeal as unfounded. Final.
30. File no.2023/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment: Rejects as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be filed with the Court of Constanța, Civil Section II, within
30 days of communication. On 21.11.2022 I received a copy of SC no.496/2022. Appeal filed by the claimant
Dumitrescu on 06.12.2022. The case is due for trial on 29.03.2023. Decision: dismiss the appeal as unfounded. Final.
31. File no.2024/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the
Constanta Court to order the absolute annulment of the EGSM Decision no.4/21.03.2022. To be pronounced on
03.11.2022. Judgment. Dismisses as unfounded the claim brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant SC Oil Terminal SA. With right of appeal to be lodged with the Court of Constanța, 2nd Civil Section,
within 30 days of communication. On 21.11.2022 I received a copy of SC no.497/2022. Appeal filed by the plaintiff
Dumitrescu on 07.12.2022. The case is due for trial on 26.05.2023. By Order of 31.03.2023: Adjourns the trial to
31.03.2023. Take note that the High Court of Cassation and Justice, by its Judgment No. 777/29.03.2023, ordered the
case to be adjourned. Removes the case from the register and orders its referral to the Bucharest Court of Appeal: No
appeal. Deadline: 11.05.2023 - Dismisses the appeal as unfounded. Notes that the parties have reserved the right to
apply separately for costs of the appeal. Final.
32. File No 1926/118/2022 pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for leave to intervene by which the applicant Dumitrescu Andrei Sebastian requests the
court:
- Non-registration of the mentions concerning the Resolution of the Extraordinary General Meeting of Shareholders Oil
Terminal S.A. no.4 of 21.03.2022 in the Commercial Register,
- Forwarding of the file concerning the registration of the entries on the Resolution of the Extraordinary General Meeting
of Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register to the Court of Constanta,
- To settle the application to intervene on the merits of the case in order not to register in the Commercial Register the
entries concerning the Resolution of the Extraordinary General Meeting of Shareholders of Oil Terminal S.A. no.4 of
21.03.2022.
At the deadline of 12.05.2022 Dumitrescu Sebastian Andrei modifies the whole subject matter of the case and
formulates an application for intervention against the OGSM Decision no.3/23.02.2022, after which he files an
Page 205/233
application for waiver of the proceedings. At the deadline of 16.06.2022, by Decision no.303, the court finds that the
petitioner Dumitrescu Andrei-Sebastian has waived the application to intervene on the Decision of the General Meeting
of Shareholders of Oil Terminal S.A. no.3/23.02.2022, an application made in contradiction with the respondents: Oil
Terminal S.A., the Trade Register Office of the Constanta Court, the Romanian State through the Ministry of Energy.
33. File no.2035/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A.. Presidential Order by which the plaintiff Dumitrescu Andrei Sebastian requests the court to suspend
the EGSM Decision no.4/21.03.2022, until the resolution of the case concerning the absolute nullity of the EGSM
Decision no.4/21.03.2022.
By Judgment no.477/18.04.2022, the court rejects as unfounded the application for a writ of summons, concerning a
Presidential Order, filed by the plaintiff Dumitrescu Andrei Sebastian, against the defendant Oil Terminal S.A. The
judgment may be appealed within 5 days of its pronouncement. Dumitrescu Sebastian Andrei has lodged an appeal
and by Judgment No 269/24.06.2022 the appeal is dismissed as unfounded. The judgment is final.
34. File no.1483/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Action for a declaration that the EGSM Decision no.4/21.03.2022 is no longer applicable. At the
deadline of 20.09.2022, by Judgment no.979/202, the Court of Constanța admits the plea of inadmissibility of the claim.
Dismisses the action brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant Oil Terminal S.A. for
a declaration of the termination of all legal effects of the Decision of the Extraordinary General Meeting of Shareholders
Oil Terminal SA no. 4/12.06.2020, as inadmissible. With appeal within 30 days from communication. Appeal has been
lodged. Deadline: 26.05.2023. Deadline: 10.04.2023 - Summary solution: Decision: Take note that the High Court of
Cassation and Justice, by decision no.801/04.04.2023, ordered the case to be transferred to a different trial. Removes
the case from the register and orders that it be referred to the Bucharest Court of Appeal. No appeal. Delivered by
making the decision available to the parties through the court registry on 10.04.2023. Document: Final decision of the
Council Chamber 5/2023 of 10.04.2023. Summary judgment: The appeal is allowed. Annuls the civil judgment and
remits the case for further proceedings to the Calarasi Court. With appeal within 30 days of communication. The appeal
is lodged with the Bucharest Court of Appeal. Document: Judgment no.914/2023 of 09.06.2023.Deadline at Călărași
Court: 09.04.2024.
35. File no.3305/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Presidential order by which Dumitrescu Andrei Sebastian requests:
- Suspension of the execution of the Decision of the Extraordinary General Meeting of Oil Terminal SA
no.4/21.03.2022, until the resolution of the Case no.7838/118/2021, having as object the partial absolute nullity of the
Directors' Report for the first half of 2021, concluded on 30.06.2021, which was the basis for the action to increase the
share capital of Oil Terminal SA ordered by the Decision of the Extraordinary General Meeting no.4/21.03.2022. Order
the defendant Oil Terminal SA to pay the costs.
At the hearing on 15.06.2022, Dumitrescu Andrei Sebastian applied for recusal of the panel. The Order orders that the
request be referred to the Chief Judge of Civil Division II, in order to order the necessary measures to resolve the
procedural incident. At the deadline of 17.08.2022, the Constanța Court rejects as unfounded the request for
suspension of the execution of the OGSM Decision no.4/21.03.2022. With appeal within 5 days of the ruling. An appeal
was lodged by Dumitrescu Sebastian Andrei on 22.08.2022. Judgment No 376/2022 of 26.10.2022. Dismisses the
appeal as unfounded. Final judgment.
36. File No 4100/118/2022 pending before the Constanta District Court, claimant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., requesting:
1. A declaration that the Decision of the Ordinary General Meeting of Shareholders of Oil Terminal SA no.7/01.04.2022,
main claim not assessable in money, is null and void in its entirety;
2. As a result of the acceptance of point 1 above, a declaration that the Decision of the Board of Directors on the
appointment of the intermediary authorised by the Financial Supervisory Authority to draw up the proportionate offer
prospectus, namely Prime Transaction SA, as it appears from the notice published by the defendant on the website of
the Bucharest Stock Exchange on 11.05.2022, is null and void in its entirety;
3. Order the defendant to pay the costs.
By the OGSM Resolution no.7/01.04.2022 the shareholders of the company decided to elect as provisional
administrators Messrs Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and
Emilian Nicolae. Action notified on 17.06.2022. Statement of defence lodged on 30.06.2022. Court date 09.11.2022.
Deadline: 18.01.2023 - for re-doing the summons procedure. The case is due for trial on 15.02.2023. In the course of
the ruling. The court adjourns the case to 01.03.2023. Dismisses as unfounded the plea of lack of interest - plea raised
by the court of its own motion. Dismisses as unfounded, in the civil case concerning the action for annulment of the
decision of the A.G.O.A. and the decision of the Board of Directors, the application brought by the plaintiff Dumitrescu
Andrei Sebastian against the defendant OIL Terminal S.A. Dismisses as unfounded the plaintiff's claim for costs. The
judgment is subject to appeal only, within 30 days of its communication. The application for appeal shall be lodged
Page 206/233
with the Court of Constanța - Second Civil Section, under penalty of nullity, and shall be dismissed by the Court of
Appeal of Constanța. The decision was decided in chambers and pronounced on 15.03.2023, the decision being made
available to the parties through the court clerk's office, in accordance with Article 396 paragraph 2 of the republished
Code of Civil Procedure. Document: Decision of the Council Chamber No 111/2023 of 15.03.2023. Deadline:
27.06.2023 - Removes the case from the register and forwards it to the Bucharest Court of Appeal. Deadline:
24.11.2023: Ruling: dismiss the appeal as unfounded. Final.
37. File no.2603/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Application for intervention against the registration of the OGSM Decision no.7/01.04.2022 by which
the shareholders of the company decided to elect as provisional administrators Messrs: Cristian Florin Gheorghe,
Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and Emilian Nicolae. Judgement deadline 01.11.2022. A
new time-limit was granted for service of the application to discontinue the proceedings. Deadline: 05.12.2022-
Adjourned to 20.12.2022. Judgment under Article 406(1) of the New Code of Civil Procedure. Takes note of the waiver
of the proceedings by the application for intervention no.55.727/07.04.2022 as supplemented by the intervener
Dumitrescu Andrei Sebastian against the defendants Oil Terminal S.A., the Romanian State through the Ministry of
Energy (as majority shareholder) and the Ministry of Energy (as representative of the majority shareholder) and Andrei
Aurelian Ovidiu, Gheorghe Cristian Florin, Nicolae Emilian, Teșeleanu George and Ungur Ramona. Admit the request
for registration of the petitioner Oil Terminal SA registered under no.55666/07.04.2022 at the Commercial Registry
Office of the Court of Constanta. Orders the registration in the Commercial Register of the entries contained in the
OGSM Decision of Oil Terminal S.A. no.7/01.04.2022 regarding the provisional administrators and the publication of
the decision in the Official Gazette of Romania-Part IV after the finality of the present decision, at the expense of the
holder of the request. With appeal within 30 days of communication. The application for appeal shall be filed with the
court whose decision is being appealed, namely the Court of Constanta. No appeal has been lodged.
38. File no.18250/212/2016 pending before the Constanta Court, plaintiff Staar Rating SRL, defendant Oil Terminal
SA, Action for contractual liability 16,411.20 lei, representing fixed compensation, 82,056 lei representing variable
compensation, legal penalty interest and court costs. Deadline: 04.05.2023 - Judgment. Written submissions were
submitted at the hearing. Adjournment of judgment to 19.05.2023. Decision: Partial admission of the application for
interim measures brought by the applicant Staar Rating SRL against the defendant Oil Terminal SA. Orders the
defendant to pay to the applicant the sum of 16,411.20 lei as a fixed allowance due for the exercise by the applicant
of the function of director of the defendant. Dismisses as unfounded the head of claim seeking an order that the
defendant pay the variable allowance. Orders the defendant to pay the applicant the sum of 6,845.71 lei by way of
statutory penalty interest on the fixed allowance for the months of March, April, May and June 2016 calculated up to
the date of the expert's report - 07.12.2022. Grant the expert's request to increase the fee by the amount of 1,000 lei
and order the applicant to pay the difference in the fee. Orders the defendant to pay the applicant's legal costs and
expenses in the sum of 1,283.91 lei as the stamp duty for the admissible claims and 2,000 lei as the final expert's
report fee. With right of appeal within 30 days from the communication, to be filed at the Constanta Court. Document:
Judgment no.4921/2023 of 19.05.2023. A provision of 109,597 lei has been made for this case.
39. File no. 2009/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. Action for annulment of the entirety of the EGSM Decision no.4/21.03.2022 .
At the deadline of 13.10.2022 Pronouncement. Adjourns the case to 20.10.2022. Adjourns to 03.11.2022 Judgment.
Dismisses as unfounded the application brought by the applicant Dumitrescu Andrei Sebastian against the defendant
OIL TERMINAL SA. With right of appeal within 30 days of communication. Appeal lodged by Dumitrescu on
15.12.2022. Deadline: 15.03.2023 - Pronouncement. Adjourned to 29.03.2022 - Dismisses the appeal as unfounded.
Final.
40. File no. 1673/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is - Complaint against the resolution of the ORC director
494/10.02.2023. On 08.11.2023 - Pronouncement: Dismiss the application. Summary ruling: Admit the plea of lack of
interest raised in the statement of defence. Dismisses the complaint lodged by the petitioner Dumitrescu Andrei
Sebastian against the defendants Commercial Registry Office of the Court of Constanța and Oil Terminal SA, as
lacking interest. With right of appeal within 30 days of communication. No appeal was lodged until 06.02.2024.
41. File no.898/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. The subject matter of the case is - Action for annulment of administrative act, certificate of attestation of
private ownership of land series M03 no.11703/02.02.2011 and M03 no.11704/02.02.2011.
At the hearing on 21.09.2023 - judgment: Dismiss the application as untimely. With appeal. An appeal has been lodged.
Deadline: 27.03.2024.
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42. File no.2872/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. The subject matter of the case is - Action for annulment of the OGSM Decision no.4/18.04.2023.
Deadline: 05.03.2024 - ruling. Postpones the ruling to 19.03.2024.
43. File no.2730/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant Oil
Terminal S.A. The subject matter of the case is - Application for a declaration of nullity of the Decision of the Board of
Directors no.9/20.01.2023.
At the deadline of 05.10.2023: Ruling: Based on Article 413 paragraph 1, item 1 of the Code of Civil Procedure;
Suspends the case until the final resolution of cases no.3656/118/2020 and no.2013/118/2022 of the Constanța Court.
With separate appeal for the duration of the stay.
44. File no.2699/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is a declaration of nullity of the Decision of the Board of Directors
no.6/16.01.2023. Deadline: 05.12.2023: decision. Adjourns the ruling until 18.12.2023 - Decision: Dismisses the
application. Summary: Admit the plea of inadmissibility. Dismiss the application as inadmissible. With right of appeal
within 30 days of notification.
45. File No 521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject-matter of the case is: annulment in its entirety of decision No 46/17.01.2023
issued by the ASF, main claim not assessable in money; annulment in its entirety of the simplified prospectus relating
to the share capital increase with contribution in kind and in cash of Oil Terminal SA, accessory claim not assessable
in money and order the defendants to pay the costs. At the hearing on 12.02.2024 - judgment: Dismisses the
application. Summary: Dismisses the objections of inadmissibility and lack of locus standi as unfounded. The plea of
lack of locus standi of the defendant Viorel Sorin Ciutureanu is upheld and the claim against him is dismissed as being
brought against a person without locus standi. Dismisses the remainder of the application as unfounded. Orders the
applicant to pay to the defendant Prime Transaction S.A. the sum of 3,300 lei by way of costs (lawyer's fees). With a
right of appeal within 15 days of notification.
46. File no.575/2/2023 pending before the Bucharest Court of Appeal, applicant Dumitrescu Andrei Sebastian. The
subject matter of the case is a request for suspension of the execution of the ASF Decision no.46/17.01.2023 until the
final settlement of the case no.521/2/2023. Deadline: 08.02.2023 - Pronouncement. Decision: Dismiss the action
brought against the defendant Ciutureanu Viorel Sorin, as being brought against a person without locus standi.
Dismisses the plea of inadmissibility of the action as unfounded. Dismisses the plea of lack of locus standi as
unfounded. Dismisses the application for stay of execution as unfounded. Orders the applicant to pay to the defendant
Prime Transaction SA the sum of 2,500 lei by way of legal costs, consisting of lawyers' fees. The judgment is not final
and may be appealed against within 5 days of its notification. Appeal brought by Prime Transaction SA and Dumitrescu
Andrei Sebastian. At the hearing on 17.01.2024, the appeal was dismissed.
b) Provisions for employee benefits
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
8,547,534
8,915,012
Constitutions during the year
1,607,177
535,938
Reversals during the year
(1,273,856)
(903,416)
Balance at end of period
8,880,855
8,547,534
The provision for employee benefits, in balance as at 31 December 2022, was partially reversed during 2023 with the
granting of rights to employees on retirement, at which date income from the reversal of provisions was recorded in
the amount of 1,273,856 lei.
As of 31 December 2023, the company records provisions for employee benefits in the amount of 8,880,855 lei, an
increase of 333,321 lei compared to the previous year.
This provision was recorded on the basis of the Actuarial Report on the value of the provision for employee retirement
benefits, prepared by S.C. RCOR.RO SRL on the basis of the service contract concluded with Oil Terminal. According
to the Collective Labour Contract in force, the company must pay to the employees at the time of retirement a benefit
equal to a certain number of salaries, depending on the length of service in the company.
The main actuarial assumptions used to calculate the amount of the provision for employee retirement benefits as at
31 December 2023 were as follows:
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- Employee mortality is modelled with the same table provided by the National Institute of Statistics mortality tables;
- employee turnover rate is constant over time, calculated by age and gender, established by modelling the data
provided by the company for the last years since 2000;
- The morbidity rate is constant over time, calculated by age and gender, incorporated in the mortality table used.
- the rate of salary growth is constant over long periods of time and a 1% increase has been assumed each year;
- The discount rates are those provided by the European Insurance and Occupational Pensions Authority (EIOPA)
for Romania, without taking volatility into account;
- the plan is unfunded by the entity and employees or third parties, except for early retirement, where the decision
is influenced by the decision of the authorities.
c) Other provisions for employee profit-sharing
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
1,059,224
469,618
Constitutions during the year
1,066,861
1,059,224
Reversals during the year
(1,059,224)
(469,618)
Balance at end of period
3,726,150
1,059,224
As at 31 December 2023, the Company recorded a provision for staff profit-sharing from the net profit of 2023 in the
amount of 1,066,861 lei, an increase compared to the previous year, based on the provisions of OG no.64/2001 on
profit sharing in companies with wholly or majority state-owned capital, as subsequently amended and supplemented,
OMFP no.144/2005 on the approval of the Specifications for determining the amounts subject to profit sharing and
OMFP no.418/2005 on some accounting specifications applicable to economic agents.
As at 31 December 2022, the company recorded a provision for staff profit-sharing in the amount of 1,059,224 lei,
based on the provisions of OG no.64/2001 on profit-sharing in companies with wholly or majority state-owned capital,
with subsequent amendments and additions, OMFP no.144/2005 on the approval of the Specifications for determining
the amounts subject to profit-sharing and OMFP no.418/2005 on some accounting specifications applicable to
economic agents.
In June 2023, the Company recorded the payment obligation representing the employees' profit sharing for 2022,
based on the Decision of the Ordinary General Meeting of Shareholders no.9/27.04.2023, which approved the
distribution from the net profit for 2022 of the employees' profit sharing in the amount of 1,059,224 lei. As a result, the
provision set up for employee profit-sharing was cancelled in the amount of 1,059,224 lei and the employee profit-
sharing for 2022 was paid to the employees.
d) Other provisions related to the mandate contract
Other provisions in relation to the mandate contract represent the variable component for the non-executive
administrators, the General Director and the Financial Director
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
-
1,252,203
Constitutions during the year
2,659,289
-
Reversals during the year
-
(1,252,203)
Balance at the end of the year
2,659,289
-
The provision amounting to 2,659,289 lei, established as at 31 December 2023, represents the variable component
for the non-executive administrators of the Board of Directors, the General Director and the Financial Director, relating
to 2023, including the labour insurance contribution.
In the first half of 2022, after the approval of the General Shareholders' Meeting of Oil Terminal, according to the
Decision no.9/27.04.2022, the provision set up in the amount of 1,252,203 lei was cancelled, recording income from
the cancellation of the provision concomitantly with the granting of the variable component related to 2021, according
to the approved mandate contracts.
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35. Grants
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
160,871
110,669
Constitutions during the year
87,090
119,660
Consumed during the year
(37,803)
(69,458)
Balance at end of period
210,158
160,871
The amount of 210,158 lei remaining in the balance at 31 December 2023 represents inventory gains of 209,744 lei in
the nature of fixed assets, not depreciated, and advance income of 414 lei.
36. Cash flow information
Net cash flow from operating activities as at 31 December 2023 is 33,842,249 lei, down from 31 December 2022 by
960,931 lei.
Cash flow from investing activities mainly includes payments for investments in fixed assets amounting to 93,560,964
lei as at 31 December 2023 and payments for investments in fixed assets amounting to 54,472,068 lei as at 31
December 2022.
Cash flow from financing activities is represented by cash inflows from long-term borrowings and cash outflows
representing payments on long-term borrowings.
The financing flow as at 31 December 2023 is 63,210,322 lei, an increase of 27,500,592 lei compared to the same
period last year. For the year 2023, cash inflows from loans are recorded in the amount of 67,193,071 lei, up from the
previous year by 21,882,007 lei, and payments representing repayments of long-term loans are in the amount of
11,038,931 lei in 2023 compared to 6,216,399 lei recorded in 2022.
Dividend payments in 2023 amounted to 9,490,285 lei and 4,038,142 lei in 2022.
37. Risk management
Macroeconomic environment
In 2023, the Company operated in a macroeconomic environment resulting from a context marked by continued
Russian aggression against Ukraine and the persistence of the energy crisis, with record inflation rates and tightening
financial conditions, amid high uncertainty, high pressure on energy prices, eroding household purchasing power, a
weaker external environment and tighter financing conditions.
In a difficult economic environment, the company ended the year 2023 with a turnover of 349,787,315 lei, an increase
of 47,108,337 lei compared to 2022 and 35,392,314 lei compared to the level approved in the amended Income and
Expenditure Budget.
Compared to the revenues planned in the approved budget, due to the context of the conflict in Ukraine, additional
revenues not foreseen in the originally approved physical programme, called contingency revenues, were generated
from the provision of services.
As of 31.12.2023, the realized revenue is 27,840 thousand lei and represents 73.5% of the planned revenue overrun
(37,892 thousand lei).
The impact of the contingent income in the amount of 27,840 thousand lei in the gross result of the year is 1,278
thousand lei, calculated at a gross profit rate (Gross profit/ Total income x 100) achieved of 4.59%.
The company believes that the current macroeconomic environment may pose a significant challenge in the future:
- for some traditional customers - the impossibility of continuing business following the adoption of a restrictive EU
regulation on the origin of some goods from Russia; the main customers are financially strong companies that could
explore substitution options, such as investing in their own capacity or choosing alternative channels for their
handling/storage needs.
- for society - negative impact on liquidity due to the risk of non-recovery of benefits subject to the restrictive EU
regulation during its application; impossibility to estimate the duration and intensity of economic changes caused by
the 3 multiple crises (economic, post-COVID, energy, military conflict in Ukraine); price increases caused by the
multiplication of economic crises.
As at 31 December 2023 there is no indication of impairment of assets and there are no legal or constructive obligations
to make an additional provision related to macroeconomic issues.
The Company has implemented and developed a risk management process that facilitates the efficient and effective
achievement of its objectives, leading to the reduction of risks as far as possible without unduly affecting the
competitiveness and flexibility of the Company's business.
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The company is exposed through its operations to the following risks:
- Capital risk
- Credit risk
- Foreign exchange risk
- Liquidity risk
- Risks associated with the achievement of defined objectives
- Price risk
- Interest rate risk
a. Capital risk
Oil Terminal SA continually manages capital to ensure optimal resource utilisation in relation to risk exposure and to
maximise shareholder returns.
The capital employed structure is made up of shareholders' equity which includes: share capital, other equity items,
retained earnings representing revaluation surplus, retained earnings representing retained profit, retained earnings
resulting from the first-time application of IAS less IAS 29, legal reserves, revaluation reserves, other reserves, retained
earnings from correction of accounting errors, profit for the year and profit distribution as presented in the Statement
of Changes in Equity and liabilities including long-term borrowings presented in note 28.
Capital risk management is an integral part of business management within the company and relates to the ongoing
review of the company's leverage.
The gearing ratio calculated as the ratio of short-term debt to equity was 0.134 at 31 December 2023 and 0.148 at 31
December 2022.
The company's management reviews the capital structure as well as the company's risk reports. The review shall cover
including the cost of capital and the risks associated with each category of capital.
b. Credit risk
Credit risk is the risk of financial loss to the Company that arises if a client or counterparty to a financial instrument
fails to meet its contractual obligations.
The Company is mainly exposed to credit risk arising from the provision of services to customers.
Annually, the contents of framework contracts for the provision of services for crude oil and other liquid petroleum
products (diesel, gasoline, biodiesel blending with diesel) are approved by Order of the National Agency for Mineral
Resources. In these contracts, the commercial conditions for the provision of services by the company to customers
are clearly set out:
- payment for services performed within a maximum of 30 days;
- calculation of additional charges (penalties and interest for late payment) for failure by customers to pay within
the contractual time limits;
- in certain well-defined situations, contractually, revenue is collected in advance;
- in the event of non-payment of invoices within the period stipulated in the contract, the company has the right
of retention on the goods in transit, up to the amount due by the customer.
c. Foreign exchange risk
Foreign exchange risk arises when the Company enters into transactions denominated in a currency other than their
functional currency. Foreign exchange risk depends on external decision factors, i.e. the NBR's policy on the evolution
of exchange rates over a given period of time.
The company's exposure to foreign exchange risk expressed in lei is as follows:
31 December 2023
Value lei
Value Euro
Value USD
Value GBP
Cash and cash equivalents
28,158,206
5,655,099
5,458
317
External customers
6,070,949
1,220,389
-
-
Net exposure in the statement of financial position
34,229,155
6,875,488
5,458
317
Oil Terminal operates with foreign currency for external customers and is exposed to changes in the exchange rate of
the euro against the Romanian leu.
d. Liquidity risk
Liquidity risk arises from the company's management of working capital and financing expenses
and principal repayments on its credit instruments.
The Company's policy is to ensure that it will always have sufficient cash to meet its financial obligations to third parties
(suppliers of materials and services, employees, banks, state financial institutions, etc.) when these obligations
become due.
To achieve this goal, the company has taken the following measures:
- monitoring of collections within the contractual deadline;
- maintaining a cash balance to meet payment needs;
- drawing up a weekly cash-flow.
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By implementing the above measures, the company has sufficient liquid resources to meet its obligations in all
reasonable expected circumstances.
Liquidity ratios provide assurance that current liabilities are covered by current assets.
Current liquidity is the ratio of current assets to current liabilities, which at 31 December 2023 was 1.26 compared to
1.31 at 31 December 2022.
Immediate liquidity (acid test) is a ratio of current assets less current inventories and current liabilities, the value of this
indicator being 1.23 at 31 December 2023 compared to 1.28 at 31 December 2022.
e. Risks associated with the achievement of defined objectives
As of 31.12.2023, the Company continued the implementation, maintenance and development of the managerial
internal control system, through the action directions of the Managerial Internal Control System Development
Programme for the year 2023, having as regulatory basis the provisions of the S.G.G. Order no.600/2018 on the
approval of the Managerial Internal Control Code of Public Entities, as well as the provisions of the Government
Ordinance no.119/1999 on internal/managerial control and preventive financial control, republished, with subsequent
amendments and additions.
According to the risk analysis and assessment carried out as at 31 December 2023, a total of 115 risks have been
identified, analysed, assessed and are currently being managed, both for the specific objectives/activities/processes
of the company's divisions and for the objectives of the partial strategies derived from the company's development
strategy, as follows:
▪ 99 "tolerable" level risks - 86.09% weighting;
▪ 15 "high tolerance" level risks - weight 13.04%;
▪ 1 "low tolerance" level risk - weight 0.87%;
▪ 0 "intolerable" level risks - 0% share
From the critical analysis of the revised Company-wide Risk Register as at the reference date 31 December 2023, it
is noted that, at the current risk assessment and half-yearly reporting stage, compared to the previous assessment
period and in relation to the approved risk tolerance level, the trend and evolution of the risks retained for management
showed the following directions:
increase in the total number of risks retained for management through the company-wide risk register, i.e. a total of
115 risks are managed through the centralised company-wide risk register at the risk assessment and reporting date
of 31 December 2023, compared to 114 risks managed at 30 June 2023, as a result of the introduction of a new risk
by one of the company structures;
• an increase in the number of risks classified as "tolerable", i.e. as at 31 December 2023 a total of 99 risks were
managed at the "tolerable" level, compared to 98 risks at the previous assessment as at 30 June 2023, as a
result of the reduction of the residual risk exposure of this risk, i.e. its move from a lower tolerance class to the
"tolerable" tolerance class;
• maintaining constant the number of risks classified at the tolerance level "high tolerance", i.e. at 31 December
2023, managing a number of 15 risks at the level "high tolerance", as identified and managed at the previous
evaluation on 30 June 2023;
• maintaining constant the number of risks classified at the "low tolerance" level, i.e. at 31 December 2023,
managing 1 risk at the "low tolerance" level, as was found and managed in the previous assessment which
was recorded on 30 June 2023;
• no risks have been identified as being classified as "intolerable".
The evolution and trend of the residual risk exposure of the 115 risks retained for management by the Risk Register
closed on 31 December 2023, compared to the evolution of the residual risk exposure recorded in the previous risk
assessment carried out on 30 June 2023, is as follows:
• 113 risks keep their residual risk exposure constant compared to the previous assessment;
• as at 31 December 2023, compared to the previous valuation performed as at 30 June 2023, there were no
risks with an increased residual risk exposure;
• as at 31 December 2023, compared to the previous assessment made on 30 June 2023, one risk has shown
a reduction in residual risk exposure, moving up from a lower tolerance class to the tolerance class 'tolerable'
compared to the previous assessment;
• on 31 December 2023, a new risk was introduced for management through risk documentation by one of the
company's structures;
• As at 31 December 2023, no risks have been proposed for removal from the risk register.
For the proper management of risks, the heads of the company's functional structures, under the direct coordination
of the hierarchical senior management and the SCIM Monitoring Committee, have adopted and implemented risk
strategies and internal control measures deemed appropriate, timely and effective, based on analyses, monitoring,
assessments and risk documentation discussed within their risk management teams, with the aim of leading to the
elimination of causes and ensuring that risks that could influence the non-achievement of defined objectives are kept
under control, as well as to be able to manage the prerequisites for keeping risk exposure strictly within the risk
tolerance level and risk tolerance limits approved by the company's management.
Page 212/233
f. Price risk
- The company's exposure to price risk is monitored through management accounting and costing activity, which
includes the following:
- how the company's production expenditure is formed;
- the grouping and behaviour of expenditure in relation to its drivers and character;
- pre-determining the level and structure of costs for each individual service and for the whole planned service;
- current analytical recording of production expenditure by management period and calculation of the indicators
required by the calculation methods used at a given time;
- Comparative analysis of the level and structure of production costs and, therefore, of the costs calculated on
their basis, serving to optimise decisions in the process of managing the value side of performance.
Costing is the basis for setting the company's service charges and is the main tool for prospecting, identifying and
mobilising the company's internal reserves.
Regular monitoring of the cost dynamics per conventional tonne of product ensures a balance between the average
cost per tonne of product and the average revenue realised on the same unit of measure, so that the services provided
are efficient and add value.
g. Interest rate risk
In order to manage interest rate risk, the company's debts are continuously monitored in terms of maturity and the
customer collection policy ensures the necessary resources to pay the debts.
Operating cash flows are affected by changes in interest rates, mainly due to long-term borrowings.
The Company has significant long-term borrowings with variable interest rates that expose it to cash flow risk.
The analysis of the change in interest rate risk on variable rate loans described in note 28 is as follows:
Balance as at 31 December
(lei)
Effect of 1% change in interest rate (lei)
Variable rate loans
2023
2022
2023
2022
159,697,631
103,543,491
1,374,376
647,726
For the year 2023, it appears from the internal risk analysis (estimated for an effect of a 1% change in the floating
interest rate) that no interest rate risk hedging is required and no financial instruments have been used to hedge
interest rate risk.
38. Extra balance sheet items
As at 31 December 2023 the Company has the following recorded in off-balance sheet accounts:
a. Stocks of crude oil, petroleum products, chemicals, owned by Oil Terminal customers, shown as tangible assets
received in custody or safekeeping;
b. Stocks of inventories of goods given up for use, amounting to 11,695,972 lei;
c. Public assets received under management, concession and rent - represent public assets according to the oil
concession agreement for the exploitation of reservoirs, pipelines for the transport of crude oil and petroleum
products, pumping installations and other installations and equipment related to them, concluded between
the National Agency for Mineral Resources and Oil Terminal, in the amount of 59,775,951 lei;
d. Other off-balance sheet items representing fixed assets approved for scrapping in the process of being
dismantled, amounting to 1,494,879 lei;
e. Other off-balance sheet assets with historical value, amounting to 26,000 lei;
f. Guarantees and guarantees received representing performance bonds, amounting to 23,892,887 lei
g. Fixed assets rented, amounting to 320,892 lei;
h. Other off-balance sheet items: the value of assets received under lease, amounting to 8,463,422 lei;
i. Other off-balance sheet items: sources of financing of investments and investment expenditure amounting to
53,029 lei;
j. Contingent assets, amounting to 192,968 lei;
k. Contingent liabilities of 387,560 lei;
l. Guarantees and guarantees granted, amounting to 69,764,681 lei;
m. Other off-balance sheet items: petroleum products handed over by the authorities, amounting to 85 lei;
n. Other off-balance sheet items: disability fund 2,258 lei
o. Interest payable on leasing contracts, 1,294,387 lei.
Page 213/233
39. Proposed distribution of the annual result
As at 31 December 2023, the company records a gross profit of 17,626,598 lei and a net profit of 15,359,625 lei.
Following the recording on 31 December 2023 of the provision for risks and charges related to employee profit-sharing
in the amount of 1,066,861 lei, gross profit becomes 16,559,737 lei and net profit 14,292,764 lei.
The proposed distribution of net profit for 2023 takes into account the following:
➢ Accounting Law no.82/1991 republished, art.19, paragraph (3), with subsequent amendments and additions;
➢ Company Law no.31/1990, republished, with subsequent amendments and additions;
➢ Law no.227/2015 on the Fiscal Code, as amended and supplemented ;
➢ O.G. no.64/2001 on the distribution of profits of national companies, national companies and companies with
full or majority state capital, as well as autonomous companies, with subsequent amendments and additions,
approved by Law no.769/2001;
➢ Memorandum on "Mandating State representatives in the General Meeting of Shareholders/Board of Directors,
as appropriate, in national companies, national companies and companies with full or majority state capital,
as well as in autonomous companies, with a view to taking the necessary measures for the distribution of at
least 90% of the net profit for the year 2023 in the form of dividends/payments to the state budget", approved
at the Government meeting of 07.03.2024, communicated by the Ministry of Energy - Directorate for the
Administration of Energy Holdings with address no.220683/20.03.2024;
➢ Income and expenditure budget for 2023 approved by resolution of the Ordinary General Meeting of
Shareholders no.4/16.02.2023, amended by resolution of the Ordinary General Meeting of Shareholders
no.15/29.09.2023;
➢ MFP Order no.144/2005 approving the "Specifications for determining the amounts subject to profit distribution
according to OG no.64/2001 on the distribution of profits to national companies, national companies and
commercial companies with full or majority state capital, as well as autonomous companies;
➢ MF Order no.418/2005 on some accounting specifications applicable to economic agents.
The net profit of 15,359,625 lei we propose to allocate to the following uses:
a) Legal reserves: 881,330 lei
(art.1 paragraph (1) letter a) of OG no.64/2001 and art.183 paragraph (1) of Law no.31/1990)
According to the provisions of Article 183 of Company Law no.31/1990 , republished, with subsequent amendments
and additions, "At least 5% of the company's profits shall be taken each year to form the reserve fund, until it reaches
at least one fifth of the share capital".
The legal reserve set up before the distribution of the net profit for 2023 is 6,772,805 lei (2.26% of the share capital).
Accounting profit before corporate income tax = 17,626,598 lei.
Legal reserve 5% of gross profit = 17,626,598 x 5% = 881,330 lei.
b) Other reserves representing tax incentives provided by law: 3,809,686 lei
(Art.1(1)(b) of OG no.64/2001 and Art.22(1) of Law no.227/2015)
According to Article 22(1) of Law no.227/2015 on the Tax Code, as amended, "the profit invested in technological
equipment, electronic computers and peripheral equipment, cash register, control and billing machines and appliances,
in software, as well as for the right to use software, produced and/or acquired, including under financial leasing
contracts, and put into operation, used for the purpose of carrying out economic activity, is exempt from tax. The
tangible assets to which the tax exemption applies are those referred to in subgroup 2.1, respectively in class 2.2.9 of
the Catalogue on the classification and normal operating lives of fixed assets, approved by Government decision". The
profit invested in 2023 is 4,010,196 lei.
The tax-free profit allocated to reserves is 3,809,686 lei (4,010,196 - 4,010,196 lei x 5% = 4,010,196 - 200,510 =
3,809,686).
c) Covering accounting losses from previous years:
This is not the case
c¹) Establishing own sources of financing for projects co-financed by external loans:
This is not the case
d) Other allocations provided for by law:
This is not the case
e) Employee profit-sharing: 1,066,861 lei
(art.1 paragraph 1 letter e) of OG no.64/2001)
Page 214/233
In accordance with the OG no.64/2001 on the distribution of profits in national companies, national companies and
companies with full or majority state capital, as well as autonomous companies, approved with amendments by Law
no.769/2001, with subsequent amendments and additions, Oil Terminal SA may grant employees profit-sharing up to
10% of net profit, but no more than the level of an average monthly basic salary achieved at the level of the economic
agent in the reference financial year, because it has committed itself and established through the income and
expenditure budget the obligation of profit-sharing.
Given that the level of the maximum employee profit-sharing fund, the calculation of which took into account the
average monthly basic salary earned, is higher than the level of the 10% share of net profit remaining after deduction
of the amounts distributed, the employee profit-sharing fund is 1,066,861 lei.
[15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 other reserves representing tax incentives)] x 10% =
1,066,861 lei
According to the MFP Order no.418/06.04.2005 on some accounting specifications applicable to economic agents, the
employees' profit-sharing is reflected in the accounts by setting up a provision for risks and expenses at the level of
the gross amounts due to employees.
As a result, the company recorded the amount of 1,066,861 lei in the account "Other provisions for risks and charges".
Following the recording of the provision for risks and expenses, the gross profit becomes 16,559,737 lei (17,626,598
lei - 1,066,861 lei), the income tax in the amount of 2,266,973 lei remains unchanged, as the provision is non-deductible
for tax purposes, and the remaining net profit is 14,292,764 lei.
f) Dividends due to shareholders: 9,601,748 lei
(art.1 para.(1) letter f) of OG no.64/2001) and
(Memorandum approved at the Government meeting of 07.03.2024 and communicated by the Ministry of Energy -
Directorate for Administration of Energy Holdings with address no.220683/20.03.2024)
In accordance with the provisions of Article 1(1)(f) of the Governmental Ordinance no.64/2001 on the distribution of
profits of national companies, national companies and companies with full or majority state capital, as well as
autonomous companies, approved by Law no.769/2001, as subsequently amended and supplemented, "a minimum
of 50% of the profits shall be distributed to the state or local budget, in the case of autonomous companies, or
dividends, in the case of national companies and companies with full or majority state capital", in conjunction with the
Memorandum approved at the meeting of the Government on 7 March.2024 on "Mandating the State representatives
in the General Meeting of Shareholders/Board of Directors, as the case may be, in national companies, national
companies and companies with full or majority state capital, as well as in autonomous companies, with a view to taking
the necessary measures for the distribution of at least 90% of the net profit for 2023 in the form of dividends/payments
to the state budget", communicated by the Ministry of Energy - Directorate for the Administration of Energy Holdings
with address no.220683/20.03.2024, the Company proposes dividends representing 90% of the net profit remaining
after the distribution of the legal reserve under Law no.31/1990 and the reserve representing tax incentives under Law
no.227/2015, as follows:
[15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 other reserves representing tax incentives)] x 90% =
9,601,748 lei.
g) Other reserves constituting own source of financing: 0 lei
(art.1 paragraph (1) letter g) of OG no.64/2001)
In accordance with the provisions of Article (1) paragraph (1) letter g) of the Governmental Ordinance no.64/2001 on
the distribution of profits of national companies, national companies and companies with full or majority state capital,
as well as autonomous companies, approved by the Law no.769/2001, as subsequently amended and supplemented,
"the profit not allocated to the destinations referred to in points a) to f) shall be allocated to other reserves and shall
constitute its own source of financing, and may subsequently be redistributed in the form of dividends or payments to
the state or local budget, in the case of autonomous companies".
Remaining net profit to be distributed = [15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 lei other
reserves representing tax incentives + 1,066,861 lei employee profit-sharing + 9,601,748 lei dividends)] = 0 lei.
40. Earnings per share
As of December 31, 2023 and December 31, 2022, earnings per share are:
Year ended
31 December 2023
Year ended
31 December 2022
Profit for the financial year
14,292,764
11,604,223
Other comprehensive income:
Items not to be reclassified to profit or loss, of which :
14,205,228
84,783
Gains on revaluation of real estate sold/rented
1,575,108
523,420
Page 215/233
Surplus on revaluation of fixed assets
15,728,914
(523,420)
Deferred tax liability
(3,098,794)
84,783
Total overall result
28,497,992
11,689,006
Number of ordinary shares at end of period
2,997,177,132
582,430,253
Number of ordinary shares at beginning and end of
period (weighted average number of ordinary shares)
2,519,534,892
582,430,253
Basic earnings per share (lei/share)
0.009508
0.020069
Diluted earnings per share (lei/share)
0.011311
0.020069
The subscribed and paid-up share capital existing as at 31.12.2022, in the amount of 58,243,025.30, was increased
following the completion on 8 March 2023 of the subscriptions in accordance with the "Simplified Prospectus for the
increase of the share capital with contribution in kind and in cash of Oil Terminal SA" approved by the Financial
Supervisory Authority (ASF) by Decision no.46/17.01.2023, with 241,474,687.90 lei, representing a number of
2,414,746,879 new shares, with a nominal value of 0.1 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing 131,746,597 shares at a par value of 0.1 lei/share;
- the contribution in kind, subscribed and paid by the Romanian State through the Ministry of Energy, in the amount of
228,300,028.20 lei, i.e. a number of 2,283,000,282 shares with a nominal value of 0.1 lei/share.
The subscribed and paid-up share capital, resulting after the increase of 241,474,687.90 lei, becomes 299,717,713.20
lei (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares (299,717,713.20 lei/ 0.1 lei/share).
Calculation of basic earnings per share (lei/share):
31 December 2023
31 December 2022
- overall result
28,497,992
11,689,006
- number of ordinary shares at the end
of the period
2,997,177,132
582,430,253
- basic earnings per share (lei/share)
28,497,992
2,997,177,132
=0.00950828
11,689,006
582,430,253
=0.02006937
Calculation of diluted earnings per share (lei/share):
31 December 2023
31 December 2022
- overall result
28,497,992
11,689,006
- weighted average number of ordinary
shares
2,519,534,892
582,430,253
- diluted earnings per share (lei/share)
28,497,992
2,519,534,892
=0.01131081
11,689,006
582,430,253
=0.02006937
Calculation of weighted average number of ordinary shares for the period from 1 January 2023 to 31 December 2023
in accordance with International Accounting Standard (IAS) 33 "Earnings per share":
Date
Number of
shares
01.01.2023
Balance at the beginning of 2023
582,430,253
14.03.2023
Issuance of new shares by contribution in kind
2,283,000,282
14.03.2023
Issuance of new shares for cash
131,746,597
14.03.2023
Total issuance of new shares
2,414,746,879
31.12.2023
Balance at 31 December 2023
2,997,177,132
Weighted average common stock calculation:
(582,430,253x72 days/364 days)+(2,997,177,132x292 days/364
days)=2,519,534,892
2,519,534,892
In accordance with Article 111 paragraph (2) letter a) of the Company Law no.31/1990, republished, as amended and
supplemented and Article 12 paragraph (3) letter a) of the Articles of Association, the company will propose for approval
at the Ordinary General Meeting of Shareholders which will approve the distribution of profits and the gross dividend
for the year 2023 a gross dividend per share for the financial year 2023 in the amount of 0.00320360 lei/share.
The proposed gross dividend per share of 0.00320360 lei/share results from the amount of gross dividends proposed
to be distributed from the net profit of 2023 in the amount of 9,601,748 lei based on a total number of 2,997,177,132
shares.
Page 216/233
41. Contingent assets and liabilities
As at 31 December 2023 the Company has contingent assets amounting to 192,968 lei, representing pending
litigation.
As at 31 December 2023, the company is involved in 96 pending litigations, of which in 28 litigations it is a plaintiff or
contesting party and in 68 litigations it is a defendant.
For a total of 21 litigations the Company has established provisions for litigations described in Note 34.
As at 31 December 2023, the Company records contingent liabilities of 387,560 lei.
42. Subsequent events
I. Tax warehouse permit - updating the amount of the security
On 18.01.2024, the Ministry of Finance, Regional Customs Directorate Bucharest issued decision no.16/18.01.2024,
which set the amount of the updated guarantee for the fiscal warehouse authorization for gasoline storage at the value
of 34,212,379 lei, compared to the previous value of 53,666,067 lei, set by decision no.33/17.02.2023.
Taking into account the Decision no.15/28.02.2019 of the Regional Commission for the authorization of
operators of products subject to harmonized excise duties Galati, decision by which Oil Terminal SA benefits from a
reduction of 75% of the value of the guarantee, the updated guarantee to be provided by Oil Terminal for the tax
warehouse is 8,553,094.76 lei. The deadline for providing the guarantee is 30 working days from the date of notification
of the decision.
Please note that on 20.02.2024, Amendment no.8 to the Bank Guarantee Letter no.G084724/832 was signed,
whereby the value of the guarantee letter is reduced by the amount of 4.863.422 lei, the new guaranteed value being
8.553.094,76 lei, with the extension of the validity term until 28.02.2027.
II. Resolutions of the General Meeting of Shareholders of 22.01.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/22.01.2024 was adopted:
- approval of the guarantee structure (the amount of which does not exceed 20% of the total fixed assets, less
receivables) related to the long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT).
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGM) no.1/22.01.2024 was adopted:
- approval of the contracting of a long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT)
for:
- Construction of tank 30P from SP Port, capacity 10.000 m
3
- Modernization of tank T29S, current capacity 50.000 m
3
- Modernization of tank T26S, current capacity 31,500 m
3
.
III. Decisions of the General Meeting of Shareholders of 23.02.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.2/23.02.2024 the Income and
Expenditure Budget for 2024 was approved.
IV. Identification of a partnership for the construction of a bitumen terminal
OIL TERMINAL SA informs shareholders that the evaluation of the submitted bids has been completed.
We remind you that by the deadline of 20.12.2023, 7 companies out of 8 registered submitted bids, namely: 1) Socar
Petroleum S.A, 2) Takida Terminal S.R.L., 3) Frial S.A., 4) OMV Petrom S.A., 5) Vitaro Energy S.R.L, 6) Trafigura Pte
Ltd, 7) Euronova Energies S.A.
In the meeting held on 23.02.2024 the Board of Directors endorsed the Report of the procedure prepared by the
Evaluation Committee and convened the EGSM meeting to be held on 28(29).03.2024 requesting:
- approving the start of negotiations with the first-placed bidder (Euronova Energies S.A.) with a view to
establishing a partnership for the construction of a bitumen terminal.
- requesting the administrative and executive management to negotiate the legal conditions and to formulate the
final proposal on how to implement the partnership, to be submitted for approval to a subsequent GSM.
V. Convening by the Board of Directors of the Company, meeting on 23.02.2024, of an Extraordinary General
Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the amendment of the Articles of Association of Oil Terminal SA, as proposed in the Annex to the
Notice of EGSM
2. Approval to start negotiations with Euronova Energies to establish a partnership for the construction of a bitumen
terminal. Mandate the administrative and executive management to negotiate the legal terms and conditions and
to formulate the final proposal on how the partnership should be implemented, to be submitted to a subsequent
GSM for approval.
Page 217/233
VI. Convening by the Board of Directors of the Company, meeting on 23.02.2024, of an Ordinary General
Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the purchase by the company of legal advisory, assistance and/or representation
services in the field of commercial law.
The notes numbered 1 to 42 are an integral part of the financial statements as at 31.12.2023, were issued by the
company on 22.03.2024 and signed on its behalf by :
Chairman of the Board of Directors,
Gheorghe Cristian Florin
Director General,
Financial Director,
Head of Accounting,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Page 218/233
Declaration of OIL TERMINAL SA Constanta’ Board of Directors
OIL TERMINAL SA Constanta’ Board of Directors hereby states that it takes responsibility
for the preparation of financial situations on and for the financial year ended on 31.12.2023.
OIL TERMINAL SA Constanta’ Board of Directors confirms the following with respect to
financial situations on and for the financial year ended on 31.12.2023:
a) Accounting policies used for the preparation of annual financial situations are according to
applicable accounting regulations;
b) Annual financial situations provide an accurate view of the financial position, financial
performance and other information related to the carried out activity;
c) The company carries out its activity in continuity conditions.
This declaration is according to the provisions of art. 30 of Accounting Law no. 82/1991
republished, with subsequent amendments and additions.
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director, Financial Director,
Ciutureanu Viorel-Sorin Frangu Adriana
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 219 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
INDEPENDENT AUDITOR’S REPORT
ON FINANCIAL STATEMENTS PREPARED AT 31
st
DECEMBER 2023
BY THE COMPANY OIL TERMINAL S.A.
MARCH 2024
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 220 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
To the Shareholders of the Company OIL TERMINAL S.A.
Report on the audit of financial statements
Opinion
1. We audited the individual financial statements of the company OIL TERMINAL S.A. (”Company”)
with the registered office in Constanța, Street Caraiman, no. 2, county Constanța, identified in the
Trade Register with the number J13/512/1991 and tax identification number RO2410163 that
include: the Statement of financial position at 31
st
December 2023, the Situation of the global
result, the Statement of changes in equity and the Statement of cash flows for the financial year
ended on that date, as well as a summary of significant accounting policies and other explanatory
notes.
2. Mentioned individual financial statements refer to:
- Net Assets/Total Equity:
564,604,796 RON
- Net profit for the financial year:
14,292,764 RON
3. In our opinion, the attached individual financial statements present faithfully, in all significant
matters, the financial position of the Company at 31
st
December 2023, the financial performance
and cash flows for the year ended on that date, in accordance with the Order of the Ministry of
Public Finance No. 2844/2016 for the approval of the Accounting Regulations in accordance with
the International Financial Reporting Standards ("OMFP No. 2844/2016"), with all the further
addendum and modifications and with accountable politics described in the notes from the financial
situations.
Basis for opinion
4. We carried out our audit in compliance with the International Standards on Auditing (ISA), EU
Regulation No. 537/2014 of the European Parliament and of the European Council (Regulation No.
537/2014) and Law no. 162/2017 on the statutory audit of annual financial statements and
consolidated annual financial statements and on amending certain regulatory acts ("Law"). Our
responsibilities under these standards are described in detail in the "Auditor's responsibilities in
relation to the audit of financial statements" section of our report. We are independent to the
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 221 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
Company, in compliance with the provisions of the Code of Ethics of Accounting Professionals
issued by the International Ethics Standards Board for Accountants (IESBA Code), according to the
other ethical requirements that are relevant for the audit of financial statements in Romania,
including EU Regulation No. 537/2014 and Act No. 162/2017 and we have also fulfilled our other
professional ethics responsibilities, in accordance with these requirements and in accordance with
the IESBA Code. We believe that the audit evidence we have obtained is sufficient and adequate
to provide a basis for our opinion.
Highlighting matters
5. Without expressing reservations, we draw attention to the following matters:
Litigation pending before the courts has been described in the Notes to the financial statements at
31
st
December 2023, point 34 a) - "Provisions for litigation".
6. The Company has several cases pending before the courts in which it is a defendant, the plaintiff
being Dumitrescu Andrei Sebastian in his capacity as a shareholder with below 4% stake in the
share capital, as stated in the Notes to the financial statements at 31
st
December 2023, point 23
"Share capital". Among those cases opened before the courts, there is a case in which the
shareholder Dumitrescu Andrei Sebastian requests to the court to block the procedure of increasing
the social capital with the value of the 2 lands for which was obtained title of property in 2011 and
also, requests to the Court Constanta to declare the full absolute nullity of the decision A.G.O.A.
no. 4/21.03.2022. On 31.12.2023 the Constanta Court, by the Decision no.1122/2023, pronounced
the solution, rejecting the applicant's requests in full. It declared appeal on 26.11.2023.
Taking into consideration the number of passed shares and reporting to the duration of solving
them, we appreciate that at the date of the present report, we can’t estimate the impact of the
processes mentioned in the previous paragraph on the Company's economic activity.
The Company's management has prepared the financial statements at 31
st
December 2023 on a
going concern basis as mentioned in the Notes in paragraph 2.1 "Statement of compliance".
7. The Company presents in Notes at the financial situations point 1 the measures that it took with
the purpose to attenuate the effects concerning the climate and to adjust to the climatic changes,
and the priority that it has to the climatic risks. For this purpose, were allotted significant values
from the total of investment expenses for year 2023 for the objectives of investments that qualify
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 222 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
as durable from the environment point of view. The company reports the fact that it did not
identified significant aspects concerning the climatic modifications that might affect the economic
activity and the financial performance, and also, there aren’t indications of depreciation of the
actives to require for the constitution of a provision regarding this aspect.
8. In 2023, the Society has been operating in a macroeconomic environment resulting from a
context marked by the continuation of Russian aggression against Ukraine and the persistence of
the energy crisis, with inflation rates reaching record figures and with the tightening of financial
conditions, against the background of high uncertainty, high pressures on energy prices, erosion
of purchasing power of households, a weaker external environment and stricter financing
conditions. The company presents in Notes to the financial statements point 37 that against the
revenues planned through the approved budget, due to the context generated by the conflict in
Ukraine, the, from the supplies of services were made additional income unforeseen by the initially
approved physical Program, called conjuncture income. On 31.12.2023, the, as a result of the
positive results recorded above the estimates of the revenue and expenditure budget, there are
no indications of asset impairment and there are no legal or implicit obligations regarding the
creation of an additional provision related to macroeconomic aspects.
In terms of risks, the Company has implemented and developed a risk management process that
facilitates the efficient and effective achievement of its objectives, leading to the reduction of risks
as far as possible without unduly affecting the competitiveness and flexibility of the Company's
business.
Key audit matters
9
. The key audit matters are those matters which, on the basis of our professional judgement,
were of the utmost importance for the audit of the financial statements of the current period.
These matters have been addressed in the context of the audit of the financial statements as a
whole and in the formation of our opinion on them, and we do not offer an individual opinion on
these key matters.
Key audit matters
Our approach
Provisions for risks and charges
The Company turnover at 31
st
December 2023 is
with the value of 349,787,314 lei comparative
with 31
st
December 2022, when the turnover was
in value of 302,678,978 lei thus registering a
increase with 15,56% from the financial exercise
2022.
Our audit procedures made to
approach the significant denaturation
risk of recognising the incomes
consisted of the following:
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 223 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
In the Notes to the financial statements for the
financial exercise concluded on 31
st
December
2023, point 3 “Incomes from performing
services” and point 4 “Incomes from the sale of
the waste products”, is presented the structure
of the turnover after the nature of the incomes in
accordance with which the highest proportion is
represented by the incomes from services in
value of 344,106,984 lei from 298,604,671 lei at
31
st
December 2022, thus registering an increase
during the year 2023 from the year 2022 of
15,24%, increase due to the conjunctural
situation generated by the military conflict from
Ukraine in majority proportion.
Also the Company registers during the financial
exercise 2023 in the turnover component:
incomes from assignment of the assets use,
incomes from different activities, incomes from
sale of waste products and exploit of other
wastes.
In the Notes to the financial statements for the
financial exercise concluded on 31
st
December
2023, point 5 “Other Incomes from exploitations”
is presented the structure of other of other
incomes got by the Company from the activity of
exploitation consisting in incomes from the
production of immobilisations, incomes from
sales of tangible assets, incomes from penalties,
other exploitations incomes.
In conformity with the Audit International
Standard, there is an implicit risk in recognising
the incomes, caused by the pressure that the
management may feel about getting the planned
results. For recognising the incomes from
performing the specific services of the object of
activity of the Company, there is the risk that the
sale to be recognised without accuracy, within an
incorrect financial period, taking into
consideration the transfer of the risks and
benefits associated to the services or may
We have evaluated the operational
efficiency to prevent and detect the
fraud and errors in recognising the
incomes.
We have analysed if the sales have
been correctly registered during the
year, but also at the end of the
financial year in conformity with the
transfer of risks and the benefits
associated to those services by details
tests.
We have analysed the monthly
evolution of the incomes with the
verification of the registration during
the correct period of those ones for a
sample of incomes from performing
services on the base of the justifying
documents that we have requested
and examined (invoices, contracts,
calculation notes performance,
custom statements, accompanying
certificates, report of delivery-
reception, other relevant documents).
We have tested the incomes on the
base of the balance confirmations
requested from the clients on the
date of 31.12.2023 and also, we got
in some situations conformations of
total turnovers regarding the services
or goods delivery toward the clients
during the year 2023.
We have reconciliated incomes
registered in the sales journales with
the resgistarions from the Accounting
Journal in case of some big
transactions and with justifying
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 224 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
represent sales for which the performing did not
occurred.
The income is recognised when it was honoured
the obligation of execution by tge transfer of
control over a product or service toward the
client.
In the Notes to the financial statements point
2.20 “Incomes recognition” is mentioned the
fact that, the incomes from performing services
are recognised during the period when there
were performed and in correspondence with the
stage of execution and also, in conformity with
the respecting of the stipulations IFRS 15, the
value of the transaction price which is allotted to
an obligation to be executed is recognised at
incomes as long as the obligation is
accomplished.
We consider that the recognition of the incomes
represents a key audit aspect, exactly for the
signifying values that they register in the
situation of the global result.
documents requested that we have
examined.
We have evaluated the principles of
recognising the incomes in cofnrmoity
with the stipualtions IFRS, in the
context applying IFRS 15 “Incomes
from contracts with clients”.
Adjustments for depreciation of the
commercial debts
As it is presented in the Notes to the financial
statements for financial exercise 2023 at point
2.13 and point 20 “Clients and assimilated
accounts”, the Company registers on 31
st
December 2023 adjustments for depreciation of
commercial debts in value of 4,542,682 lei ,
which represents 12,78% from the total of the
clients existing in balance at the end of year.
The recovery of the due amounts from certain
clients may be uncertain, reason for which the
debts are registered at the probable value of
cashing resulted as diference between the
accountable value and the depreciation
adjustments.
This aspect is considered a key audit aspect
because it involves a complex process of
Our audit procedures to approach the
risk of significant depreciation of the
estimation of adjustments for the
depreciations of the commercial debts
consisted, mainly of the following:
We have reconciled the analytical
balance of the commercial debts on
31
st
December 2023 with the balance
of synthetic verification and also, we
have established the percentage of
confirmations of balance got from the
clients at the end of the financial
exercise 2023.
We got the situation of the debt
history, we have analysed he
depreciated balances and the
correspondence with the clients, the
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 225 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
estimation of the adjustments of depreciation of
the commercial debts.
"Provisions for employee benefits" the main
actuarial assumptions used to calculate the
amount of the provision for employee
retirement benefits were presented, all the
information being taken from the Actuarial
Report prepared at by an external actuary on
the basis of the service contract concluded with
the Company.
agreements concluded and the
cashing after the closure of the
financial year.
We have requested from the
accountancy department and the
legal department of the Company the
litigations situation for the commercial
debts and the stage of those
litigations.
We have obtained the way in which
the management has evaluated the
adjustments for debt depreciation on
31
st
December 2023.
We have analysed the hypotheses
and professional reasons used by the
Company in the estimation of the
adjustments for the
Depreciation of the commercial debts
regarding the adequacy, reasonability
and the consequence with estimations
of previous estimations.
Other matters
10. This report of the independent auditor is exclusively for the shareholders of the Company and
expressly states the recipients agreed by contract or under the legislation. Our audit was carried
out in order to be able to report to the Shareholders of the Company those matters that we need
to report in a financial audit report, and not for other purposes. To the extent permitted by law,
we accept and assume responsibility only to the Company and its shareholders for our audit, for
the report on compliance or for the formed opinion.
11. The attached individual financial statements are prepared on the basis of the Accounting
Regulations in accordance with the International Financial Reporting Standards, approved by the
Order of the Ministry of Public Finance No. 2844/2016. The reporting framework provided for in
these regulations refers to the application of IFRS.
12. In Romania, tax legislation is constantly changing and adapting to international law. In this
context, there is the possibility of different interpretations of legal provisions by the Ministry of
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 226 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
Finance and local tax authorities. The management of the Company has recorded in the accounts
that are presented to you the various taxes and fees, based on the best interpretation of the tax
provisions in force, an interpretation which, however, can be disputed by a tax control.
Responsibilities of management and persons responsible for governance for financial
statements
13. The Management of the Company is responsible for the preparation and accurate presentation
of these individual financial statements in accordance with the Order of the Ministry of Public
Finance No. 2844/2016 as subsequently amended and with the accounting policies described in
the notes to the financial statements and for that internal control, which the management considers
necessary to enable the preparation of financial statements free of significant misstatements,
caused either by fraud or error.
14. In drawing up financial statements, the management is responsible for assessing the
Company's ability to continue its business, for presenting, where appropriate, matters related to
business continuity and for the use of accounting on the basis of business continuity, unless
management either intends to liquidate the Company or stop operations, or has no realistic
alternative other than those.
15. The persons responsible for the governance are responsible for supervising the Company's
financial reporting process.
Auditor's responsibility for auditing financial statements
16. Our objectives were to obtain reasonable assurance as to the extent to which individual
financial statements as a whole are free of significant misstatements caused by either fraud or
error, and to issue an auditor's report that includes our opinion. Reasonable assurance includes a
high level of assurance, but it is not a guarantee that an audit conducted in compliance with ISA
will always detect a significant misstatement, if it exists. Misstatements can be caused by either
fraud or error and are considered significant if it can reasonably be expected that they, individually
or cumulatively, will influence the economic decisions of users, taken on the basis of these financial
statements.
17. As part of an audit in compliance with ISA, we exercise professional judgement and maintain
professional scepticism throughout the audit. Also:
- We identify and assess the risks of significant misstatement of financial statements, caused either
by fraud or error, we design and execute audit procedures in response to those risks and obtain
sufficient and adequate audit evidence to provide a basis for our opinion. The risk of non-detection
of a significant misstatement caused by fraud is higher than that of failure to detect a significant
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 227 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
misstatement caused by error, as fraud may involve secret agreements, false, intentional
omissions, misrepresentations and avoidance of internal control.
- We understand the relevant internal control for the audit, in order to design audit procedures
appropriate to the circumstances, but without having the purpose of expressing an opinion on
the effectiveness of the Company's internal control.
- We assess the adequacy of the accounting policies used and the reasonableness of the
accounting estimates and of the related information presentations made by management.
- We draw a conclusion as to the adequacy of use by the management of accounting on the
basis of business continuity and determine, on the basis of the obtained audit evidence,
whether there is significant uncertainty about events or conditions that could raise significant
doubts as to the Company's ability to continue its business. If we conclude that there is a
significant uncertainty, we must draw attention in the auditor's report to the related
presentations in the financial statements or, if these presentations are inadequate, to change
our opinion. Our conclusions are based on the audit evidence obtained up to the date of the
auditor's report. However, future events or conditions may cause the Company to cease to
operate on the basis of the principle of business continuity.
- We assess the overall presentation, structure and content of financial statements, including
information presentations, and the extent to which the financial statements reflect the
underlying transactions and events in a manner consistent with an accurate presentation.
18. As part of the audit process, we communicate to persons responsible with governance, among
other matters, the planned area and time-scheduling of the audit, as well as the main audit
findings, including any significant deficiencies of the internal control, that we identify during the
audit.
19. We also provide a statement to persons responsible for governance that we have complied
with the relevant ethical requirements for independence and that we have communicated to them
all relationships and other matters that could reasonably be assumed to affect our independence
and, where appropriate, related measures of protection.
20. Among matters communicated with persons responsible for governance, we determine which
matters are the most important for the audit of the financial statements of the current period and
which are therefore key audit matters. We describe these matters in the auditor's report, unless
laws or regulations prohibit the public presentation of the matter or if, in extremely rare
circumstances, we determine that a matter should not be disclosed in our report because the
benefits of the public interest are reasonably expected to be outweighed by the negative
consequences of this communication.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 228 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
Other information – Directors' report
21. The Board of Company is responsible for the preparation and submission of the Directors'
Report in accordance with Order of the Ministry of Public Finance no. 2844/2016 for the approval
of Accounting Regulations in accordance with International Financial Reporting Standards, Law no.
24/2017 on issuers of financial instruments and market operations, and for that internal control
which they consider necessary to enable the report to be drawn up which does not contain
significant misstatements due to the fraud and error.
Our opinion on the financial statements does not cover the Directors' Report and, unless explicitly
stated in our report, we do not express any kind of conclusion of assurance about it.
In connection with the audit of the financial statements for the financial year ended 31
st
December
2023, our responsibility it is to read the Directors' Report and, in this approach, to assess whether
the information presented is significantly inconsistent with the financial statements or knowledge
we acquired during the audit, or whether it appears to be significantly misstated.
With regard to the Directors' Report, we have read it and we report whether it has been drawn up,
in all significant matters, in accordance with the information set out in paragraphs 15 to 19 of
Order of the Ministry of Public Finance no. 2844/2016.
Based solely on the activities to be carried out during the audit of the financial statements, in our
opinion:
a) The information presented in the Directors' Report for the financial year for which the
financial statements were prepared is consistent, in all significant matters, with the annexed
financial statements;
b) The directors' report was drawn up, in all significant matters, in accordance with the
information required under paragraphs 15 to 19 of Order of the Ministry of Public Finance no.
2844/2016.
The management report shall no longer include the non-financial statement provided for in point
39 of the Accounting Regulations approved by the OMFP no. 2844/2016, starting with the financial
year ended on 31.12.2023, OIL TERMINAL S.A. opted for publication of non-financial information
in a separate report.
In addition, on the basis of our knowledge and understanding regarding the Company and its
environment, acquired during the audit of financial statements for the financial year ended 31
st
December 2023, we are required to report whether we have identified any significant
misstatements in the Directors' Report. We have nothing to report on this matter.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 229 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
Report on other legal and regulatory provisions
(a) Requests regarding the information from the Remuneration Report
In conformity with the requests of art. 107 paragraph (7) from the law no. 24/2017 regarding the
issuers of financial instruments and market operations, with further addenda, we have read the
Remuneration Report elaborated by the Company for the financial exercise ended 31
st
December
2023 and we confirm that, in our opinion, it presents in all significant aspects, the information
stipulated by art. 107 (1) and (2) from the Law no. 24/2017. The Remuneration Report for 2023
was issued on 18.03.2024, will be endorsed at the meeting of the Board of Directors on 22.03.2024
and will be submitted to the A.G.O.A. together with the financial statements of the financial year
ended on 31.12.2023.
(b)
Requests regarding the audit of the entities of public interest
In accordance with Article 10 par. (2) of EU Regulation 537/2014, we provide the following
information in our independent audit report that is necessary in addition to ISA requirements.
Appointment of auditor and duration of mission
We have been appointed by the Decision of the Ordinary General Meeting of Shareholders no.
6/16.02.2023 to audit the individual financial statements of the company OIL TERMINAL S.A., for
financial years 2023-2025. The total uninterrupted duration of our commitment is 3 years, covering
the financial years ended at 31
st
December 2020, 31
st
December 2021, 31
st
December 2022 and
31st December 2023.
Consistency with the Additional Report submitted to the Audit Committee
We confirm that:
• Our audit opinion over the financial situations expressed in the present report is consistent
with the additional report submitted to the Company's Audit Committee, which we issued
on the date of 18.03.2024, in conformity with the art. 11 from he Rule (EU) no. 537/2014.
• In the development of our audit, we have kept the independence toward the audited entity.
The provision of the non-audit services
We declare that we have not provided for the Company the prohibited non-audit services
referred to in Article 5 par. (1) of EU Regulation No. 537/2014.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 230 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
Report on compliance with Commission Delegated Regulation (EU) 2018/815 (the
'Single European Electronic Reporting Format Regulatory Technical Standard' or
'ESEF')
We have performed a reasonable assurance engagement on the compliance of the individual
financial statements presented in XHTML of the company OIL TERMINAL S.A. (“The company”),
for the financial exercise concluded on 31
st
December 2023, with the stipulations of the Delegated
Regulation (EU) 2018/815 of the European Commission that establishes technical standards of
regulations regarding the specification on the single electronic reporting format.
Responsibility of the management and of the persons responsible with management
for Financial statements in XHTML format elaborated in accordance with RTS regarding
ESE.
The Company's management is responsible for the preparation of financial situations in XHTML
format
in accordance with RTS regarding ESEF. This responsibility includes:
• ensuring consistency between the financial situations in XHTML format and the elaborated
in accordance with OMFP no 2844/2016, to be filed to the relevant authorities.
• Projection, implementation and maintaining internal controls relevant for the elaboration
and presentation of the financial situations in format XHTML in conformity with RTS
regarding of ESEF that must be lacked by significant denaturation;
Persons responsible with the governance have the responsibility of surveying the process of
financial reporting regarding the elaboration of the financial situations, including the application
RTS regarding ESEF.
Auditor's responsibility
We have the responsibility for expressing an opinion on the extent to which the financial situations
in format XHTML comply, in all significant aspects, with the requirements RTS regarding ESEF,
based on the evidence obtained.
Our mission of reasonable assurance was done in conformity with International Standard on
Assurance Engagements 3000 (Revised)- other assurance missions than the audits or the reviews
of financial historic information (ISAE 3000) issued by the Council for Audit International Standards
and Assurance.
A reasonable assurance engagement in accordance with ISAE 3000 involves performing procedures
to obtain evidences in compliance with RTS regarding the ESEF. The nature, timing and extent of
the selected procedures depend on the auditor's judgement, including the assessment of the risk
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camerele nr.16,17,18, Sector 1, București
Cont RO63INGB0000999904579050
ING BANK Agenția Cerna Brașov
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J40/14586/2008
CUI RO24390741
Tel. 0732126421
Tel.fix 0268475755
Tel. fax 0268475755
transilvaniaaf@yahoo.com
www.transilvania-audit.ro
Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209
Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 231 din 233 18-03-2024
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 138118/2023
of significant deviations from the provisions set out in RTS regarding the ESEF, whether caused by
fraud or error.
A reasonable assurance engagement includes:
• obtaining an understanding of the process of elaboration by the Company of the financial
situations in XHTML format in accordance with RTS regarding the ESEF, including relevant
internal controls;
• evaluation if the financial situations are elaborated within a valid XHTML format;
• reconciling of the financial situations in XHTML format with the audited financial situations
elaborated by the Company in accordance with OMFP no. 2844/2016, to file down to the
relevant authorities.
We believe that the evidence obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, the financial situations in XHTML format for the year ended at 31
st
December
2023 are, in all significant respects, in compliance with requirements RTS regarding the ESEF.
In the present part, we do not express an audit opinion, a review conclusion or any other
assurance conclusion on the financial statements. Our audit opinion on the Company's financial
statements for the year ended at 31
st
December 2023 is included in “Report on Financial
Statements Audit” section above.
Bucharest, The 18
th
of March 2024
Auditor, Drăgoi Antoanella-Mariyeane,
Registered with CAFR with certificate no. 1842/2007, No. RPE -AF 1842
ASPAAS endorsement no. 137170/2023
On behalf of:
Transilvania Audit & Fiscality S.R.L.
Registered with CAFR with certificate no. 1020/2010, No. RPE -FA1020
ASPAAS endorsement no. 138118/2023
Page 232/233
Statement of persons responsible within
OIL TERMINAL S.A. Constanta
The undersigned: Gheorghe Cristian Florin, as Chairman of Board of Directors,
Ciutureanu Viorel-Sorin, as General Director and Frangu Adriana, as Financial Director, we
declare on our own responsability, to our knowledge :
➢ The annual financial statements on the date of and for the financial exercise ended
on 31
st
of December 2023, issued according to the applicable accounting standards
(International Financial Reporting Standards), provide an image accurate and
compliant with the reality of assets, obligations, financial position, profit and loss
account of Oil Terminal SA;
➢ The Report of the Board of Directors for the financial year ended on 31
st
of December
2023, issued according to the provisions of art. 65 of Law 24/2017 regarding
financial instruments issuers and market operations, republished, in conjunction with
the provisions of art. 126 para. (1) of the Financial Supervisory Authority’
Regulation no. 5/2018 regarding financial instruments issuers and market operations,
art. 56 of GEO 109/2011 regarding corporate governance of public enterprises
approved by Law 111/2016, with subsequent amendments and additions and MPF’
Order no. 2844/2016 for the approval of accounting Regulation compliant with
International Financial Reporting Standards, with subsequent amendments and
additions, includes an accurate analysis of the development and performance of Oil
Terminal SA, as well as a description of main risks and uncertainties specific to the
activity carried out.
The present statement complies with the provisions of art. 65 para. (2) of Law no. 24/2017
regarding financial instruments issuers and market operations and of art. 223 para. (1) letter
c) of Financial Supervisory Authority’ Regulation no. 5/2018 regarding financial
instruments issuers and market operations.
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director Financial Director,
Ciutureanu Viorel-Sorin Frangu Adriana
Page 233/233
ANNEX No 4.3
to the instructions
The company Oil Terminal S.A.
No. 17 / 22.01.2024
General Director,
Ciutureanu Sorin Viorel
REPORT
on the system of internal management control as at 31 December 2023
Pursuant to the provisions of Article 4 para. (3) of Government Ordinance No. 119/1999 on
internal/managerial control and preventive financial control, republished, as amended, the undersigned
Ciutureanu Sorin Viorel, as General Manager of Oil Terminal S.A., declare that Oil Terminal S.A. has an
internal managerial control system whose design and implementation allow the management and, where
appropriate, the Board of Directors to provide reasonable assurance that public funds managed for the
purpose of achieving general and specific objectives have been used in a legal, regular, effective, efficient
and economic manner.
This statement is based on a realistic, fair, comprehensive and reliable assessment of the company's
internal management control system, formulated on the basis of its self-assessment.
The management internal control system includes self-monitoring mechanisms and the implementation
of measures to increase its effectiveness is based on risk assessment.
In this case, I mention the following:
- The Monitoring Committee is operational;
- The programme for the development of the management internal control system is implemented and
updated annually;
- The risk management process is organised and monitored;
- Documented procedures are developed for 100% of all inventoried procedural activities;
We mention that the operation of developing and updating the documented procedures is carried out on the
basis of the Program of development of the internal management control system of Oil Terminal S.A.
approved annually.
- The performance monitoring system is established and evaluated for the company's objectives and
activities by means of performance indicators.
Based on the results of the self-assessment, I assess that on 31 December 2023, the internal
management control system of Oil Terminal S.A. complies with the standards contained in the Code of
Internal Management Control.
From the analysis of the reports on the management internal control system sent to the authorising officer
. . .----- . . . . . . . (principal/secondary) appropriations by authorising officers . . . .----- . . . . . . (secondary
and/or tertiary) creditors, directly subordinate/coordinating/subordinating authority, it follows that:
- ..... (no. ) entities have the system compliant; Not applicable.
- ..... (no. ) entities have partially compliant system; Not applicable.
- ..... (no. ) entities have limited partially compliant system; Not applicable.
- ..... (no. ) entities have non-compliant system. Not applicable.
I would like to point out that the statements contained in this report are formulated by assuming
managerial responsibility and are based on the data, information and findings recorded in the documentation
related to the self-assessment of the internal management control system held within Oil Terminal S.A..