OIL TERMINAL SA
FINANCIAL STATEMENTS
(AUDITED)
as of and for the financial year ended
December 31, 2025
issued in accordance with the Order of the Minister of Public Finance no. 2844/2016
for the approval of the Accounting Regulations compliant to the International
Financial Reporting Standards adopted by the European Union (IFRS - EU)
ANNUAL FINANCIAL STATEMENTS (AUDITED)
CONTENT
1.
Financial statements title page
1
2.
Statement of financial position for the year ended December 31, 2025
3
3.
Statement of comprehensive income for the year ended December 31,
2025
4
4.
Statement of changes in equity as of December 31, 2025
5 – 6
5.
Statement of cash flows for the year ended December 31, 2025
7
6.
Notes to financial statements for the year ended December 31, 2025
8 - 81
3/ 81
Statement of financial position for the year ended December 31, 2025
(all amounts are presented in lei (RON) unless otherwise stated)
The financial statements presented were issued by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
Notes 1 to 42 are an integral part of these financial statements.
Note
December 31,
2024
(audited)
ASSETS
FIXED ASSETS
Intangible assets
17
4,151,930
Tangible assets
15
718,255,774
Tangible assets under construction
16
48,613,472
Financial assets
18
908,030
Right-of-use assets
17
9,751,161
Total fixed assets
781,680,367
CURRENT ASSETS
Inventories
19
2,892,086
Trade and other receivables
20
32,839,825
Other receivables
21
5,469,865
Current tax assets
21
9,080,864
Cash and cash equivalents
22
51,742,031
Total current assets
102,024,671
TOTAL ASSETS
883,705,038
EQUITY AND LIABILITIES
EQUITY
Share capital
23
299,717,713
Other equity items
24
(29,395,055)
Revaluation reserves
25
226,313,255
Legal reserves
27
8,910,913
Other reserves
27
48,642,404
Surplus realized from revaluation reserves
26
8,082,921
Retained earnings excluding IAS 29
26
396,930
Current profit
13
19,203,979
Profit distribution
27
(5,785,057)
Total equity
576,088,003
NON-CURRENT LIABILITIES
Long-term loans
28
165,527,910
Other loans and similar liabilities
28
6,848,428
Deferred tax liabilities
28
32,500,270
Total non-current liabilities
204,876,608
CURRENT LIABILITIES
Current portion of long-term loans
28
18,367,356
Trade payables
31
44,670,198
Tax liabilities
32
13,674,026
Other current liabilities
33
5,322,490
Other loans and similar liabilities
33
3,005,165
Total current liabilities
85,039,235
TOTAL LIABILITIES
289,915,843
Provisions
34
17,560,110
Investment grants
35
141,082
TOTAL EQUITY AND LIABILITIES
883,705,038
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
4/ 81
Statement of comprehensive income for the year ended December 31, 2025
(all amounts are presented in lei (RON) unless otherwise stated)
The financial statements presented were issued by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Notes 1 to 42 are an integral part of these financial statements.
Note
Year ended
December 31, 2025
(audited)
Year ended
December 31, 2024
(audited)
Revenue from services provision
3
397,282,190
470,227,650
Revenue from residual products sale
4
3,794,168
3,759,268
Other operating revenue
5
8,437,096
(2,922,261)
Materials expenses
7
(18,232,757)
(18,974,949)
Utility expenses
8
(10,733,287)
(13,060,740)
Personnel expenses
9
(174,646,661)
(167,566,962)
Third-party services expenses
10
(24,268,002)
(26,473,594)
Depreciation and amortization expenses
11
(35,080,710)
(26,657,965)
Additional tax expenses for specific sectors - ICAS
12
(1,599,286)
(2,093,435)
Other operating expenses
12
(102,050,873)
(181,999,603)
Operating result
42,901,879
34,237,409
Financial revenues and expenses (net)
6
(15,155,438)
(10,592,831)
Gross profit
27,746,441
23,644,578
Income tax expense
13
(3,109,332)
(4,440,599)
Net profit
24,637,109
19,203,979
Other comprehensive income:
Items that will not be reclassified to profit or
loss, of which:
271,085
6,201,945
Gains from revaluation of disposed/scrapped
real estate
25
(546,976)
6,926,768
Surplus from revaluation of fixed assets
25
546,976
-
Deferred tax liability related to revaluation
reserves
24
271,085
(724,823)
Total comprehensive income
24,908,194
25,405,924
Earnings per share (lei/share )
40
0.00831055
0.00847662
Diluted earnings per share (lei/share)
40
0.00831055
0.00847662
5/ 81
Statement of changes in equity as of December 31, 2025
(all amounts are presented in lei (RON) unless otherwise stated)
For details regarding equity, see notes: 13, 23, 24, 25, 26, 27.
The financial statements presented were issued by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
Notes 1 to 42 are an integral part of these financial statements.
Issued and
paid-up share
capital
Other equity
instruments
Revaluation
reserves
Legal
reserves
Retained
earnings
representing
revaluation
surplus
realized
Other
reserves
Retained
earnings
arising from the
first-time
adoption of
IAS, excluding
IAS 29
Year result
Profit
distribution
Retained
earnings
representing
undistributed
profit
Total equity
Balance as of January
1, 2025
299,717,713
(29,395,055)
226,313,255
8,910,913
8,082,921
48,642,404
396,930
19,203,979
(5,785,057)
576,088,003
Net profit for the year
24,637,109
24,637,109
Other comprehensive income:
Surplus from revaluation
of fixed assets
(546,976)
(546,976)
Deferred income tax
271,085
271,085
Transfer of revaluation
surplus to retained
earnings
546,976
546,976
Total comprehensive
income for the period
271,085
(546,976)
546,976
24,637,109
24,908,194
Other items
1,501,199
(8,082,922)
10,720,908
(13,418,922)
(4,139,185)
13,418,922
Total other items
1,501,199
(8,082,922)
10,720,908
(13,418,922)
(4,139,185)
13,418,922
Dividend distribution
(13,418,922)
(13,418,922)
Profit distribution
(5,785,057)
5,785,057
Balance as of
December 31, 2024
299,717,713
(29,123,970)
225,766,279
10,412,112
546,975
59,363,312
396,930
24,637,109
(4,139,185)
587,577,275
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
6/ 81
Statement of changes in equity as of December 31, 2024
(all amounts are presented in lei (RON) unless otherwise stated)
For details regarding equity, see notes: 13, 23, 24, 25, 26, 27.
The financial statements presented were issued by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Notes 1 to 42 are an integral part of these financial statements.
Issued and
paid-up share
capital
Other equity
instruments
Revaluation
reserves
Legal
reserves
Retained
earnings
representing
revaluation
surplus
realized
Other
reserves
Retained
earnings
arising from the
first-time
adoption of
IAS, excluding
IAS 29
Year result
Profit
distribution
Retained
earnings
representing
undistributed
profit
Total equity
Balance as of January
1, 2024
299,717,713
(30,119,878)
233,240,022
7,654,135
12,066,963
32,047,162
396,930
14,292,764
(4,691,016)
564,604,795
Net profit for the year
19,203,979
19,203,979
Other comprehensive income:
Transfer of revaluation
surplus to retained
earnings
(6,926,767)
6,926,767
Deferred income tax
724,823
1,156,154
1,880,977
Other items
1,256,778
(12,066,963)
16,595,242
(9,601,748)
(5,785,057)
9,601,748
Total other items
1,256,778
(12,066,963)
16,595,242
(9,601,748)
(5,785,057)
9,601,748
Dividend distribution
(9,601,748)
(9,601,748)
Profit distribution
(4,691,016)
4,691,016
Balance as of
December 31, 2024
299,717,713
(29,395,055)
226,313,255
8,910,913
8,082,921
48,642,404
396,930
19,203,979
(5,785,057)
576,088,003
Pag.7/ 81
Statement of cash flows for the year ended December 31, 2025
(all amounts are presented in lei (RON) unless otherwise stated)
The financial statements presented were issued by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Notes 1 to 42 are an integral part of these financial statements.
Note
Year ended
December 31, 2025
(audited)
Year ended
December 31, 2024
(audited)
Cash flows from operating activities
Net profit
24.637.109
19.203.979
Adjustments for non-cash items
Depreciation and impairment of fixed assets
11,5
35.080.710
26.657.965
Loss on disposal of fixed assets
238.319
1.504.178
Net movement in adjustments for current assets
5
(3.347.120)
336.314
Net movement in provisions for risks and charges
(1.517.311)
4.475.191
Other adjustments
1.117.304
(384.725)
Interest loss
6
14.922.498
10.612.522
Foreign exchange loss/(gain)
6
232.940
(19.691)
Operating profit before changes in working capital
46.727.340
43.181.754
Decrease/(Increase) in inventories
19
209.543
(739.282)
Decrease in receivables
20,21
8.009.831
369.017
(Decrease)/Increase in trade and other payables
31,32,33
(21.916.459)
10.856.671
Net interest (paid)
6
(14.922.498)
(10.612.522)
Net cash flow from operating activities
42.744.866
62.259.617
Cash flows used in investing activities
Tangible and intangible assets
16,17
(91.607.107)
(71.938.028)
(Increase) in long-term assets
(12.832)
-
Net cash used in investing activities
(91.619.939)
(71.938.028)
Cash flows from financing activities
Increase in long-term borrowings
28
57.936.798
44.696.093
Repayment of borrowings and similar liabilities
28
(21.797.915)
(18.946.015)
Dividends paid
(11.886.129)
(9.585.852)
Cash flows from financing activities
24.252.754
16.164.226
(Decrease)/Increase in cash and cash equivalents
(24.622.319)
6.485.815
Cash and cash equivalents at the beginning of the
year
22
51.742.031
45.256.216
Cash and cash equivalents at the end of the period
22
27.119.712
51.742.031
Pag.8/ 81
Notes to financial statements for the year ended December 31, 2025
(all amounts are presented in lei (RON) unless otherwise stated)
1. General Information and main activities
Oil Terminal is a joint stock company headquartered in Romania. The company's registered office is located
in Constanta, 2 Cariman Street.
The Company operates in accordance with Romanian laws and its Articles of Incorporation and is registered
with the Constanța Trade Register under no. J1991000512136, holding the European Unique Identifier
(EUID): ROONRC. J1991000512136 and Tax Identification Number: RO2410163.
Oil Terminal’s LEI code is: 315700QNENQ53MELTT73, which represents the " Legal Entity Identifier".
The Company was established in accordance with the provisions of Law no. 15/1990 regarding the
reorganization of state-owned economic units as autonomous regies and commercial companies, and
Government Decision no. 1200/1990 regarding the establishment of joint-stock companies in industry, having
the legal form of a joint-stock company.
By Emergency Ordinance no. 15/2001 regarding the regulation of the legal status of tanks, crude oil and
petroleum product transport pipelines, pumping stations, and other related facilities and equipment, the
Company was declared of strategic interest, and the State's interests for the shares held in the Company's
share capital are represented by the relevant ministry.
Meeting the criteria announced by the Bucharest Stock Exchange (BVB), on January 30, 1998, OIL
TERMINAL SA was listed on the stock exchange, First Category, providing investors with protection and
safety, informational transparency, and the possibility to trade their shares on an organized market.
Following a new market segmentation applied by the Bucharest Stock Exchange, the shares of Oil Terminal
have been included in the Standard Category as of January 5, 2015.
Oil Terminal, with over 125 years of experience in the field, holds a strategic position in the Black Sea Region,
being the largest oil terminal operator for petroleum products in the Port of Constanța. Its core activity
comprises the provision of services regarding the receipt, loading, and unloading of crude oil, petroleum,
petrochemical, and liquid chemical products, as well as other finished products or liquid raw materials for
import, export, and transit (NACE code 5224 – Cargo handling).
The Constanța oil terminal is located in South-Eastern Europe, at the crossroads of maritime transport
corridors between Asia, Central and Western Europe, and the Near East.
Climate-related issues
OIL TERMINAL pays particular attention to climate-related aspects and their effects when providing a
balanced and comprehensive analysis of the development and performance of the company's activity and
financial position, considering the following infrastructure aspects:
Oil Terminal has 3 storage areas, with a total storage capacity of approximately 1.1 million cbm, of which:
- North Storage Area – decommissioned;
- Port Storage Area, located within the Port-berth 69, with a storage capacity of approximately 132,000
cbm, intended for the storage of petroleum products and liquid chemical products.
- South Storage Area, capacity of approximately 968,000 cbm, used for the storage of crude oil, gasoline,
diesel, fuel oil.
Depending on the specifics, each storage area has the following infrastructure:
• tanks with capacities ranging from 1,000 cbm to 55,000 cbm, of metal construction, cylindrical, vertically
placed - above ground, provided with protection belts, with fixed or floating roofs and with fire extinguishing
installations. Some of the tanks are equipped with automatic radar type measuring installations for 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/unloading installations;
• installations for loading products into tanker lorries;
• transport pipelines for loading/unloading to/from vessels for crude oil, petroleum products,
petrochemicals, liquid chemicals and oils, with diameters ranging from 100 mm to 1000 mm;
• pump houses that can achieve flow rates between 300 cbm/h - 2,500 cbm/h;
• scales for tanker lorries and railway tankers;
• computerized metering installations located in the immediate vicinity of the diesel, gasoline and crude
oil loading/unloading berths;
• laboratories equipped with equipment for performing specific physico-chemical analyzes;
• quay installations for loading products onto barges (crude oil, diesel, gasoline, fuel oil) and for bunkering
vessels with light and heavy fuel in all oil berths.
Pag.9/ 81
The oil terminal operates 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 vessel
coupling installations for loading/unloading, hydraulically operated, with diameters of 12" and 16",
respectively.
Oil Terminal is interconnected with Romanian refineries through the transport company Conpet SA Ploieşti
for the transport of crude oil from the terminal to the refineries, through underground main 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.
Aspects related to the impact of the company’s main activity on the environment
In the current context of climate change and the commitment to a sustainable economy, the Company
strategically integrates the principles of sustainable development into its operations. The Company has
developed a Sustainability Strategy, publishes an annual Sustainability Report and utilizes environmental
KPIs to track performance in key areas such as emission reduction, waste management, the protection of
natural resources, and energy efficiency.
The implementation of circular economy principles is reflected in actions to optimize technological flows,
reuse materials, and invest in infrastructure with a low environmental impact.
Environmental Management System and Regulatory Compliance
With a tradition of over a century, the Company’s activity involves a controlled environmental impact. Through
the implementation of the Integrated Management System for Environment, Health, and Safety (EHS), the
company acts constantly to prevent pollution, ensure resource efficiency, and comply with legal
requirements.
The integrated management system is maintained following the recertification audit for the requirements of
the SR EN ISO 14001:2015 standard – Environmental Management Systems.
Compliance with regulatory requirements involves adhering to legal provisions, ensuring that all machinery
and equipment operate within designed parameters, following maintenance schedules, and maintaining a
permanent focus on modernizing facilities.
The Company has developed and implemented plans to prevent and mitigate the impact on environmental
factors in the event of potential accidental spills or leaks of crude oil, petroleum, and petrochemical products.
In 2025, these plans were updated and submitted to stakeholders (zones, ABADL, DJM Constanța).
Currently, environmental factors (water, air, soil, groundwater) are monitored in accordance with the
requirements of the Environmental Authorizations and the Water Management Authorization:
- Water: Monthly monitoring of wastewater indicators discharged into the sewage systems of RAJA SA
Constanța and the National Company Maritime Ports Administration SA Constanța, to maintain values within
the limits imposed by current regulations.
- Groundwater: Weekly measurement of the piezometric level and the thickness of the product film, with
the water mixed with petroleum product being extracted via vacuuming.
- Soil: Semi-annual monitoring of "petroleum product" indicators and metals. Facilities are subject to
permanent visual inspections.
- Air: Quarterly monitoring of VOC (Volatile Organic Compounds) indicators at the South Storage Area
(gasoline storage) and benzene/toluene indicators across all three storage areas.
In 2025, laboratory analysis results did not exceed the maximum limit values stipulated by regulatory acts
and current environmental legislation.
Investments in Environmental Protection and Circular Economy:
In 2025, investment plans included projects with a positive impact on environment and biodiversity,
contributing to resource circularity and carbon footprint reduction.
These include the modernization of the storage and transport infrastructure, improving processes efficiency
and increasing operational safety:
- Modernization of Tanks 26 and 29 (crude Oil) – South Storage Area: aimed at enhancing operational safety
and reducing the risk of soil and groundwater contamination. In 2025, modernization works on Tank 29 were
completed, while Tank 26 was decommissioned to undergo the aforementioned works.
- Construction of a New Tank R30 (methanol) – Port Storage Area: the tank is equipped with modern
technology to ensure a safe working environment and environmental protection, being designed to prevent
chemical emissions and leaks. Construction was finalized in Q3 2025, increasing the Port Storage Area's
total storage capacity by 10,000 cbm.
- Modernization of the Wastewater Pre-treatment Plant – North Storage Area: enables an improved treatment
process, compliance with discharge water quality limits, and long-term operability;
- Modernization of the Fuel Oil Rail Tanker Loading Facility (Line 1) – South Storage Area: contributes to the
reduction of emissions and pollution risks;
Pag.10/ 81
- Installation of a New Skid Metering System for Diesel Handling at Berths 73–75 – Port Storage Area: aimed
at preventing water contamination and protecting marine ecosystems.
Infrastructure Maintenance and Energy Efficiency
Maintenance and repair works carried out in 2025 contribute to improved technical performance, reduced
resource loss, and optimized energy consumption. These actions support circular economy objectives by
extending equipment life cycles and reducing the need for replacement. Furthermore, they support the
reduction of pollution risks, environmental infrastructure improvement, and increased operational safety.
Repairs to administrative buildings and waterproofing renewal: contribute to increasing the energy efficiency
of buildings and reducing the carbon footprint.
Repairs to technological and water supply pipelines: contribute to hydraulic efficiency and reduced energy
consumption for pumping, while preventing water loss and soil or water contamination.
Prevention and Control of Major Accident Hazards:
Due to the volume of petroleum and petrochemical products handled, OIL TERMINAL SA falls under the
scope of Law no. 59/2016 regarding the control of major-accident hazards involving dangerous substances,
as an upper-tier establishment. The Company places major importance on the prevention and control of
major accidents involving hazardous substances.
To comply with specific legislation and implement environmental measures established by SEVESO control
authorities, the Company revised its Internal Emergency Plans for the Port and South Storage Areas, in
accordance with the 2024 Safety Reports. These documents were submitted to ISU Dobrogea for evaluation
and approval. These steps strengthen the capacity to respond to incidents and minimize risks to the
environment and the community.
Transparency and Periodic Auditing:
Oil Terminal communicates openly with stakeholders, updating and publishing on its official website, as
necessary:
- Public information per Law no. 59/2016 regarding the control of major-accident hazards involving dangerous
substances: www.oil-terminal.com/Comunicare și mass-media/Informarea publicului SEVESO;
- Quarterly environmental reports prepared in accordance with Government Decision no. 878/2005 regarding
public access to environmental information: www.oil-terminal.com/Comunicare și mass-media/Mediu;
- The annual program for the prevention and reduction of waste generation and recorded progress, prepared
in accordance with Government Emergency Ordinance no. 92/2021 regarding the waste regime: www.oil-
terminal.com/Comunicare și mass-media/Mediu.
Operations are audited annually, both internally and externally, and are verified through thematic inspections
regarding the environment, water management, and emergency situations. In 2025, no contravention
sanctions were applied following environmental, SEVESO, or water management inspections.
In 2025, two minor environmental incidents were recorded, one of which was due to causes external to Oil
Terminal SA. In both situations, specialized teams intervened promptly to identify the cause, contain the
pollution, and remediate the affected areas.
Through the continuous implementation of environmental protection measures, sustainable investments, and
the adoption of circular economy principles, the Company actively contributes to the transition toward a
responsible and competitive industrial model.
There are no indications of asset impairment, and there are no legal or constructive obligations to recognize
a provision related to climate commitments as of December 31, 2025.
Competitive landscape in the Company's field of activity:
On the domestic market, Oil Terminal is the largest terminal in the Port of Constanța for the import and export
of crude oil, petroleum products, and chemical products.
Regarding the entire range of services in the oil sector, the Company's main competitors are:
- The terminal in the Port of Midia
- The terminals in the Romanian Danube ports (Galați, Giurgiu, and Drobeta Turnu Severin)
- The Reni terminal
- Port operators Chimpex and Frial for the export and import of liquid fertilizers or vegetable oils.
The activity of the aforementioned competitors consists of:
• The Port of Midia Terminal:
The Midia Port terminal exclusively serves the Rompetrol Rafinare refinery.
Crude oil required for refinery processing is discharged via a single point mooring buoy (mono-buoy) located
8.6 km offshore in the Black Sea. Other raw materials for refinery supply and biocomponents (mixed with
diesel and gasoline in proportions according to current legislation) are discharged through the oil berths
Pag.11/ 81
located in the Port of Midia. Additionally, vessels/barges are loaded with a maximum of 20,000 tons of
gasoline and diesel for export. This quantitative limitation is imposed by the maximum draft at the berths.
• Terminals in Romanian Danube Ports (Galați, Giurgiu, and Drobeta Turnu Severin):
Loading/unloading operations for gasoline, diesel, fuel oil, and bioethanol into/from river barges are carried
out through the Danube terminals:
- Drobeta Turnu Severin Terminal: OMV Petrom and Petrotel Lukoil refineries conduct operations for loading
gasoline and diesel from rail tank cars via direct transshipment into river barges, which then discharge in
Danube ports in Austria, Slovakia, and Hungary. Bioethanol unloading operations from barges loaded in
Hungary are also performed for the two aforementioned refineries.
- Giurgiu Port Terminal: In 2014, MOL constructed a new terminal where it unloads barges carrying gasoline
and diesel loaded at the terminal, Rompetrol Rafinare, and other Danube ports in Hungary and Slovakia. A
rail ramp for unloading gasoline and diesel from rail tank cars is planned for MOL (not yet commissioned).
- Galați Terminal: Small quantities of diesel and fuel oil, arriving primarily by rail tank cars from various
operators, are handled here. The depot features broad-gauge (Russian-type) railway lines with a
connection to Ukraine, eliminating the need to transship rail cars onto CFR-type axles for loading/unloading
within this depot and bonded warehouse.
• Reni Terminal:
This terminal is a competitor regarding the turnover of cargo loaded in Serbian ports. It has a low storage
capacity of approximately 5,000 tons, and the Danube draft only allows the operation of small-capacity
vessels up to 5,000–6,000 DWT. For large quantities, customers utilize Oil Terminal’s services.
• Export and import of liquid fertilizers and vegetable oils:
There are two port operators in the Port of Constanța that operate storage tanks: Frial, with a capacity of
15,000 cubic meters, and Chimpex, with 20,000 cubic meters. During 2016 and 2017, in response to market
demand, both owners repurposed their tanks from liquid fertilizers to vegetable oils. The import of Urean was
handled by HGM Logistic, following the closure of the three Urean-producing plants belonging to
INTERAGRO.
Implemented Management Systems
Since 2012, following the application of Government Ordinance no. 119/1999 on internal/managerial control
and preventive financial control, republished, with subsequent amendments and completions, and the
implementation of Order no. 600/2018 approving the Code of Internal Managerial Control for public entities,
OIL TERMINAL SA operates an internal managerial control system. Its design and application allow the
management (the General Director and, as applicable, the Board of Directors) to provide reasonable
assurance that the funds managed to achieve general and specific objectives have been used under
conditions of legality, regularity, effectiveness, efficiency, and economy.
Based on the self-assessment results, as of December 31, 2025, the Company's internal managerial control
system complies with the standards included in the Code of Internal Managerial Control. The degree of
implementation and compliance of the internal managerial control system is consistent with the Summary
Situation of self-assessment results as of 31.12.2025 (16 standards implemented) and with the statements
in the Report on the internal managerial control system as of December 31, 2025.
Starting May 13, 2003, Bureau Veritas Quality Romania certified the management system implemented
within the Company, which has been maintained to date and continuously improved in accordance with the
requirements of the SR EN ISO 9001:2015 standard. Since 2018, the Company has been certified for the
Integrated Management System, Quality, Environment, Occupational Health, and Safety.
The Company holds a quality management certificate issued by Bureau Veritas Certification. Between
22.04.2024 and 26.04.2024, the Recertification Audit was conducted in accordance with ISO 9001:2015.
During 14.04.-15.04.2025 Surveillance Audit no. 1 for ISO 9001:2015 was conducted, resulting in the
maintenance of the certification.
During 16.04.-18.04.2025 The Recertification Audit for compliance with SR EN ISO 14001:2015 and SR ISO
45001:2018 was conducted. Following the external auditor's evaluation, recertification was proposed. The
certificates were issued on 30.04.2025, valid until 29.04.2028.
In compliance with the requirements of SR EN ISO/IEC 17025:2018, in a 4-year re-accreditation was
performed by the National Accreditation Body, RENAR, for 23 laboratory tests, in accordance with SR EN
ISO/IEC 17025:2018, obtaining the Re-accreditation Certificate for a 4-year period.
Internal audits by qualified auditors and external audits by the aforementioned bodies are scheduled to
ensure compliance with management system requirements.
To maintain the Authorized Economic Operator status, the Company continues to comply with the Integrated
Management (Quality, Environment, Health, and Safety) requirements.
Pag.12/ 81
In November 2016, AFER-ASFR verified the railway safety management system to evaluate and issue the
railway safety authorization, in accordance with Directive (EU) 2016/798 and Delegated Regulation (EU)
2018/798. Verification of the system is conducted annually based on its documentation, resulting in the
issuance of Operating Authorizations for the railway operator.
In December 2025, AFER-ASFR verified the system once more for evaluation and re-authorization of OIL
TERMINAL SA.
As of December 24, 2019, based on AEO authorization no. RO AEOF 00000000224, the Company holds
the status of Authorized Economic Operator for Customs Simplifications/Security and Safety, according to
address no.31426 dated 19.12.2019, issued by the General Customs Directorate.
During 01.03.2023-04.05.2023, the re-evaluation of the compliance with the conditions and criteria that
formed the basis for obtaining the status of authorized economic operator and the AEOC/AEOS -
RO/AEOC/AEOS/00000000224/19.12.2019 Authorization took place, control carried out by the Bucharest
Regional Customs Directorate. Following the re-evaluation, the Bucharest Regional Customs Directorate
proposed the maintenance of the authorization, considering that the company meets the conditions and
criteria for granting the AEO status - Customs clearances/Security and safety, and issued the AUDIT
REPORT no. 48, registered at Oil Terminal under no. 5386/09.05.2023.
On 11.02.2022 the Ministry of Public Finance - National Agency for Fiscal Administration - General
Directorate for the Administration of Large Taxpayers - Commission for the authorization of operators of
products subject to harmonized excises issued the Fiscal Warehouse Authorization no.
RO0070413DD02/03.02.2022 with validity from 01.03.2022 to 01.03.2027, on behalf of the authorized
warehouse keeper OIL TERMINAL SA. by which the re-authorization of the place located in Constanta, South
Storage Area, Movila Sara, Constanța county - Tanks 18S and 38S as a fiscal warehouse for storing energy
products - unleaded gasoline - E420 was ordered. This authorization allows the receipt, possession and
dispatch, as the case may be, under a suspensive arrangement from the payment of excise duties.
The main services provided by the company are:
•
The receipt, storage, conditioning, and dispatch of crude oil, fuel oil, petroleum products, petrochemicals,
and liquid chemicals for import, export, and transit;
•
Technical testing and analysis in proprietary laboratories for handled products;
•
Technical testing and analysis in proprietary laboratories for third parties;
•
Maintenance and repairs for proprietary facilities and equipment;
•
Leasing of owned assets;
•
Wholesale trade of waste and scrap.
The turnover achieved in 2025 amounted to 401,076,428 lei. Compared to the previous year, an absolute
decrease of 72,913,500 lei was recorded.
The breakdown of turnover by product handled in 2025 compared to 2024 is as follows:
Petroleum products-lei
2025
2024
Crude oil
111,996,523
130,777,334
Diesel
235,243,872
277,508,537
Gasoline
16,198,168
21,249,887
Fuel oil
4,608,049
8,268,352
Chemical products
18,985,472
22,708,688
Residual products
1,410,983
1,881,034
Other products and services
12,633,361
11,596,096
TOTAL
401,076,428
473,989,928
The main economic and financial indicators achieved by the Company in 2025 compared to 2024 are
presented below:
Indicator
Year ended
December 31, 2025
Year ended
December 31, 2024
Current Ratio
1.06
1.20
Quick Ratio
1.02
1.17
Receivables Turnover (days)
27
24
Payables Turnover (days)
27
30
Fixed Asset Turnover (times)
0.48
0.61
Total Asset Turnover (times)
0.44
0.54
Return on Capital Employed (%)
5.29
4.58
Pag.13/ 81
Basic Earnings per Share (lei/share)
0.00831055
0.00847662
Interest Coverage Ratio (times)
2.72
2.96
Gross Profit Margin (%)
6.92
4.99
The average number of employees was 1,011 as of December 31, 2025, compared to an average of 1,016
as of December 31, 2024.
The structure of personnel expenses is as follows:
Indicator
Year ended
December 31, 2025
Year ended
December 31, 2024
Expenses with salaries, meal vouchers, and allowances
160,782,676
154,063,219
Profit-sharing bonuses
1,490,991
1,066,861
Social security and social protection expenses
5,194,854
5,428,763
Contributions to voluntary pension funds
1,726,400
1,675,040
Voluntary health insurance premium contributions
2,064,480
2,076,364
Labor insurance contribution - employees
3,262,577
3,139,659
Labor insurance contribution for other persons (non-
employees)
124,683
117,056
Personnel expenses
174,646,661
167,566,962
Between January 1, 2025, and December 31, 2025, the Company conducted transactions with state-owned
entities (regardless of the shareholding percentage) based on contracts concluded in the current year or the
previous period, as follows:
Customer
Unsettled
amounts as of
December 31,
2024
Sales during
01.01-
31.12.2025
Settlements
during 01.01-
31.12.2025
Unsettled
amounts as of
December 31,
2025
Agenția Română de Salvare a Vieții
Omenești pe Mare(Romanian Agency for
Saving Human Life at Sea)
88,279
649,784
677,096
60,967
ANRSPS UT 515
0
2,678,262
2,678,262
0
CN Căi Ferate CFR (National Railway
Company)
15,139
66,974
76,334
5,779
Chimcomplex SA
626,022
3,441,148
4,067,170
0
Conpet SA
0
245,032
245,032
0
Inspectoratul de Poliție Județean Constanța
0
1,456
1,456
0
Institutul Național de Cercetare - Dezvoltare
pentru Geologie și Geoecologie Marină –
GEOECOMAR (National Institute for
Research and Development of Marine
Geology and Geocology)
0
80,199
67,411
12,788
OMV Petrom SA
4,350,478
94,518,774
91,159,230
7,710,022
Rompetrol Downstream
0
447
447
0
Rompetrol Quality Control
0
1,317
1,317
0
Rompetrol Rafinare
378,856
5,679,979
5,292,738
766,097
SNTFM CFR Marfa
0
391,053
391,025
28
Societatea Naționala de Radiocomunicații
(National Radiocommunications Company)
1,020
34,711
34,921
810
UM 02133 Farul Rosu
0
249,615
249,615
0
TOTAL
5,459,794
108,038,751
104,942,054
8,556,491
Supplier
Unsettled
amounts as of
December 31,
2024
Procurements
during 01.01-
31.12.2025
Settlements
during 01.01-
31.12.2025
Unsettled
amounts as of
December 31,
2025
Administrația Națională Apele Române -
Administrația Bazinală de Apă Dobrogea
Litoral (Dobrogea Litoral Water
Administration)
0
18,502
17,666
836
Pag.14/ 81
Agenția de Protecție a Mediului
(Environmental Protection Agency)
0
800
800
0
Agentia Națională de Cadastru și Publicitate
Imobiliară (National Agency for Cadastre and
Real Estate Publicity)
0
170
170
0
Asociația de Acreditare din România –
RENAR (The Romanian Accreditation
Association)
0
30,709
30,709
0
Asociația de Standardizare din România (The
Romanian Standards Association)
2,119
18,580
20,699
0
Autoritatea de Siguranță Feroviară Română –
ASFR (Romanian Rail Safety Authority)
1,324
109,306
94,445
16,185
Autoritatea Feroviară Română AFER
(Romanian Railway Authority)
0
92,536
85,637
6,899
Autoritatea Națională de Reglementare în
domeniul Energiei – ANRE (National
Regulatory Authority for Energy)
0
500
500
0
Autoritatea Națională de Reglementare în
domeniul Minier, Petrolier și al Stocării
Geogologice a Dioxidului de Carbon –
ANRMPSG (National Regulatory Authority for
Mining, and Geological Storage of Carbon
Dioxide)
0
114,309
114,309
0
Autoritatea Navală Română – ANR
(Romanian Naval Authority)
0
30,712
30,712
0
Autoritatea Rutieră Română – ARR
(Romanian Road Authority)
0
2,790
2,790
0
Biroul Român de Metrologie Legală
(Romanian Bureau of Legal Metrology)
0
41,794
41,034
760
Bursa de Valori București BVB (Bucharest
Stock Exchange)
0
42,009
42,009
0
C.N. Căi Ferate CFR (National Railway
Company)
884
290,870
283,226
8,528
Camera de Comerț și Industrie a României
(Romanian Chamber of Commerce and
Industry)
0
44,503
44,503
0
Camera de Comerț, Industrie, Navigație și
Agricultură (Chamber of Commerce, Industry,
Navigation, and Agriculture)
0
35,538
35,538
Centrul Național de Calificare și Instruire
Feroviară – CENAFER (National Railway
Qualification and Training Centre)
0
10,910
10,910
Ceronav
0
7,382
7,382
0
Compania Națională Administrația Porturilor
Maritime SA (National Company Maritime
Ports Administration)
105,442
5,995,645
6,099,998
1,089
Compania Națională de Administrare a
Infrastructurii Rutiere – CNAIR (National
Company for Road Infrastructure
Administration)
0
25,069
25,069
0
Compania Națională pentru Controlul
Cazanelor, Instalațiilor de Ridicat și
Recipientelor Sub Presiune – CNCIR
(National Company for Control of Boilers,
Lifting Equipment and Pressure Vessels)
0
28,228
28,228
0
Compania Națională Poșta Română
0
2,888
2,888
0
Confort Urban SRL
0
763
763
0
Depozitarul Central SA
189
39,901
40,032
58
Engie România
1,073,257
8,694,542
8,960,979
806,820
INCD Insemex
0
83,446
82,672
774
Inspecția de Stat Pentru Controlul Cazanelor,
0
2,100
2,100
0
Pag.15/ 81
Executive management of OIL TERMINAL during 01.01.2025 – 31.12.2025:
No.
First and last name
Position
1.
Viorel - Sorin CIUTUREANU
General Director
2.
Adriana FRANGU
Financial Director
3.
Marieta Elisabeta STAȘI
Development Director
4.
Gabriel DARABAN
Commercial Director
By the Board of Directors’ Decision no. 72/19.06.2023, Mr. Viorel Sorin CIUTUREANU was appointed as
general director of the company, to whom, in accordance with the provisions of art. 35 of Government
Emergency Ordinance no. 109/2011, the management of the company was delegated for a term of 4 years,
starting from 20.06.2023 until 20.06.2027.
By the Board of Directors’ Decision no. 73/19.06.2023, in accordance with the provisions of Government
Emergency Ordinance no. 109/2011, Ms. Adriana FRANGU was appointed as financial director of the
company, and the term of office for the financial director was set at 4 years, starting with 20.06.2023 until
20.06.2027.
By the Board of Directors’ Decision no. 70/19.07.2024, the organization chart of the company was changed,
applicable from 01.08.2024. The new organizational structure is available on the company's website at
https://oil-terminal.com/guvernanta-corporativa/organigrama/
Starting with 01.08.2024, the executive management is ensured by:
- Viorel Sorin Ciutureanu, General Director
- Adriana Frangu, Financial Director
- Marieta Elisabeta Stași, Development Director
- Gabriel Daraban, Commercial Director.
Recipientelor Sub Presiune și Instalațiilor de
Ridicat – ISCIR (State Inspection for Control
of Boilers, Pressure Vessels and Lifting
Installations)
Inspectoratul Județean în Construcții
Constanța (State Inspectorate for
Construction)
0
195,357
195,357
0
Institutul Național De Cercetare-Dezvoltare
pentru Protecția Muncii Alexandru Darabonț
("Alexandru Darabont" National Research
and Development Institute for Labour
Protection)
0
19,772
19,772
Iprochim SA
3,918
6,956
10,874
0
Ministerul Transporturilor și Infrastructurii
(Ministry of Transport and Infrastructure)
0
400
400
0
Monitorul Oficial RA (Official Gazette)
0
35,373
35,373
0
Muzeul de Istorie Națională și Arheologie
(National History and Archaeology Museum)
0
750
750
0
Oficiul de Cadastru și Publicitate Imobiliară
(National Agency for Cadastre and Real
Estate Publicity)
0
175
175
0
Oficiul Național al Registrului Comerțului
(National Trade Register Office)
0
13,239
13,239
0
OMV Petrom
0
44,132
44,132
0
Primăria Municipiului Constanța (Constanta
City Hall)
0
72,995
72,995
0
RAJA SA
61,510
894,471
925,037
30,944
Registrul Auto Român RA (Romanian
Automotive Register)
0
4,556
4,556
0
RNP Romsilva D.C.E.A.C.
0
8,289
0
8,289
Rompetrol Downstream SRL
124,441
2,297,672
2,289,113
133,000
Telecomunicații CFR
0
11,710
11,710
0
TOTAL
1,373,084
19,370,349
19,729,251
1,014,182
Pag.16/ 81
The General Director and the Financial Director exercise their activity according to mandate contracts, and
the Development Director and the Commercial Director are employees of the company according to
individual employment contracts concluded for an indefinite period.
As of the date of this report, there are no shares of directors Sorin Viorel CIUTUREANU, Adriana FRANGU,
Marieta Elisabeta STAȘI, Gabriel DARABAN held in the company's capital.
The company is administered according to the unitary administration system, the management of the
company being ensured by a Board of Directors consisting of 7 members, non-executive directors.
I. The membership of the Board of Directors as of 31.12.2025
No.
First and last
name
Position
Term of office during
the reporting period
Appointment
document
1.
UNGUR Ramona
Permanent director
Chairman of the Board of Directors
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
2.
MIȘA George
Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
TEȘELEANU
George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
4.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
DOBRE Călin-
Victor
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
6.
CONONOV Paul
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
7.
PRECUP Mihai
Călin
Provisional director
15.12.2025-15.05.2026
OGSM Resolution
no.37/15.12.2025
II. Changes in the composition of the Board of Directors during 2025
II.1. During 01.01.2025 - 09.04.2025
No.
First and last
name
Position
Term of office
Appointment
document
1.
GHEORGHE
Cristian Florin
Permanent director
Chairman of the Board of Directors
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
2.
UNGUR Ramona
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
ANDREI Ovidiu
Aurelian
Permanent director
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
4.
TEȘELEANU
George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
MICU Ionuț Stelian
Permanent director
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
6.
MIȘA George
Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
7.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
By the OGSM Resolution no.13/16.06.2022 the company’s shareholders approved the initiation of the
selection procedure for the members of the Board of Directors of Oil Terminal SA, in accordance with the
provisions of Government Emergency Ordinance no.109/2011 on the corporate governance of public
enterprises, approved with amendments by Law no.111/2016, hereinafter referred to as GEO no.109/2011.
The selection procedure was organized and conducted by the Ministry of Energy, on behalf of the
shareholder, the Romanian State.
By the Ordinary General Shareholders Meeting (OGSM) Resolution no.12/27.04.2023:
- the election as members of Oil Terminal SA’ Board of Directors was approved, starting on 28.04.2023, in
accordance with the provisions of art. 29 of GEO no. 109/2011 of the following: GHEORGHE Cristian Florin,
UNGUR Ramona, ANDREI Ovidiu Aurelian, TEȘELEANU George, MICU Ionuț Stelian, MIȘA George Silvian,
BODU Sebastian Valentin
Pag.17/ 81
- setting the term of office for the appointed members of the Board of Directors for a period of 4 (four) years,
starting on 28.04.2023, was approved;
- the fixed gross monthly remuneration for the elected members of the Board was approved;
- the form of the mandate contract to be concluded with the elected members of the Board was approved;
- mandating the representative of the state in the Ordinary General Meeting of Shareholders to sign the
mandate contracts to be concluded with the the elected members of the Board was approved.
By Board Decision no.55/28.04.2023 Mr. Gheorghe Cristian Florin was elected as Chairman of the
Board of Directors.
The composition of the advisory committees was:
• 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
II.2. During 09.04.2025 - 08.09.2025:
No.
First and last
name
Position
Term of office
Appointment
document
1.
LUNGU Ion
Provisional director
Chairman of the Board of Directors
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
2.
STAN OLTEANU
Manuela Petronela
Provisional director
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
3.
VLĂDESCU
Luminița
Provisional director
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
4.
UNGUR Ramona
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
TEȘELEANU
George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
6.
MIȘA George
Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
7.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
By the Ordinary General Shareholders Meeting Resolution no.5/09.04.2025:
- the revocation, for reasons not attributable to them, of the following members of the Board of Directors
was approved in order to fulfill milestone no. 121 of the National Recovery and Resilience Plan of Romania,
in accordance with the provisions of art. 36.10 of the Mandate Contract:
- Mr. GHEORGHE Cristian Florin
- Mr. ANDREI Aurelian Ovidiu
- Mr. MICU Ionuț Stelian
- the appointment of the following provisional members of the Board of Directors was approved:
- Mr. LUNGU Ion
- Ms. STAN-OLTEANU Manuela-Petronela
- Ms. VLĂDESCU Luminița
- the term of office for the provisional members of the Board of Directors, elected according to art. 3 of this
resolution, was approved for a period of 5 months, in accordance with the provisions of Government
Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises, as subsequently
amended and supplemented;
Pag.18/ 81
- the establishment of the gross monthly fixed allowance for the provisional members of the Board of
Directors, elected according to art. 3 of this resolution, was approved in the amount established in accordance
with the Ordinary General Shareholders Meeting Resolution no.12 of 27.04.2023;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors,
elected according to art. 3 of this resolution, was approved in the form proposed by the Ministry of Energy;
- the initiation of the selection procedure for the vacant positions of member of the Board of Directors was
approved, in accordance with the provisions of Government Emergency Ordinance no. 109/2011 on the
corporate governance of public enterprises, as subsequently amended and supplemented. The selection
procedure will be conducted by the Ministry of Energy, in its capacity as the public tutelary authority.
By Board Decision no.48/15.04.2025 Mr. Ion LUNGU was elected as Chairman of the Board of
Directors.
The composition of the advisory committees was:
• Audit Committee:
UNGUR Ramona – Chairman
TEȘELEANU George – Member
STAN-OLTEANU Manuela-Petronela - Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița - Member
LUNGU Ion - Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
• • Risk Management Committee:
VLĂDESCU Luminița- Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela-Petronela – Member
II.3. During 09.09.2025 - 27.11.2025
No.
First and last name
Position
Term of office
Appointment
document
1.
UNGUR Ramona
Permanent director Chairman
of the Board of Directors
28.04.2023-27.04.2027
10.09.2025-27.04.2027
OGSM Resolution
no.12/27.04.2023
2.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
4.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
STAN OLTEANU
Manuela Petronela
Provisional director
09.04.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.5/09.04.2025
OGSM Resolution
no.23/04.09.2025
OGSM Resolution
no.30/07.11.2025
6.
VLĂDESCU Luminița
Provisional director
09.04.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.5/09.04.2025
OGSM Resolution
no.23/04.09.2025
OGSM Resolution
no.30/07.11.2025
7.
CÂRLAN Mircea
Valentin
Provisional director
09.09.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.26/04.09.2025
OGSM Resolution
no.30/07.11.2025
Pag.19/ 81
By the Ordinary General Shareholders Meeting Resolution no.23/04.09.2025:
- the extension of the term of office of Mr. Ion LUNGU, provisional director elected by the Ordinary General
Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the date of its expiration,
respectively for the period 09.09.2025-08.11.2025 inclusive was rejected;
- the extension of the term of office of Ms. Manuela-Petronela STAN-OLTEANU, provisional director
elected by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the
date of its expiration, respectively for the period 09.09.2025-08.11.2025 inclusive was approved;
- the extension of the term of office of Ms. Luminița VLĂDESCU, provisional director elected by the
Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the date of its
expiration, respectively for the period 09.09.2025-08.11.2025 inclusive was approved;
- the form and content of the additional act to the mandate contract to be concluded with the provisional
directors elected by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025 were approved;
- the empowerment of the Ministry of Energy’s representative, in the Ordinary General Shareholders
Meeting, Ms. Ana VIȘAN, to sign the additional act to the mandate contract to be concluded with the
provisional directors elected by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025
was approved.
By the Ordinary General Shareholders Meeting Resolution no.26/04.09.2025:
- the revocation of Mr. Ion LUNGU, Board member, starting from 09.09.2025 ue to the expiration of their
term of office was approved;
- the election of Mr. Mircea Valentin CÂRLAN as provisional member of the Board, elected for a period of 2
(two) months, starting from 09.09.2025 until 08.11.2025 or until the selection procedure is completed, should
the election be completed before the aforementioned deadline was approved;
- the gross monthly remuneration for the elected provisional members of the Board of Directors in the
amount established and calculated in accordance with the Ordinary General Shareholders Meeting
Resolution no. 12/27.04.2023 was approved;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors,
as proposed by the Ministry of Energy, was approved;
- mandating the representative of the majority shareholder, the Romanian State, represented by the
Ministry of Energy, in the Ordinary General Meeting of Shareholders, to sign the mandate contracts to be
concluded with the provisional members of the Board of Directors elected was approved.
By Board Decision no.104/10.09.2025 Ms. Ramona UNGUR was elected as Chairman of the Board
of Directors.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN-OLTEANU Manuela Petronela – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
By the Ordinary General Shareholders Meeting Resolution no.30/07.11.2025:
- the termination of the mandate of Ms. Luminița VLĂDESCU, provisional member of the Board of Directors
starting with 09.11.2025, due to the expiry of the term was approved.
- the termination of the mandate of Ms. Manuela-Petronela STAN-OLTEANU, provisional member of the
Board of Directors starting with 09.11.2025, due to the expiry of the term was approved.
- the termination of the mandate of Mr. Mircea-Valentin CÂRLAN, provisional member of the Board of
Directors starting with 09.11.2025, due to the expiry of the term was approved.
- the election of Ms. Luminița VLĂDESCU, Romanian citizen, as provisional member of the Board of
Directors was approved.
Pag.20/ 81
- the election of Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen, as provisional member of the
Board of Directors was approved.
- the election of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, as provisional member of the Board of
Directors was approved.
- setting the term of office for the elected provisional members of the Board of Directors at 5 (five) months,
starting from 09.11.2025 until 09.04.2026 or until the finalization of the selection procedure, should the
election be completed before the aforementioned deadline, was approved.
- establishing the gross monthly remuneration for the elected provisional members of the Board of
Directors, in the amount determined and calculated in accordance with the Ordinary General Shareholders
Meeting Resolution no. 12/27.04.2023 was approved.
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors was approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, in the Ordinary General Meeting of Shareholders, Mr. Cristian-Florin GHEORGHE, to sign the
mandate contract to be concluded with the elected provisional members of the Board of Directors was
approved.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN- OLTEANU Manuela Petronela – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
II.4. During 28.11.2025 – 31.12.2025
No.
First and last name
Position
Term of office
Appointment
document
1.
UNGUR Ramona
Permanent director Chairman
of the Board of Directors
28.04.2023-27.04.2027
10.09.2025-27.04.2027
OGSM Resolution
no.12/27.04.2023
2.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
4.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
CONONOV Paul
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
6.
DOBRE Călin Victor
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
7.
PRECUP Mihai-Călin
Provisional director
15.12.2025-15.05.2026
OGSM Resolution
no.37/15.12.2025
By the Ordinary General Shareholders Meeting Resolution no.33/28.11.2025:
- the revocation of the provisional members of the Board of Directors of OIL TERMINAL S.A., starting from
28.11.2025, following the finalization of the selection procedure was approved:
- Ms. Manuela-Petronela STAN-OLTEANU
- Ms. Luminița VLĂDESCU
- Mr. Mircea Valentin CÂRLAN
- the election of the following members of the Board of Directors, starting from 28.11.2025 was approved:
Pag.21/ 81
- Mr. Călin-Victor DOBRE
- Mr. Paul CONONOV
- the mandate duration for the members of the Board of Directors elected, starting from the date of the
meeting and until 27.04.2027 was approved.
- the establishment of the gross monthly fixed allowance or the provisional members of the Board of
Directors elected under Article 4 of the Ordinary General Shareholders Meeting Resolution no.12 of
27.04.2023.
- the form of the mandate contract to be concluded with the members of the Board of Directors elected in
the form proposed by the Ministry of Energy was approved.
- the mandating of the representative of the majority shareholder, the Ministry of Energy, within the OGSM,
to sign, on behalf and for the Company, the mandate contract of the members of the Board of Directors
elected was approved.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul – Member
By the Ordinary General Shareholders Meeting Resolution no.34/15.12.2025:
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance
no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM
Resolution no.12/27.04.2023 were approved.
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance
no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM
Resolution no.33/28.11.2025 were approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, within the Ordinary General Meeting of Shareholders to sign the additional act to the mandate
contract to be concluded with the non-executive directors of the Board of Directors was approved.
By the Ordinary General Shareholders Meeting Resolution no.37/15.12.2025:
- the initiation of the selection procedure for the vacant position on the Board of Directors of OIL
TERMINAL SA in accordance with GEO no. 109/2011 on the corporate governance of public enterprises, as
subsequently amended and supplemented, was approved. The selection procedure will be carried out by the
Ministry of Energy, in its capacity as the tutelary public authority.
- the election of Mr. Mihai-Călin PRECUP of a provisional member of the Board of Directors of OIL
TERMINAL SA, starting from 15.12.2025 was approved.
- the mandate duration for the provisional member of the Board of Directors elected under Art.2 was
approved, starting from the date of the meeting, for 5 (five) months, starting from 15.12.2025 until 15.05.2026
or until the completion of the selection procedure, should the selection is completed prior the aforementioned
deadline.
- the establishment of the fixed gross monthly allowance for the provisional member of the Board of
Directors elected, in the amount determined and calculated according to 4 of OGSM Resolution no.12 of
27.04.2023 was approved.
- the form of the mandate contract to be concluded with the provisional member of the Board of Directors
elected, as proposed by the Ministry of Energy, was approved.
Pag.22/ 81
- the mandating of the representative of the majority shareholder, the Ministry of Energy, within the OGSM,
to sign, on behalf and for the Company, the mandate contract of the members of the Board of Directors
elected was approved.
The composition of the advisory committees as of 31.12.2025:
• Audit Committee:
TEȘELEANU George – Chairman
PRECUP Mihai-Călin – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul – Member
On 31.12.2025, female representation among non-executive directors is 14.3%.
On 31.12.2025 gender representation among directors with mandate contracts is 50%.
As of December 31, 2025 there are no advances or loans granted to non-executive directors or management.
As of December 31, 2025, Oil Terminal is not part of a group, has no relationships with subsidiaries or
associated entities, and does not hold shares in other companies.
2. Significant Accounting Policies
The accounting policies applied in these annual individual financial statements are the same as those applied
in the Company’s annual financial statements as at and for the financial year ended December 31, 2024,
except for the adoption of new standards effective as of January 1, 2024. 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 have been consistently applied by the Company
in the preparation of these financial statements.
2.1. Statement of Compliance
These individual financial statements of the Company have been prepared based on the accounting
regulations compliant with the International Financial Reporting Standards (“IFRS”), approved by the Order
of the Minister of Public Finance no. 2844/2016, with subsequent amendments and completions.
International Financial Reporting Standards (“IFRS”) represent the standards adopted according to the
procedure provided by Commission Regulation (EU) 2023/1803 of September 13, 2023, and include
standards and interpretations approved 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 prepared as at and for the financial year ended December 31, 2025, have
been audited.
Pag.23/ 81
2.2 New Standards and Interpretations
a) Standards and amendments to standards issued by the International Accounting Standards Board (IASB)
and adopted by the European Union (EU) that became effective as of January 1, 2025:
Subject
Requirements
Impact on the
financial
statements
Amendments to
IAS 21 ” The
Effects of
Changes in
Foreign
Exchange Rates”
and
IFRS 1 ” First-
time Adoption of
International
Financial
Reporting
Standards”,
Lack of
Exchangeability
(Effective from
January 1, 2025)
On August 15, 2023, the International Accounting Standards
Board published amendments to International Accounting Standard
21 "The Effects of Changes in Foreign Exchange Rates" (IAS 21) and
to International Financial Reporting Standard 1 "First-time Adoption
of International Financial Reporting Standards" (IFRS 1), adopted via
Commission Regulation (EU) 2024/2862 on November 12, 2024.
The amendments specify when a currency is exchangeable into
another currency and, when it is not, how a company determines the
exchange rate to be applied and the disclosures a company must
provide when a currency lacks exchangeability.
The modifications primarily include:
- Requirements to assess when a currency is exchangeable into
another currency and when it is not.
- Requirements for estimating the spot exchange rate when a
currency cannot be converted into another currency.
- Additional disclosure requirements when an entity estimates the
spot exchange rate because a currency is not exchangeable.
- Application guidance to assist entities in assessing exchangeability
and estimating the spot exchange rate when a currency lacks
exchangeability.
The financial
statements
were not
affected by
these
amendments.
2.2 b) Standards, amendments, and interpretations effective after January 1, 2026, which have not been
early adopted.
There are amendments and interpretations applicable for annual periods beginning on or after January 1,
2026, which have not been applied in the preparation of these financial statements.
Subject
Requirements
Impact on the
financial
statements
Effective date: January 1, 2026:
Amendments to
IFRS 9 ”Financial
Instruments”
and
IFRS 7 ” Financial
Instruments:
Disclosures”:
Classification
and
Measurement of
Financial Assets
(Effective no later
than the start of
the first financial
year beginning on
or after January
1, 2026)
The IASB issued new amendments to help companies assess
whether financial assets with ESG characteristics meet the "solely
payments of principal and interest" (SPPI) criterion. The additional
information will also help users understand how financial instruments
with certain contingent features influence the financial statements.
The amendments modify the following requirements in IFRS 9
and IFRS 7:
- Classification of financial assets with a contingent feature.
The changes introduce an additional SPPI test for financial assets
with contingent features not directly linked to changes in basic lending
risks or costs—for example, if cash flows change based on the debtor
achieving a specific ESG target defined in the loan contract.
- Contractually Linked Instruments (CLI) and non-recourse features.
The changes clarify the key characteristics of CLIs and how they differ
from financial assets with non-recourse features. They also include
factors a company must consider when assessing the underlying cash
flows of a financial asset with non-recourse features (the "look-
through" test).
- Disclosures on investments in equity instruments.
The amendments require additional disclosures for investments in
equity instruments measured at fair value through other
comprehensive income (FVOCI).
The impact of
first-time
adoption of
these
amendments
is being
evaluated.
Pag.24/ 81
- Recognition and derecognition of financial assets and financial
liabilities.
The changes address the recognition and derecognition of financial
instruments, including an exception regarding the derecognition of
financial liabilities settled using an electronic payment system.
Companies may choose to early adopt these amendments
(including the associated disclosure requirements) separately from
the changes regarding the recognition and derecognition of financial
instruments.
Annual
Improvements to
IFRS Accounting
Standards –
Volume 11
(Effective for
annual periods
beginning on or
after January 1,
2026, with early
application
permitted)
On July 18, 2024, the IASB issued narrow-scope amendments to
IFRS Accounting Standards and accompanying guidance as part of
its periodic maintenance. Published as "Annual Improvements to
IFRS Accounting Standards – Volume 11," the document includes
clarifications, simplifications, corrections, and changes aimed at
improving consistency across several standards.
Amended standards:
- IFRS 1 ” First-time Adoption of International Financial Reporting
Standards”;
- IFRS 7 ” Financial Instruments: Disclosures and accompanying IFRS
7 Implementation Guidance”;
- IFRS 9 ” Financial Instruments”;
- IFRS 10 ” Consolidated Financial Statements”; and
- IAS 7 ” Statement of Cash Flows”.
The impact of
first-time
adoption of
these
amendments
is being
evaluated.
Amendments to
IFRS 9 ” Financial
Instruments”
Nature-
dependent
electricity
contracts
(Effective for
annual periods
beginning on or
after January 1,
2026)
On December 18, 2024, the IASB issued amendments to improve
the reporting of the financial effects of electricity contracts dependent
on natural factors, often referred to as Power Purchase Agreements
(PPA).
The amendments apply only to contracts referencing nature-
dependent electricity where a company "is exposed to variability in
the quantity of the underlying electricity because the source of the
electricity generation depends on uncontrollable natural conditions
(e.g., weather conditions)". The amendments include guidance on:
- The "own-use" exemption for electricity buyers under such PPAs;
and
- Hedge accounting requirements for companies hedging their
electricity purchases or sales through PPAs.
A company may apply the own-use exemption to certain PPAs
and thus would not recognize these PPAs in its statement of financial
position. In such cases, the company is required to disclose:
- Contractual features exposing the company to volume variability and
oversupply risk;
- Estimated future cash flows from unrecognized contractual
commitments to purchase electricity within appropriate time
intervals;
- Qualitative information on how the company assessed whether a
contract might become onerous; and
- Qualitative and quantitative information regarding costs and
receipts associated with electricity purchases and sales based on
"net buyer" information.
Furthermore, for PPAs designated in a cash flow hedging
relationship, companies must categorize disclosed information about
terms and conditions by risk category.
Early application is permitted.
The impact of
first-time
adoption of
these
amendments
is being
evaluated.
Effective date: January 1, 2027:
New Standard
IFRS 18 ”
Presentation
and Disclosure
in Financial
Statements”
IFRS 18 ”Presentation and Disclosure in Financial Statements”
published by the IASB on April 09, 2024, replaces IAS 1 ”Presentation
of Financial Statements” and becomes mandatory for annual
reporting periods beginning on or after January 1, 2027.
To provide more relevant and comparable information, IFRS 18
aims to ensure greater consistency in the presentation of the income
and cash flow statements and more disaggregated information. IFRS
The impact of
first-time
adoption of
these
amendments
is being
Pag.25/ 81
(Effective for
annual reporting
periods beginning
on or after
January 1, 2027)
18 defines Management Performance Measures (MPM); currently
known as non-GAAP measures, alternative performance measures
(APM) or key performance indicators (KPI).
Under current IFRS Accounting Standards, companies use
different formats to present their results, making it difficult to compare
financial performance across companies. IFRS 18 affects all
companies, bringing significant changes to the presentation of the
statement of profit or loss, and certain "non-GAAP" measures will
become part of the audited financial statements for the first time.
To provide investors with a better insight into financial
performance, the new standard includes enhanced guidance on how
companies group information in the financial statements. It includes
guidance on including material information in the primary financial
statements or further disaggregating it in the notes.
IFRS 18 promotes a more structured statement of profit or loss:
there will be three new categories of income and expenses, two
subtotals defined by the profit or loss account, and a single note on
management-defined performance measures.
Companies are discouraged from labeling items as "other" and
will be required to disclose more information.
evaluated.
New Standard
IFRS 19
” Subsidiaries
without Public
Accountability:
Disclosures”
(Effective no later
than the start of
the first financial
year beginning on
or after January
1, 2027)
IASB issued on May 9, 2024, IFRS 19 "Subsidiaries without
Public Accountability: Disclosures”
IFRS 19 provides eligible subsidiaries with a practical way to
address excessive disclosure issues while reducing reporting costs—
eliminating the need to either provide information that exceeds user
needs or maintain two separate sets of accounting records.
A subsidiary may choose to apply the new standard in its
consolidated, separate, or individual financial statements, provided
that, at the reporting date:
- It has no public accountability. A subsidiary generally has public
accountability if it is listed on a public market or holds assets in a
fiduciary capacity as one of its primary businesses (e.g., banks,
mutual funds, etc.); and
- The parent company produces consolidated financial statements in
accordance with IFRS Accounting Standards.
A subsidiary applying IFRS 19 must clearly state in its explicit and
unreserved statement of compliance with IFRS Accounting Standards
that IFRS 19 has been adopted.
Eligible subsidiaries may choose to apply the standard for
reporting periods beginning on or after January 1, 2027. Early
application is permitted.
The impact of
first-time
adoption of
these
amendments
is being
evaluated.
2.3. Basis of Measurement
The financial statements are prepared under the historical cost convention, except for tangible assets,
intangible assets, and right-of-use assets arising from leases, other than assets under construction, which
are measured at reevalued amounts.
Inventories are measured at the lower of cost and net realizable value.
International Accounting Standard IAS 29 - Financial Reporting in Hyperinflationary Economies was applied
until December 31, 2003. Since January 1, 2004, the Romanian economy is no longer considered
hyperinflationary. The Company ceased the application of IAS 29 as of that date.
The accounting policies defined below have been applied consistently to all periods presented in these
financial statements.
2.4. Functional and Presentation Currency (IAS 21)
The financial statements are presented in Romanian Lei (RON), which is also the Company's functional
currency, as defined by IAS 21 “ The Effects of Changes in Foreign Exchange Rates”.
At the end of the reporting period, assets and liabilities denominated in foreign currencies are translated into
RON at the exchange rate prevailing at the reporting date, and foreign exchange gains and losses are
recognized in profit or loss.
In accordance with applicable accounting regulations, all amounts are rounded to the nearest leu.
The currencies used in 2025 are: EUR, USD and GBP.
Pag.26/ 81
Given that all these currencies are freely convertible, no special adjustments were required under the IAS 21
– Lack of Exchangeability.
2.5. Use of Accounting Estimates and Professional Judgments
The preparation of financial statements in accordance with International Financial Reporting Standards
(“IFRS”) requires management to use estimates, professional judgments, and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income, and expenses.
Accounting estimates are monetary amounts in financial statements that are subject to measurement
uncertainty.
Estimates and assumptions are continuously evaluated and are based on historical experience and other
factors, including predictions of future events believed to be reasonable under the circumstances. The results
of these estimates form the basis for professional judgments regarding the carrying amounts of assets and
liabilities that cannot be obtained from other information sources. Actual results may differ from these
estimates.
Significant professional judgments used by management in applying the Company's accounting policies and
the primary sources of estimation uncertainty were the same as those applied to the 2024 financial
statements.
In accordance with IAS 36, both tangible and intangible assets are analyzed at the reporting date to identify
whether there are any indications of impairment. If such indications exist, the Company estimates the
recoverable amount of the cash-generating unit or the asset. The recoverable amount is the higher of its fair
value less costs to sell and its value in use. In most cases, the Company estimates the 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 for: provisions/adjustments for inventories, receivables,
litigations, employee benefits provisions, profit-sharing provisions, and other provisions related to mandate
contracts representing the variable component for non-executive directors, the General Director, and the
Financial Director, which have a significant effect on the amounts in the financial statements.
2.7. Basis of Accounting and Reporting in Hyperinflationary Economies
The Company’s measurement and reporting currency is the Romanian leu (leu).
IAS 29 – Financial Reporting in Hyperinflationary Economies requires that the financial statements of entities
reporting in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at
the reporting date, and all amounts must be restated accordingly.
IAS 29 states that reporting operating results and financial position in local currency without inflation
restatement is non-useful, as money loses purchasing power so rapidly that a comparison of transactions or
other events occurring at different times, even within the same reporting period, is misleading. IAS 29
suggests an economy should be considered hyperinflationary if certain conditions are met, one being that
the cumulative inflation rate over three years exceeds 100%.
Adjustments to reflect the application of IAS 29 were made until December 31, 2003.
The application of IAS 29 to specific categories of transactions and balances is presented below:
- Monetary assets and liabilities: were not restated for IAS 29 purposes, as they are already expressed in
terms of the measuring unit current at the reporting date.
- Non-monetary assets and liabilities and equity: Equity components were restated by applying the inflation
index from the month the components were initially recognized in the financial statements until December
31, 2003.
Starting January 1, 2004, the Company no longer applies IAS 29, as the economic environment in Romania
indicates the cessation of hyperinflation.
2.8. Foreign Currency Transactions
Foreign currency transactions are translated into the Company’s functional currency using the exchange rate
at the date of the transaction.
In the financial statements, values are presented rounded to units.
Monetary assets and liabilities in foreign currency at the reporting date are translated into the functional
currency at the closing rate.
Foreign exchange differences are reflected in the Statement of Comprehensive Income.
Non-monetary assets and liabilities, presented at historical cost in foreign currency, are translated using the
exchange rate at the date of the transaction.
As of December 31, 2025, and December 31, 2024, respectively, the official exchange rates used for
translating foreign currency balances are:
Pag.27/ 81
Currency
Year ended
December 31, 2025
Year ended
December 31, 2024
1 EURO
EUR
5.0985
4.9741
1 STERLING POUND
GBP
5.8335
5.9951
1 USA DOLLAR
USD
4.3417
4.7768
2.9. Tangible assets
a) General presentation
The tangible assets held by the Company are classified into the following categories of assets of the same
nature and with similar uses:
- Land
- Buildings
- Technical equipment, measurement, control and regulation apparatus, and means of transport
- Other tangible assets
- Tangible assets under construction.
The fair value of tangible assets was determined based on the going concern principle.
b) Measurement at recognition
Tangible assets are initially measured at acquisition cost (for those acquired for consideration), at contribution
value (for those received as contributions in kind upon the formation/increase of share capital), and at fair
value as of the acquisition date (for those received free of charge), respectively.
The cost of an item of tangible assets comprises its purchase price, including import duties or non-refundable
purchase taxes, transport and handling costs, commissions, notary fees, expenses for obtaining permits, and
any other non-refundable expenses directly attributable to the asset, as well as any direct costs for bringing
the asset to the location and condition necessary for it to be capable of operating.
Tangible assets under construction represent unfinished investments carried out under contract. These are
measured at acquisition cost.
Tangible assets under construction are transferred to the category of finished assets after acceptance,
commissioning, or being placed into service, as applicable.
The cost of a self-constructed asset is determined using the same principles as for an acquired asset.
This includes the cost of materials, direct labor, and, where applicable, the initial estimate of the costs of
dismantling and removing the items and restoring the site directly attributable to the asset, plus an allocated
portion of indirect costs.
When an asset consists of major components with different useful lives, these components are recorded as
separate items of assets.
The Company does not recognize the costs of day-to-day servicing and routine maintenance in the carrying
amount of an item of tangible assets; these costs are recognized in profit or loss as incurred.
Maintenance costs primarily consist of labor and consumables and may include the cost of small parts. The
purpose of these expenses is the repair and maintenance of the item.
c) Measurement after recognition
For subsequent measurement, the Company has adopted the revaluation model 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 their revalued amount, determined based on a valuation report prepared by an independent authorized
expert certified by ANEVAR.
Property, plant and equipment are presented in the Statement of Financial Position at the revalued amount,
less any subsequent accumulated depreciation and accumulated impairment losses, with the exception of
advances and assets under construction, which are presented at cost.
Revaluations must be performed with sufficient regularity to ensure that the carrying amount does not differ
materially from that which would be determined using fair value at the reporting date.
Revaluations are made an independent authorized expert certified by ANEVAR.
A revaluation increase (surplus) replaces the acquisition cost. Upward revaluation differences are reflected
in equity as a "revaluation surplus", unless the increase offsets a previous revaluation decrease of the same
asset previously recognized in profit or loss, in which case the increase is recognized directly in profit or loss.
Downward revaluation differences (decreases) are recognized in profit or loss, unless the decrease offsets
a previous revaluation increase accumulated in equity as a revaluation surplus, in which case the reduction
is recognized in other comprehensive income, reducing the revaluation surplus.
The revaluation surplus included in equity related to an item of property, plant and equipment is capitalized
by direct transfer to retained earnings when the asset is derecognized. This involves transferring the entire
surplus when the asset is retired or disposed of.
Pag.28/ 81
The realized surplus from revaluation reserves, capitalized by transfer to retained earnings, constitutes a
self-financing source according to the approved Accounting Policy Manual, either during the financial year or
at the end thereof, as applicable.
Transfers from the revaluation surplus to retained earnings are not made through profit or loss.
As of December 31, 2023, the Company revalued its property, plant and equipment, intangible assets, and
right-of-use assets.
The fair value revaluation was recorded as of December 31, 2023, based on Valuation Reports prepared by
an authorized valuer, a titular member of ANEVAR.
The frequency of revaluations depends on the changes in the fair values of the revalued property, plant and
equipment. For assets whose fair values do not undergo significant changes, revaluations are not necessary.
If an item of property, plant and equipment is revalued, the entire class of assets to which that asset belongs
must be revalued, unless there is no active market for that asset.
A class of property, plant and equipment comprises assets of a similar nature and use in an entity's
operations. If the fair value of an item of property, plant and equipment can no longer be determined by
reference to an active market, the carrying amount of the asset shall be its revalued amount at the date of
the last revaluation, less subsequent accumulated depreciation and impairment adjustments.
d) Subsequent expenses
The Company recognizes the cost of a replaced component in the carrying amount of an item of property,
plant and equipment 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.
Expenses for repairs or maintenance of fixed assets, incurred to restore or maintain the value of these assets,
are recognized in profit or loss as incurred.
Amounts paid or payable arising from operations that lead to an increase in value and/or useful life through
the modernization of held property, plant and equipment—specifically those operations leading to a
significant improvement in technical parameters or an increase in the potential to generate economic
benefits—are capitalized (correspondingly increasing the carrying amount of the respective asset).
e) Depreciation
Depreciation is calculated on the carrying amount (acquisition cost or revalued amount) using the straight-
line depreciation method over the estimated useful lives of the assets, starting with the month following the
date they are placed into service, and is included monthly in the Company's costs.
The useful lives of property, plant and equipment fall within the ranges provided in the "Catalogue regarding
the classification and normal useful lives of fixed assets" approved by Government Decision no. 2139/2004.
Depreciation expense for each period is recognized in profit or loss unless it is 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 be capable of operating in the manner intended by management.
Depreciation of an asset ceases at the earlier of the date that 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 the date that
the asset is derecognized.
Therefore, depreciation does not cease when the asset becomes useless or is retired from active use unless
the asset is fully depreciated. However, under usage-based depreciation methods, the depreciation charge
can be zero while there is no production.
Each part of an item of property, plant and equipment with a cost that is significant 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 asset revaluation and, if
applicable, at the date of value increase resulting from asset modernization.
If expectations differ from previous estimates, the change(s) shall be accounted for as a change in accounting
estimate in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.
Land is not depreciated.
Depreciation of other tangible assets is calculated using the straight-line depreciation method, allocating
costs to the residual value in accordance with the related useful life.
f) Impairment
An asset is impaired when its carrying amount exceeds its recoverable amount.
At each reporting date, the Company must assess whether there is any indication that assets may be
impaired. If such indications are identified, the Company must estimate the asset's recoverable amount.
If an asset's carrying amount is decreased as a result of a revaluation, this decrease shall be recognized in
other comprehensive income. The decrease is recognized in profit or loss only to the extent that the
revaluation surplus does not show a credit balance for that asset.
The decrease recognized in other comprehensive income reduces the amount accumulated in equity under
the heading of revaluation surplus.
Pag.29/ 81
g) Derecognition
The carrying amount of an item of property, plant and equipment shall be derecognized:
- On disposal;
- When no future economic benefits are 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 derecognized.
h) Public Domain
The Company does not manage public domain assets; however, it has entered into an Oil Concession
Agreement with the National Agency for Mineral Resources, Petroleum, and Geological Storage of Carbon
Dioxide (ANRMPSG) for the operation of tanks, crude oil and petroleum product pipelines, pumping stations,
and other related facilities and equipment, approved by Government Decision no. 886/16.08.2002 for a
duration of 30 years.
Investments stipulated in the rehabilitation, modernization, and development programs carried out on assets
subject to the concession agreement are capitalized and depreciated over the shorter of the remaining useful
life of the respective asset or the remaining term of the Oil Agreement. Following full depreciation, at the
expiry of their normal useful life, or upon termination of the oil agreement, as applicable, these assets shall
re-enter the state's public domain in accordance with legal provisions.
2.10. Intangible Assets
a) Recognition and measurement
To recognize an asset as an intangible asset, the Company must demonstrate that the item meets:
• The definition of an intangible asset, specifically:
- It is identifiable, meaning it is separable (capable of being separated or divided from the entity and
sold, transferred, licensed, rented, or exchanged, either individually or together with a related contract,
asset, or liability);
- It arises from contractual or other legal rights, regardless of whether those rights are transferable or
separable from the entity or from other rights and obligations;
• The recognition criteria, specifically:
- It is probable that the expected future economic benefits attributable to the asset will flow to the
Company;
- The cost of the asset can be measured reliably.
An intangible asset shall be measured initially at cost.
The cost of a separately acquired intangible asset comprises:
- Its purchase price, including import duties and non-refundable purchase taxes, after deducting 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, by way of a government grant,
the Company initially recognizes the asset at its nominal value plus any expenses directly attributable to
preparing the asset for its intended use.
In accordance with generally accepted regulations, intangible assets cannot be acquired through asset
exchanges, as these are treated as special deliveries.
b) Recognition of expenses
Expenses on an intangible item shall be recognized as an expense when it is incurred unless it forms part of
the cost of an intangible asset that meets the recognition criteria.
Expenses on an intangible item that was initially recognized as an expense shall not be recognized as part
of the cost of an intangible asset at a later date.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the
specific asset to which it relates. All other expenses, including expenses on internally generated goodwill and
brands, are recognized in profit or loss as incurred.
c) Measurement 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 respective intangible asset (i.e., at its cost less any accumulated amortization and
any accumulated impairment losses).
d) Amortization
Software and licenses used are amortized over a period of three years using the straight-line amortization
method.
2.11. Right-of-use assets
The Company adopted IFRS 16 "Leases" for the first time effective January 1, 2019.
IFRS 16 "Leases" replaces IAS 17 and establishes new requirements for lease accounting. In the lessee's
accounting, under IFRS 16, the classifications of "operating lease" or "finance lease" from IAS 17 are
Pag.30/ 81
eliminated, and a single model for recording lease contracts is introduced. According to IFRS 16, the lessee
is required to recognize right-of-use assets and the related lease liabilities. In the statement of profit or loss,
the lessee recognizes the depreciation of the right-of-use assets separately from the interest expense on the
lease liabilities.
The Company applied IFRS 16 starting January 1, 2019, using the modified retrospective approach for
transition, without restating comparative figures for the prior period presented.
On January 1, 2019, the Company recognized right-of-use assets in the "Right-of-use assets" account and
lease liabilities in the "Other loans and assimilated liabilities" account, arising from previous operating lease
contracts.
Right-of-use assets underlying the lease contracts are depreciated on a straight-line basis over the lease
term.
Interest expenses are recorded in the profit or loss account over the duration of the lease contract, calculated
on the remaining balance of the lease liability for each period.
The interest rate was determined by the Company based on what it would cost the entity to borrow on the
market to use the underlying asset.
In the statement of financial position, the right-of-use assets are presented as a distinct line item within "fixed
assets," and lease liabilities are presented under "other loans and assimilated liabilities," broken down into
non-current and current liabilities.
At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration.
Under IFRS 16 "Leases," at the commencement date, the Company, as a lessee, recognizes a right-of-use
asset.
The cost of the right-of-use asset includes the initial measurement of the lease liability, any lease payments
made at or before the commencement date, less any lease incentives received, and any initial direct costs
incurred by the Company as a lessee.
The Company determines the lease term as the non-cancellable 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 to identify any indications of impairment. If such indications exist, the asset's
recoverable amount is estimated.
The recoverable amount of an asset or a cash-generating unit is the higher of its value in use and its fair
value less costs to sell. A cash-generating unit is the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments and the risks specific to the asset.
An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its
estimated recoverable amount.
Impairment losses recognized in prior periods are assessed at each reporting date to determine whether
there are indications that the loss has decreased or no longer exists. An impairment loss is 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) attributable to a reversal of an impairment
loss shall not exceed the carrying amount (net of amortization or depreciation) that would have been
determined had no impairment loss been recognized for the asset in prior years.
Taking into account certain internal and external factors, the Company analyzed the net carrying amount
recorded at the reporting date for depreciable assets to assess the possibility of impairment that would require
the recognition of an impairment adjustment.
b) Financial assets
Short-term receivables are not discounted. The recoverable amount of other assets is considered 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. An impairment loss on financial assets or a receivable recorded at amortized cost is reversed if
there has been a change in the estimates used to determine the recoverable amount.
Pag.31/ 81
2.13. Trade and other receivables
Trade and other receivables include invoices issued and uncollected as of December 31, 2025, at their
nominal value related to services rendered.
Trade and other receivables are recorded at realizable value.
The value of receivables is presented at the initial invoice value less provisions (allowance for impairment)
for doubtful debts.
The value of provisions (impairment adjustments) is calculated as the difference between the carrying
amount and the recoverable amount.
2.14. Inventories
The main categories of inventories are: consumables and materials in the nature of inventory items.
Inventories are measured at the lower of cost and net realizable value. The cost of inventories is determined
based on the first-in, first-out (FIFO) method and includes expenditures incurred in acquiring the inventories,
production or conversion costs, and other costs incurred in bringing them to their present location and
condition.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion (where applicable) and the estimated costs necessary to make the sale.
Value adjustments are recorded for damaged, slow-moving, or obsolete inventories, where applicable.
2.15. Cash and cash equivalents
Cash and cash equivalents are presented in the balance sheet at cost.
For the purpose of preparing the statement of cash flows, cash and cash equivalents comprise cash on hand,
bank accounts, cash in transit, other highly liquid short-term financial investments with a maturity of three
months or less, and overdraft facilities.
Cash balances in foreign currency are 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 budget
and social security funds, regarding: salary income tax, individual social security contributions, and health
insurance contributions withheld from the insured.
All Company employees are members of the state pension plan, which is a defined contribution plan. These
costs are recognized in the profit or loss account simultaneously with the recognition of salary expenses.
As of December 31, 2025, the Company has no other pension scheme in place and therefore has no pension-
related obligations.
Short-term employee benefits are recognized in the profit or loss account in the period in which the services
are rendered.
Retirement benefits: A provision is recognized for bonuses that are legally required to be paid as a result of
services provided by employees over the short term, if they can be measured reliably. The Company has
recorded a provision for retirement benefits (Note 34). The present value of the obligation for retirement
benefits is determined by an independent actuarial expert. Actuarial gains or losses arising from changes in
actuarial assumptions are recognized in the statement of comprehensive income in the period for which the
actuarial calculation is performed.
The Company establishes a profit-sharing fund for employees in accordance with the provisions of
Government Ordinance no.64/30.08.2001.
2.17. Income tax
Income tax expense comprises current tax and deferred tax.
Income tax is recognized either in profit or loss or outside profit or loss, either in other comprehensive income
or directly in equity.
a) Recognition of current tax liabilities and assets
The current tax liability for the reporting period and prior periods is recognized to the extent it is unpaid.
If the amount already paid in respect of current and prior periods exceeds the amount due for those periods,
the excess is recognized as an asset.
The benefit of a tax loss that can be carried back to recover current tax of a previous period is recognized as
an asset.
Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be
paid to (recovered from) the taxation authorities, using the tax rates and tax laws that have been enacted or
substantively enacted by the reporting date.
For the financial year ended December 31, 2025, the corporate income tax rate according to the Fiscal Code
was 16%.
Pag.32/ 81
b) Recognition of deferred tax assets and liabilities
Deferred tax is determined using the balance sheet liability method for those temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax is measured at the tax rates that are expected to apply to the temporary differences when they
reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
The primary temporary differences arise from movements in the fair value of assets.
Deferred tax related to the fair value of available-for-sale investments, which is recognized directly in equity,
is also credited or debited to equity and subsequently recognized in profit or loss together with the deferred
gain or loss.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized.
In determining the value of current and deferred tax, the Company considers the impact of uncertain tax
positions and the possibility of additional taxes and interest. This assessment is based on estimates and
assumptions and may involve a series of judgments regarding future events. New information may become
available, causing the Company to change its judgment regarding the adequacy of existing tax liabilities;
such changes to tax liabilities will impact tax expense in the period that such a determination is made.
2.18. Provisions
Provisions are liabilities of uncertain timing or amount.
Provisions are recognized 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 provision
is recognized even if the probability of an outflow of resources related to any single item of obligation is low.
Furthermore, a reliable estimate of the amount of the obligation must be possible.
If the Company expects a partial or full reimbursement of the expenditures required to settle a provision (for
example, through insurance contracts), it must:
- Recognize a reimbursement only when it is virtually certain that the reimbursement will be received if the
Company settles the obligation; the amount recognized for the reimbursement shall not exceed the amount
of the provision;
- Recognize the reimbursed amount as a separate asset.
In the statement of comprehensive income, the expense relating to a provision may be presented net of the
amount recognized for a reimbursement. Provisions are reviewed at the end of each reporting period and
adjusted to reflect the best current estimate. The amount recognized as a provision is the best estimate at
the reporting date of the expenditure required to settle the present obligation. The best estimate of the
expenditure required to settle the present obligation is the amount that the Company would rationally pay to
settle the obligation at the reporting date or to transfer it to a third party at that time. Where an outflow of
resources embodying economic benefits is no longer probable, the provision must be reversed. Provisions
are not recognized for costs that need to be incurred to operate in the future.
The Company recognizes provisions for onerous contracts in situations where the expected benefits to be
derived from a contract are lower than the unavoidable costs of meeting the contractual obligations.
Provisions for risks and charges are recognized when the Company has a legal or constructive obligation
resulting from past events, when an outflow of resources embodying economic benefits is required to settle
the obligation, and when a reliable estimate of the amount of the obligation can be made.
The Company records as "other provisions for risks and charges" the amounts necessary to establish the
profit-sharing fund for the current year to provide incentives to employees, directors, and managers operating
under a mandate contract. After the General Meeting of Shareholders approves the annual financial
statements for the year in which the profit was realized, the provision is reversed and the actual employee
profit-sharing expense is recorded.
2.19. Contingencies
Contingent liabilities and contingent assets are not recognized in the statement of financial position or the
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 when an outflow of resources embodying economic benefits is possible
but not probable.
A contingent asset is not recognized in the accompanying financial statements but is disclosed when an
inflow of economic benefits is probable.
2.20. Revenue recognition
Revenue recorded by the Company is accounted for according to its nature (operating and financial).
Revenue is recorded net of value-added tax (VAT), returns, trade discounts, and rebates.
Revenue from services provision
Pag.33/ 81
Revenue from the rendering of services is recognized in the period in which the services are provided, in
accordance with the stage of completion. In accordance with IFRS 15 – Revenue from Contracts with
Customers, the portion of the transaction price allocated to a performance obligation is recognized as
revenue when (or as) a performance obligation is satisfied.
To determine the transaction price, the terms of the contract and customary business practices are
considered. The transaction price represents the amount of consideration to which the Company expects to
be entitled in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties.
Revenue must be measured at the fair value of the consideration received or receivable.
If the transaction is of a financial nature, fair value is determined by discounting all future receipts using an
imputed rate of interest; the difference from the carrying amount is recognized as interest income.
When the outcome of a transaction involving the rendering of services cannot be estimated reliably, revenue
shall be recognized only to the extent of the recognized expenses that are recoverable.
Amounts collected on behalf of third parties, such as sales taxes, goods and services taxes, and value-added
taxes, are not economic benefits generated for the Company and do not result in increases in equity;
therefore, they are excluded from revenue.
Similarly, in the case of a mandate contract, the gross inflows of economic benefits include amounts collected
on behalf of the principal which do not result in increases in the Company's equity. Amounts collected on
behalf of the principal do not represent revenue; instead, revenue is represented by the amount of
commissions.
Revenue from the provision of services is recorded as they are performed. Rendering of services includes
the execution of works and any other operations that cannot be considered deliveries of goods.
The stage of completion of the work is determined based on progress reports (work statements)
accompanying the invoices, acceptance reports, or other documents attesting to the stage of completion and
acceptance of the services rendered.
Recognition also requires that it is probable that the economic benefits associated with the transaction will
flow to the Company, and that the stage of completion at the end of the period, the costs incurred for the
transaction, and the costs to complete the transaction can be measured reliably.
Revenue from granting the use of assets
Revenue from granting the use of assets is recognized based on the contracts concluded. Recognition takes
into account the period to which the revenue relates, as well as contractual penalties for late payment of
obligations.
Financial revenues and expenses
Financial income comprises interest income on invested funds, foreign exchange gains, and other financial
income.
Interest income is recognized in profit or loss on an accrual basis using the effective interest method,
proportional to the relevant time period, based on the principal and the effective rate over the period to
maturity or shorter periods, if transaction costs are linked to that period, when it is determined that the
Company will obtain such income.
Financial expenses represent the amount of interest on contracted loans, foreign exchange losses, changes
in the fair value of financial assets, and impairment losses on financial assets. All borrowing costs are
presented based on the effective interest rate.
Expenses arising from lease liabilities are recognized within financial expenses. Interest expenses are
recorded in profit or loss over the lease term, calculated on the remaining balance of the lease liability for
each period. This results in higher expenses at the beginning of the lease term.
Grants
Grants related to assets, including non-monetary grants at fair value, are recorded as investment grants and
recognized in the balance sheet as deferred income.
Deferred income is recognized in profit or loss as depreciation expense is recorded or upon the disposal or
retirement of the assets. Grants that compensate the Company for expenses incurred are recognized in profit
or loss on a systematic basis over the same periods in which the expenses are recognized.
Determination of fair value
The Company's accounting policies require the determination of fair value for both financial and non-financial
assets, as well as for liabilities. Fair value has been determined according to the methods described below.
Additional information, where applicable, regarding the assumptions made in determining fair value is
presented in the notes specific to the respective asset or liability.
The Company revalued its tangible assets as of December 31, 2023. The fair value revaluation was recorded
based on valuation reports prepared by an authorized valuer, a titular member of ANEVAR. The frequency
of revaluations depends on changes in the fair values of the revalued items. For items whose fair values do
not undergo significant changes, revaluations are not necessary.
Pag.34/ 81
If an item of tangible assets is revalued, the entire class of assets to which that asset belongs must be
revalued, unless there is no active market for that asset. A class of tangible assets comprises assets of a
similar nature and use in an entity's operations. If the fair value of such an item can no longer be determined
by reference to an active market, the carrying amount of the asset shall be its revalued amount at the date
of the last revaluation, less subsequent accumulated depreciation and impairment adjustments.
2.21. Earnings per share
In accordance with IAS 33 "Earnings per Share", earnings per share is calculated by dividing the 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 represents 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 the fulfillment of certain
specified conditions. The objective of diluted earnings per share is similar to that of basic earnings per share,
namely, to evaluate the interest of each ordinary share in the entity's performance.
2.22. Revaluation reserves
Revaluations are performed with sufficient regularity so that the carrying amount does not differ materially
from that which would be determined using fair value at the reporting date.
The Company has performed revaluations of tangible assets as follows: December 31, 2003, 2007, 2010,
2012, 2013, 2014, 2015, 2017, 2019, 2021, and 2023.
The difference between the revalued amount and the net carrying amount of tangible assets is presented,
depending on its nature (appreciation/depreciation), either in the revaluation reserve as a distinct item in
equity, or in the profit or loss account.
If a revaluation results in an increase over the net carrying amount, it is treated as follows: as an increase in
the revaluation reserve within equity, provided there was no previous decrease recognized as an expense
for that asset, or as income to offset a previously recognized decrease expense for that same asset.
If a revaluation results in a decrease in the net carrying amount, it is treated as an expense for the full amount
of the depreciation when no amount is recorded in the revaluation reserve for that asset (revaluation surplus),
or as a decrease in the revaluation reserve by the lower of that reserve's value and the amount of the
decrease, with any remaining uncovered difference recorded as an expense.
The revaluation surplus included in the revaluation reserve is transferred to retained earnings when the
surplus represents a realized gain. The gain is considered realized upon the derecognition of the asset for
which the revaluation reserve was established.
The realized surplus from revaluation reserves, capitalized by transfer to retained earnings, constitutes a
self-financing source according to the approved Accounting Policy Manual, either during the financial year or
at the end thereof, as applicable.
No part of the revaluation reserve may be distributed, directly or indirectly, unless it represents an effectively
realized gain.
Starting May 1, 2009, revaluation reserves for fixed assets created after January 1, 2004, which are deducted
when calculating taxable profit through tax depreciation or expenses related to disposed and/or retired
assets, are taxed simultaneously with the deduction of tax depreciation or at the time of the asset's disposal.
2.23. Legal reserves
Legal reserves are established at 5% of the gross profit at year-end until the total legal reserves reach 20%
of the paid-in nominal share capital, in accordance with legal provisions. These reserves are deductible for
income tax purposes and are not distributable except upon the liquidation of the company.
2.24. Segment reporting
A segment is a distinct component of the Company that provides certain products or services (business
segment) or provides products and services within a particular geographical environment (geographical
segment) and which is subject to risks and benefits different from those of other segments.
Oil Terminal has a single reportable segment, namely: services regarding the receipt, storage, conditioning,
and dispatch of crude oil, fuel oil, petroleum products, petrochemicals, and liquid chemicals for import, export,
and transit.
2.25. Subsequent events
The financial statements reflect events occurring after the end of the year that provide additional information
about the Company's position at the reporting date or those indicating a possible breach of the going concern
principle (adjusting events).
Events after the end of the year that are non-adjusting events are disclosed in the notes when considered
material.
Pag.35/ 81
2.26. Dividends
Dividends are recognized as a liability in the period in which their distribution is approved.
The distribution of dividends occurs following the approval of the annual financial statements.
2.27. Comparative information
The Statement of Financial Position for the financial year ended December 31, 2025, is presented in
comparison with the Statement of Financial Position for the financial year ended December 31, 2024.
3. Revenue from services provision
Year ended
December 31, 2025
Year ended
December 31, 2024
Revenue from services rendered
395,008,307
467,701,014
Rental income
986,013
1,069,994
Other service-related income
1,287,870
1,456,642
Total revenue from services provision
397,282,190
470,227,650
4. Revenue from residual products sale
Year ended
December 31, 2025
Year ended
December 31, 2024
Revenue from sale of residual products
(Recovered product type A)
1,410,983
1,881,034
Revenue from disposal of other waste
2,383,254
1,881,244
Changes in inventories
(69)
(3,010)
Total revenue from sale of residual products
3,794,168
3,759,268
5. Other operating income
Year ended
December 31, 2025
Year ended
December 31, 2024
Reversal of impairment losses on trade and other receivables
3,642,824
1,810,655
Impairment losses on trade and other receivables
(279,360)
(2,029,324)
Net impairment adjustments for receivables
3,363,464
(218,669)
Income from own work capitalized
26,634
152,264
Income from penalties
366,214
351,247
Income from reversal of provisions
10,905,937
6,814,232
Expenses related to provisions
(9,388,626)
(11,289,423)
Net adjustments for provisions
1,517,311
(4,475,191)
Reversal of impairment losses on inventories
287,071
16,507
Impairment losses on inventories
(303,415)
(134,152)
Net impairment adjustments for inventories
(16,344)
(117,645)
Other operating income
3,179,817
1,385,733
Total other operating income
8,437,096
(2,922,261)
6. Financial revenues and expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Interest income
1,250,531
1,476,065
Foreign exchange gains
(212,198)
226,829
Other financial income
327,454
2,860
Total financial income
1,365,787
1,705,754
Interest expense
(15,261,673)
(11,423,974)
Pag.36/ 81
Foreign exchange losses
(103,370)
(206,633)
Interest expense related to lease liabilities
(911,356)
(664,613)
Other financial expenses
(244,826)
(3,365)
Total financial expenses
(16,521,225)
(12,298,585)
Net financial result
(15,155,438)
(10,592,831)
Total realized revenues, amounting to 406,015 thousand lei, are 0.8% higher compared to the approved
budget for 2025 and 15% lower compared to 2024.
Operating income recorded an increase of 0.8% compared to the budgeted level, driven by revenue from
services rendered—which represents 98.5% of turnover—and a decrease of 15% compared to the level
achieved in 2024.
Financial income, amounting to 1,366 thousand lei, is 30.1% higher than the approved Revenue and Expense
Budget (REB) and 19.9% lower compared to 2024.
7. Material expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Auxiliary materials expenses
6,100,591
7,677,693
Fuel expenses
2,176,616
2,300,213
Packaging materials expenses
178,505
209,672
Spare parts expenses
5,132,284
4,139,511
Other consumables expenses
1,490,438
1,420,503
Small inventory items expenses
3,112,942
3,169,979
Non-stocked materials expenses
41,381
57,378
Total material expenses
18,232,757
18,974,949
8. Utility expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Electricity expenses
7,156,102
7,117,659
Natural gas expenses
1,344,663
3,692,642
Water consumption expenses
2,232,521
2,250,439
Total utility expenses
10,733,286
13,060,740
9. Personnel expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Board of Directors’ remuneration
3,124,737
2,777,544
Executive Directors’ remuneration (mandate contracts)*
2,415,783
2,424,000
Wages and salaries
146,745,516
141,580,555
of which: Executive Directors**
834,152
1,262,288
Meal vouchers expense
8,496,640
7,281,120
Profit-sharing bonuses
1,490,991
1,066,861
Social security contributions***
165,634
171,335
Employer contributions to voluntary pension funds
1,726,400
1,675,040
Employer contributions to voluntary health insurance
premiums
2,064,480
2,076,364
Other social security and protection expenses
5,029,220
5,257,428
Labor insurance contribution – employees
3,262,577
3,139,659
Labor insurance contribution – other persons (non-
employees)
124,683
117,056
Total personnel expenses
174,646,661
167,566,962
* Gross amounts granted to the General Director and the Financial Director, representing the fixed monthly
Pag.37/ 81
gross remuneration for the reference period and the variable component related to the previous year, in
accordance with the mandate contracts.
** Figures represent gross amounts granted to 3 executive directors during the period 01.01.2024-
31.07.2024, and for 2 executive directors starting from 01.08.2024, as follows:
Year ended
December 31, 2025
Year ended
December 31, 2024
Gross amounts, of which:
834,152
1,262,288
Social security contributions
206,595
313,344
Health insurance contributions
84,200
127,367
Income tax
55,118
83,123
*** The Company is recording a social security contribution obligation at a rate of 8% for special working
conditions, applicable in both 2025 and 2024.
Expenses related to salaries and associated contributions recorded as of December 31, 2025, compared to
December 31, 2024, are as follows:
Year ended
December 31, 2025
Year ended
December 31, 2024
Salaries expenses*
91,801,348
86,733,670
Social security and labor insurance contributions
3,552,894
3,428,050
Total salaries expenses and related contributions
95,354,242
90,161,720
*The “Salaries expenses" line does not include employee benefits and bonuses, nor the remuneration of
Board members and directors under mandate contracts (General Director, Financial Director).
In accordance with the provisions of the Collective Labor Agreement in force, the company granted the
following benefits and bonuses to employees: retirement bonuses, allowances/premiums, loyalty bonuses,
marriage allowances, holiday and treatment vouchers (including related transport), childbirth allowances,
funeral grants, serious illness allowances, meal vouchers, and other bonuses (hospitalization allowances,
housing support, etc.).
The obligations regarding employee bonuses and benefits are presented as follows:
Year ended
December 31,
2025
Year ended
December 31,
2024
Meal vouchers
8,496,640
7,281,120
Profit-sharing bonuses
1,490,991
1,066,861
Retirement bonuses
780,353
2,798,995
Holiday and treatment vouchers and related transport (non-taxable)
2,545,297
2,539,201
Holiday and treatment vouchers and related transport (taxable)
524,530
577,693
Bonuses according to the Collective Labor Agreement (non-taxable)
1,024,500
1,035,300
Bonuses according to the Collective Labor Agreement (taxable)
8,890,295
8,930,445
Childbirth allowances
115,040
100,660
Funeral grants
329,574
333,600
Serious illness and other health service allowances
490,279
670,974
Loyalty bonuses
6,989,463
6,389,788
Marriage allowances
121,100
95,150
Housing allowances
184,595
171,614
After-school allowances
118,276
69,972
Allowances and premiums
37,261,507
35,754,244
Voluntary pension fund contributions
1,726,400
1,675,040
Voluntary health insurance premium contributions
2,064,480
2,076,364
Other benefits
598,579
636,677
Total employee benefits and bonuses obligations
73,751,899
72,203,698
Pag.38/ 81
o Employees
The actual number of employees evolved as follows:
Year ended
December 31, 2025
Year ended
December 31, 2024
Higher education personnel, of which:
189
191
Management positions
36
36
Secondary/middle school education personnel, of which:
853
869
Skilled workers
781
800
Total actual number of employees
1,042
1,060
The average number of employees was 1,011 as of December 31, 2025, compared to an average of 1,016
as of December 31, 2024.
o General Director, Financial Director and members of the Board of Directors
The expenses related to mandate contracts granted by the company to the General Director, Financial
Director and members of the Board of Directors are presented as follows:
Year ended
December 31, 2025
Year ended
December 31, 2024
Expenses related to executive directors
2,415,783
2,424,000
Expenses related to non-executive directors
3,124,737
2,777,544
Total expenses related to mandate contracts
5,540,520
5,201,544
By the Ordinary General Shareholders Meeting (OGSM) Resolution no.12/27.04.2023 7 members of Oil
Terminal SA’ Board of Directors (non-executive directors) 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 membership of the Board of Directors is presented in Note no. 1.
On June 19, 2023, the selection procedure for the Company’s General Director and Financial Director was
concluded, in accordance with the provisions of Government Emergency Ordinance (GEO) no. 109/2011 on
the corporate governance of public enterprises, as subsequently amended and supplemented.
Based on the recommendation of the Nomination and Remuneration Committee, the Company’s Board of
Directors appointed the General Director and the Financial Director on June 19, 2023, for a 4-year mandate,
effective from June 20, 2023, until June 20, 2027.
The remuneration of the members of the Board of Directors (specifically, the non-executive directors) is
established by the General Meeting of Shareholders within the structure and limits legally provided.
The remuneration of directors under mandate contracts is established by the Board of Directors pursuant to
Art. 38, para. (2) of GEO no. 109/2011 and may not exceed the remuneration level set for the executive
members of the Board of Directors, consisting of a fixed monthly gross allowance and a variable component.
During the period January 1, 2025 – December 31, 2025 the allowances related to the mandate contracts for
the Board members were granted in the amount of 3,124,737 lei and the allowances related to the directors'
mandate contracts were granted in the amount of 2,415,783 lei.
By the Ordinary General Shareholders Meeting Resolution no.14/16.06.2025, following the annual evaluation
of the directors’ activity, in accordance with the provisions of GEO no.109/2011, art.30, para. (7), the
fulfillment by the directors of the obligations related to their mandate contract for the year 2024, with the
application of all legal regulations in force was noted.
The Board of Directors approved the Evaluation Report on the activity of the directors with a mandate contract
(General Director and Financial Director) for the year 2024, in accordance with the provisions of Art. 36, para.
5, of GEO no.109/2011.
By the Ordinary General Shareholders Meeting Resolution no.20/21.08.2025 :
- the key financial and non-financial performance indicators for executive and non-executive directors
resulting from the Company's Administration Plan, in accordance with the minimum level established for the
company as per the Annex to the Order of the AMEPIP President no. 651/2024, which shall constitute an
Pag.39/ 81
annex to the mandate contracts of the directors and members of the Board of Directors of OIL TERMINAL
S.A. were approved;
- the Additional Act to the mandate contract to be concluded with the members of the Board of Directors in
the form and content proposed by the Ministry of Energy was approved;
By the Ordinary General Meeting of Shareholders Resolution no.34/15.12.2025:
- the form and content of the additional act to the mandate contract to be concluded with the non-
executive directors of Oil Terminal for the implementation of the amendments to Government
Emergency Ordinance no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors
appointed by OGSM Resolution no.12/27.04.2023 were approved.
- the form and content of the additional act to the mandate contract to be concluded with the non-
executive directors of Oil Terminal for the implementation of the amendments to Government
Emergency Ordinance no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors
appointed by OGSM Resolution no.33/28.11.2025 were approved.
By the Ordinary General Meeting of Shareholders Resolution no.35/15.12.2025:
- the establishment of the fixed gross monthly allowance limits for the directors under mandate contracts
assimilated to executive directors was approved between 4 and 5 times the average gross monthly
salary earnings over the last 12 months for the activity carried out in accordance with the company's
main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment.
- the establishment of the (gross) variable component limits for the directors under mandate contracts
assimilated to executive directors was approved between 1 and 2 times the average gross monthly
salary earnings over the last 12 months for the activity carried out in accordance with the company's
main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment.
- the establishment of the benefits granted to directors under mandate contracts assimilated to executive
directors was approved between 1 and 2 fixed gross monthly allowances in one year of mandate.
10. Expenses for services rendered by third parties
Year ended
December 31, 2025
Year ended
December 31, 2024
Expenses for third-party services,
of which:
23,677,356
25,576,295
Total statutory auditor's fees*
93,200
90,555
Postal and telecommunication expenses
363,310
402,737
Banking service charges
99,187
86,883
Commissions and fees
128,149
407,679
Total expenses for services rendered by third parties
24,268,002
26,473,594
*By the Ordinary General Meeting of Shareholders Resolution no.6/16.02.2023 Transilvania Audit & Fiscality
S.R.L. was appointed as the statutory financial auditor of Oil Terminal for a 3-year contract term, covering
the financial years 2023, 2024, and 2025.
The fees are established based on the contract concluded between the two parties and relate to:
- Statutory audit services of the annual financial statements prepared in accordance with the Ministry of
Public Finance Order no. 2844/2016 for the approval of Accounting Regulations compliant with International
Financial Reporting Standards, for the financial years ended 31 December 2023, 31 December 2024, and
31 December 2025.
- Review services for the Simplified Interim Financial Statements prepared as of 31 March (Q1), 30 June
(Q2), and 30 September (Q3) for the following financial years: 2023, 2024, and 2025.
- Audit services regarding the preparation of the Assurance Report on sustainability reporting for the years
2024 and 2025.
- Other supplementary reports upon request, as applicable, according to the provisions of Law no.
24/2017, Art. 144 of Regulation no. 5/2018 on issuers of financial instruments and market operations, as
subsequently amended and supplemented, and Art. 11 of Regulation (EU) no. 537/2014 of the European
Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-
interest entities.
The fees were established based on the contract concluded between the two parties.
Pag.40/ 81
11. Depreciation expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Depreciation of intangible assets
396,240
411,169
Depreciation of right-of-use assets
3,679,577
2,930,949
Depreciation of tangible assets, of which:
31,004,893
23,315,847
Buildings and specialized constructions
24,005,043
17,826,005
Technical installations and technological equipment
6,592,851
5,369,247
Furniture and other fixed assets
406,999
120,595
Total depreciation expenses
35,080,710
26,657,965
12. Other operating expenses
Year ended
December 31, 2025
Year ended
December 31, 2024
Repair expenses
41,162,320
121,810,307
Maintenance expenses
23,468,624
22,476,282
Royalties
21,248,825
23,541,509
Rent and management lease expenses
3,886,563
3,863,194
Insurance premium expenses*
577,226
480,719
Studies and research expenses
320,230
1,277,100
Staff training expenses
431,951
493,357
Property rights-related expenses
25,000
-
Consultancy fees
249,209
-
Protocol expenses
208,698
271,482
Advertising and publicity expenses
206,147
426,053
Transport of goods and personnel
78,460
435,540
Travel expenses
367,212
550,247
Additional tax for specific activity sectors (ICAS)
1,599,286
2,093,435
Other taxes and fees
5,960,875
4,124,677
Losses from receivables and other debtors
2,932,166
600
Sponsorship expenses
323,000
645,000
Compensations, fines, and penalties
245,842
10,235
Other operating expenses
358,525
1,600,062
Trade discounts received
-
(6,761)
Total operating expenses
103,650,159
184,093,038
13. Current and Deferred Income Tax
The Company's current and deferred income tax for 2025 and 2024 is determined at a statutory rate of 16%.
• Current income tax
Income tax recognized in the Profit or Loss account:
Year ended
December 31, 2025
Year ended
December 31, 2024
Current income tax expenses
3,109,332
4,440,599
Total current income tax expenses
3,109,332
4,440,599
The Company recorded income tax expenses related to both current activities and revaluation differences
transferred to depreciation during the year, which are taxable for income tax calculation purposes. In 2025
and 2024, the Company did not record any deferred tax income or expense.
As of December 31, 2025, the Company recorded a gross profit of 30,023,988 lei and a net profit of
26,914,656 lei.
Following the recognition of a provision for risks and charges regarding employee profit-sharing as of
December 31, 2025, amounting to 2,277,547 lei, the gross profit becomes 27,746,441 lei and the net profit
24,637,109 lei.
As of December 31, 2025, the fiscal profit calculated in accordance with the provisions of Law no. 227/2015
regarding the Tax Code, as subsequently amended and supplemented, is 23,611,329 lei.
Pag.41/ 81
The income tax calculated on the fiscal profit amounts to 3,777,813 lei, reduced to 3,109,332 lei as a result
of: sponsorship deductions within the limits established by Law no. 227/2015 and GEO no. 115/2023
regarding certain fiscal-budgetary measures in the field of public expenditure, for fiscal consolidation,
combating tax evasion, for the amendment and completion of certain normative acts, as well as for the
prorogation of certain deadlines in amount of 323,000 lei and tax reduction of 10% according to GEO
no.153/2020 for maintaining/increasing equity, as well as for completion of certain normative acts, in amount
of 345,481 lei.
Reconciliation of the effective tax rate for 2025 and 2024:
Year ended
December 31, 2025
Year ended
December 31, 2024
Profit before tax
27,746,441
23,644,578
Income tax at the statutory rate of 16%
4,439,431
3,783,132
Effect of additional tax expenses for specific activity
sectors (ICAS)
255,886
334,950
Taxation of revaluation reserves
293,698
975,343
Effect of other non-deductible expenses
1,693,938
2,267,314
Effect of income-nature items
191,731
620,063
Effect of non-taxable income
(2,412,387)
(1,382,623)
Legal reserve deductions
(240,192)
(201,084)
Reinvested profit
(444,292)
(762,658)
Sponsorship exemptions
(323,000)
(645,000)
Income tax reduction according to GEO no.153/2020
(345,481)
(548,838)
Total income tax expense
3,109,332
4,440,599
• Deferred income tax
Year ended
December 31, 2025
Year ended
December 31, 2024
Deferred income tax liabilities
32,229,185
32,500,270
TOTAL deferred income tax
32,229,185
32,500,270
Deferred tax liabilities and assets are calculated based on 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 recognizes deferred taxes as an expense or income, except for tax recognized in other
comprehensive income or directly in equity because it relates to transactions that are recognized in other
comprehensive income or directly in equity.
Deferred income tax is determined based on the tax rates (and legal regulations) enacted by the end of the
reporting period and which are expected to apply in the period when the deferred tax asset is realized or the
deferred tax liability is settled. Deferred tax assets are recognized only to the extent that it is probable that
future taxable profit will be available against which the temporary differences can be utilized.
As of December 31, 2025 the total value of deferred income tax recognized in equity is 32,229,185 lei and
represents deferred income tax related to taxable revaluation reserves.
As of December 31, 2025 the deferred income tax recognized in equity shows a decrease of 271,085 lei
compared to the previous year, representing reversed deferred tax recognized in equity, related to
revaluation reserves transferred to retained earnings representing realized revaluation surplus, pertaining to
scrapped fixed assets and right-of-use assets canceled upon termination of leasing contracts in 2025.
14. Segment reporting
Oil Terminal has a single reportable segment, namely: services regarding the receipt, storage, conditioning,
and dispatch of crude oil, fuel oil, petroleum products, petrochemicals, and liquid chemicals for import, export,
and transit.
Pag.42/ 81
Total income from services rendered
Year ended
December 31, 2025
Year ended
December 31, 2024
∆%
Services regarding the receipt, storage,
conditioning, and dispatch of crude oil, fuel oil,
petroleum products, petrochemicals, and liquid
chemicals
395,008,307
467,701,014
(15.5)
• Main foreign customers:
Customer
Country
Year ended
December 31, 2025
Year ended
December 31, 2024
∆%
Invoiced amount*
Invoiced amount*
Euronova Energies SA
Switzerland
19,152,555
38,218,968
(49.89)
Alkagesta LTD
Malta
8,425,393
8,187,142
2.91
Vitol SA
Switzerland
7,776,380
40,447,186
(80.77)
Ivict Europe GMBH
Germany
4,265,724
4,604,572
(7.36)
Island Petroleum LTD
Cyprus
4,035,323
4,289,177
(5.92)
Mol PLC
Hungary
2,344,949
13,812,538
(83.02)
AGTG SA
Switzerland
1,802,120
1,222,991
47.35
Litasco SA
Switzerland
1,432,244
7,184,918
(80.07)
Rinaco Trade AG
Switzerland
807,605
1,501,471
(46.21)
Rubikon Shipping and Trading SA
Switzerland
371,551
501,722
(25.94)
* excluding VAT
• Oil Terminal’s main customers:
Customer
Country
Year ended December
31, 2025
Year ended December
31, 2024
Invoiced
amount*
%
Invoiced
amount*
%
OMV Petrom SA
Romania
79,921,829
19.93
81,277,462
17.22
Oscar Downstream SRL
Romania
78,472,507
19.57
81,013,693
17.17
Lukoil România SRL
Romania
68,006,465
16.96
64,050,797
13.57
Socar Petroleum SA
Romania
35,103,300
8.75
30,530,364
6.47
Mol România Petroleum Products SRL
Romania
33,549,506
8.36
24,438,735
5.18
Vitaro Energy SRL
Romania
25,782,420
6.43
322,287
0.07
Euronova Energies SA
Switzerland
19,152,555
4.78
38,218,968
8.10
Alkagesta LTD
Malta
8,425,393
2.10
8,187,142
1.73
Vitol SA
Switzerland
7,776,380
1.94
40,447,186
8.57
Rompetrol Rafinare SA
Romania
5,329,660
1.33
2,054,095
0.44
* excluding VAT
15. Tangible assets
Gross Values
Land
Buildings
Technical
installations
and
machinery
Other
installations,
equipment and
furniture
Total
Balance as of December
31, 2024
409,280,241
293,356,483
38,111,619
1,124,213
741,872,556
Transfers from assets under
construction
104,780,116
7,517,027
2,964,867
115,262,010
Increases from acquisitions
(606,571)
(606,571)
Depreciation taken over from
lessor
-
-
242,883
242,883
Accumulated depreciation
reversed on disposals
(20,212)
(3,991)
(597)
(24,800)
Reductions from disposals
-
(203,096)
(23,290)
(11,933)
(238,319)
Balance as of December
409,280,241
397,306,720
45,844,248
4,076,550
856,507,759
Pag.43/ 81
31, 2025
Depreciation
Land
Buildings
Technical
installations
and
machinery
Other
installations,
equipment and
furniture
Total
Balance as of December 31,
2024
-
17,631,597
5,864,771
120,414
23,616,782
Depreciation in 2025
-
24,005,043
6,592,851
406,999
31,004,893
Accumulated depreciation on
disposals
-
(20,212)
(3,991)
(597)
(24,800)
Depreciation taken over from
lessor
-
-
242,883
-
242,883
Balance as of December 31,
2025
-
41,616,428
12,696,514
526,816
54,839,758
Net Value
Balance as of December 31,
2024
409,280,241
275,724,886
32,246,848
1,003,799
718,255,774
Balance as of December 31,
2025
409,280,241
355,690,292
33,147,734
3,549,734
801,668,001
Tangible assets are presented in the annual financial statements at revalued amount, less accumulated
depreciation and impairment adjustments or losses, in accordance with IAS 16 – Property, Plant and
Equipment and IAS 36 – Impairment of Assets.
The Company recorded the revaluation of tangible assets as of 31 December 2023, based on a Valuation
Report prepared by an authorized valuer, a titular member of ANEVAR. The frequency of revaluations
depends on the changes in the fair values of the revalued tangible assets.
In the case of tangible assets whose fair values do not undergo significant changes, revaluations are not
necessary.
As of December 31, 2025, the net value of tangible assets increased by 83,412,227 lei compared to the end
of 2024, as follows:
➢ Commissioning of assets from assets under construction: increase of 115,262,010 lei
➢ Reductions from acquisitions in the amount of 606,571 lei (reduction of inventory value following the
refund of certain local budget taxes initially included in the inventory value);
➢ Disposals of tangible assets at carrying amount: reduction of 238,319 lei
➢ Depreciation of tangible assets in 2024: reduction of 31,004,893 lei
Fair value as of 31 December 2025, determined using the revaluation model, is presented as follows:
➢ Land
409,280,241
lei
➢ Buildings
355,690,292
lei
➢ Technical installations and machinery
33,147,734
lei
➢ Other installations, equipment and furniture
3,549,734
lei
The Company holds the following land plots:
➢ Land with an area of 951,386.79 sqm, registered in accordance with the ownership title series MO3
no. 3285/19.11.1996, located in the South Storage Area, valued at 82,618,157 lei, registered in the
share capital in July 1997;
➢ Land with an area of 413,413.16 sqm, acquired during 2003 based on the ownership title series MO3
no. 8448/16.04.2003, located in the North Storage Area, valued at 58,824,645 lei, registered in the
share capital in July 2003;
➢ Land purchased in 2004 according to the sale-purchase agreement no. 181/20.01.2004 concluded
with Constanța City Hall, with an area of 243,912.70 sqm located in the North Storage Area, valued
at 37,712,443 lei;
➢ Land with an area of 254,261.325 sqm, acquired during 2011 based on the ownership title series
MO3 no. 11703/02.02.2011, located in the North Storage Area, valued at 152,535,174 lei, registered
in the share capital in March 2023;
➢ Land with an area of 129,334.70 sqm, acquired during 2011 based on the ownership title series MO3
Pag.44/ 81
no. 11704/02.02.2011, located in the North Storage Area, valued at 77,589,822 lei, registered in the
share capital in March 2023.
16. Tangible assets under construction
Tangible assets under construction, amounting to 22,867,299 lei, represents unfinished investments as of
31 December 2025, comprising:
Assets under construction
Investments as per
OIL TERMINAL’s
investment plan
Investments in public
domain assets*
Total
Balance as of December 31, 2024
23.301.789
25.311.683
48.613.472
Increases during the year
58.980.838
30.534.999
89.515.837
Transfers to fixed assets
(59.415.328)
(55.846.682)
(115.262.010)
Balance as of December 31, 2025
22.867.299
-
22.867.299
* Assets under construction from capital expenditure on public domain assets
The total value of investment expenditure recorded between 01.01.2025 and 31.12.2025 is 95,514,410 lei,
representing:
➢
89,515,837
investment expenditure for tangible assets
➢
824,878
investment expenditure for intangible assets
➢
5,173,695
assets related to right-of-use assets.
The main investment objectives completed in 2025 are:
• Sulfur content analyzer – 1 unit
• Firefighting vehicle – 1 unit
• Ford Transit utility vehicle – 1 unit
• Electric thermal plants – 6 units
• Gas-fired thermal plants – 2 units
• Colorimeter – 1 unit
• Connecting Tank 23P to the Jet-A1 facility – Port Storage Area
• Construction of Tank 30P, 10,000 cbm – Port Storage Area
• Security guard container – 1 unit
• Density meter – 1 unit
• Firewall equipment – 1 unit
• Centrifugal electric pump – 1 unit
• Metal trestle between lines 3 and 4 at the rail ramp – Port Storage Area
• Demolition shears – 1 unit
• Pump unit – 2 units
• Power generator – 2 units
• Fuel oil rail tank car loading facility, Line 1 – South Storage Area
• Laptop - 7 units
• Modernization of the fire fighting water pump house – North Storage Area
• Modernization of the steam pipeline – South Storage Area
• Modernization of the technological pipeline – Port Storage Area
• Modernization of the residue pipeline Dn 200
• Modernization of trestles – Port Storage Area (4 units)
• Modernization of the access system for the metal trestle, Line 1 – South Storage Area
• Modernization of rail infrastructure – connection of lines 10F and 11F
• Modernization of the firefighting system in the tank farm – South Storage Area
• Modernization of locomotive 736-4
• Modernization of the materials warehouse
• Modernization of the warehouse for recoverable materials and investments
• Modernization of the concrete platform for tank truck access – South Storage Area
• Modernization of Tank R10 – Port Storage Area
• Modernization of Tank R12 – Port Storage Area
• Modernization of Tank R27 – Port Storage Area
• Modernization of Tank T26 – South Storage Area
• Modernization of Tank T29 – South Storage Area
Pag.45/ 81
• Modernization of the Crystal separator – North Storage Area
• Modernization of the CCTV system – North, Port, and South Storage Area
• Modernization of the lighting network for the pipeline bundle – Port Storage Area
• Power cutter – 2 units
• Centrifugal electric pump – 1 unit
• Particle counter – 1 unit
• PC (20 units)
• Poweredge R550 Rack Server (1 unit)
• SKID-type metering system at Berths 73-75 – Port Storage Area
• Perimeter detection system for identification and access control – South Storage Area
• Infrared spectrometer – 1 unit
17. Intangible assets and right-of-use assets
a. Intangible assets
Gross values
Concessions
Other intangible
assets
Total
Balance as of December 31, 2024
3,494,630
1,068,469
4,563,099
Increase from acquisitions
-
824,878
824,878
Balance as of December 31, 2025
3,494,630
1,893,347
5,387,977
Depreciation
Concessions
Other intangible
assets
Total
Balance as of December 31, 2024
1,921
409,248
411,169
Depreciation in 2025
1,921
394,319
396,240
Balance as of December 31, 2025
3,842
803,567
807,409
Net values
Balance as of December 31, 2024
3,492,709
659,221
4,151,930
Balance as of December 31, 2025
3,490,788
1,089,780
4,580,568
The intangible assets recorded in the Company’s accounting records consist of IT software/licenses
purchased from third parties; the concession of the operation activity of tanks, crude oil and petroleum
product transport pipelines, pumping installations, and other related equipment and facilities concluded with
the National Agency for Mineral Resources; other concessions representing internet domain registrations for
Oil Terminal ("oilterminal.ro" and "oilterminal.com"); and other intangible assets representing OIL TERMINAL
trademarks.
Following the analysis of the concession agreement approved by G.D. no. 886/16.08.2002 as of 31
December 2012, it was concluded that the conditions for recognizing the concession as an intangible asset
were met in accordance with IAS 38 – Intangible Assets and the clarifications provided by IFRIC 12. As of
31 December 2012, based on a Valuation Report prepared by an authorized valuer (ANEVAR member), the
"concession" intangible asset was recognized at a fair value of 3,034,941 lei. It was recorded with an
indefinite useful life, pursuant to paragraph 88 of IAS 38, and is therefore not subject to depreciation.
As of 31 December 2023, the Company revalued its intangible assets based on a Valuation Report prepared
by an authorized valuer (ANEVAR member). The frequency of revaluations depends on the changes in the
fair values of the revalued intangible assets.
Fair value as of December 31, 2025 for intangible assets is as follows:
➢ Petroleum Agreement Concession
3,479,000
lei
➢ Other concessions - Trademarks
11,788
lei
➢ IT software / related licenses
1,089,780
lei
Pag.46/ 81
b. Right-of-use assets (leased assets)
Gross values
Right-of-use assets
(leased assets)
Balance as of December 31, 2024
12,638,364
Increase from acquisitions
5,173,695
Increases from closing exchange rate
valuation
329,605
Reductions from disposals
(759,535)
Impairment losses reversed in profit and
loss from closing exchange rate
valuation
2,588
Balance as of December 31, 2025
17,384,717
Amortizări și deprecieri
Right-of-use assets
(leased assets)
Balance as of December 31, 2024
2,887,203
Depreciation in 2025
3,679,577
Depreciation from disposals
(759,535)
Balance as of December 31, 2025
5,807,245
Net Values
Balance as of December 31, 2024
9,751,161
Balance as of December 31, 2025
11,577,472
Effective 1 January 2019, the Company applied IFRS 16 "Leases", the standard which replaced IAS 17
"Leases" and all related interpretations (SIC/IFRIC). This resulted in the recognition of the right to use the
underlying assets as an intangible asset in the "right-of-use assets" account and a liability in the "other loans
and similar liabilities" account, resulting from lease contracts.
The major changes introduced by IFRS 16 relate to the accounting by lessees of the right-of-use of the
underlying asset, specifically the recognition in the balance sheet of assets and liabilities related to the rights
and obligations arising from lease contracts. The right-of-use asset is depreciated on a straight-line basis
over the lease term. Since 1 January 2019, the Company has recognized depreciation expense for right-of-
use assets and interest expense related to the lease liability. The interest rate was determined by the
Company based on the cost the entity would incur to borrow on the market to use the underlying asset.
As of 31 December 2023, the Company revalued its right-of-use assets.
The fair value revaluation was recorded based on a Valuation Report prepared by an authorized valuer
(ANEVAR member). The frequency of revaluations depends on the changes in the fair values of the revalued
right-of-use assets. If the fair values of these assets do not undergo significant changes, revaluations are not
necessary.
The Company acts as a lessee in 13 operating lease contracts, as described in Note 29.
18. Financial assets
Year ended December
31, 2025
Year ended December
31, 2024
Other fixed receivables
914,458
908,030
Total financial assets
914,458
908,030
As of December 31, 2025, the Company recorded fixed receivables amounting to 914,458 lei, representing:
• • Performance guarantee, in the amount of 914,458 lei, in favor of the National Company
Maritime Ports Administration.
During 2025 the performance guarantee balance at the beginning of the year, amounting to 908,030 lei, was
adjusted to 914,058 lei following the indexing of contractual tariffs with the inflation index.
Pag.47/ 81
19. Inventories
Year ended December
31, 2025
Year ended December
31, 2024
Auxiliary materials
2,203,293
1,509,546
Fuels
117,967
204,701
Packaging materials
99,294
59,960
Spare parts
35,225
938,314
Other consumables
167,163
192,493
Inventory items
230,963
158,364
Residual products
187
257
Adjustments for consumables
(187,894)
(122,331)
Adjustments for inventory items
-
(49,218)
Total inventories
2,666,198
2,892,086
Slow-moving inventories remaining in balance as of December 31, 2025, amount to 187,894 lei, an increase
of 16,345 lei compared to the previous year.
For these inventories, allowances for the impairment of materials were recognized as follows:
Year ended December
31, 2025
Year ended December
31, 2024
Allowance balance at start of period
171,549
53,904
Additions during the year
303,415
134,152
Reversals during the year
(287,070)
(16,507)
Allowance balance at end of period
187,894
171,549
20. Trade and other receivables
Year ended December
31, 2025
Year ended December
31, 2024
Invoices issued, to be collected
32,125,836
28,747,922
Doubtful and litigious customers
1,398,489
4,761,953
Invoices to be issued
4,350,079
4,091,903
Allowances for impairment of trade receivables
(1,398,489)
(4,761,953)
Total trade receivables
36,475,915
32,839,825
The status of trade receivables (issued invoices to be collected) amounting to 32,125,836 lei as of December
31, 2025, by aging, is as follows:
• Trade receivables not yet due
30,439,088
lei
• Trade receivables past due 1–30 days
1,482,361
lei
• Trade receivables past due 31–60 days
204,000
lei
• Trade receivables past due 61–90 days 61 - 90 zile
387
lei
Doubtful customers recorded as of December 31, 2025, total 1,398,489 lei, a decrease of 3,363,464 lei
compared to December 31, 2024, primarily due to the enforcement of Civil Judgment no. 812/15.05.2025 in
case no. 1974/118/2019. Consequently, the value of uncollected invoices from the customer Master Chem
OIL DMCC, totaling 2,923,827.76 lei (equivalent to 684,948.30 USD), was written off as an expense.
For doubtful customers, the Company recognized allowances for impairment for the total value of the
receivable, including VAT.
In 2025, the Company recorded impairment allowances for trade and other receivables as follows:
Year ended December
31, 2025
Year ended December
31, 2024
Allowance balance at start of period
4,761,953
4,542,682
Additions during the year
279,360
2,029,323
Reversals during the year
(3,642,824)
(1,810,052)
Allowance balance at end of period
1,398,489
4,761,953
Pag.48/ 81
21. Other receivables and prepayments
Year ended December
31, 2025
Year ended December
31, 2024
Other debtors
695,674
834,644
Prepayments (Prepaid expenses)
207,356
204,988
Other receivables
2,155,253
4,430,233
Total other receivables
3,058,283
5,469,865
Taxes and fees to be recovered
Year ended December
31, 2025
Year ended December
31, 2024
Current income tax
1,937,947
3,212,374
VAT to be recovered
-
5,868,490
Total taxes and fees to be recovered
1,937,947
9,080,864
22. Cash and cash equivalents
Year ended December
31, 2025
Year ended December
31, 2024
Cash in RON, in current bank accounts
27,020,305
50,791,841
Cash in foreign currency, in current bank accounts
80,967
919,803
Other values
11,752
14,319
Cash on hand
6,688
16,068
Total cash and cash equivalents
27,119,712
51,742,031
As of December 31, 2025, there are no restrictions on cash and cash equivalent accounts.
23. Share capital
Number 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-in share capital registered as of December 31, 2025, is 299,717,713.20 lei, divided
into 2,997,177,132 shares, with a nominal value of 0.1 lei/share. Each share entitles the holder to one vote.
The shareholding structure as of December 31, 2025, compared to December 31, 2024, according to data
provided by the Central Depository, is as follows:
Shareholders as of December 31, 2025
Number of shares
Total nominal value
Shareholdi
ng %
The Romanian State through the Ministry of
Energy
2,630,258,255
263,025,826
87.76
Legal persons
77,532,907
7,753,290,70
2.59
Natural persons
289,385,970
28,938,597,00
9.65
Total capital
2,997,177,132
299,717,713
100.00
Shareholders as of December 31, 2024
Number of shares
Total nominal value
Shareholdi
ng %
The Romanian State through the Ministry of
Energy
2,630,258,255
263,025,826
87.76
Legal persons
81,192,303
8,119,230
2.71
Natural persons
285,726,574
28,572,657
9.53
Total capital
2,997,177,132
299,717,713
100.00
Pag.49/ 81
OIL TERMINAL SA is listed on the Bucharest Stock Exchange.
The shares were traded at 0.1115 lei/ share (closing price) as of December 31, 2025 and at 0.1180 lei/ share
(closing price) as of December 31, 2024.
The value of unpaid dividends as of December 31, 2025, is 521,761 lei, of which 493,082 lei are for natural
persons and 28,679 lei for legal persons.
24. Other equity items
Year ended December
31, 2025
Year ended December
31, 2024
Deferred tax recognized in equity, of which:
(32,158,911)
(32,429,996)
Deferred income tax recognized in equity related to
revaluation reserves
(32,229,185)
(32,500,270)
Deferred income tax for tax facilities
70,274
70,274
Other equity items*
3,034,941
3,034,941
Total other equity items
(29,123,970)
(29,395,055)
* "Other equity items" include the counterpart to the recognition of the "petroleum agreement concession"
intangible asset, approved by G.D. no.886/2002.
As of 31.12.2025, the deferred tax recognized in equity decreased by 271,085 lei compared to the previous
year, representing deferred tax related to revaluation reserves transferred to retained earnings for assets
scrapped/disposed of in 2025.
25. Revaluation reserves
Year ended December
31, 2025
Year ended December
31, 2024
Revaluation reserves for tangible assets, intangible
assets, and right-of-use assets
225,766,279
226,313,255
Total revaluation reserves
225,766,279
226,313,255
As of December 31, 2025, the revaluation reserve decreased by 546,976 lei, representing the realized
revaluation surplus for assets scrapped/disposed of in 2025.
As of December 31, 2025, revaluation reserves include:
➢
Revaluation reserve for tangible assets: 224,852,114 lei;
➢
Revaluation reserve for intangible assets, representing rights under the oil concession agreement for the
operation activity of tanks, crude oil and petroleum product transport pipelines, pumping installations, and
other related equipment and facilities concluded with the National Agency for Mineral Resources, approved
by GD no.886/2002: 444,059 lei;
➢
Revaluation reserve for intangible assets (Licenses): 170,434 lei;
➢
Revaluation reserve for right-of-use assets: 299,672 lei.
26. Retained earnings
a. Retained earnings representing realized revaluation surplus
Year ended December
31, 2025
Year ended December
31, 2024
Retained earnings representing realized revaluation
surplus
546,975
8,082,921
Total realized revaluation surplus
546,975
8,082,921
The realized revaluation surplus was established by transferring the revaluation difference related to assets
to retained earnings upon their derecognition.
During 2025, this item decreased by 7,535,947 lei, determined by:
- An increase of 546,975 lei (realized surplus transferred from reserves for assets scrapped/disposed of in
2025);
Pag.50/ 81
- A decrease of 8,082,922 lei, representing the transfer of the realized surplus to a reserve representing own
source of investment financing, per OGMS Resolution no.10/28.04.2025, on 30.04.2025.
b. Retained earnings from first-time adoption of IAS (excluding IAS 29)
Year ended December
31, 2025
Year ended December
31, 2024
Retained earnings from first-time adoption of IAS
(excluding IAS 29)
396,930
396,930
Total retained earnings from first-time adoption of
IAS (excluding IAS 29)
396,930
396,930
As of December 31, 2025, this balance is 396,930 lei and remains unchanged from December 31, 2024.
This amount represents restatements from the first-time adoption of IAS for the year 2000, in accordance
with Order no.94/2001 for the approval of Accounting Regulations harmonized with the Fourth European
Economic Community Directive and with International Accounting Standards.
For 2000, the balance sheet items prepared in accordance with the Minister of Finance Order no.403/1999
for the approval of Accounting Regulations harmonized with the Fourth European Economic Community
Directive and with International Accounting Standards have been restated in accordance with Order
no.94/2001 for the approval of Accounting Regulations harmonized with the Fourth European Economic
Community Directive and with International Accounting Standards.
c. Retained earnings representing undistributed profit
As of December 31, 2025, the account "Retained earnings representing undistributed profit" has a zero
balance because the amount of 13,418,922 lei, representing the undistributed profit for the year 2024, was
distributed as dividends to shareholders, in accordance with the Oil Terminal General Meeting of
Shareholders Resolution no. 12 dated April 28, 2025.
27. Legal reserves, other reserves and profit distribution
a. Legal and other reserves
Year ended December
31, 2025
Year ended December
31, 2024
Legal reserves
10,412,112
8,910,913
Other reserves, of which:
59,363,312
48,642,404
Reserves from profit distributed to establish own
sources of financing according to GSM
resolutions
23,748,898
23,748,898
Reserves established from Retained earnings
representing realized revaluation surplus *
20,149,884
12,066,962
Reserves from tax facilities
15,174,666
12,536,680
Land area of 5,494 sqm**
289,864
289,864
Total reserves
69,775,424
57,553,317
*The own source for investment financing, derived from the realized revaluation surplus (capitalized in the
account "Retained earnings representing realized revaluation surplus," symbol 1175, recorded in the
company's accounting records in correspondence with the credit of the account "Other reserves –
Development reserve fund," symbol 1068) was established as follows:
- on 30.04.2025, according to OGSM Resolution no. 10/28.04.2025, in the amount of 8,082,922 lei;
- on 31.08.2024, according to OGSM Resolution no. 9/12.08.2024, in the amount of 12,066,962 lei.
**Land area of 5,494 sqm, recognized in reserves, valued at 289,864 lei, representing the land difference
resulting from the update of cadastral documentation carried out in 2015 for the land area of 951,386.79 sqm,
registered in accordance with ownership title series MO3 no. 3285/19.11.1996, located in the South Storage
Area.
Pag.51/ 81
b. Profit distribution
December 31, 2025
December 31, 2024
Profit distribution, of which:
(4,139,185)
(5,785,057)
Legal reserves
(1,501,199)
(1,256,778)
Other reserves representing tax facilities
(2,637,986)
(4,528,279)
As of December 31, 2025, from the net profit of the year 2025, the profit distribution was recorded in the
amount of 4,139,185 lei, representing:
➢ 1,501,199 lei legal reserve,
According to the provisions of Art. 1, para. (1), let. a) of Government Ordinance no. 64/2001 regarding profit
distribution in national companies and companies with full or majority state capital, correlated with Art. 183
para. (1) of Law no. 31/1990 on companies: "At least 5% shall be taken from the company's profit each year
for the formation of the reserve fund, until it reaches at least one-fifth of the share capital”. The legal reserve
established before the 2025 net profit distribution was 8,910,913 lei (2.97% of the share capital).
Accounting profit before income tax = 30,023,988 lei.
Legal reserve (5% of gross profit)= 30,023,988 x 5 % = 1,501,199 lei.
➢ 2,637,986 lei other reserves, representing tax facilities provided by law.
According to the provisions of art.1, para. (1), letter b) of Government Ordinance no.64/2001 regarding the
distribution of profit in national companies, national and commercial companies with full or majority state
capital, as well as in autonomous administrations, correlated with art. 22 para. (1) and para. (5) of Law no.
227/2015 regarding the Fiscal Code adopted by Law no.227/2015, as subsequently amended and
supplemented, the profit invested in technological equipment, computers and peripheral equipment, cash
registers, control and invoicing machines and devices, as well as in software, produced and/or acquired,
including based on finance lease agreements, and put into operation, used for the purpose of carrying out
economic activity, is exempt from tax. The tangible assets for which the tax exemption applies are those
provided for in subgroup 2.1, respectively in class 2.2.9 of the Catalogue regarding the classification and
normal useful lives of fixed assets, approved by Government decision. The assets used in production,
processing activities and assets representing re-technologization are those established by order of the
Minister of Finance.
The profit invested in 2024 is 2,776,827 lei.
The legal reserve of 5% of the tax-exempt profit is 2,776,827 lei x 5% = 138,841 lei.
The invested profit distributed to reserves is 2,637,986 lei (2,776,827 lei – 138,841 lei = 2,637,986 lei).
28. Non-current liabilities
As of December 31, 2025, the Company records total liabilities in the amount of 309,132,987 lei.
Based on maturity, the total liabilities are presented as follows:
Net value
Contract value
< 12
months
1-5 years
5-8 years
>8 years
Trade payables and
other current liabilities
28,855,853
28,855,853
28,855,853
-
-
-
Tax liabilities
12,782,785
12,782,785
12,782,785
-
-
-
Loans
223,464,708
312,211,717
21,791,741
83,663,987
54,677,369
63,331,611
Other loans and similar
liabilities (Lease
liabilities)
11,800,456
11,800,456
3,767,912
8,032,544
-
-
TOTAL
276,903,802
365,650,811
67,198,291
91,696,531
54,677,369
63,331,611
Other liabilities:
Deferred profit tax liabilities
32,229,185
TOTAL
32,229,185
Pag.52/ 81
a.
Long-term loans
Year ended December
31, 2025
Year ended December
31, 2024
Contract no.1870/02.08.2017 Bancpost (taken over by
Banca Transilvania by Additional Act no.1/09.01.2019)
5,577,094
8,923,350
Net of current portion
(3,346,256)
(3,346,256)
Contract no. 201810290206/29.10.2018 BCR
9,983,915
13,507,650
Net of current portion
(3,523,735)
(3,523,735)
Contract no. 20200914051/15.09.2020 BCR
23,710,281
26,816,163
Net of current portion
(3,105,882)
(3,105,882)
Contract no. 2022022309/25.02.2022 BCR
91,612,261
100,003,744
Net of current portion
(6,487,044)
(8,391,483)
Contract no. 2024021509/21.03.2024 BCR
18,547,420
5,925,880
Net of current portion
(856,035)
-
Contract no. 2024021510/21.03.2024 BCR
74,033,737
28,718,479
Net of current portion
(4,472,789)
-
Total long-term loans
201,672,967
165,527,910
• The reported long-term loans are generated by the following contracts mentioned below:
Lender
Currenc
y
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
1. Contract no.1870
of 02.08.2017 -
Bancpost, taken over
by Banca
Transilvania
lei
02.08.2027
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on
the account
5,577,094
8,923,350
On 02.08.2017, the company signed an investment loan agreement with Bancpost to finance the investment
projects "Modernization of tank R34/S" located in the South Storage Area and "Above-ground laying of crude
oil pipeline bundle (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.
Oil Terminal established the following guarantees in favor of Bancpost:
a)
mortgage on the "intravilan land area of 66,632 sqm" (part of the lot with total area = 951,387 sqm),
located in Constanța, Constanța County, South Storage Area, Movila Sara, identified with cadastral
number 246756, registered in the Land Registry under no. 246756 of Constanța, together with the
existing constructions thereon, as follows:
- Tank R22 – 11222512 - C1 - 2362 sqm
- Tank R24 – 11222860 - C2 - 2362 sqm
- Tank R26 – 11222873 - C3 - 2362 sqm
- Tank foam house – 11210589 - C4 - 42 sqm
- Tank foam house – 11210590 - C5 - 36 sqm
- Tank foam house – 11210591 - C6 - 30 sqm
b)
Movable mortgage 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 balance
of 5,475,320 lei was drawn up to the total approved credit value of 26,770,050 lei.
Through Addendum no. 1/09.01.2019 signed with Banca Transilvania, the company acknowledged that on
28.12.2018, following a merger process, all rights and obligations assumed by Bancpost SA (the absorbed
company) under credit agreement no. 1870/02.08.2017 were transferred to Banca Transilvania (the
absorbing company).
Lender
Currency
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
2. Contract
no.201810290206 of
29.10.2018 - BCR
lei
27.10.2028
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on the
account
9,983,915
13,507,650
On 29.10.2018, the company signed an investment loan agreement with BCR to finance the investment
projects "Modernization of tank T30/S" located in the South Storage Area and "Acquisition of skids for fiscal
Pag.53/ 81
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.
Through Addendum no. 1/07.01.2020, the initial credit amount was reduced by 225,099 lei, resulting in a
loan value of 23,491,566 lei, and the repayment schedule was modified, with the last installment due on
27.10.2028.
Oil Terminal established the following guarantees in favor of BCR:
a)
mortgage on the "intravilan land area of 60,394 sqm" (part of the lot with total area = 951,387 sqm),
located in Constanța, Constanța County, South Storage Area, South Storage IV Movila Sara, identified
and registered in the Land Registry of Constanța under cadastral number 246755, together with the
existing constructions thereon, 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 mortgage on current accounts opened with BCR.
Through Addendum no. 2/24.03.2021, the interest rate was modified to a variable rate based on the 3-month
ROBOR index plus the applicable margin.
Through Addendum no. 3/26.06.2024, the repayment schedule was updated, setting the 30th of each month
as the date for monthly installment repayments.
Through Addendum no. 4/11.07.2024, the repayment schedule regarding the interest payment date was
modified.
Lender
Currency
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
3. Contract
no.20200914051 of
15.09.2020 - BCR
lei
13.09.2030
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on the
account
23,710,281
26,816,163
On 15.09.2020, the company signed an investment loan agreement with BCR to finance the investment
project "Modernization of tank T31/S" located in the South Storage Area, in the amount of 31,058,821 lei,
with a repayment term until 13.09.2030 and a 36-month grace period.
On 15.01.2021, Addendum no. 1 to credit agreement no. 20200914051/15.09.2020 was signed with BCR,
modifying the guarantee provided in the initial form of the contract.
Oil Terminal established the following guarantees in favor of BCR:
a) mortgage on the "land area of 170,818 sqm," lot 1/2/2 (part of the lot with total area = 243,912.70
sqm), located in Constanța, Constanța County, 2 Caraiman St., North Storage Area, identified with
cadastral number 238837, together with the existing constructions thereon, as follows:
- Tank – 11223524 - C10 - 831 sqm
- 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
- Locker room -11110025 - C27+ C28 - 255 sqm
b) mortgage on the "land area of 8,837 sqm" (part of the lot with total area = 804,360 sqm), located in
Constanța, Constanța County, 2 Caraiman St., South Storage Area, identified with cadastral number
252530, together with the existing constructions thereon:
- Tank R20 -11222603 - C2 - 823 sqm
- Tank R21 -11222604 - C1 - 823 sqm
c) Movable mortgage on current accounts opened with BCR.
On 29.06.2022, Addendum no. 2 was signed, modifying the loan value to 30,698,516 lei, following a reduction
of 360,305 lei from the initial value of 31,058,821 lei.
In December 2023, the release of the mortgage on the building with cadastral no. 238837-C15 (Firehouse
foam center, inv. no. 11210245, 29 sqm) was recorded, as it reached the end of its useful life and was
approved for decommissioning, following BCR agreement no. 351/10.03.2022.
Through Addendum no. 3/26.06.2024, the repayment schedule was updated (installments on the 30th of
each month).
Through Addendum no.4/11.07.2024 the interest payment date was modified.
Pag.54/ 81
Lender
Currency
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
4. Contract no.
2022022309 of
25.02.2022 - BCR
lei
24.02.2037
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on the
account
91,612,261
100,003,745
On 25.02.2022, the company signed an investment loan agreement with BCR to finance the investment
project "Construction of a 55,000 cbm capacity tank" in the South Storage Area, for a total value of
98,429,274 lei, comprising:
- Loan A, 82,713,676 lei for financing the "Construction of a 55,000 cbm capacity tank" project, maturing on
24.02.2037.
- Loan B, 15,715,598 lei for the payment of VAT related to the project financing, maturing on 24.02.2026.
On February 25, 2022, movable mortgage contract no. 2022022309/1 was signed, through which the
company established the following guarantee in favor of BCR:
a) Movable mortgage on current and future bank accounts opened with the Lender by the Borrower;
b) Movable mortgage on all rights arising from insurance contracts concluded for the assets provided as
collateral, for insurance policies with an insured value exceeding 5,000,000 EUR (or equivalent),
determined per each insurance policy. This shall be concluded only in case of insurance policies with
an insured value exceeding 5,000,000 EUR. This mortgage will be established after the completion of
the construction financed by the loan.
On 10.03.2023 Addendum no.1 is signed modifying the provisions of Clause 12 (turnover) to credit
agreement no.2022022309 of 25.02.2022.
On 27.05.2022 Addendum no.2 is signed modifying the provisions of Clause 11 (transaction guarantees) to
credit agreement no.2022022309 of 25.02.2022.
On August 24, 2022 mortgage contract no.1890/24.08.2022 is signed by which Oil Terminal established the
following guarantees in favor of BCR:
a) mortgage on the land of 11,688 sqm, (part of the lot with total area=951,386 sqm), located at 2
Caraiman St., Lot 1/1/1/2, South Storage IV Movila Sara, Cadastral no. 256090.
b) mortgage on and the existing constructions thereon:
- Tank R125 - 11111279 C1 - DS, 2916.5 sqm, 55,000 cbm capacity,
- concrete dike R125 – 11111280
- concrete platform R125 - 11111281
- PSI installation R125 - 11111282
- electrical installation R125 - 11111283
- technological pipelines R125 - 11111284
- foam distributor and generator - assembly - 11111285
On 28.12.2022 Addendum no.3 to credit agreement no.2022022309 of 25.02.2022 is signed by which Loan
A increased from 82,713,676 lei to 97,305,659 lei and Loan B increased from 15,715,598 lei to 18,488,075
lei.
On 14.03.2023 Addendum no.4 to credit agreement no.2022022309/25.02.2022 is signed modifying the
monthly installment schedule to 97,305,659.21 lei (Loan A).
Through Addendum no.5/26.06.2024 to credit agreement no.2022022309/25.02.2022 the following
amendments were made:
- the repayment schedule regarding the monthly installments was updated
- the value of credit A was decreased from 97,305,659.21 lei to 97,018,131.45.
Through Addendum no.6/11.07.2024 the repayment schedule regarding the interest payment date was
modified.
Lender
Currency
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
5. Contract no.
2024021509 of
21.03.2024 - BCR
lei
21.03.2039
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on the
account
18,547,420
5,925,880
On 21.03.2024 the company signed an investment loan agreement with BCR for the construction of a 10,000
cbm capacity tank in the Port Storage Area, for a total value of 18,547,420.17 lei, maturing on 21.03.2039.
Credit agreement no.2024021509/21.03.2024 stipulated the following guarantees:
a) Movable mortgage on the Borrower’s bank accounts.
b) Mortgage on the Future Construction to be built using the loan.
Through Addendum no.1/26.06.2024 the repayment schedule was updated (installments on the 30th of each
Pag.55/ 81
month).
Through Addendum no.2/11.07.2024 the interest payment date was modified.
Lender
Currency
Maturity
Repayment
Interest
Guarantee
Balance at
31.12.2025
Balance at
31.12.2024
6. Contract no.
2024021510 of
21.03.2024 - BCR
lei
21.03.2039
Monthly
installments
3-month
ROBOR
plus
margin
Mortgage and
movable
mortgage on the
account
74,033,737
28,718,479
On 21.03.2024 the company signed an investment loan agreement with BCR to finance the investment
projects “Modernization of two existing tanks in the South Storage Area”:
- Tank T29S capacity of 50,000 cbm (which will be increased to 57,000 cbm) and
- Tank T26S capacity of 31,500 cbm,
In total value of 96,910,431 lei, maturing on 21.03.2039.
Credit agreement no.2024021510/21.03.2024 established the following guarantees in favor of BCR:
a) Movable mortgage on the Borrower’s bank accounts.
b) mortgage on the property registered under Land Registry no.256090, cadastral no. 256090, located
in lot1/1/1/2, South Storage IV Movila Sara, comprising:
- land of 11,688 sqm
- tank R125- 11111279 C1 - DS, 2916.5 sqm, 55,000 cbm capacity,
- concrete dike R125 - 11111280
- concrete platform R125 - 11111281
- PSI installation R125 - 11111282
- electrical installation R125 - 11111283
- technological pipelines R125 - 11111284
- foam distributor and generator - assembly - 11111285
Through Addendum no.1/26.06.2024 the repayment schedule was updated (installments on the 30th of each
month).
Through Addendum no.2/11.07.2024 the interest payment date was modified.
b.
Deffered tax liabilities
Year ended December 31,
2025
Year ended December 31,
2024
Deffered tax liabilities
32,229,185
32,500,270
Total deferred tax
32,229,185
32,500,270
The reconciliation of deferred tax is presented as follows:
Year ended December 31,
2025
Year ended December 31,
2024
Deferred tax at the beginning of the period
32,500,270
34,381,247
Deferred tax at the end of the period
32,229,185
32,500,270
Change in deferred tax
(271,085)
(1,880,977)
of which: deferred tax liability recognized in
equity
(271,085)
(1,880,977)
In 2025, the deferred tax recognized in equity recorded a decrease of 271,085 lei compared to the previous
year, as follows:
- the amount of 79,354 lei representing the reversal of deferred tax recognized in equity, related to revaluation
reserves transferred to retained earnings (representing revaluation surplus related to disposed/scrapped
fixed assets and right-of-use assets derecognized upon termination of lease contracts);
- the amount of 191,731 lei representing the reversal of deferred tax recognized in equity, related to the
realized revaluation surplus taxable at the time of the change in the reserve's destination and transferred to
"Other reserves – Development reserve fund" according to the Ordinary General Meeting of Shareholders
Resolution no.10/28.04.2025.
Pag.56/ 81
c.
Other loans and lease liabilities
As of December 31, 2025, the Company acts as a lessee under 13 operating lease contracts, as described
in Note 29.
Effective January 1, 2019, the Company applied IFRS 16 "Leases", which replaced IAS 17 "Leases" and all
related interpretations (SIC/IFRIC).
On January 1, 2019, the Company recognized the right-of-use assets in the account "Right-of-use assets"
and a corresponding liability in "Other loans and lease liabilities”, resulted from lease contracts.
The liability recorded in "Other loans and lease liabilities" is presented as follows:
Year ended December
31, 2025
Year ended December
31, 2024
Other loans and lease liabilities
15,568,368
9,853,593
Less: current portion
(3,767,912)
(3,005,165)
Total non-current other loans and lease
liabilities
11,800,456
6,848,428
29. Lease Liabilities
As of December 31, 2025, the Company acts as a lessee under the following operating lease contracts:
1.
Contract 40/82/09.02.2021 concluded with Center Tea & CO SRL for:
Operating lease for CAT M314 Wheeled Excavator with accessories – 1 unit.
Lease term: 57 months from delivery.
2.
Contract 138/346/06.10.2021 concluded with Energopetroleum Top Service SRL for:
Operating lease for Volkswagen T-Cross Life – 5 units.
Operating lease for Volkswagen Multivan T7 – 1 unit.
Operating lease for Volkswagen Touareg V6 Hybrid – 1 unit.
Lease term: 57 months from delivery.
3.
Contract 117/420/27.06.2022 concluded with Center Tea & CO SRL for:
Operating lease for Dacia Duster Comfort Blue DCII15 4WD – 1 unit.
Operating lease for Skoda Superb Ambition – 1 unit.
Operating lease for Dacia Jogger – 2 units.
Operating lease for Mercedes Benz Intouro – 1 unit.
Lease term: 57 months from delivery.
4.
Contract 184/719/07.10.2022 concluded with Center Tea & Co SRL for:
Operating lease for Kia Ceed – 1 unit.
Operating lease for Piaggio Porter Np 6 -Pick UP – 1 unit.
Operating lease for Piaggio Porter Np 6 -Van – 1 unit.
Operating lease for Mercedes Benz Sprinter Tourer – 1 unit.
Operating lease for Mercedes Benz Sprinter Doka – 1 unit.
Lease term: 57 months from delivery.
5.
Contract 209/767/14.11.2022 concluded with Center Tea & Co SRL for:
Operating lease for Renault Arkana Rs Line – 7 units.
Lease term: 57 months from delivery.
6.
Contract 252/874/16.12.2022 concluded with Center Tea & Co SRL for:
Operating lease for Firefighting vehicle (water and foam) – 1 unit.
Lease term: 57 months from delivery.
7.
Contract 75/287/10.05.2023 concluded with Center Tea & Co SRL for:
Operating lease for SUV Hybrid – 3 units.
Operating lease for SUV M1 – 1 unit.
Lease term: 57 months from delivery.
8.
Contract 162/404/23.08.2023 concluded with Center Tea & Co SRL for:
Operating lease for Combined Vacuum Truck – 1 unit.
Lease term: 57 months from delivery.
9.
Contract 132/265/18.07.2024 concluded with Center Tea & Co SRL for:
Operating lease for Ineos Grenadier Utility vehicle – 1 unit.
Operating lease for Ford Transit Double Chassis Utility vehicle – 1 unit.
Operating lease for Ford Transit Costom DCIV Utility vehicle – 1 unit.
Operating lease for Sany SPC400 Truck Crane – 1 unit.
Lease term: 57 months from delivery.
Pag.57/ 81
10.
Contract 223/387/15.11.2024 concluded with Center Tea & Co SRL for:
Operating lease for Toyota Hilux D CAB Utility vehicle – 2 units.
Operating lease for Renault K480 Vacuum Truck – 1 unit.
Lease term: 57 months from delivery.
11.
Contract 191/346/14.10.2024 concluded with Center Tea & Co SRL for:
Operating lease for MAN TGS Firefighting vehicle – 1 unit.
Lease term: 57 months from delivery.
12.
Contract 37/58/13.03.2025 concluded with Energopetroleum Top Service SRL for:
Operating lease for Ford Transit Courier DCIV Utility vehicle – 5 units.
Lease term: 57 months from delivery.
13.
Contract 125/243/01.09.2025 concluded with Energopetroleum Top Service SRL for:
Operating lease for FORD MAVERICK CREW 4X4 Double Cab – 3 units.
Lease term: 57 months from delivery.
The major changes introduced by IFRS 16 "Leases" relate to the accounting for lessees regarding the right-
of-use of the underlying asset, specifically the recognition in the statement of financial position (balance
sheet) of assets and liabilities arising from lease contracts.
The right-of-use asset is depreciated on a straight-line basis over the lease term.
On January 1, 2019, the Company recognized the right-of-use assets as intangible assets in the "Right-of-
use assets" account and a corresponding liability in "Other loans and lease liabilities”, resulted from the lease
contracts.
Starting January 1, 2019, the Company has recognized a depreciation expense for the right-of-use assets
and an interest expense related to the lease liability.
The interest rate was determined by the Company based on the cost the entity would incur to borrow the
funds necessary to obtain a similar asset.
The depreciation expense for the right-of-use assets recorded in 2025 amounts to 3,679,577 lei, while the
interest expense related to the lease liability recorded in 2025 is 911,356 lei.
In the cumulative period ended December 31, 2025, the following movements occurred regarding right-of-
use assets:
1. On April 1, 2025: Derecognition of the right-of-use asset for lease contract no. 25/42/10.02.2020
representing 1 unit – Caterpillar DP50CN Diesel Forklift.
2. On June 21, 2025: Derecognition of the right-of-use assets for lease contract no. 116/278/14.09.2020 (8
units – Dacia Stepway) and, on June 23, 2025, derecognition of 1 unit – Ford Light Utility Vehicle.
3. On June 20, 2025: Recognition of right-of-use assets for 5 units – Ford Transit Courier, valued at 551,942
lei, and a corresponding lease liability of 551,942 lei, under contract no. 37/58/13.03.2025 with
Energopetroleul Top Service SRL.
4. On June 26, 2025: Recognition of the right-of-use asset for 1 unit – MAN TGS Firefighting vehicle, valued
at 2,428,919 lei, and a corresponding liability of 2,428,919 lei, under contract no. 191/346/14.10.2024 with
CENTER TEA&CO SRL.
5. On June 30, 2025: Recognition of the right-of-use asset for 1 unit – Vacuum Truck, valued at 1,436,845.07
lei, and a corresponding liability of 1,436,845.07 lei, under contract no. 223/387/15.11.2024 with CENTER
TEA&CO SRL.
6. 6. On August 27, 2025: Derecognition of the right-of-use asset for lease contract no.
153/392/18.11.2019 representing 1 unit – MAN TGS 33430 Firefighting vehicle.
7. On November 14, 2025: Recognition of right-of-use assets for 3 units – FORD MAVERICK CREW 4X4
Double Cab, valued at 755,988 lei, and a corresponding liability of 755,988 lei, under contract no.
125/243/01.09.2025 with Energopetroleul Top Service SRL
As of December 31, 2023, the Company recorded the revaluation to fair value of the right-of-use assets,
based on a Valuation Report prepared by an authorized independent valuer, a certified member of ANEVAR.
The fair value of the right-of-use assets as of December 31, 2025, compared to December 31, 2024, is
presented as follows:
Contract No.
Operating Lease Object
Classification
Code (per G.D.
no. 2139/2004
Right-of-use Asset
Value as of
December 31, 2025
Right-of-use Asset
Value as of
December 31, 2024
153/392/18.11.2019
Center Tea
MAN TGS Firefighting Vehicle
2.1.24.3
0
462,667
25/42/10.02.2020
Center Tea
Diesel Caterpillar Forklift
2.3.6.8.1
0
105,311
116/278/14.09.2020
Center Tea
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Pag.58/ 81
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Dacia Logan Stepway
2.3.2.1.1
0
18,224
Ford Tranzit Specialized Tipper Van
2.3.2.2.3
0
45,689
40/82/09.02.2021
Center Tea
CAT M314 Wheeled Excavator with
accessories
2.1.20.1
445,572
434,700
138/346/06.10.2021
Energopetroleum
Top Service
Volkswagen T-Cross Life
2.3.2.1.1
53,823
52,510
Volkswagen T-Cross Life
2.3.2.1.1
53,823
52,510
Volkswagen T-Cross Life
2.3.2.1.1
53,823
52,510
Volkswagen T-Cross Life
2.3.2.1.1
53,823
52,510
Volkswagen T-Cross Life
2.3.2.1.1
53,823
52,510
Volkswagen Multivan T7
2.3.2.1.2
219,557
214,200
Volkswagen Touareg V6 Hybrid
2.3.2.1.1
246,544
240,528
117/420/27.06.2022
Center Tea
Dacia Duster Comfort Blue DCII15
2.3.2.1.1
94,217
91,919
Skoda Superb Ambition
2.3.2.1.1
135,128
131,831
Dacia Jogger
2.3.2.1.1
79,637
77,694
Dacia Jogger
2.3.2.1.1
79,637
77,694
Mercedes Benz Intouro
2.3.2.1.2
740,048
721,991
184/719/07.10.2022
Center Tea
Kia Ceed
2.3.2.1.1
100,838
98,378
Piaggio Porter NP 6-Pick UP
2.3.2.2.1
114,659
111,861
Piaggio Porter NP 6-Van
2.3.2.2.1
112,603
109,855
Mercedes Benz 317 CDI Sprinter
Tourer
2.3.2.1.2
318,650
310,875
Mercedes Benz 515 CDI Sprinter
Doka
2.3.2.2.1
296,859
289,615
209/767/14.11.2022
Center Tea
Renault ArkanA RS Line
2.3.2.1.1
124,009
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,010
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,009
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,010
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,009
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,009
120,984
Renault ArkanA RS Line
2.3.2.1.1
124,009
120,984
252/874/16.12.2022
Center Tea
Firefighting Vehicle
2.1.24.3
1,883,528
1,837,571
75/287/10.05.2023
Center Tea
Hyundai Tucson
2.3.2.1.1
207,707
202,639
Hyundai Tucson
2.3.2.1.1
207,707
202,639
Hyundai Tucsin
2.3.2.1.1
209,104
204,002
Hyundai Genesis
2.3.2.1.1
454,439
443,351
162/404/23.08.2023
Center Tea
Combined Vacuum Truck
2.3.2.2.3
1,238,869
1,208,641
132/265/18.07.2024
Center Tea
Mercedes Benz Citan Utility vehicle
2.3.2.2.1
141,381
137,931
Fond Transit Double Chassis Utility
vehicle
2.3.2.2.1
221,070
215,676
Fond Transit Costom DCIV Utility
vehicle
2.3.2.2.1
183,667
179,186
Sany SPC400 Truck Crane
2.3.2.2.1
2,888,902
2,818,414
223/387/15.11.2024
Center Tea
Toyota Hilux Utility vehicle
2.3.2.2.1
209,244
204,138
Toyota Hilux Utility vehicle
2.3.2.2.1
209,244
204,138
Renaul K480 Vacuum Truck
2.3.2.2.3
1,442,730
0
191/346/14.10.2024
Center Tea
Firefighting Vehicle
2.1.24.3
2,450,403
0
37/58/13.03.2025
Energopetroleum
Top Service
Ford Transit Courier Utility vehicle
2.3.2.2.1
111,510
0
Ford Transit Courier Utility vehicle
2.3.2.2.1
111,511
0
Ford Transit Courier Utility vehicle
2.3.2.2.1
111,510
0
Ford Transit Courier Utility vehicle
2.3.2.2.1
111,511
0
Ford Transit Courier Utility vehicle
2.3.2.2.1
111,510
0
Pag.59/ 81
125/243/01.09.2025
Center Tea
Ford Maverick Crew 4x4 Double Cab
2.3.2.2.1
252,680
0
Ford Maverick Crew 4x4 Double Cab
2.3.2.2.1
252,680
0
Ford Maverick Crew 4x4 Double Cab
2.3.2.2.1
252,680
0
TOTAL
17,384,717
12,638,364
The carrying amount of the right-of-use assets as of December 31, 2025, by asset class, is as follows:
Classification Code per G.D. no.2139/2004
Fair Value of Right-of-
Use Assets (lei)
2.1.20.1
Machinery and equipment for excavation and ground
preparation. Scrapers, graders, bulldozers, backhoes, ditchers,
hole diggers, and scarifiers.
445,572
2.1.24.3
Firefighting machinery, equipment, and installations
4,333,931
2.3.2.1.1
Motor vehicles for passenger transport – cars
2,952,139
2.3.2.1.2
Motor vehicles for passenger transport – minibuses
1,278,255
2.3.2.2.1
Motor vehicles for cargo transport – trucks and light trucks with
fixed platforms, small vans, and vans with a capacity up to 4.5 t
exclusive.
5,693,221
2.3.2.2.3
Motor vehicles for cargo transport – tipper trucks and dumpers;
tank trucks; isothermal and refrigerated trucks.
2,681,599
The total cash outflows related to lease contracts during 2025 amounted to 5,997,993 lei, of which VAT
accounted for 991,344 lei.
The maturity analysis of future minimum lease payments as of December 31, 2025, is as follows:
Future
Payments Up
to 1 year (lei)
Future
Payments 1 -
2 years (lei)
Future
Payments 2 -
3 years (lei)
Future
Payments 3 -
5 years (lei)
Contract 40/82/09.02.2021 Center Tea&Co SRL
50,876
-
-
-
Contract 138/346/06.10.2021 Energopetroleum
Top Service
230,148
-
-
-
Contract 117/420/27.06.2022 Center Tea&Co SRL
301,047
251,806
-
-
Contract 184/719/07.10.2022 Center Tea&Co SRL
248,575
216,095
12,277
-
Contract 209/767/14.11.2022 Center Tea&Co SRL
234,141
154,300
-
-
Contract 252/874/16.12.2023 Center Tea&Co SRL
449,316
465,881
150,271
-
Contract 75/287/10.05.2023 Center Tea&Co SRL
223,187
240,678
158,677
-
Contract 162/404/23.08.2023 Center Tea&Co SRL
272,416
293,747
171,038
-
Contract 132/265/18.07.2024 Center Tea&Co SRL
694,828
754,653
804,681
303,084
Contract 223/387/15.11.2024 Center Tea&Co SRL
355,542
385,398
418,361
490,073
Contract 37/58/13.03.2025 Energopetroleum Top
Service
105,456
114,346
124,191
160,150
Contract 191/346/14.10.2024 Center Tea&Co SRL
463,891
502,728
546,013
710,027
Contract 125/243/01.09.2025 Energopetroleum
Top Service
138,489
149,890
162,796
291,383
Total
3,767,912
3,529,522
2,548,305
1,954,717
30. Short-term loans – description of short-term loans
The contracts regarding short-term loans are as follows:
Lender
Currency
Maturity
Repayment
Interest
31.12.2025
31.12.2024
1. Contract no.
20201029058/29.10.2020
(letter of guarantee facility)
with BCR SA
lei
28.02.2027
Full
repayment at
maturity
3-month
ROBOR
plus
margin
35,464,066
35,464,066
Under Credit Agreement no.20201029058/29.10.2020 BCR granted Oil Terminal a non-revolving credit
facility within the limit of 35,464,066 lei for the purpose of issuing a letter of guarantee in favor of the National
Pag.60/ 81
Agency for Fiscal Administration (ANAF), to obtain the authorization for a fiscal warehouse, for which the
following guarantees were established:
a) Mortgage on the land plot with an area of 20,000 sqm, located in the South Storage Area, registered in
Land Registry no. 244347 Constanța, identified by cadastral number 244347, and the buildings erected
thereon:
- tank R36, capacity 50,000 cbm, identified by cadastral number 244347-C9 (inventory number
11223318), with an area of 2,859 sqm;
- tank R37, capacity 50,000 cbm, identified by cadastral number 244347-C10 (inventory number
11223319), with an area of 2,859 sqm.
b) Movable mortgage on the borrower's bank accounts opened with the lender.
c) Movable mortgage on all rights arising from the insurance contracts concluded for the insurance of the
assets provided as collateral.
d) Movable mortgage on the receivables resulting from the contracts concluded with Mol Romania
Petroleum Products and Maddox.
On 16.12.2020, Addendum no. 1 to Credit Agreement no. 20201029058/29.10.2020 BCR was signed, by
which the movable mortgage is modified and supplemented with a movable mortgage on the receivables
resulting from the contracts concluded with Mol Romania Petroleum Products and Maddox. On October 30,
2020, Banca Comercială Română transmitted to the National Agency for Fiscal Administration Bank
Guarantee Letter no. G084724/832 in the amount of 17,262,501 lei with validity until 31.12.2020.
On 17.12.2020, Amendment no. 1 to Bank Guarantee Letter no. G084724/832 was signed, extending the
validity period until 31.03.2021; all other provisions of the guarantee letter remain unchanged.
On 25.02.2021, Amendment no. 2 to Bank Guarantee Letter no. G084724/832 was signed, by which 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 guarantee letter was extended until 30.06.2021. On 10.03.2021,
the Company transmitted Amendment no. 2 to Bank Guarantee Letter no. G084724/832 to the National
Agency for Fiscal Administration.
On 22.06.2021, Amendment no. 3 to Bank Guarantee Letter no. G084724/832 was signed, extending the
validity of the guarantee letter until 31.12.2021. On 24.06.2021, the Company transmitted Amendment no. 3
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 13.12.2021, Amendment no. 4 to Bank Guarantee Letter no. G084724/832 was signed, by which 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 transmitted Amendment no. 4 to Bank Guarantee Letter no. G084724/832 to the National
Agency for Fiscal Administration.
On 01.02.2022, the National Agency for Fiscal Administration issued Decision no. 41/01.02.2022, setting the
value of the guarantee for the fiscal warehouse, corroborated 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 Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is decreased 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 transmitted Amendment no. 5 to
Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 20.06.2022, Amendment no. 6 to Bank Guarantee Letter no. G084724/832 was signed, extending the
validity of the guarantee letter until 31.10.2025. On 29.06.2022, the Company transmitted Amendment no. 6
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 17.02.2023, the National Agency for Fiscal Administration issued Decision no. 33/17.02.2023, setting the
value of the guarantee for the fiscal warehouse, corroborated with the provisions of Decision no.
15/28.02.2019, at the level of 13,416,517 lei.
On 14.03.2023, Addendum no. 2 was signed, modifying the Drawdown Period, which begins from 29.10.2021
(exclusive) and ends on 31.12.2023 (inclusive).
On 15.03.2023, Amendment no. 7 to Bank Guarantee Letter no. G084724/832 was 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 transmitted Amendment no. 7
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 21.09.2023, Addendum no. 3 was signed, modifying the Drawdown Period, which begins from 31.12.2023
(exclusive) and ends on 31.12.2024 (inclusive), and the Maturity Date to 26.02.2027.
On 08.02.2024, Addendum no. 4 was signed, modifying the Maturity Date to 28.02.2027.
On 20.02.2024, Amendment no. 8 to Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is decreased by the amount of 4,863,422 lei, and the new value of the guarantee
letter is 8,553,094.76 lei, valid until 28.02.2027. On 26.02.2024, the Company transmitted Amendment no. 8
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 29.07.2024, Amendment no. 9 to Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is increased by the amount of 1,538,361.24 lei, and the new value of the
guarantee letter is 10,091,456 lei, valid until 28.02.2027. On 07.08.2024, the Company transmitted
Amendment no. 9 to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal
Pag.61/ 81
Administration.
On 14.01.2025, Amendment no. 10 to Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is increased by the amount of 3,342,190 lei, and the new value of the guarantee
letter is 13,433,646 lei, valid until 28.02.2027. On 15.01.2025, the Company transmitted Amendment no. 10
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 14.01.2025, Addendum no. 5 was signed, modifying the Drawdown Period, which begins from 31.12.2024
(exclusive) and ends on 31.12.2025 (inclusive).
On 25.02.2025, Amendment no. 11 to Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is increased by the amount of 3,588,804 lei, and the new value of the guarantee
letter is 17,022,450 lei, valid until 28.02.2027. On 10.03.2025, the Company transmitted Amendment no. 11
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 16.09.2025, Amendment no. 12 to Bank Guarantee Letter no. G084724/832 was signed, by which the
value of the guarantee letter is increased by the amount of 745,101 lei, and the new value of the guarantee
letter is 17,767,551 lei, valid until 28.02.2027. On 17.09.2025, the Company transmitted Amendment no. 12
to Bank Guarantee Letter no. G084724/832 to the National Agency for Fiscal Administration.
On 06.10.2025, Addendum no. 6 was signed, modifying the Drawdown Period, which begins from 31.12.2025
(exclusive) and ends on 31.12.2026 (inclusive).
Lender
Currency
Maturity
Interest
Guarantee
31.12.2025
31.12.2024
2. Contract no.
20190419032 of
19.04.2019 BCR
lei
Unlimited,
until the
discharge of
obligations
3-month
ROBOR plus
margin
Mortgage,
movable
mortgage, and
movable
mortgage on
bank accounts
9,887,533
9,887,533
Effective 17.05.2019, OIL TERMINAL S.A. obtained the Authorization for the use of a comprehensive
guarantee number ROCGURODRVGL0-2019 - EQN53778, in accordance with the provisions of Decision
no. 145/25.06.2018 issued by the Galați Regional Directorate of Customs and Order no. 2671/2017 issued
by the President of ANAF, as well as the Authorization for the storage of goods in a customs warehouse,
number ROCW1RODRVGL0–201-VC53780. Through address no.5582/SRV/21.05.2020 MFP- ANAF-
DGRV Galați - Customs Regulation Service communicated to Banca Comercială Română the approval for
the revocation of the guarantor's commitments, given that on 24.02.2020, the company obtained a guarantee
waiver for customs warehousing operations following the attainment of Authorized Economic Operator (AEO)
status (authorization ROAEOF00000000224/24.12.2019).
According to the aforementioned address, the guarantor remains liable for the payment of any debt arising
during the customs operation to which the commitment refers and which commenced before the effective
date of the revocation of the guarantee instrument, even if the payment request is made subsequent to the
revocation.
Under Credit Agreement no.20190419032/19.04.2019, Banca Comerciala Romana (BCR) granted Oil
Terminal a non-revolving credit facility of a revocable nature within a limit of 8,000,000 lei for the purpose of
issuing a Guarantee Instrument, specifically a comprehensive guarantee in favor of the Galați Regional
Customs Directorate.
Through movable mortgage agreement no.20190419032/1 of 19.04.2019 the following guarantees were
established:
- Movable mortgage on the port basin depollution vessel (inventory no. 24000083);
- Movable mortgage on the Clayton SE 604 G saturated steam generator (inventory no. 22224140);
- Movable mortgage on any account opened by the company at the bank;
- Movable mortgage on receivables resulting from contracts concluded with its main commercial partners.
Through Addendum no. 1 to movable mortgage agreement no. 20190419032/1, signed on 20.06.2019, the
following additional guarantees were established:
- Clayton SE 604 G saturated steam generator (inventory no. 22224141);
- Clayton SE 604 G saturated steam generator (inventory no. 22224142);
- CCTV surveillance system (inventory no. 36000378);
Through Addendum no. 1/20.06.2019 to agreement no. 20190419032/19.04.2019, Banca Comercială
Română (BCR) granted Oil Terminal a non-revolving credit facility of a revocable nature within a limit of
9,887,533 lei, for the purpose of issuing a Guarantee Instrument, specifically a comprehensive guarantee in
favor of the Galați Regional Customs Directorate.
On 15.01.2021, through Mortgage Agreement no. 672, authenticated under number 37/15.01.2021, the
following additional guarantees were established:
•
Mortgage on the land plot with an area of 19,900 sqm, registered in Land Registry no. 214853 Constanța,
Pag.62/ 81
identified by cadastral number 214853, and the buildings located on the land:
- Annex building to the sports complex building with cadastral number 214853-C1 (inventory no.
11111220), with an area of 14 sqm;
- Sports complex and bowling alley with cadastral number 214853-C4 (inventory no. 11210720), with an
area of 651 sqm;
- Annex building to the sports complex with cadastral number 214853-C5 (inventory no. 11111219), with
an area of 19 sqm;
- Administrative headquarters car park with cadastral number 214853-C7 (inventory no. 11111062), with
an area of 1,165 sqm;
- Caraiman no. 2 management office with cadastral number 214853-C11 (inventory no. 11110042), with
an area of 198 sqm;
- Centenary monument with cadastral number 214853-C12 (inventory no. 11223657), with an area of 33
sqm;
On 19.01.2021, Addendum no. 2 to Credit Agreement no. 20190419032/19.04.2019 was signed, modifying
the guarantees.
On 19.01.2021, Mortgage Agreement no. 48 was signed, supplementing the guarantees established for
credit no. 20190419032/19.04.2019 with a mortgage on tank RW1 R29, capacity 10,000 cbm (inventory no.
11111160), with an area of 655 sqm, located in the Port Storage Area, Constanța Port Enclosure Berth 67,
identified by cadastral number 260219-C200.
In 2019, the Company established two bank letters of guarantee in favor of the Galați Regional Customs
Directorate in the amount of 9,887,533 lei, as follows:
- Letter of Guarantee no.G076482/803/22.04.2019, issued by Banca Comercială Română, in the amount
of 8,000,000 lei;
- Letter of Guarantee no.G076661/820/10.05.2019, issued by Banca Comercială Română, in the amount
of 1,887,533 lei.
The bank letters of guarantee in favor of the Galați Regional Customs Directorate, totaling 9,887,533 lei,
were established to comply with the provisions of ANAF President Order no. 2671/2017 and Decision no.
145/25.06.2018 issued by the Galați General Directorate of Customs.
On 24.09.2020, Oil Terminal returned to Banca Comercială Română bank letters of guarantee no.
G076482/803/22.04.2019 and no. G076661/820/10.05.2019, received from MF - ANAF- DGRV Galați.
On 29.03.2021, Banca Comercială Română communicated Agreement no. 535 regarding the rectification of
Land Registry no. 214853, consisting of intravilan land with an area of 19,900 sqm and the buildings located
on the land, for the purpose of correcting material errors by de-registration and update of the cadastral
documentation of the mortgaged property for the following structures: football field CF 214853-C2 (7,359
sqm), grandstand skeleton CF 214853-C3 (100 sqm), and tennis court CF 214853-C6 (536 sqm).
On 30.05.2025, Banca Comercială Română communicated Agreement no. 509 regarding the acquisition of
the building permit for repairs and modifications to the roof of the sports complex and bowling alley building,
inventory number 11210720.
31. Trade payables
Year ended December
31, 2025
Year ended December
31, 2024
Trade payables for goods and services
20,946,404
39,807,298
Invoices not yet received
2,558,710
4,862,900
Total trade payables
23,505,114
44,670,198
Suppliers in the balance as of December 31, 2025, are within their maturity periods; the company does not
record any overdue suppliers as of December 31, 2025.
In 2025 and 2024, Oil Terminal did not use any supplier financing mechanisms; all payments were made by
the company directly to the suppliers.
32. Taxes and Duties
Year ended December 31,
2025
Year ended
December 31, 2024
Current oil royalty obligations
4,798,568
6,157,473
Current social security budget obligations
5,646,918
5,509,817
Current state budget obligations
2,337,299
2,006,736
Total taxes and duties
12,782,785
13,674,026
Pag.63/ 81
33. Other current liabilities
a) Other current liabilities
Year ended December
31, 2025
Year ended December
31, 2024
Staff-related obligations
4,519,210
4,335,549
Dividends payable
521,761
642,771
Customer creditors
95,457
174,656
Other creditors
214,311
169,514
Total other current liabilities
5,350,739
5,322,490
b) Other current liabilities- operating lease
Year ended December
31, 2025
Year ended December
31, 2024
Other loans and similar liabilities
3,767,912
3,005,165
Total other loans
3,767,912
3,005,165
34. Provisions
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
17,560,110
13,084,919
Additions during the year
9,388,626
11,289,423
Reversals during the year
(10,905,937)
(6,814,232)
Balance at the end of the period
16,042,799
17,560,110
Provisions in the balance as of 31.12.2025 recorded a decrease of 1,517,311 lei compared to 31.12.2024.
The provisions in the balance as of December 31, 2025, are as follows:
a) Provisions for litigation
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
4,011,248
477,914
Additions during the year
-
3,759,443
Reversals during the year
(3,811,651)
(226,109)
Balance at the end of the period
199,597
4,011,248
Provisions for litigations are recognized for the following cases:
Third party
Explanation
Value (lei)
Iașar Ana, Iașar Tair, Iașar Doina, Iașar Sevinci, Iașar
Islam, Iașar Esan, Iașar Giulgean, Iașar Sabria
Case 11403/212/2011
90,000
Staar Rating SRL
Case 18250/212/2016
109,597
The company periodically analyses the situation of current litigations, and after consulting its legal advisors,
decides on the necessity to create provisions for the amounts involved or for their presentation in the financial
reports. Considering the abovementioned, the company considers the current outstanding litigations are the
following:
1. Case no. 11403/212/2011, pending before the Constanța Court, whereby the plaintiffs Iașar Ana, Iașar
Tair, Iașar Doina, Iașar Sevinci, Iașar Islam, Iașar Esan, Iașar Ghiulgean and Iașar Sabria request to compel
the defendants Oil Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. to pay material damages in the amount
of 30,000 lei and moral damages in the amount of 60,000 lei. the court stayed the case by operation of law
pursuant to art. 36 of Law no. 85/2006, due to the entry into insolvency of Oil Prod SRL. Insolvency case of
Oil Prod S.R.L. no. 3437/118/2013 with the hearing date of 26.01.2026 at the Constanța Tribunal. A provision
of 90,000 lei was established for this case.
Pag.64/ 81
2. Case no.1974/118/2019, pending before the Constanța Tribunal, creditor Oil Terminal S.A. and debtor
Master Chem OIL DMCC. At the hearing of 02.12.2020, the court joins case no. 7729/118/2019 to case no.
1974/118/2019 and deferred the ruling until the resolution of case no. 3068/118/2018. On 16.12.2020, the
court stays the trial of the case until the final resolution of case no. 3068/118/2018 pending before the
Constanța Court of Appeal, with the right of appeal during the stay. Oil Terminal S.A. filed a motion to restore
the case to the docket and to increase the claims. At the hearing of: 09.06.2023 – Ruling: Postpones the
ruling to 22.06.2023. Summary of the solution: Admits the plea of inadmissibility raised by the defendant
Master Chem Oil DMCC, regarding the period 28.09.2018-13.05.2021. Dismisses as inadmissible the
complaint regarding claims, filed by the plaintiff Oil Terminal S.A. against the defendant Master Chem Oil
DMCC, regarding the period 28.09.2018-13.05.2021. Dismisses as unfounded the plea of inadmissibility of
the complaint regarding claims, filed by the plaintiff OIL TERMINAL S.A. against the defendant Master Chem
Oil DMCC, regarding the period 13.05.2021-28.04.2023. Admits, in part, the action filed by the plaintiff Oil
Terminal S.A. against the defendant Romanian Customs Authority through the Bucharest Regional Customs
Directorate. Compels the defendant Romanian Customs Authority through the Bucharest Regional Customs
Directorate to pay the plaintiff the amount of 2,253,845.33 lei, the equivalent of 536,965.09 USD, representing
damages consisting of costs related to the storage of the cutter stock petroleum product for the period
28.09.2018 – 13.05.2021. Admits, in part, the action filed by the plaintiff Oil Terminal S.A. against the
defendant Master Chem Oil DMCC. Compels the defendant Master Chem Oil DMCC to pay the plaintiff the
amount of 449,099.17 lei, the equivalent of 99,858.46 USD, representing damages consisting of costs related
to the storage of the cutter stock petroleum product for the period 13.05.2021-28.04.2023. Compels the
defendants to pay to the plaintiff Oil Terminal S.A. the court costs corresponding to the claims for which they
were compelled, as follows: - the defendant Master Chem Oil DMCC to pay the amount of 4,992.46 lei
representing the value of the stamp duty and the amount of 2,989.80 euros in lei equivalent at the NBR
exchange rate from the date of effective payment representing attorney’s fees. - the defendant Romanian
Customs Authority through the Bucharest Regional Customs Directorate to pay the plaintiff the amount of
25,064.53 lei representing the value of the stamp duty and the amount of 15,010.20 euros in lei equivalent
at the NBR exchange rate from the date of effective payment representing attorney’s fees. With the right of
appeal within 30 days from communication. Judgment no. 724/2023 of 22.06.2023. An appeal was filed by
Master Chem Oil DMCC and the Romanian Customs Authority. Hearing date: 25.04.2024. DECIDED:
Dismisses the appeal filed against the judgment of 16.03.2023 as unfounded. Admits both appeals filed
against the appealed sentence. Changes in part the appealed sentence, in the sense that: Dismisses the
complaint against both defendants as unfounded. Maintains the provisions regarding the plea of
inadmissibility. Compels the respondent-plaintiff Oil Terminal S.A. to pay the amount of 9,000 Euro reduced
court costs related to the merits – attorney’s fees, as well as to pay the amount of 9,000 Euro court costs in
appeal – attorney’s fees and the payment of the amount of 4,147.22 lei judicial stamp duty in appeal. With
the right of appeal within 30 days from communication. The appeal is filed at the Constanța Court of Appeal.
Pronounced by making the solution available to the parties through the court clerkship on 08.05.2024.
Document: Judgment 114/2024 08.05.2024. An appeal was filed by Oil Terminal SA. Hearing date:
15.05.2025. DECIDED: Dismisses the appeal declared by the plaintiff Oil Terminal S.A. against the civil
decision no. 114 LP of May 8, 2024, pronounced by the Constanța Court of Appeal – Second Civil Section,
for Insolvency and Disputes with Professionals and Companies, as unfounded. Compels the appellant-
plaintiff Oil Terminal S.A. to pay to the respondent-defendant Master Chem Oil DMCC the amount of 6,000
Euro, in the equivalent in lei from the date of payment, as court costs. The court costs in the amount of
30,434.40 lei (the equivalent of the amount of 6,000 Euro) were paid to the Law Office.
Based on Civil Judgment no. 812/15.05.2025, the provision established for this case, in the amount of 24,277
lei, was reversed, and the value of the uncollected invoices, in the total amount of 2,923,827.76 lei, the
equivalent of 684,948.30 USD, was recognized as an expense. For this amount, adjustments for the
impairment of receivables in the amount of 2,923,827.76 lei were previously established.
3. Case no.7729/118/2019, pending before the Constanța Tribunal, creditor Oil Terminal S.A, debtor Master
Chem Oil DMCC. Case joined to case 1974/118/2019. For this case, a provision in the amount of 7,841 lei
was established, which was reversed based on Civil Judgment no. 812/15.05.2025.
4. Case no.3656/118/2020, pending before the Giurgiu Tribunal, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for the annulment of the Extraordinary General Meeting of Shareholders
Resolution no. 4/12.06.2020 whereby the shareholders acknowledged the termination of the applicability of
EGSM Resolution no. 6/10.10.2016, acknowledged the share capital increase of Oil Terminal S.A. by
operation of law with the value of two land plots with areas of 254,261.325 sq.m. and 129,334.70 sq.m.,
respectively, subject of ownership title certificates series MO3, no. 11703/02.02.2011 and series MO3, no.
11704/02.02.2011, and approved the filing of a request to the delegated judge at the National Trade Register
Office (O.N.R.C.) for the appointment of one or more experts to evaluate the two land plots to be included in
the company's capital increase process. By the Judgment of 16.06.2021, pursuant to art. 412 para. 1 point
1 of the New Code of Civil Procedure (NCPC), the court noted the stay of the case by operation of law
Pag.65/ 81
following the death of the plaintiff, until the heirs are joined in the case. With the right of appeal during the
stay. Deadline for lapsing: 01.02.2023. At the hearing of 01.02.2023, the court admitted the plea regarding
the lapsing of the main claim and of the connected complaints filed by the plaintiff Dumitrescu Sebastian
Valentin against the defendants OIL TERMINAL S.A., as well as the interventions. Notes the case as lapsed.
Compels the intervenor Dumitrescu Andrei Sebastian to pay the amount of 10,266.62 lei – court costs – in
favor of the defendant company Oil Terminal S.A. With the right of appeal to the Constanța Court of Appeal
within 5 days from the ruling. Dumitrescu Sebastian Andrei filed an appeal. Hearing date: 06.12.2023. On
14.12.2023, the High Court of Cassation and Justice ordered the transfer of the case from the Constanța
Court of Appeal to the Bucharest Court of Appeal. On 29.02.2024, the Bucharest Court of Appeal, by
Judgment 86/2024, Admits the appeal. Quashes in full the appealed civil sentence and sends the case to
the Giurgiu Tribunal for further trial. On 03.10.2024, by Interlocutory Judgment, the court admits the request
filed by the plaintiff Dumitrescu Andrei Sebastian and, pursuant to art. 29 para. 4 of Law no. 47/1992
republished, on the organization and functioning of the Constitutional Court, refers the case to the
Constitutional Court of Romania with the plea of unconstitutionality regarding the provisions of art.32^2 para.
1 of Government Emergency Ordinance no. 88/1997 on the privatization of commercial companies and the
provisions of art. 12 of Law no. 137/2002 on certain measures to accelerate privatization. Orders the
communication of this interlocutory judgment to the Constitutional Court of Romania, accompanied by the
request filed by Dumitrescu Andrei Sebastian, as well as the names/titles of the parties in the trial, including
the necessary data for the summoning procedure, according to art. 29 para. 4 of Law no. 47/1992. No right
of appeal. The court will officially communicate a copy of this judgment to the parties. To rule on the request
for referral to the Court of Justice of the European Union (CJEU) for a preliminary ruling, the court postpones
the ruling to 14.11.2024. Dismisses, as inadmissible, the request filed by the plaintiff Dumitrescu Andrei
Sebastian for referral to the Court of Justice of the European Union, pursuant to art. 267 of the Treaty on the
Functioning of the European Union (TFEU) and for the stay of the trial in the present case, according to art.
413 para. 1 point 1^1 of the Code of Civil Procedure. No right of appeal on 14.11.2024.
On 22.01.2026, the Giurgiu Tribunal admits the plea regarding the failure to pay the judicial stamp duty for
the intervention request filed by Rometta Impex S.A., raised by the court ex officio at the hearing of
04.12.2020, and consequently, annuls the main intervention request as unstamped. Dismisses as unfounded
the plea of lack of interest of the complaint, raised by the defendant OIL TERMINAL S.A. in the statement of
defense filed in the case registered under no. 2900/118/2023, in which the plea of lis pendens was admitted.
Dismisses as unfounded the plea of lack of standing raised by the Ministry of Economy, Digitalization,
Entrepreneurship, and Tourism. Dismisses as unfounded the plea of inadmissibility raised by the Ministry of
Economy, Digitalization, Entrepreneurship, and Tourism. Dismisses as unfounded the plea of lack of interest
raised by the defendant OIL TERMINAL S.A. regarding the plea of illegality of the ownership title certificates
series M03 no. 11703/02.02.2011 and series M03 no. 11704/02.02.2011, raised by Dumitrescu Andrei
Sebastian. Admits the plea of res judicata raised by the defendant OIL TERMINAL S.A. regarding the plea
of illegality of the ownership title certificates series M03 no. 11703/02.02.2011 and series M03 no.
11704/02.02.2011 and, consequently, dismisses as inadmissible the plea of illegality of the ownership title
certificates regarding the grounds that were already subject to the analysis of the courts through Civil
Sentence no. 463, pronounced by the Constanța Tribunal on 18.10.2022 in case no. 7054/118/2021, which
became final through Civil Decision no. 131/LP, pronounced on 22.05.2024 by the Constanța Court of
Appeal. Dismisses the remainder of the plea of illegality regarding the ownership title certificates series M03
no. 11703/02.02.2011 and series M03 no. 11704/02.02.2011, raised by Dumitrescu Andrei Sebastian, as
unfounded. Dismisses as unfounded the complaint filed by the plaintiff Dumitrescu Sebastian Valentin,
continued by his legal heir, Dumitrescu Andrei Sebastian, against the defendant OIL TERMINAL S.A.
Dismisses as unfounded the main intervention request filed by Dumitrescu Andrei Sebastian. Takes note
that the defendant OIL TERMINAL S.A. reserved its right to seek court costs through separate proceedings.
5. Case no.3783D/2024 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 3656/118/2020 of the Giurgiu Tribunal regarding article 32 index 2
para. 1 and art. 12 of Law 137/2002. Case in the report-drafting phase.
6. Case no.6919/118/2020**, pending before the Constanța Tribunal, plaintiff Dumitrescu Sebastian
Valentin, defendant Oil Terminal S.A. Action for the declaration of total absolute nullity of the updated Articles
of Incorporation of Oil Terminal S.A. By Judgment no. 87/27.01.2021, the trial court dismissed the complaint
as unfounded. The plaintiff filed an appeal, and at the hearing of 27.09.2021, the Constanța Court of Appeal
stayed the trial until the heirs of the appellant-plaintiff Dumitrescu Sebastian Valentin are joined in the case.
The judgment may be challenged by appeal during the stay. Lapsing deadline: 08.06.2022. Civil Decision
no. 219/08.06.2022: Admits the referral for lapsing. Notes the appeal request as lapsed. Dismisses as
inadmissible the request to join the heir Dumitrescu Andrei Sebastian in the case. With the right of appeal
within 5 days from the ruling. On 15.06.2022, the heirs of the deceased Dumitrescu Sebastian Valentin filed
an appeal. On 04.10.2022, the High Court of Cassation and Justice admitted the recourse. Orders the retrial
of the case. Hearing: 07.06.2023. Solution: Declines jurisdiction over the case. Orders the removal of the
Pag.66/ 81
case from the docket and its forwarding to the Bucharest Court of Appeal, the court to which the case was
transferred. Hearing: 22.09.2023: Ruling: Dismisses the appeal as unfounded. With the right of appeal within
30 days from communication. As of 31.12.2025, no appeal has been filed.
7. Case no.7838/118/2021, pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendants Oil Terminal S.A. and the Romanian State through the Ministry of Economy, Entrepreneurship,
and Tourism.
Complaint through which the shareholder Dumitrescu Andrei Sebastian requests the Constanța Tribunal to
declare the partial absolute nullity of the Directors' Report for the First Half of 2021, concluded on 30.06.2021.
On 05.01.2022, the plaintiff filed a supplementary claim requesting:
1. the total absolute annulment of the Board of Directors’ Decision no.70/10.08.2021.
2. the total absolute annulment of the Ordinary General Meeting of Shareholders Resolution
no.14/29.12.2021.
The case had a hearing date on 26.10.2022. The court postponed the ruling to 09.11.2022. Summary of the
solution: Dismisses as unfounded the plea of illegality regarding certificate series M03 no. 11703/02.02.2011
issued for the land plot with an area of 254,261.33 sqm located in the North Storage Area, as well as the
plea of illegality regarding certificate series M03 no. 11704/02.02.2011 issued for the land plot with an area
of 129,334.70 sqm located in the North Storage Area. Dismisses the complaint filed by the plaintiff
Dumitrescu Andrei Sebastian as unfounded. With the right of appeal within 30 days from communication. An
appeal was filed on 13.03.2023. Hearing date: 20.03.2023. On 06.12.2023, the court rescheduled the hearing
from 16.02.2024. It takes note that, by interlocutory judgment no. 2560/05.12.2023 pronounced by the High
Court of Cassation and Justice in civil case no. 1214/1/2023, the transfer of the trial was ordered. The court
removes the case from the docket and orders its forwarding to the Bucharest Court of Appeal. At the hearing
of 03.04.2024, the Bucharest Court of Appeal admits the appeal. It annuls the appealed sentence and,
consequently: Sends the case for retrial to the Bucharest Tribunal – 6th Civil Section. Hearing date:
16.04.2025. Type of solution: Dismisses the request.
Summary of the solution: Admits the plea of inadmissibility raised by the defendant Oil Terminal S.A.
Dismisses the complaint filed by the plaintiff Dumitrescu Andrei Sebastian against the defendants as
inadmissible. With the right of appeal within 30 days from communication. An appeal was filed on 29.09.2025,
being registered under case no. 7645/2/2025 with a hearing date of 05.03.2026.
8. Case no.8452/118/2021, pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendants Oil Terminal S.A. and the Romanian State through the Ministry of Energy.
Complaint through which the shareholder Dumitrescu Andrei Sebastian requests the Constanța Tribunal to
order the "declaration of the partial absolute nullity of the following corporate acts:
1. the updated Articles of Incorporation notarized under no. 631/12.05.1997 by B.N.P. Victoria Badea, main
head of claim, non-assessable in money;
2. the updated Articles of Incorporation according to the Extraordinary General Meeting of Shareholders
Resolution no. 2 of Oil Terminal S.A. dated 28.07.2000, ancillary head of claim, non-assessable in money;
3. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
29.03.2001, ancillary head of claim, non-assessable in money;
4. the updated Articles of Incorporation according to the EGSM of Oil Terminal S.A. dated 31.07.2001,
ancillary head of claim, non-assessable in money;
5. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
11.06.2003, ancillary head of claim, non-assessable in money;
6. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
22.12.2004, ancillary head of claim, non-assessable in money;
7. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
05.03.2007, ancillary head of claim, non-assessable in money;
8. the updated Articles of Incorporation according to EGSM Resolution no. 2 dated 06.03.2009, ancillary
head of claim, non-assessable in money;
9. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
04.03.2010, ancillary head of claim, non-assessable in money;
10. the updated Articles of Incorporation according to EGSM Resolution no. 2 of Oil Terminal S.A. dated
02.08.2010, ancillary head of claim, non-assessable in money;
11. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
24.11.2011, ancillary head of claim, non-assessable in money;
12. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
17.08.2012, ancillary head of claim, non-assessable in money;
13. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
04.07.2013, ancillary head of claim, non-assessable in money;
14. the updated Articles of Incorporation according to EGSM Resolution no. 10 of Oil Terminal S.A. dated
24.10.2014, ancillary head of claim, non-assessable in money;
Pag.67/ 81
15. the updated Articles of Incorporation according to EGSM Resolution no. 11 of Oil Terminal S.A. dated
19.06.2017, ancillary head of claim, non-assessable in money;
16. the updated Articles of Incorporation according to EGSM Resolution no. 28 of Oil Terminal S.A. dated
29.10.2018, ancillary head of claim, non-assessable in money” and
17. the restoration of the parties to their previous situation,
18. the declaration that the company 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, ancillary head of claim, non-assessable in
money;
19. the declaration that the Romanian State, through the Ministry of Energy, holds the capacity of shareholder
within the company Oil Terminal S.A. with a number of 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 head
of claim, non-assessable in money.
20. to compel the defendants to pay the court costs.
The case had a hearing date on 19.05.2022. By the Judgment of 30.06.2022, the court dismisses as
unfounded the complaint filed by the plaintiff Dumitrescu Andrei Sebastian against the defendants Oil
Terminal S.A. and the Romanian State through the Ministry of Energy. With the right of appeal within 30 days
from communication. The company Oil Terminal S.A. filed a request for the completion of the operative part
regarding the court costs. This request formed case no. 8452/118/2021/a1. At the hearing of 17.08.2022, the
Tribunal admits the request filed by Oil Terminal S.A. against the defendant Dumitrescu Andrei Sebastian. It
compels the defendant to pay to the petitioner the amount of 17,850 lei representing court costs in case no.
8452/118/2021, consisting of attorney's fees. With the right of appeal within 30 days from communication.
By Civil Decision no. 8, pronounced on 01.03.2023, the Constanța Court of Appeal dismissed as unfounded
the appeal filed by Dumitrescu Andrei Sebastian, compelling him to pay to the respondent Oil Terminal S.A.
the amount of 5,950 lei as court costs in appeal. The sentence is final. Dumitrescu filed an appeal with the
High Court of Cassation and Justice. Hearing: 05.12.2023: Ruling: Stays the trial of the appeal filed by the
defendant Dumitrescu Andrei Sebastian against civil decision no. 7/2023 of March 1, 2023, pronounced by
the Constanța Court of Appeal – 2nd Civil Section, for Insolvency and Disputes with Professionals and
Companies, pursuant to the provisions of art. 413 para. (1) point 1 of the Code of Civil Procedure, until the
resolution of the appeal filed against civil decision no. 8/2023 of March 1, 2023, pronounced in case no.
8452/118/2021. Final. In case no. 8452/118/2021, Dumitrescu filed an appeal with the High Court of
Cassation and Justice on 12.10.2023. Hearing: 10.10.2024 – Ruling: Dismisses the appeal filed by the
appellant-plaintiff Dumitrescu Andrei Sebastian against civil decision no. 8 of March 1, 2023, pronounced by
the Constanța Court of Appeal, as unfounded. Compels the appellant-plaintiff to pay the respondent-
defendant OIL TERMINAL S.A. the amount of 8,925 lei as court costs. Final.
9. Case no.8452/118/2021/a1, pending before the Constanța Tribunal, defendant Dumitrescu Andrei
Sebastian, plaintiff Oil Terminal S.A., Completion of the operative part. Court costs. Hearing date:
17.08.2022: admits the request filed by Oil Terminal S.A. against the defendant Dumitrescu Andrei
Sebastian. Compels the defendant to pay the petitioner the amount of 17,850 lei representing court costs in
case 8452/118/2021, consisting of attorney's fees. With the right of appeal within 30 days from
communication. Dumitrescu filed an appeal with the Constanța Court of Appeal; at the hearing of 01.03.2023
– Dec. Dismisses as unfounded the appeal filed by the appellant Dumitrescu Andrei Sebastian against civil
sentence no. 910 of 17.08.2022, pronounced by the Constanța Tribunal. Final according to: Judgment 7/2023
of 01.03.2023. Recourse filed on 06.04.2023 by Dumitrescu Andrei Sebastian. High Court of Cassation and
Justice at the hearing of 03.10.2023: Dismisses the plea of nullity of the recourse and sets a hearing date for
December 5, 2023. Hearing: 05.12.2023: Stays the trial of the recourse until the resolution of the recourse in
case 8452/118/2021. Case 8452/118/2021 was settled on 17.10.2024; the case was restored to the docket
with a hearing date on: 13.05.2025. On 13.05.2025, the plea regarding the lapsing of the recourse was
dismissed. The recourse filed by Dumitrescu Andrei Sebastian against Civil Decision no. 7/2023 of March 1,
2023, pronounced by the Constanța Court of Appeal – 2nd Civil Section, for Insolvency and Disputes with
Professionals and Companies, was dismissed as unfounded. Compels the appellant Dumitrescu Andrei
Sebastian to pay the respondent Oil Terminal S.A. the amount of 5,950 lei representing court costs. Final.
10. Case no.2007/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. The
following cases were joined to this case: 2010/118/2022, 2011/118/2022, 2014/118/2022, 2018/118/2022,
2022/118/2022, 2029/118/2022. The case had a hearing date on 03.10.2023: orders the stay of the trial until
the final resolution of case 7054/118/2021. With the right of recourse during the stay. Recourse filed by Oil
Terminal S.A. on 20.11.2023. Hearing at the Constanța Court of Appeal on 03.04.2024. Ruling: Admits the
recourse. Quashes the challenged judgment and sends the case to the trial court for further trial. Hearing:
05.03.2026.
Pag.68/ 81
11. Case no.2010/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
12. Case no.2011/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the total absolute annulment of the EGSM Resolution no.
4/21.03.2022. Joined to case no. 2007/118/2022.
13. Case no.2014/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
14. Case no.2018/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
15. Case no.2022/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
16. Case no.2025/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
17. Case no.2016/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Reserved for judgment. Judgment: Dismisses the request filed by the plaintiff Dumitrescu Andrei Sebastian
against the defendant Oil Terminal S.A. as unfounded. With the right of appeal, to be filed at the Constanța
Tribunal, 2nd Civil Section, within 30 days from communication. Appeal filed by the plaintiff Dumitrescu Andrei
Sebastian on 06.12.2022. At the hearing of 05.04.2023, the Constanța Court of Appeal removes the case
from the docket and forwards it to the Bucharest Court of Appeal. At the hearing of 24.11.2023: Ruling:
Orders the referral to the Constitutional Court for the resolution of the plea of unconstitutionality regarding
the provisions of art. 12 of Law no. 137/2002, in relation to art. 1 para. (3) and art. 1 para. (5) of the Romanian
Constitution, a plea raised by the appellant-plaintiff Dumitrescu Andrei Sebastian through the court notes
filed on 09.11.2023. Dismisses the appeal as unfounded. No right of appeal regarding the solution on the
plea of unconstitutionality and final regarding the resolution of the appeal.
18. Case no.3520D/2023 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 2016/118/2022 of the Bucharest Court of Appeal regarding Article
12 of Law no. 137/2002. Case in the report-drafting phase.
19. Case no.1483/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the declaration of the termination of applicability of EGSM Resolution
no. 4/21.03.2022. At the hearing of 20.09.2022, by Judgment no. 979/2022, the Constanța Tribunal admits
the plea of inadmissibility of the complaint. Dismisses the action filed by the plaintiff Dumitrescu Andrei
Sebastian against the defendant Oil Terminal S.A., seeking to establish the termination of all legal effects of
the Oil Terminal S.A. Extraordinary General Meeting of Shareholders Resolution no. 4/12.06.2020, as
inadmissible. With the right of appeal within 30 days from communication. An appeal was filed. Hearing date:
26.05.2023. At the hearing of 10.04.2023 – Summary of the solution: Judgment: Takes note that, by judgment
no. 801/04.04.2023 pronounced by the High Court of Cassation and Justice, the transfer of the trial was
ordered. Removes the case from the docket and orders its forwarding to the Bucharest Court of Appeal. No
right of appeal. Pronounced by making the solution available to the parties through the court clerkship on
10.04.2023. Document: Final judgment in chambers 5/2023 of 10.04.2023. Summary of the solution: Admits
the appeal. Annuls the civil sentence and sends the case for further trial to the Călărași Tribunal. With the
right of recourse within 30 days from communication. The recourse is to be filed at the Bucharest Court of
Appeal. Document: Judgment no. 914/2023 of 09.06.2023. On 10.07.2024, the Călărași Tribunal reserved
judgment. Postpones the ruling to 07.08.2024. Solution: Dismisses the action filed by the plaintiff Dumitrescu
Pag.69/ 81
Andrei Sebastian against the defendant OIL TERMINAL SA seeking to establish the termination of all legal
effects of the OIL TERMINAL SA EGSM Resolution no. 4/12.06.2020. With the right of appeal within 30 days
from communication. An appeal was filed on 02.10.2024. Case registered at the Bucharest Court of Appeal
under no. 6762/2/2024 (1483/118/2022). Appellant: Dumitrescu Andrei Sebastian. Hearing date: on
06.02.2025 the ruling was postponed to 13.02.2025. Resolved: Dismisses the appeal as unfounded. Final.
20. Case no.18250/212/2016 pending before the Constanța Court, plaintiff Staar Rating S.R.L., defendant
Oil Terminal S.A. Action for contractual liability for 16,411.20 lei representing fixed indemnity, 82,056 lei
representing variable indemnity, statutory late-payment interest, and court costs. Hearing date: 04.05.2023
– Ruling. Written conclusions were filed during the hearing. Postpones the ruling to 19.05.2023. Solution:
Partially admits the complaint filed by the plaintiff Staar Rating S.R.L. against the defendant Oil Terminal S.A.
Compels the defendant to pay the plaintiff the amount of 16,411.20 lei representing the fixed indemnity due
for the plaintiff’s exercise of the office of administrator of the defendant. Dismisses the head of claim regarding
the variable indemnity as unfounded. Compels the defendant to pay the plaintiff the amount of 6,845.71 lei
as statutory late-payment interest for the fixed indemnity related to the months of March, April, May, and
June 2016, calculated until the date of the accounting expertise – 07.12.2022. Approves the expert’s request
for a fee increase of 1,000 lei and orders the plaintiff to pay the fee difference. Compels the defendant to pay
the plaintiff court costs in the amount of 1,283.91 lei representing the stamp duty related to the admitted
heads of claim and 2,000 lei – the final fee for the expertise report. With the right of appeal within 30 days
from communication, to be filed at the Constanța Court. Document: Judgment no. 4921/2023 of 19.05.2023.
Appeal filed by Oil Terminal SA at the Constanța Court of Appeal. Hearing date: 31.07.2025 – restores the
case to the docket. Hearing date: 05.09.2025: Stays the trial according to the Resolution of the General
Assembly of Judges within the Constanța Tribunal no. 2 of August 26, 2025. Reserved for judgment with a
hearing date of: 05.02.2026. A provision of 109,597 lei has been established for this case.
21. Case no. 2009/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the total absolute annulment of the EGSM Resolution dated
10.03.2023. At the hearing of 11.10.2023 – Ruling. Dismisses the request. Summary of the solution: Admits
the plea of inadmissibility. Dismisses the complaint as inadmissible. With the right of appeal within 30 days
from communication. Appeal filed by Dumitrescu on 08.02.2024. Summary of the solution: JUDGMENT:
Orders the removal of the case from the docket and the forwarding of the case file to the Galați Court of
Appeal according to judgment no. 935/23.04.2024 pronounced by the High Court of Cassation and Justice
in case no. 501/1/2024. Document: Final judgment (relinquishment of jurisdiction) 121/2024 of 08.05.2024.
Hearing date: 02.10.2024. Ruling: Admits the request for referral to the Constitutional Court filed by the
appellants pursuant to art. 29 para. 4 of Law no. 47/1992: Refers the case to the Constitutional Court of
Romania regarding the plea of unconstitutionality of the provisions of art. 111 para. 2, art. 114 of Law no.
31/1990 and art. 86 para. 4 of Law no. 24/2017, in relation to the provisions of art. 21 para. 1, 2, and 3 of the
Romanian Constitution. Dismisses the appeal filed by the appellant Dumitrescu Andrei Sebastian against the
respondent Oil Terminal SA as unfounded. Final.
22. Case no.3349D/2024 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 2009/118/2023 of the Galați Court of Appeal regarding Article 111
para. 2 of Law no. 31/1990, art. 114 of Law no. 31/1990, and art. 86 para. 4 of Law no. 24/2017. Case in the
report-drafting phase.
23. Case no.1673/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Complaint against the Trade Register Office (O.R.C.) Director's
Resolution no. 494/10.02.2023. On 08.11.2023 – Ruling: Dismisses the request. Summary of the solution:
Admits the plea of lack of interest raised in the statement of defense. Dismisses the complaint filed by the
petitioner Dumitrescu Andrei Sebastian against the respondents Constanța Trade Register Office and Oil
Terminal S.A. as lacking interest. With the right of appeal within 30 days from communication. As of
31.12.2025, no appeal had been filed.
24. Case no.2872/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Action for the annulment of GSM Resolution no. 4/18.04.2023.
Hearing: 05.03.2024 – Ruling. Postpones the ruling to 29.03.2024. Pursuant to art. 413 para. 1 point 1 of the
Code of Civil Procedure, stays the trial of the case until the final resolution of cases no. 3656/118/2020,
2007/118/2022, and 2013/118/2022 of the Constanța Tribunal. With the right of recourse during the stay.
Recourse against the stay filed on 22.04.2023. Hearing 06.09.2024: Ruling – Dismisses the recourse as
unfounded.
25. Case no.2730/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Complaint requesting the declaration of nullity of an act – Board
Pag.70/ 81
of Directors' Decision no. 9/20.01.2023. At the hearing of 05.10.2023 – Ruling: Pursuant to art. 413 para. 1
point 1 of the Code of Civil Procedure; Stays the trial of the case until the final resolution of cases no.
3656/118/2020 and 2013/118/2022 of the Constanța Tribunal. With the right of separate recourse during the
stay. Recourse filed on 20.11.2023 by Oil Terminal S.A. At the hearing of 13.03.2024, the Constanța Court
of Appeal admitted the recourse. Quashes the appealed civil judgment and sends the case to the trial court
for further trial. Hearing: 28.05.2024 – Ruling: Dismisses the request. Summary of the solution: Admits the
plea of inadmissibility. Dismisses the complaint as inadmissible. With the right of recourse within 15 days.
The appeal request is to be filed at the Constanța Tribunal, under penalty of nullity. Pronounced by making
the solution available to the parties through the court clerkship today, 28.05.2024. Document: Judgment
618/2024 of 28.05.2024. On 15.07.2024, Dumitrescu Andrei Sebastian filed an appeal. Constanța Court of
Appeal on 10.12.2024 – Ruling: Dismisses as inadmissible the request for referral to the Constitutional Court.
Dismisses the appeal as unfounded. With the right of recourse within 48 hours from the ruling regarding the
solution on the request for referral to the Constitutional Court. Final regarding the resolution of the appeal
according to Judgment 238/10.12.2024.
26. Case no.521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei
Sebastian, defendant Oil Terminal S.A. Subject matter: total annulment of decision no. 46/17.01.2023 issued
by the Financial Supervisory Authority (A.S.F.), main head of claim non-assessable in money; total
annulment of the simplified prospectus related to the share capital increase with contribution in kind and in
cash of Oil Terminal S.A., ancillary head of claim non-assessable in money, and compelling the defendants
to pay court costs. At the hearing of 12.02.2024 – Ruling: Dismisses the request. Summary of the solution:
Dismisses the pleas of inadmissibility and lack of standing as unfounded. Admits the plea of lack of standing
of the defendant Viorel Sorin Ciutureanu and consequently dismisses the complaint against him as being
filed against a person without standing. Dismisses the remainder of the complaint as unfounded. Compels
the plaintiff to pay to the defendant Prime Transaction S.A. the amount of 3,300 lei as court costs (attorney’s
fees). With the right of recourse within 15 days from communication. Recourse filed on 21.03.2024. On
20.02.2025, the High Court of Cassation and Justice pronounced the following solution: Notes that the
appellant-defendant Prime Transaction S.A. waives the incident recourse. Dismisses the request for referral
to the CJEU as inadmissible. Dismisses the main recourse filed by Dumitrescu Andrei Sebastian as
unfounded. Dismisses the incident recourse filed by the Financial Supervisory Authority as unfounded. Final.
27. Case no.575/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei
Sebastian. Subject matter: Request for the stay of execution of A.S.F. Decision no. 46/17.01.2023 until the
final resolution of the case on the merits no. 521/2/2023. Hearing: 08.02.2023 – Ruling. Solution: Dismisses
the action brought against the defendant Ciutureanu Viorel Sorin as being filed against a person without
standing. Dismisses the plea of inadmissibility of the action as unfounded. Dismisses the plea of lack of
standing as unfounded. Dismisses the request for the stay of execution as unfounded. Compels the plaintiff
to pay to the defendant Prime Transaction S.A. the amount of 2,500 lei as court costs, consisting of attorney’s
fees. The judgment is not final; it may be challenged by recourse within 5 days from communication.
Recourse filed by Prime Transaction S.A. and Dumitrescu Andrei Sebastian. At the hearing of 17.01.2024 –
Ruling: Dismisses the recourse.
28. Case no.4206/2/2015*, pending before the Bucharest Court of Appeal, whereby the plaintiff DG Petrol
S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L., filed an
administrative contestation on 29.01.2020 at the Bucharest Court of Appeal seeking the annulment of
Decision no. 1/05.01.2015, through which A.N.A.F. – Bucharest Regional Directorate for Excises and
Customs Operations established a payment obligation of 3,759,256 lei for the plaintiff DG Petrol S.R.L.
At the hearing of 10.06.2020, the plaintiff DG Petrol S.R.L. filed a third-party complaint against Oil Terminal
S.A., requesting the court to compel the third-party defendant Oil Terminal S.A. to pay the amount of
3,759,256 lei.
Oil Terminal S.A. filed a statement of defense within the legal timeframe, raising the plea of inadmissibility of
the third-party complaint and the plea of untimeliness, and on the merits, requested the dismissal of the third-
party complaint as unfounded. By Judgment pronounced on 23.09.2020, the trial court, namely the Bucharest
Court of Appeal, dismissed the third-party complaint filed by the plaintiff DG Petrol S.R.L. against Oil Terminal
S.A. as inadmissible. The plaintiff DG Petrol S.R.L. filed a recourse, and the Bucharest Court of Appeal, on
02.12.2020, pursuant to art. 64 para. 4 of the Code of Civil Procedure, stayed the trial. The judgment may
be challenged by recourse during the stay. The case was restored to the docket with a ruling date of
19.10.2023. Summary of the solution: The Bucharest Court of Appeal, by Judgment no. 1621/2023, Admits
the plaintiff’s request. Dismisses the third-party complaint against OIL TERMINAL S.A. The judgment is not
final; it may be challenged by recourse. A recourse was filed on 26.02.2024 by the Ministry of Public Finance,
on 27.02.2024 by the Romanian Customs Authority, and on 29.02.2024 by the National Agency for Fiscal
Administration (A.N.A.F.).
Case – High Court of Cassation and Justice. Hearing: 11.06.2024 – Ruling. Solution: Admits the recourses
Pag.71/ 81
filed by the appellant-defendants A.N.A.F. and the Ministry of Finance – General Directorate for Appeals
Settlement, and the Romanian Customs Authority through the Bucharest Regional Customs Directorate
against Civil Sentence no. 1621 of 19 October 2023 of the Bucharest Court of Appeal. - Quashes in part the
appealed sentence and: Dismisses the action as unfounded. Dismisses the ancillary intervention request in
favor of the plaintiff DG Petrol S.R.L. through the judicial liquidator Fineco Insolvency S.P.R.L., filed by the
intervenor Igniska Dan, as unfounded. Maintains the appealed sentence regarding the solution to dismiss
the third-party complaint. Final.
29. Case no.2537/1/2024, pending before the High Court of Cassation and Justice, whereby the plaintiff DG
Petrol S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L. and special
administrator Dan Igniska, filed a Motion for Annulment against Decision no. 3690/09.07.2024, pronounced
by the High Court of Cassation and Justice in Case no. 4206/2/2015. Through the aforementioned Decision,
it was ordered to maintain the solution regarding the third-party complaint against Oil Terminal S.A. from Civil
Sentence no. 1621/19.10.2022, pronounced by the Bucharest Court of Appeal, namely its dismissal. Hearing
on 01.04.2025; ruling postponed to 15.04.2025. Resolved by Decision no. 2186/2025: Dismisses the motion
for annulment. Dismisses the plea of inadmissibility of the motion for annulment filed by S.C. DG Petrol S.R.L.
and Ignişka Dan, raised by the respondents. Dismisses the motion for annulment filed by the contestors S.C.
DG Petrol S.R.L. through Judicial Liquidator Fineco Insolvency SPRL and special administrator Ignişka Dan
and the intervenor Ignişka Dan against decision no. 3690 of July 9, 2024, of the High Court of Cassation and
Justice – Administrative and Fiscal Litigation Section, in case no. 4206/2/2015, as unfounded. Final.
30. Case no.2665/1/2024 pending before the High Court of Cassation and Justice, whereby the plaintiff DG
Petrol S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L. and
special administrator Dan Igniska, filed a request for Revision according to Art. 509 et seq. of the Code of
Civil Procedure and Art. 21 of Law no. 554/2004 regarding Decision no. 3690/09.07.2024, pronounced by
the High Court of Cassation and Justice in Case no. 4206/2/2015. Hearing on 24.09.2025: Ruling postponed.
Ruling on 08.10.2025: Dismisses the revision request filed against civil decision no. 3690/09.07.2024
pronounced by the High Court of Cassation and Justice, according to art. 21 of Law no. 554/2004, as
unfounded. Dismisses the request for referral to the European Court of Justice filed by the revisant DG
PETROL S.R.L., as unfounded. Final. The provision established for this case, in the amount of 3,759,256
lei, has been cancelled.
b) Provisions for employee benefits
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
9,398,582
8,880,855
Additions during the year
3,004,864
3,379,700
Reversals during the year
(2,944,006)
(2,861,973)
Balance at the end of the period
9,459,440
9,398,582
The provision for employee benefits, in the balance as of December 31, 2024, was partially reversed during
2025 upon the granting of rights to employees at retirement. On that date, income from the reversal of
provisions was recorded in the amount of 2,944,006 lei. As of December 31, 2025, the company records
employee benefit provisions that have increased by 90,858 lei compared to December 31, 2024.
This provision was recorded based on the Actuarial Report regarding the value of the provision for retirement
benefits granted to employees, prepared by S.C. RCOR.RO SRL under the service agreement concluded
with the company. According to the Collective Labor Agreement in force, the company must pay employees
at retirement a benefit equal to a certain number of salaries, depending on their seniority and length of service
within the company.
The main actuarial assumptions used to calculate the value of the provision for retirement benefits as of
December 31, 2025, were:
- Employee mortality is modeled using the mortality tables provided by the National Institute of Statistics;
- Employee turnover rate is constant over time, calculated by age and gender, established by modeling
data provided by the company for recent years starting from 2000;
- Morbidity rate is constant over time, calculated by age and gender, incorporated into the mortality table
used.
- Salary growth rate is constant over long periods, with an assumed annual increase of 1%;
- Discount rates are provided by the European Insurance and Occupational Pensions Authority (EIOPA)
for Romania, without considering volatility;
- The plan is unfunded by the entity, employees, or third parties, except for early retirement, where the
decision is influenced by the authorities.
Pag.72/ 81
c) Other provisions for tranches II-V related to retirement bonuses
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
-
-
Additions during the year
2,146,095
-
Reversals during the year
-
-
Balance at the end of the period
2,146,095
-
The provision for tranches II-V related to retirement bonuses, amounting to 2,146,095 lei, is established in
accordance with Art. LXXI para. (4) and (5) of Law no. 296/2023 on fiscal-budgetary measures for Romania's
long-term financial sustainability. This stipulates that for collective/individual labor contracts of economic
operators where the state or administrative-territorial units are sole or majority shareholders, in force as of
01.01.2025, retirement bonuses are granted in installments over 5 years in equal annual tranches.
Therefore, the first tranche is granted at the date of retirement, while a provision is established for tranches
II-V, which will be paid over the following 4 years.
d) Other provisions for employee profit sharing
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
1,490,991
1,066,861
Additions during the year
2,277,547
1,490,991
Reversals during the year
(1,490,991)
(1,066,861)
Balance at the end of the period
2,277,547
1,490,991
As of December 31, 2025, the company had recorded a provision for employee profit sharing for the year
2025 in the amount of 2,277,547 lei, increasing by 786,556 lei compared to the previous year.
This provision was recorded based on Government Ordinance no.64/2001 regarding profit distribution in
companies with full or majority state capital, as subsequently amended and supplemented, OMFP
no.144/2005 regarding the approval of the Specifications for determining the amounts subject to profit
distribution, and OMFP no.418/2005 regarding certain accounting specifications applicable to economic
agents.
As of December 31, 2024, based on the provisions of GO no. 64/2001 regarding profit distribution in
companies with full or majority state capital, as subsequently amended and supplemented, OMFP no.
144/2005 regarding the approval of the Specifications for determining the amounts subject to profit
distribution, and OMFP no. 418/2005 regarding certain accounting specifications applicable to economic
agents, the Company recorded a provision for employee profit sharing for the year 2024 in the amount of
1,490,991 lei.
In June 2025, the Company recorded the payment obligation representing the employee profit sharing, in
accordance with the General Meeting of Shareholders Resolution no. 12/28.04.2025, which approved the
distribution of 1,490,991 lei from the 2024 net profit for employee profit sharing. Consequently, the provision
recognized for the 2024 employee profit sharing was reversed in the amount of 1,490,991 lei, and the profit
sharing was paid to the employees.
e) Other provisions related to mandate contracts
Other provisions related to mandate contracts represent the variable component for non-executive directors,
the General Director, and the Financial Director:
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
2,659,289
2,659,289
Additions during the year
1,960,120
2,659,289
Reversals during the year
(2,659,289)
(2,659,289)
Balance at the end of the period
1,960,120
2,659,289
By the Ordinary General Meeting of Shareholders Resolution no.12/27.04.2023, 7 members of the Board of
Directors (non-executive directors) were elected for a mandate-period of 4 (four) years, starting from
28.04.2023, in accordance with the provisions of Art.29 of GEO no.109/2011. The membership of the Board
Pag.73/ 81
is presented in Note no. 1.
By the Board of Directors’ Decision no.72/19.06.2023, in accordance with the provisions of GEO
no.109/2011, the General Director of the company was elected, with a mandate contract period of 4 years,
starting from 20.06.2023.
By the Board of Directors’ Decision no.73/19.06.2023, in accordance with the provisions of GEO
no.109/2011, the Financial Director of the company was elected, with a mandate contract period of 4 years,
starting from 20.06.2023.
The provision amounting to 2,659,289 lei, recognized as of December 31, 2024, represents the variable
component for the non-executive directors of the Board, the General Director, and the Financial Director,
pertaining to the year 2024, including the labor insurance contribution.
During May 2025, the Company recorded the payment obligation representing the variable component for
the General Director and the Financial Director for the year 2024, including the labor insurance contribution,
based on the Ordinary General Meeting of Shareholders Resolution no.6/28.04.2025.
During June 2025, the Company recorded the payment obligation representing the variable component for
the non-executive directors of the Board for the year 2024, including the labor insurance contribution, based
on the Ordinary General Meeting of Shareholders Resolution no.14/16.06.2025.
Concurrently with the granting of the variable component for the year 2024, in accordance with the approved
mandate contracts and GMS Resolutions no. 6/28.04.2025 and 14/16.06.2025, the recognized provision was
reversed, and income from the reversal of provisions was recorded.
The provision amounting to 1,960,120 lei, recognized as of December 31, 2025, represents the variable
component for 4 non-executive directors of the Board, the General Director, and the Financial Director,
pertaining to the year 2025, including the labor insurance contribution. The variable component is not granted
to provisional directors.
35. Grants
Year ended December
31, 2025
Year ended December
31, 2024
Balance at the beginning of the year
141,082
210,158
Additions during the year
2,162
5,488
Utilized during the year
(30,452)
(74,564)
Balance at the end of the period
112,792
141,082
The amount of 112,792 lei remaining in the balance as of December 31, 2025, represents inventory surpluses
of a fixed asset nature, undepreciated, in the amount of 112,368 lei, and deferred income in the amount of
424 lei.
36. Cash flow information
Net cash flow from operating activities in 2025 amounted to 42,744,866 lei, representing a decrease of
19,514,751 lei compared to 2024.
Cash flow from investing activities mainly includes payments for investments in fixed assets, amounting to
(91,607,107) lei as of December 31, 2025, and (71,938.028) lei as of December 31, 2024.
Cash flow from financing activities primarily consists of cash inflows from long-term loans and cash outflows
representing long-term loan repayments. Financing cash flow as of December 31, 2025, amounted to
24,252,754 lei, an increase of 8,088,528 lei compared to the same period of the previous year. For 2025,
cash inflows from loans were recorded at 57,936,798 lei (an increase of 13,240,705 lei compared to 2024),
while payments representing repayments of long-term loans amounted to (21,797,915) lei in 2025, compared
to (18,946,015) lei in 2024.
Dividend payments amounted to (11,886,129) lei in 2025 and (9,585,852) lei in 2024.
In 2025 and 2024 Oil Terminal did not use any supplier financing mechanisms; all payments were made by
the company directly to the suppliers.
37. Risk management
Macroeconomic environment
The evolution of the Romanian economy in 2025 continued to be marked by persistent uncertainties
regarding the continuation of the war in Ukraine and the conflict in the Middle East, as well as the uncertain
outlook for European economies. The complex external environment is marked by challenges that increase
energy security vulnerabilities in Europe and could lead to a renewed increase in raw material prices. The
international economic context remains highly uncertain, and the global recovery is proceeding at a slow and
uneven pace.
Pag.74/ 81
As of December 31, 2025, there are no indications of asset impairment and no legal or constructive
obligations to establish additional provisions related to macroeconomic factors.
The Company has implemented and developed a risk management process to facilitate the efficient and
effective achievement of its objectives, aiming to reduce risks as much as possible without unduly affecting
the competitiveness and flexibility of the Company's operations.
Through its operations, the Company is exposed to the following risks:
-
Capital risk
-
Credit risk
-
Foreign exchange risk
-
Liquidity risk
-
Risks associated with achieving defined objectives
-
Price risk
-
Interest rate risk
a. Capital risk
Oil Terminal SA continuously manages its capital to ensure the optimal utilization of resources in correlation
with risk exposure and to determine maximum returns for shareholders.
The structure of the employed capital consists of equity, which includes: share capital, other equity items,
retained earnings representing the surplus realized from revaluation reserves, retained earnings representing
undistributed profit, retained earnings resulting from the first-time application of IAS (excluding IAS 29), legal
reserves, revaluation reserves, other reserves, the result of the year, and profit distribution, as presented in
the Statement of Changes in Equity; and liabilities, which include the long-term loans presented in Note 28.
Capital risk management is an integral part of the company's business administration and refers to the
continuous review of the company's leverage.
The leverage ratio, calculated as the ratio of short-term debt to equity, was 0.114 as of December 31, 2025,
and 0.148 as of December 31, 2024.
The company's management reviews the capital structure as well as reports related to company risks. This
review covers the cost of capital and the risks associated with each category of capital.
b. Credit risk
Credit risk is the risk of financial loss for the Company that arises if a customer or a counterparty to a financial
instrument fails to meet its contractual obligations.
The Company is primarily exposed to credit risk arising from the provision of services to customers.
Annually, the content of the framework contracts regarding the provision of services for crude oil and other
liquid petroleum products (diesel, gasoline, biodiesel for blending with diesel) is approved by Order of the
National Regulatory Authority for Mining, Petroleum, and Geological Storage of Carbon Dioxide
(ANRMPSG). These contracts clearly state the commercial conditions for the services provided by the
company to its customers:
-
payment for executed services within a maximum of 30 days;
-
calculation of accessories (penalties and late interest) for failure to make payments within contractual
deadlines;
-
in certain well-defined situations, the contract provides for the collection of revenue in advance;
-
in case of non-payment of invoices within the term stipulated in the contract, the company has a right
of lien over the transited goods up to the amount owed by the customer.
Although the collection of receivables may be influenced by economic factors, the company considers that
there is no significant risk of loss exceeding the adjustments already created.
c. Foreign exchange risk
Foreign exchange risk arises when the Company enters into transactions denominated in a currency other
than its functional currency. Foreign exchange risk depends on decision-making factors outside the company,
namely the National Bank of Romania (BNR) policy regarding exchange rate evolution over a given period.
The company's exposure to foreign exchange risk expressed in RON is presented below:
December 31, 2025
Value lei
Value Euro
Value USD
Value GBP
Cash and cash equivalents
80,967
11,150
5,079
354
Foreign customers
2,211,712
433,797
0
0
Foreign suppliers
144
25
Net exposure in the statement of financial
position
2,292,823
444,947
5,079
379
Oil Terminal operates with foreign currency for international customers and is exposed to fluctuations in the
EUR/RON exchange rate.
Pag.75/ 81
d. Liquidity risk
Liquidity risk arises from the company's management of working capital, financing costs, and the repayment
of principal for 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
those obligations become due.
To achieve this objective, the company has taken the following measures:
-
monitoring collections within the contractual term;
-
maintaining a cash balance that satisfies payment needs;
-
preparing a weekly cash flow statement.
By applying the measures mentioned above, the company has sufficient liquid resources to honor its
obligations under all reasonably foreseeable circumstances.
Liquidity indicators guarantee the coverage of current liabilities from current assets.
Current Liquidity is the ratio of current assets to current liabilities, recorded at 1.06 as of December 31, 2025,
compared to 1.20 as of December 31, 2024.
Immediate Liquidity (Acid Test) is the ratio of current assets (excluding inventories) to current liabilities, with
a value of 1.02 as of December 31, 2025, compared to 1.17 as of December 31, 2024.
e. Risks associated with achieving defined objectives
1.1 As of December 31, 2025, the Company continued the implementation, maintenance, and development
of the internal managerial control system through the action lines of the "Internal Managerial Control System
Development Program for 2025." This is regulated by the provisions of S.G.G. Order no. 600/2018 regarding
the Approval of the Code of Internal Managerial Control of Public Entities, as well as the provisions of
Government Ordinance no. 119/1999 on internal/managerial control and preventive financial control,
republished, with subsequent amendments and completions.
1.2 According to the risk analysis and assessment carried out as of December 31, 2025, a total of 119 risks
were identified, analyzed, evaluated, and are currently managed at the company level. These are associated
both with the specific objectives/activities/processes of the company's departments and with the objectives
of the partial strategies derived from the company's development strategy, as follows:
▪ 104 risks at a "tolerable" level – 87.4 %
▪ 12 risks at a "high tolerance" level – 10.08 %
▪ 3 risks at a "low tolerance" level – 2.52 %
▪ 0 risks at an "intolerable" level – 0 %.
1.3 From the critical analysis of the risks revised at the company level as of the reference date of December
31, 2025—an analysis that will remain valid and monitored until the next planned risk assessment scheduled
for June 30, 2026—it is noted that at this stage, the following trends are manifest compared to both the
previous assessment period and the approved risk tolerance level:
• constant maintenance of the total number of risks retained for management through the Company’s
centralized risk register. Therefore, in the risk assessment and reporting conducted as of the
reference date December 31, 2025, a total of 119 risks are managed at the Company level, being
retained for management by the corporate structures, consistent with the risk assessment conducted
as of June 30, 2025;
• constant maintenance of the number of risks classified under the "tolerable" tolerance level,
consistent with the risk assessment conducted as of June 30, 2025. Specifically, in the risk
assessment and reporting as of December 31, 2025, 104 risks classified as "tolerable" are managed
through the centralized risk register”;
• an increase in the number of risks classified under the "high tolerance" level; specifically, as of
December 31, 2025, 12 risks are managed at the "high tolerance" level, compared to 11 risks in the
same class recorded in the previous assessment on June 30, 2025. This resulted from the review
and reduction of the residual risk exposure of a risk previously identified at the "low tolerance" level
by one of the Company's functional structures;
• a decrease in the number of risks classified under the "low tolerance" level; specifically, as of the
reference date December 31, 2025, 3 risks are managed at the "low tolerance" level, compared to 4
risks in the same class recorded in the previous assessment on June 30, 2025. This followed the
review and reduction of the residual risk exposure of this risk, which is currently managed at the "high
tolerance" level;
• no risks were identified or classified under the "intolerable" tolerance level.
1.4 The analysis of the evolution and trend of residual risk exposure for the 119 risks retained for
management as evidenced in the centralized Risk Register as of December 31, 2025, compared to the
Pag.76/ 81
residual risk exposure recorded in the previous assessment on June 30, 2025, is presented as
follows:
• 117 risks maintained a constant residual risk exposure compared to the previous assessment;
• 1 risk showed a decrease in residual risk exposure compared to the previous assessment;
• as of December 31, 2025, no risks were recorded with an increased risk exposure compared to the
previous assessment;
• as of December 31, 2025, following the risk analysis conducted across the Company's functional
structures, it was proposed to remove one risk and introduce one new risk into the corporate risk
register.
1.5 For effective risk management, the heads of the Company’s functional structures, under the direct
coordination of the senior Executive Management and the SCIM Monitoring Commission, have adopted and
implemented risk strategies and managerial internal control measures deemed appropriate, timely, and
effective. These were based on analyses, monitoring, evaluations, and risk documentation discussed within
the risk management teams of each structure, aiming to eliminate causes and ensure all retained risks remain
under control, preventing any impact on the achievement of defined objectives, and identifying premises for
maintaining risk exposure strictly within the approved risk tolerance levels and limits.
1.6 Upon performing the analysis and evaluation of the corruption risk management process at the Company
level, as of the reference date December 31, 2025, pursuant to the rules of the "System Procedure: Risk
Management, code PS-02, Ed. II, R1", the resulting risk profile and ranking of the exposure level for
corruption risks, managed based on centralized risk documentation, in relation to the risk tolerance level and
the set of ethical values and norms approved at the organizational level, are as follows:
▪ 38 corruption risks present a "low exposure" level – 100%;
▪ 0 corruption risks at a "medium exposure" level – 0%;
▪ 0 corruption risks at a "high exposure" level – 0%;
1.7 Consequently, based on the data documented in the "Corruption Risk Register of Oil Terminal S.A.",
following the consistent application and monitoring of the requirements of the "Policy and Commitment of the
Company Management and Risk Management Principles" and the "Methodology for Assessing Corruption
Risks according to G.D. no. 599/2018", and after the timely adoption of risk strategies and policy directions
for the effective management of sensitive functions, as well as the implementation and monitoring of
intervention and control measures established to prevent and minimize the materialization of corruption risks
at the activity/process/personnel level, it is concluded that the corruption risk profile is constantly maintained
and managed at a "low exposure" level (100%), as follows:
▪ 38 corruption risks presenting a "low exposure" level – 100%;
▪ 0 corruption risks regarding a "medium exposure" level – 0%;
▪ 0 corruption risks regarding a "high exposure" level – 0%;
f. Price risk
The company's exposure to price risk is monitored through management accounting and cost calculation
activities, which include:
-
the formation process of the company's production expenses;
-
the grouping and behavior of expenses in relation to their generating factors;
-
pre-setting the level and structure of costs for each service and for the total planned activity;
-
the current analytical recording of production expenses by management periods and the calculation of
indicators required by the cost accounting methods in use;
-
the comparative analysis of the level and structure of production expenses and, implicitly, of the costs
calculated based on them, serving to optimize decisions in managing the value-based aspect of the
service performance.
Cost calculation forms the basis for setting service tariffs within the Company and represents the primary tool
for prospecting, identifying, and mobilizing the Company’s internal reserves.
By periodically tracking cost dynamics per conventional ton of product, a balance is ensured between the
average cost per ton and the average revenue generated per the same unit of measure, ensuring that the
services provided are efficient and value-adding.
g. Interest rate risk
To manage interest rate risk, the company's liabilities are permanently monitored regarding maturities, and
the collection policy ensures the resources necessary for debt repayment.
Operational cash flows are affected by interest rate variations, primarily due to contracted long-term loans
with variable interest rates.
Pag.77/ 81
The company analyzed the impact of a reasonably possible variation of +1 percentage point in the interest
rate for the variable-rate loans described in Note 28:
Balance as of Dec 31 (lei)
Effect of a 1% change in interest rate (lei)
Variable rate loans
2025
2024
2025
2024
278,951,026
173,356,761
2,077,790
1,667,741
The analysis assumes that all other variables remain constant.
For the year 2025, the internal risk analysis (estimated for an effect of a 1% change in interest rate) concluded
that hedging is not necessary, and no financial instruments were used to cover interest rate risk.
38. Off-balance sheet items
As of December 31, 2025, the Company has the following items recorded in off-balance sheet accounts:
a. Crude oil, petroleum products, and chemical products inventories, owned by the company's
customers, recorded as material values received for storage or custody, amounting to
433,977,056 lei;
b. Derecognized debtors, still under monitoring: 5,612 lei;
c. Inventories of the nature of other materials granted for use, amounting to 13,250,108 lei;
d. Public assets received for administration, concession, and rent – representing public assets under
the Petroleum Concession Agreement for the operation of tanks, crude oil and petroleum product
pipelines, pumping stations, and other related installations and equipment, concluded between
the National Regulatory Authority for Mining, Petroleum, and Geological Storage of Carbon
Dioxide (ANRMPSG) and Oil Terminal, amounting to 59,775,951 lei;
e. Other off-balance sheet values representing fixed assets approved for scrapping and currently
undergoing decommissioning, amounting to 3,277,774 lei;
f. Other off-balance sheet values representing assets with historical value, amounting to 26,000 lei;
g. Pledges and guarantees received representing performance guarantees, amounting to 20,750,795
lei;
h. Fixed assets taken on lease, amounting to 326,545 lei;
i. Other off-balance sheet values: value of assets received under leasing, amounting to 17,384,717 lei;
j. Other off-balance sheet values: investment financing sources and investment expenses amounting
to 53,257 lei;
k. Contingent assets, amounting to 405,075 lei;
l. Pledges and guarantees given, amounting to 248,663,107 lei;
m. Other off-balance sheet values: petroleum products handed over by authorities, amounting to 85
lei;
n. Other off-balance sheet values: disability fund, 486,779 lei;
o. Interest payable related to leasing contracts, 2,226,854 lei.
39. Proposal for the distribution of the annual result
As of December 31, 2025, the Company records a gross profit of 30,023,988 lei and a net profit of 26,914,656
lei.
Following the recording of the provision for risks and expenses regarding employee profit sharing (2,277,547
lei), the gross profit becomes 27,746,441 lei and the net profit 24,637,109 lei.
The proposal for the distribution of the 2025 net profit considers the following regulatory framework:
➢ Accounting Law no. 82/1991 (r4), art. 19, para. (3), as subsequently amended and supplemented;
➢ Companies Law no. 31/1990 (r2), as subsequently amended and supplemented;
➢ Law no. 227/2015 on the Fiscal Code, as subsequently amended and supplemented;
➢ Government Ordinance no. 64/2001 on profit distribution in national companies, national corporations,
and commercial companies with full or majority state capital, as well as in autonomous regies, as
subsequently amended and supplemented, approved by Law no.769/2001;
➢ Order of the Ministry of Public Finance (OMFP) no. 144/2005 on the approval of the Specifications for
determining the amounts subject to profit distribution according to GO no.64/2001 on profit distribution in
national companies, national corporations, and commercial companies with full or majority state capital,
as well as in autonomous regies;
➢ Order of the Ministry of Public Finance (OMFP) no. 418/2005 on certain accounting specifications
applicable to economic agents.
➢ The Revenue and Expenses Budget for the year 2025 approved by the Ordinary General Meeting of
Shareholders Resolution no. 2/09.04.2025, rectified by OGSM Resolution no. 28/30.10.2025;
Pag.78/ 81
We propose that the net profit of 26,914,656 lei (restated with the employee profit-sharing provision) be
distributed as follows:
a) Legal reserves: 1,501,199 lei
(Art. 1 para. (1) letter a) of G.O. 64/2001 and Art. 183 para. (1) of Law 31/1990(r2))
According to the provisions of art. 1, para. (1), letter a) of GO no.64/2001 on profit distribution in national
companies, national corporations, and commercial companies with full or majority state capital, as well as in
autonomous regies, corroborated with the provisions of art. 183 para. (1) of the Companies Law no. 31/1990,
republished, as subsequently amended and supplemented, “At least 5% of the profit must be set aside each
year for the reserve fund until it reaches at least one-fifth of the share capital”.
Legal reserve before the 2025 distribution was 8,910,913 lei (2.97% of share capital).
Accounting profit before tax = 30,023,988 lei.
Legal reserve (5% of gross profit)= 30,023,988 x 5 % = 1,501,199 lei.
b) Other reserves representing tax facilities: 2,637,986 lei
(Art. 1 para. (1) letter b) of G.O. 64/2001 and Art. 22 para. (1) of the Fiscal Code enacted by Law no.227/2015)
According to the provisions of art. 1, para. (1), letter b) of GO no.64/2001 on profit distribution in national
companies, national corporations, and commercial companies with full or majority state capital, as well as in
autonomous regies, corroborated with art.22 para.(1) and para.(5) of the Fiscal Code adopted by Law
no.227/2015, as subsequently amended and supplemented, profit invested in technological equipment,
electronic computers and peripheral equipment, cash registers, control and invoicing machines and devices,
in software, as well as for the right to use produced and/or purchased software, including based on financial
lease contracts, and put into operation, used for the purpose of carrying out the economic activity, is tax-
exempt. The tangible assets for which the tax exemption applies are those provided in subgroup 2.1 and
class 2.2.9 of the Catalogue regarding the classification and normal operating lives of fixed assets, approved
by Government Decision. Assets used in production and processing activities and assets representing re-
technologization are those established by order of the Minister of Finance”.
Profit invested in 2025 was 2,776,827 lei.
5% legal reserve on tax-exempt profit: 2,776,827 lei x 5% = 138,841 lei.
Invested profit distributed to reserves: 2,637,986 lei (2,776,827 lei – 138,841 lei = 2,637,986 lei).
c) Covering accounting losses from previous years:
Not applicable
c¹) Establishment of own financing sources for projects co-financed from external loans:
Not applicable
d) Other distributions provided by law:
Not applicable
e) Employee profit sharing: 2,277,547 lei
(Art. 1 para. (1) letter e) of G.O. no. 64/2001)
According to no.64/2001 on profit distribution in national companies, national corporations, and commercial
companies with full or majority state capital, as well as in autonomous regies, approved by Law no.769/2001,
as subsequently amended and supplemented, Oil Terminal SA may grant employee profit sharing within the
limit of 10% of the net profit, but not exceeding the level of one average monthly base salary achieved at the
economic agent level in the reference financial year, as it has committed to and established the profit-sharing
obligation through the revenue and expenditure budget.
Given that the maximum employee profit-sharing fund, calculated based on the achieved average monthly
base salary, is higher than the 10% quota of the net profit remaining after the deduction of distributed
amounts, the employee profit-sharing fund is 2,277,547 lei.
[26,914,656 lei net profit – (1,501,199 lei legal reserve + 2,637,986 other reserves representing tax facilities)]
x 10% = 2,277,547 lei.
According to OMFP no.418/06.04.2005 on certain accounting specifications applicable to economic agents,
employee profit sharing is reflected in the accounts by recognizing a provision for risks and expenses at the
level of the gross amounts due to employees.
Pag.79/ 81
Consequently, the company recorded the amount of 2,277,547 lei in the account "Other provisions for risks
and expenses”.
Following the recognition of the provision for risks and expenses, the gross profit becomes 27,746,441 lei
(30,023,988 lei – 2,277,547 lei); the income tax in the amount of 3,109,332 lei remains unchanged, as the
recognized provision is non-deductible for tax purposes, and the remaining net profit as of 31.12.2025 is
24,637,109 lei.
f) Dividends due to shareholders: 11,387,736 lei
(art. 1 para. (1) letter f) of GO no. 64/2001)
In accordance with the provisions of art. 1 para. (1) letter f) of GO no.64/2001 on profit distribution in national
companies, national corporations, and commercial companies with full or majority state capital, as well as in
autonomous regies, approved by Law no.769/2001, as subsequently amended and supplemented, the
Company proposes dividends representing 50% of the net profit remaining after the distribution of the legal
reserve, according to Companies Law no.31/1990(r2) and the reserve representing tax facilities according to
Law no.227/2015, as follows:
[26,914,656 lei net profit – (1,501,199 lei legal reserve + 2,637,986 other reserves representing tax facilities)]
x 50% = 11,387,736 lei.
g) Other reserves constituting own financing sources: 9,110,188 lei
(art. 1 para. (1) letter g) of GO no. 64/2001)
In accordance with the provisions of art. 1 para. (1) letter g) of GO no.64/2001 on profit distribution in national
companies, national corporations, and commercial companies with full or majority state capital, as well as in
autonomous regies, approved by Law no.769/2001, as subsequently amended and supplemented „profit not
distributed for the purposes provided in lit. a)-f) shall be distributed to other reserves and shall constitute an
own financing source, which may be subsequently redistributed as dividends or payments to the state or
local budget, in the case of autonomous regies”.
Net profit remaining to be distributed = [26,914,656 lei net profit – (1,501,199 lei legal reserve + 2,637,986
other reserves representing tax facilities + 2,277,547 lei employee profit sharing + 11,387,736 lei dividends)]
= 9,110,188 lei.
40. Earnings per share
As of December 31, 2025, and December 31, 2024, the earnings per share are:
Year ended
December 31, 2025
Year ended
December 31, 2024
Profit for the financial year
24,637,109
19,203,979
Other comprehensive income:
Items that will not be reclassified to profit or loss, of
which:
271,085
6,201,945
Gains from revaluation of disposed/scrapped
real estate
(546,976)
6,926,768
Surplus from revaluation of fixed assets
546,976
-
Liability related to revaluation reserves
271,085
(724,823)
Total comprehensive income
24,908,194
25,405,924
Number of ordinary shares at the beginning and end
of the period (weighted average number of ordinary
shares)
2,997,177,132
2,997,177,132
Basic earnings per share (lei/share)
0.00831055
0.00847662
Diluted earnings per share (lei/share)
0.00831055
0.00847662
In accordance with art. 111 para. (2) letter a) of Companies Law no.31/1990, republished, as subsequently
amended and supplemented and art.12 para. (3) letter a) of the Articles of Incorporation, in the Ordinary
General Meeting of Shareholders that will approve the profit distribution and set the gross dividend for the
year 2025, the Company will propose for approval a gross dividend per share for the 2025 financial year in
the amount of 0.00379949 lei/share.
Pag.80/ 81
The proposal regarding the gross dividend per share of 0.00379949 lei/share results from the value of gross
dividends proposed to be distributed from the 2025 net profit in the amount of 11,387,736 lei, divided by a
total number of 2,997,177,132 shares.
41. Contingent assets and liabilities
As of December 31, 2025, the Company has contingent assets amounting to 405,075 lei, representing
ongoing litigation.
As of December 31, 2025, the company is involved in 112 litigations, of which 40 cases as plaintiff or
contesting party, and 72 cases as defendant.
The Company has established provisions for 2 cases, as described in Note 34.
As of December 31, 2025, the Company records no contingent liabilities.
42. Subsequent events
I. Status of the Selection Procedure for one director, for the vacant position, in accordance with the
provisions of GEO no.109/2011.
1.By the Ordinary General Meeting of Shareholders Resolution no.37/15.12.2025, the company’s
shareholders approved the initiation of the selection procedure for the vacant position on the Board of
Directors of OIL TERMINAL SA in accordance with GEO no. 109/2011 on the corporate governance of public
enterprises, as subsequently amended and supplemented. The selection procedure will be carried out by the
Ministry of Energy, in its capacity as the tutelary public authority.
2.On 23.02.2026, at the request of the Ministry of Energy, acting as the tutelary public authority conducting
the selection procedure, the Announcement of the consultation for finalizing the Initial Component of the
Selection Plan, the Draft Initial Component of the selection plan and the updated draft Letter of Expectations
were posted on the Company's website.
The documents can be consulted on the website of Oil Terminal: https://oil-terminal.com/selectie-c-a-2026/
II. Convening by the Company's Board of Directors, gathered within the meeting of 02.02.2026, of an
Ordinary General Shareholders Meeting on 12(13).03.2026, with the following agenda:
1. The dismissal of the audit firm TRANSILVANIA AUDIT & FISCALITY from its capacity as statutory
financial auditor of the company, effective as of 18.03.2026, upon expiration of the contract term. (secret
ballot).
2. The appointment of the audit firm COMBINED IDEAS S.R.L as the statutory financial auditor of the
company, effective as of 18.03.2026, for a financial audit service contract term of 3 (three) years (for the
years 2026, 2027 and 2028) (secret ballot).
III. Fiscal Warehouse Authorization - Guarantee Amount Update
On February 13, 2026 the Ministry of Finance, the Romanian National Customs Agency, the Bucharest
Regional Customs Directorate – Large Taxpayers Authorization Service, issued Decision no.69/03.02.2026.
This decision established the updated guarantee amount for the fiscal warehouse authorization for gasoline
storage at 54,601,568 lei, compared to the previous value of 71,070,206 lei, set by Decision
no.214/18.08.2025.
Pursuant to Decision no.15/28.02.2019 of the Galati Regional Commission for the Authorization of
Harmonized Excise Product Operators, under which Oil Terminal SA benefits from a 75% reduction of the
guarantee value, the updated guarantee to be provided by the Oil Terminal for the fiscal warehouse is
13,650,392 lei. The deadline for establishing the guarantee is 30 working days from the communication date
of the decision.
We note that on March 2, 2026 Amendment no.13 to the Bank Guarantee Letter no.G084724/832 was
signed, decreasing the value of the guarantee letter by 4,117,159 lei and the new guaranteed value is
13,650,392 lei, with its validity until 28.02.2027.
Pag.81/ 81
IV. By the General Shareholders Meeting Resolution of 12.03.2026:
• By the Ordinary General Shareholders Meeting (OGSM) Resolution no.1/12.03.2026 the dismissal of
the audit firm TRANSILVANIA AUDIT & FISCALITY from its capacity as statutory financial auditor of the
company, effective as of 18.03.2026, upon expiration of the contract term was approved.
• By the Ordinary General Shareholders Meeting (OGSM) Resolution no.2/12.03.2026 the appointment
of the audit firm COMBINED IDEAS S.R.L as the statutory financial auditor of the company, effective as
of 18.03.2026, for a financial audit service contract term of 3 (three) years (for the years 2026, 2027 and
2028) was approved.
The notes numbered 1 to 42 are an integral part of the financial statements as of 31.12.2025, were issued
by the company on 25.03.2026 and signed on its behalf by:
Chairman of the Board of Directors,
Ungur Ramona
General Director,
Financial Director,
Head of Accounting Dept.,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
1
DIRECTORS’ REPORT
of OIL TERMINAL SA
for the financial year ended
December 31, 2025
2
CONTENT
1.
COMPANY PRESENTATION
4
1.1
Report and Issuer Identification Data
4
1.2
Main Business Activity
5
1.3
Company Incorporation Date
5
1.4
Company Mission, Vision and Values
5
1.5
Development Strategy and Strategic Objectives
5
1.6
Company Organization
6
1.7
Non-Financial Reporting
6
2.
RELEVANT CORPORATE EVENTS in 2025
7
3.
COMPANY PERFORMANCE
14
3.1
Operational Results
14
3.2
Financial Results
15
3.3
Investments
15
3.4
Company Stock Market Indicators
15
4.
ANALYSIS OF OIL TERMINAL SA ACTIVITY
16
4.1
General Assessment Elements
16
4.2
Technical Assessment
20
4.3
Technical and material supply activity
21
4.4
Mergers or significant reorganizations of the company during the 2025 financial
year
21
4.5
Assets Acquisitions and/or Disposals
21
4.6
Sales Activity Assessment
22
4.6.1
Sequential Sales Evolution on the Domestic and/or Foreign Market and
Medium and Long-Term Sales Prospects
22
4.6.2
Competitive Situation in the Company's Field of Activity, Market Share of the
Company's Products or Services and Main Competitors
23
4.7
Human Resources
23
4.8
Aspects Related to the Impact of the Company's Main Business Activity on the
Environment
24
4.9
Research and Development Activity
25
4.10
Risk Management and Managerial Internal Control
25
4.11
Outlook for the Company's Activity
30
4.12
Litigation
32
4.13
Significant Events Subsequent to December 31, 2025
40
5.
COMPANY'S TANGIBLE ASSETS
41
6.
MARKET OF SECURITIES ISSUED BY THE COMPANY
42
7.
COMPANY MANAGEMENT
43
7.1
Board of Directors
43
7.2
Executive Management
65
8.
FINANCIAL AND ACCOUNTING POSITION
66
8.1
Statement of Financial Position
66
8.2
Statement of Comprehensive Income
69
8.3
Economic and Financial Indicators
71
8.4
Cash Flow
72
9.
CORPORATE GOVERNANCE
72
10.
SPONSORSHIPS
83
11.
BOARD OF DIRECTORS' PROPOSAL
84
11.1
Approval of Audited Financial Statements as of December 31, 2025
84
11.2
Approval of Net Profit Distribution for the 2025 Financial Year
84
12.
SIGNIFICANT TRANSACTIONS
84
12.1
Transactions with State-Owned Entities
84
12.2
Transactions according to Energy Minister Delegate Order no.704/18.08.2014
86
12.3
Transactions according to Art. 52 of GEO no.109/2011
88
3
12.3.1
Disclosures of transactions with directors, employees, controlling shareholders
or entities controlled by them, according to Art. 52 para. (3) letter a) of GEO
no.109/2011
88
12.3.2
Disclosures of transactions with another public enterprise or the tutelary public
authority, which fall under the incidence of Art. 52 para. (3) letter b) of GEO
no.109/2011
166
12.4
Transactions according to Art. 234 para. 1 letter i) of FSA Regulation no.
5/2018
170
ANNEXES:
1. Resolution OGSM nr.5/09.04.2025 .................................................................................. 4 pg.
2. Sustainability Report 2025 ...........................................................................................131 pg.
4
1. COMPANY PRESENTATION
1.1. Report and Issuer Identification Data
Directors’ annual Report prepared in accordance
with:
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,
republished
Annex no.15 of FSA Regulation no.5/2018
art.56 of GEO no.109/2011 regarding corporate
governance of public enterprises
Financial year
2025
Report date
March 25, 2026
Company name
OIL TERMINAL SA
Registered office
Constanța, 2 Caraiman Street
Phone / fax number
0040 241 702600 / 0040 241 694833
Unique registration code with the Trade Register
Office
RO 2410163
European Unique Identifier (EUID)
ROONRC.J1991000512136
Registration number with the Trade Register
J1991000512136
Regulated market where issued securities are traded
Bucharest Stock Exchange, Standard Category
Subscribed and paid-up share capital
299,717,713.20 Lei
Main characteristics of issued securities
2,997,177,132 shares with a nominal value of 0.10
lei/share, registered, indivisible, with equal voting
rights, freely tradable on the Bucharest Stock
Exchange under the symbol OIL
LEI Code (Legal Entity Identifier)
315700QNENQ53MELTT73
Applicable accounting regulations
MPF Order no. 2844/2016 for the approval of
Accounting Regulations compliant with International
Financial Reporting Standards
Audititing
The individual annual financial statements prepared
as of December 31, 2025, are audited
Reporting currency
Romanian Leu (RON) – all amounts presented are
in RON, unless otherwise stipulated
5
1.2. Company’s main business activity
Oil Terminal occupies a strategic position in the Black Sea Area, being the largest oil terminal operating
petroleum products in the port of Constanta, whose core activity includes the provision of services regarding
the receipt, loading, unloading of crude oil, petroleum products, petrochemicals, liquid chemicals and other
finished products or liquid raw materials for import, export and transit (NACE code 5224 - Handling).
The Constanta oil terminal is located in south-eastern Europe, at the intersection of maritime transport corridors
between Asia, Central and Western Europe and the Near East.
The oil terminal has been operating in the field for over 125 years, ensuring the import, export and transit of
crude oil, petroleum products, petrochemicals, liquid chemicals, as well as other services.
1.3. Company incorporation information
OIL TERMINAL SA, with over 125 years of industry expertise, is a joint stock company headquartered in
Romania. The company's registered office is located in Constanța, 2 Caraiman Street.
he Company was established in accordance with the provisions of Law No. 15/1990 regarding the
reorganization of state economic units as autonomous regies and commercial companies and Government
Decision No. 1200/1990 regarding the establishment of joint stock companies in industry.
Under Emergency Ordinance no. 15/2001 on the regulation of the legal status of tanks, crude oil and petroleum
product transport pipelines, pumping stations, and other related facilities and equipment, the company was
declared of strategic interest, with the State’s interests in the company's share capital being represented by
the relevant ministry.
The Company operates in accordance with Romanian laws and its Articles of Incorporation, as a joint-stock
company. It is registered with the Constanța Trade Register under no J1991000512136, having the European
Unique Identifier (EUID): ROONRC. J1991000512136 and the Tax Identification Number: RO2410163.
Oil Terminal holds the LEI code: 315700QNENQ53MELTT73, which represents the ”Legal Entity Identifier"
(Legal Entity Identifier).
Meeting the criteria set by the Bucharest Stock Exchange, on January 30, 1998, OIL TERMINAL SA was listed
on the stock exchange, Tier I, providing investors with protection, safety, information transparency, and the
opportunity to trade shares on a regulated market.
Following the Bucharest Stock Exchange’s new market segmentation, the company's shares were included in
the Standard Category, effective as of January 5, 2015.
1.4. Company mission, vision and values
➢ Mission - OIL TERMINAL SA is a modern and dynamic entity, a regional leader in the Black Sea basin,
committed to environmental protection, with a high level of technological advancement and automation,
supported by a team of competent and motivated professionals. It provides prompt and quality services
to its customers and generates added value for its shareholders. It pursues the development of
partnerships by adapting its services for the receipt, storage, conditioning, and delivery of crude oil,
petroleum products, petrochemicals, and liquid chemicals to and from maritime and river vessels,
railway tank cars, oil pipelines, road tanker loading, and vessel bunkering, all focused on meeting the
requirements of our customers and stakeholders.
➢ Vision - OIL TERMINAL SA will be the service quality leader among oil terminals in the Black Sea
basin.
➢ OIL TERMINAL SA’ Values are oriented towards:
- Focus on customer needs
- Providing excellent services 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 foundation for successful cooperation within the company and its
future development
- Increasing shareholder value.
1.5. Development strategy and strategic objectives
Oil Terminal SA aims to remain a viable entity by implementing a comprehensive medium- and long-term
development strategy, which is broken down into the following partial strategies centered on the following
strategic objectives:
Partial Strategies
Objectives
Investment and Maintenance
Strategy
Achieving investment and maintenance plans within the execution
deadline and contracted value..
6
Marketing Strategy
Maximizing the company's income by promoting the Oil Terminal's
image as a reliable partner.
Technological Flow Performance
Strategy
Proper management of customer products.
Organizational Strategy
Ensuring modern management by the implementation and
maintenance of risk management, control, and corporate
governance processes within the Company.
Financial Strategy
Sizing and optimal utilization of the company's own financial
resources to ensure the company's development strategy.
Personnel Training Strategy
Ensuring a continuously trained and motivated workforce capable
of performing the company's activity.
Environmental Strategy
Preventing and limiting negative environmental impacts.
Integrated Quality, Environment,
Health, and Safety Management
Systems Implementation Strategy
Approaching Integrated Management Systems as a strategic
decision of the organization to improve its overall performance and
provide initiatives for sustainable development.
1.6. Company organization
The company's organization is illustrated in the organizational chart, which is pyramidal and specific to a
hierarchical-functional organizational structure.
Following the completion of the selection procedure under Government Emergency Ordinance No. 109/2011,
conducted by the Ministry of Energy as the Public Tutelary Authority, the Ordinary General Shareholders
Meeting Resolution No. 12/27.04.2023 approved the election of 7 non-executive directors as members of the
Company's Board of Directors, effective from 28.04.2023, in accordance with the provisions of Article 29 of
GEO No. 109/2011, for a period of 4 (four) years, with the company being administered under a unitary system.
The organizational structure comprises the following hierarchical levels:
• General Shareholders Meeting
• Board of Directors
• General Director
• Executive Directors
• Heads of Departments
• Heads of functional and operational units under the General Director, executive directors and heads of
departments
According to this organizational structure, management is carried out through objectives and programs
directed from top to bottom and executed from bottom to top, based on efficiency and professional
responsibility criteria.
Each unit has its own responsibilities, which are an integral part of the Company's Organization and Operation
Regulation.
For the company's personnel, their tasks, responsibilities, and competencies are detailed in their job
descriptions.
Individual and functional structure performance is measured through quantitative and qualitative indicators,
adapted and monitored through the Internal Managerial Control System.
1.7. Non-financial reporting
For the financial year ended December 31, 2025, OIL TERMINAL SA has opted to publish non-financial
information in a separate report, namely the 2025 Sustainability Report. This report is part of the Directors'
Report within a specific section, being prepared in accordance with:
- Law no.24/2017(r) on issuers of financial instruments and market operations, Art. 65 para. (10), which
provides: “The directors' report shall be prepared in accordance with the provisions of the applicable
accounting regulations regarding the content of the directors' report, sustainability reporting, and the
corporate governance statement...”
- Ministry of Finance Order no.85/2024 on the regulation of aspects regarding sustainability reporting,
Section 7
1
.2 Sustainability Reporting, which provides the following:
- item 492
11
para.(1) Entities provided under item 9 para. (4) shall include in the directors' report the
information necessary for understanding the entity's impact on sustainability matters and the
information necessary for understanding how sustainability matters affect the entity's
development, performance, and position.
para.(2) The information mentioned in para. (1) must be clearly identifiable in the directors'
report, within a specific section of the directors' report.
7
- Accounting Regulations compliant with International Financial Reporting Standards of December 12,
2016, approved by MFP Order no. 2844/2016, Chapter 7
1
Section 7
1
.2 Sustainability Reporting, item 48
5
para.(1) “Entities provided under item 48
3
para.(1) shall include in the directors' report the information
necessary for understanding the entity's impact on sustainability matters and the information necessary
for understanding how sustainability matters affect the entity's development, performance, and position”
and para.(2) “ The information mentioned in para. (1) must be clearly identifiable in the directors' report,
within a specific section of the adirectors' report” .
2. RELEVANT CORPORATE EVENTS in 2025
During 2025, the following significant events occurred within the company:
I. Fiscal Warehouse Authorization - Guarantee Amount Update
On February 17, 2025, the Ministry of Finance, the Romanian National Customs Agency, the Bucharest
Regional Customs Directorate – Large Taxpayers Authorization Service, issued Decision no. 74/11.02.2025.
This decision established the updated guarantee amount for the fiscal warehouse authorization for gasoline
storage at 68,089,801 lei, compared to the previous value of 53,734,583 lei set by Decision no. 16/18.01.2024.
Pursuant to Decision no. 15/28.02.2019 of the Galati Regional Commission for the Authorization of
Harmonized Excise Product Operators, under which Oil Terminal SA benefits from a 75% reduction of the
guarantee value, the updated guarantee to be provided by the Oil Terminal for the fiscal warehouse is
17,022,450 lei. The deadline for establishing the guarantee is 30 working days from the communication date
of the decision.
We note that on February 25, 2025, Amendment no. 11 to the Bank Guarantee Letter no. G084724/832 was
signed, increasing the value of the guarantee letter by 3,588,804 lei. The new guaranteed value is 17,022,450
lei, with its validity extended until February 28, 2027.
II. Issuance of New Registration Certificate
Following the necessary steps to implement the provisions of Order no.2938/C/2024 “regarding the measures
and procedures for implementing the Classification of Activities in the National Economy - CAEN Rev. 3 for
legal and natural persons subject to trade register registration, and for amending the annexes no.2a and 2b of
the Minister of Justice Order no.5307/C/2022 for approving the template of the articles of incorporation, the
format of the registration application, the format, security features, and structure of the registration certificate,
in hard copy and electronic form, the model of the standard self-declaration regarding the fulfillment of
operating/activity conditions, the model of the certificate of status regarding the registration of the self-
declaration on the fulfillment of operating/activity conditions, and the structure of the European Unique Identifier
– EUID”, on February 18, 2025, the National Office of the Trade Register issued a new Registration Certificate
for the Company with the following identification data:
Unique Registration Code: 2410163
European Unique Identifier (EUID): ROONRC.J1991000512136
Trade Register Registration Number: J1991000512136
III. Sustainability Report Audit Services
Based on Directive (EU) no.2464 of the European Parliament and of the Council of December 14, 2022
amending Regulation (EU) No.537/2014, Directive 2004/109/CE, Directive 2006/43/CE and Directive
2013/34/UE regarding corporate sustainability reporting and the ESRS standards, the scope of the contract
concluded with TRANSILVANIA AUDIT & FISCALITY SRL for statutory financial audit services was extended
via an Addendum. The additional services include the preparation of assurance reports regarding the
sustainability reporting for the 2024 and 2025 financial years, respectively.
IV. Resolutions of the General Meeting of Shareholders dated 31.03.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.1/31.03.2025 the form and content
of Additional act no. 2 to the Mandate Contract to be concluded with the members of the Board of Directors
of OIL TERMINAL SA, were approved, as proposed by the shareholder, the Romanian State, through the
Ministry of Energy.
V. Resolutions of the General Meeting of Shareholders dated 09.04.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.2/09.04.2025 the Budget of
Revenues and Expenses for 2025 was approved.
• By the Ordinary General Meeting of Shareholders Resolution no.3/09.04.2025 the executive
management was mandated to carry out financial operations and services using available cash in RON
8
or foreign currency, specifically treasury operations, including foreign exchange and the establishment of
bank deposits.
• By the Ordinary General Meeting of Shareholders Resolution no.5/09.04.2025 the following were
adopted:
- the revocation, for non-imputable reasons, in view of fulfilling milestone no. 121 of Romania's National
Recovery and Resilience Plan, and in accordance with the provisions of Art. 36.10 of the Mandate
Contract, of the following members of the Board of Directors was approved:
- Mr. GHEORGHE Cristian Florin
- Mr. ANDREI Aurelian Ovidiu
- Mr. MICU Ionuț Stelian
- the election of the following provisional members of the Board of Directors was approved:
- Mr. LUNGU Ion
- Ms. STAN-OLTEANU Manuela-Petronela
- Ms. VLĂDESCU Luminița
- the mandate duration for the provisional members of the Board of Directors elected under Art. 3 of this
resolution was approved, for a period of 5 months, in accordance with the provisions of GEO no.
109/2011 on the corporate governance of public enterprises, as subsequently amended and
supplemented;
- the fixed monthly gross remuneration for the provisional members of the Board of Directors elected
under Art. 3 of this resolution, in the amount established by OGSM Resolution no.12 of 27.04.2023 was
approved;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors
elected under Art. 3 of this resolution, as proposed by the Ministry of Energy was approved;
- the initiation of the selection procedure for the vacant positions in the Board of Directors, in accordance
with GEO no. 109/2011 on the corporate governance of public enterprises, as subsequently amended
and supplemented was approved. The selection procedure will be carried out by the Ministry of Energy,
in its capacity as the tutelary public authority.
VI. Election of the Chairman of the Board and Update of Advisory Committees
The 3 provisional directors appointed via OGSM Resolution no. 5/09.04.2025 expressly accepted their
mandates before a notary public. Consequently, the updated composition of the Board of Directors is as
follows:
1. BODU Sebastian-Valentin – permanent director
2. MIȘA George-Silvian - permanent director
3. TEȘELEANU George - permanent director
4. UNGUR Ramona - permanent director
5. LUNGU Ion – provisional director
6. STAN-OLTEANU Manuela-Petronela - provisional director
7. VLĂDESCU Luminița - provisional director
The Directors, convened in the meeting dated April 15, 2025, decided the following:
- To elect, in accordance with the legal provisions in force, Mr. Ion LUNGU as Chairman of the Board of
Directors;
- To update the composition of the Advisory Committees within the Board as follows:
Audit Committee:
UNGUR Ramona – Chairman
TEȘELEANU George – Member
STAN-OLTEANU Manuela-Petronela - Member
Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița - Member
LUNGU Ion - Member
Development and Strategy Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
Risk Management Committee:
VLĂDESCU Luminița- Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela-Petronela - Member
VII. Resolutions of the General Meeting of Shareholders dated 28.04.2025:
9
• By the Ordinary General Meeting of Shareholders Resolution no.7/28.04.2025 the following were
adopted:
- the 2024 Financial Statements, prepared in accordance with International Financial Reporting Standards
(IFRS), comprising: the statement of financial position, the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows, and the notes to the financial statements,
based on the Board of Directors' Report and the Independent Auditor's Report were approved;
- the 2024 Annual Financial Report was approved, prepared in accordance with Law no. 24/2017, FSA
Regulation no. 5/2018, and Art. 56 of GEO no. 109/2011, including the Single Electronic Format (XHTML),
as provided by art.1 of the Financial Supervisory Authority Regulation no.7/2021 and art.3 of the
Delegated Regulation (EU) 2018/815 of December 17, 2018 supplementing Directive 2004/109/CE of the
European Parliament and of the Council;
- the discharge of liability of the directors for the activity carried out during the 2024 financial year was
approved.
• By the Ordinary General Meeting of Shareholders Resolution no.10/28.04.2025:
- the establishment and use, as an internal source for financing investments, of the surplus realized from
revaluation reserves capitalized in the account "Retained earnings representing the surplus realized from
revaluation reserves”, code 1175, recorded as of 31.12.2024 in the amount of 8,082,921.97 lei were
approved;
- the supplementation of the internal source for financing investments for 2025-2027 with the surplus
realized from revaluation reserves in the amount of 8,082,921.97 lei, account ”Retained earnings
representing the surplus realized from revaluation reserves”, code 1175 was approved.
• By the Ordinary General Meeting of Shareholders Resolution no.12/28.04.2025:
- the 2024 net profit distribution in the amount of 20,694,970 lei, adjusted with the provision for employee
profit-sharing was approved, as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends 90%: 13,418,922 lei
• Own financing source: 0 lei
- the gross dividend per share in the amount of 0.00447719 lei/share was approved.
VIII. Status of the Selection Procedure for Three Directors, for the vacant positions, in accordance with
the provisions of GEO no.109/2011 - Board Profile Consultations
1. By the Ordinary General Meeting of Shareholders Resolution no.5/09.04.2025, the company’s
shareholders approved the initiation of the selection procedure for the vacant positions of member of the
Board of Directors, in accordance with the provisions of GEO no.109/2011 on the corporate governance
of public enterprises, as subsequently amended and supplemented. The selection procedure will be
carried out by the Ministry of Energy, in its capacity as the tutelary public authority.
2. On 16.04.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, the draft Letter of Expectations, the draft Initial Component of the
Selection Plan, and the Invitation to Consultations were posted on the Company's website.
3. On 12.05.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, the updated Letter of Expectations and the Initial Component of the
Selection Plan were posted on the Company's website.
4. On 15.05.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, the Invitation to Consultations for the finalization of the Board Profile
Draft and the Company's Board Profile Draft were posted on the Company's website.
5. On 06.06.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, the necessary documents were posted on the Company's website.
6. On 22.08.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, he necessary documents were posted on the Company's website
(the Full Component of the Selection Plan for the position of Company Director, the Board Profile, and
the Candidate Profile).
7. On 25.08.2025, at the request of the Ministry of Energy, acting as the tutelary public authority
conducting the selection procedure, the Company announced that on August 26, 2025, it would publish
the Recruitment Announcement for three (3) positions as members of the Board of Directors, in both
"Profit" and "Bursa" newspapers, as well as on the HR recruitment platform www.e-jobs.ro. The
announcement specifies that the application file must be submitted by the deadline of September 26,
2025, 11:00 AM, in hard copy at the General Registry of the Ministry of Energy (39-41 Academiei St.,
Sector 1, Bucharest, postal code 010013) and, mandatorily, in electronic format at the institutional email
address of the Nomination and Selection Committee selectie.oilterminal@energie.gov.ro. Furthermore,
10
starting from August 26, 2025, the company will post the Recruitment Announcement for the three (3)
Board positions of OIL TERMINAL SA on its website’s homepage, in a highly visible location.
IX. Resolutions of the General Meeting of Shareholders dated 16.06.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.13/16.06.2025 the revised
Remuneration Policy, prepared in accordance with Article 106, paragraph (5) of Law 24/2017 regarding
issuers of financial instruments and market operations was approved.
• By the Ordinary General Meeting of Shareholders Resolution no.14/16.06.2025 the fulfillment by the
directors of the obligations related to their mandate contract for the year 2024, with the application of all
legal regulations in force was noted.
X. Resolutions of the General Meeting of Shareholders dated 21.08.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.20/21.08.2025:
- the key financial and non-financial performance indicators for executive and non-executive directors
resulting from the Company's Management Plan, in accordance with the minimum level established for
the company as per the Annex to the Order of the AMEPIP President no. 651/2024, which shall constitute
an annex to the mandate contracts of the directors and members of the Board of Directors of OIL
TERMINAL S.A. were approved;
- the Additional Act to the mandate contract to be concluded with the members of the Board of Directors
in the form and content proposed by the Ministry of Energy was approved;
- the mandate for the representative of the Romanian State shareholder, through the Ministry of Energy,
in the Ordinary General Meeting of Shareholders, to sign the Additional Act to the mandate contract to
be concluded with the members of the Board of Directors was approved;
- the Integral Selection Plan Component for the vacant positions within the Board of Directors of Oil
Terminal SA was approved.
XI. Resolutions of the General Meeting of Shareholders dated 04.09.2025:
• By the Extraordinary General Meeting of Shareholders Resolution no.3/04.09.2025 the contracting
of a long-term investment loan in the amount of 12,000,000 lei (excluding VAT) was approved, for the
purpose of financing the following investment objective: Modernization of Tank 27 UAN within the Port
Storage Farm.
XII. Resolutions of the General Meeting of Shareholders dated 04.09.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.22/04.09.2025 the guarantee
structure related to the long-term investment loan was approved as follows:
- Movable mortgage over the Borrower's bank accounts;
- Immovable mortgage over the investment objective, respectively Tank R27 in the Port Storage
Farm, 10,000 cubic meter capacity, inventory no. 11222777, owned by Oil Terminal.
• By the Ordinary General Meeting of Shareholders Resolution no.23/04.09.2025:
- the mandate extension for Mr. Ion LUNGU, provisional director, elected by OGSM Resolution
no.5/09.04.2025, by two months, for the period: 09.09.2025 - 08.11.2025 inclusive was rejected;
- the extension of the mandate for Ms. Manuela-Petronela STAN-OLTEANU, provisional director, elected
by OGSM Resolution no.5/09.04.2025, for a period of two months, from 09.09.2025 to 08.11.2025
inclusive was approved;
- the extension of the mandate for Ms. Luminița VLĂDESCU provisional director, elected by OGSM
Resolution no.5/09.04.2025, for a period of two months, from 09.09.2025 to 08.11.2025 inclusive was
approved;
- the form and content of the additional act to the mandate contract to be concluded with the provisional
directors elected by OGSM Resolution no.5/09.04.2025;
- the mandating of the representative of the majority shareholder, the Ministry of Energy, in the Ordinary
General Meeting of Shareholders, Ms. Ana VIȘAN, to sign the additional act to the mandate contract to
be concluded with the provisional directors elected by OGSM Resolution no.5/09.04.2025 was approved.
• By the Ordinary General Meeting of Shareholders Resolution no.24/04.09.2025 the amount of EUR
1,000,000 was approved as the indemnity limit for liability insurance policy for the directors was
approved, with Oil Terminal SA as the sole beneficiary of the insurance indemnities.
• By the Ordinary General Meeting of Shareholders Resolution no.26/04.09.2025:
- the revocation of the following Board members effective 09.09.2025, following the expiration of their
mandate contracts was approved:
(i) Mr. Ion LUNGU, Romanian citizen;
- the election of the provisional members of the Board of Directors was approved:
(i) Mr. Mircea Valentin CÂRLAN, Romanian citizen;
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- the mandate duration for the elected provisional members for a period of 2 (two) months, from
09.09.2025 to 08.11.2025, or until the completion of the selection procedure, should the selection
procedure be completed prior to the deadline was approved.
- the monthly gross remuneration for the elected provisional members of the Board of Directors in the
amount established and calculated according to OGSM Resolution no. 12/27.04.2023 was approved;
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors, as proposed by the Ministry of Energy, was approved;
- the mandating of the representative of the majority shareholder, the Romanian State through the Ministry
of Energy in the Ordinary General Meeting of Shareholders to sign the mandate contracts to be concluded
with the elected provisional members of the Board of Directors was approved.
XIII. Election of the Chairman of the Board and Update of Advisory Committees
Following the update of the Board's composition, based on OGSM Resolution no.26/04.09.2025, the Directors
decided in the meeting dated 10.09.2025:
- To elect Ms. Ramona UNGUR as Chairman of the Board of Directors
- To update the composition of the Advisory Committees, as follows:
Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN-OLTEANU Manuela-Petronela – Member
Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea-Valentin – Member
MIȘA George-Silvian – Member
Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela-Petronela – Member
XIV. Resolutions of the General Meeting of Shareholders dated 30.10.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.27/30.10.2025 the Directors Report
of Oil Terminal SA for the First Half of 2025, concluded on June 30, 2025 (period 01.01.2025 –
30.06.2025), drawn up in accordance with Art. 67 of Law no. 24/2017(r1), Art. 128 of FSA Regulation no.
5/2018 (Annex no. 14), Art. 55 para. (1) of Government Emergency Ordinance no. 109/2011 was noted.
• By the Ordinary General Meeting of Shareholders Resolution no.28/30.10.2025 the Revised Budget
of Revenues and Expenses for 2025 was approved.
XV. Resolutions of the General Meeting of Shareholders dated 07.11.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.30/07.11.2025:
- the termination of the mandate of Ms. Luminița VLĂDESCU, Romanian citizen, provisional member of
the Board of Directors starting with 09.11.2025, due to the expiry of the term, and the deregistration from
the National Trade Register Office were approved.
- the termination of the mandate of Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen,
provisional member of the Board of Directors starting with 09.11.2025, due to the expiry of the term, and
the deregistration from the National Trade Register Office were approved.
- the termination of the mandate of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, provisional member
of the Board of Directors starting with 09.11.2025, due to the expiry of the term, and the deregistration
from the National Trade Register Office were approved.
- the election of Ms. Luminița VLĂDESCU, Romanian citizen, as provisional member of the Board of
Directors was approved.
- the election of Ms. Manuela-Petronela STAN-OLTEANU Romanian citizen, as provisional member of
the Board of Directors was approved.
- the election of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, as provisional member of the Board of
Directors was approved.
- setting the term of office for the elected provisional members of the Board of Directors at 5 (five) months,
starting from 09.11.2025 until 09.04.2026 or until the finalization of the selection procedure, should the
election be completed before the aforementioned deadline, was approved.
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- establishing the gross monthly remuneration for the elected provisional members of the Board of
Directors, in the amount determined and calculated in accordance with the Ordinary General
Shareholders Meeting Resolution no. 12/27.04.2023 was approved.
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors was approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, in the Ordinary General Meeting of Shareholders, Mr. Cristian-Florin GHEORGHE, to sign the
mandate contract to be concluded with the elected provisional members of the Board of Directors was
approved.
XVI. Update of Advisory Committees
Following the appointment of the 3 provisional directors of the Board of Directors according to OGSM
Resolution no.30/07.11.2025, the Board of Directors updated the composition of the advisory committees
during the meeting held on November 10, 2025 as follows:
Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN- OLTEANU Manuela Petronela – Member
Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
XVII. Resolutions of the General Meeting of Shareholders dated 28.11.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.32/28.11.2025 the Information
regarding the fulfilment of the general statute of limitations on OIL TERMINAL SA' shareholders rights to
claim payment of due and unclaimed dividends related to the 2021 financial year was noted.
• By the Ordinary General Meeting of Shareholders Resolution no.33/28.11.2025:
Art.1. OGSM approved the revocation of the provisional members of the Board of Directors of OIL
TERMINAL S.A., starting from 28.11.2025, following the finalization of the selection procedure:
1.1. Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen
1.2. Ms. Luminița VLĂDESCU, Romanian citizen
1.3. Mr. Mircea Valentin CÂRLAN, Romanian citizen
Art.2. OGSM approved the election of the following members of the Board of Directors, starting from
28.11.2025:
(i) the election of Mr. Călin-Victor DOBRE, Romanian citizen, as member of the Board of Directors
of OIL TERMINAL SA was approved.
(ii) the election of Mr. Paul CONONOV, Romanian citizen, as member of the Board of Directors of
OIL TERMINAL SA was approved.
Art.3. OGSM approved the mandate duration for the members of the Board of Directors elected under
Art. (2), starting from the date of the meeting and until 27.04.2027, a date which corresponds to the
finalization of the mandate of the Board of Directors members appointed by OGSM Resolution no. 12 of
27.04.2023.
Art.4. OGSM approved the establishment of the gross monthly fixed indemnity for the provisional
members of the Board of Directors elected under Article 2, in accordance with Article 4 of the Ordinary
General Shareholders Meeting Resolution no. 12 of 27.04.2023.
Art.5. OGSM approved the form of the mandate contract to be concluded with the members of the Board
of Directors elected under Article 2, in the form proposed by the Ministry of Energy.
Art.6. OGSM approved the mandating of the representative of the majority shareholder, the Ministry of
Energy, within the OGSM, to sign, on behalf and for the Company, the mandate contract of the members
of the Board of Directors elected under Article 2.
XVIII. Update of Advisory Committees
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Following the appointment of two members of the Board of Directors according to OGSM Resolution
no.33/28.11.2025, the Board of Directors, in the meeting held on December 2, 2025, updated the composition
of the advisory committees as follows:
Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul – Member
UNGUR Ramona – Member
Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul – Member
XIX. Resolutions of the General Meeting of Shareholders dated 15.12.2025:
• By the Ordinary General Meeting of Shareholders Resolution no.34/15.12.2025:
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance
no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM
Resolution no.12/27.04.2023 were approved.
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance
no. 109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM
Resolution no.33/28.11.2025 were approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, within the Ordinary General Meeting of Shareholders to sign the additional act to the mandate
contract to be concluded with the non-executive directors of the Board of Directors was approved.
• By the Ordinary General Meeting of Shareholders Resolution no.35/15.12.2025:
- the establishment of the fixed gross monthly allowance limits for the directors under mandate contracts
assimilated to executive directors was approved between 4 and 5 times the average gross monthly salary
earnings over the last 12 months for the activity carried out in accordance with the company's main object
of activity, at the class level, according to the classification of activities in the national economy, as
reported by the National Institute of Statistics prior to the appointment.
- the establishment of the (gross) variable component limits for the directors under mandate contracts
assimilated to executive directors was approved between 1 and 2 times the average gross monthly salary
earnings over the last 12 months for the activity carried out in accordance with the company's main object
of activity, at the class level, according to the classification of activities in the national economy, as
reported by the National Institute of Statistics prior to the appointment.
- the establishment of the benefits granted to directors under mandate contracts assimilated to executive
directors was approved between 1 and 2 fixed gross monthly allowances in one year of mandate.
• By the Ordinary General Meeting of Shareholders Resolution no.37/15.12.2025:
Art.1. OGSM approved the initiation of the selection procedure for the vacant position on the Board of
Directors of OIL TERMINAL SA in accordance with GEO no. 109/2011 on the corporate governance of
public enterprises, as subsequently amended and supplemented. The selection procedure will be carried
out by the Ministry of Energy, in its capacity as the tutelary public authority.
Art.2. OGSM approved the election of a provisional member of the Board of Directors of OIL TERMINAL
SA, starting from 15.12.2025.
(i) the election of Mr. Mihai-Călin PRECUP, Romanian citizen, as provisional member of the Board of
Directors was approved.
Art.3. OGSM set the mandate duration for the provisional member of the Board of Directors elected under
Art.2, starting from the date of the meeting, for 5 (five) months, starting from 15.12.2025 until 15.05.2026
or until the completion of the selection procedure, should the selection is completed prior the
aforementioned deadline.
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Art.4. OGSM approved the establishment of the fixed gross monthly allowance for the provisional member
of the Board of Directors elected under Art.2, in the amount determined and calculated according to 4 of
OGSM Resolution no.12 of 27.04.2023.
Art.5. OGSM approved the form of the mandate contract to be concluded with the provisional member of
the Board of Directors elected under Art.2, as proposed by the Ministry of Energy.
Art.6. OGSM approved the mandating of the representative of the majority shareholder, the Ministry of
Energy, within the OGSM, to sign, on behalf and for the Company, the mandate contract of the members
of the Board of Directors elected under Art.2.
• By the Ordinary General Meeting of Shareholders Resolution no.38/15.12.2025 the contracting of
external legal services for consultancy, assistance and legal representation in criminal matters referring
to the management of File no. 5012/P/2025 and any other files or control actions deriving therefrom,
including the conducting of the criminal investigation activity, provision of assistance and representation
in all procedural stages was approved.
XX. Signing of Additional Acts to the Mandate Contracts and Update of Advisory Committees
- On December 15, 2025, the Board members signed the Additional Acts to their Mandate Contracts, in the
form approved by OGSM Resolution no. 34/15.12.2025 implementing the legal provisions regarding
remuneration adjustments and benefit limits introduced by Law no. 158/2025 amending GEO no. 109/2011 on
the corporate governance of public enterprises, as subsequently amended and supplemented.
- On December 16, 2025, the General Director and the Financial Director signed the Additional Acts to their
Mandate Contracts, in the form approved by the Board Decision no. 134/16.12.2025 within the limits
established by OGMS Resolution no. 35/15.12.2025 implementing the legal provisions regarding remuneration
adjustments and benefit limits introduced by Law no. 158/2025 amending GEO no. 109/2011 on the corporate
governance of public enterprises, as subsequently amended and supplemented.
- On December 16, 2025, following the appointment of the provisional director, the Board of Directors updated
the composition of its advisory committees, as follows:
Audit Committee:
TEȘELEANU George – Chairman
PRECUP Mihai-Călin – Member
MIȘA George-Silvian – Member
Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul – Member
UNGUR Ramona – Member
Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul – Member
3. COMPANY PERFORMANCE
3.1. Operational results
Physical performance program achieved during 2023 - 2025, on petroleum and petrochemical products:
Product (thousand tons)
2025
2024
2023
Crude oil
3,681
4,644
3,198
Gasoline
345
429
403
Diesel fuel
3,770
4,426
3,918
Fuel oil
37
89
207
Chemical products
473
629
657
Total
8,306
10,217
8,383
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3.2. Financial results
Indicators
Achieved
2025/2024
(▲/▼%)
31.12.2025
(mil. lei)
31.12.2024
(mil. lei)
Net turnover
401.1
474.0
▼ 84.6
Operating revenues
404.6
475.9
▼ 85.0
Operating expenses
361.7
441.6
▼ 81.9
Operating profit
42.9
34.3
▲ 125.1
Financial revenues
1.3
1.7
▼ 76.5
Financial expenses
16.5
12.3
▲ 134.1
Financial result
(15.2)
(10.6)
▲ 143.4
Total revenues
406.0
477.6
▼ 85.0
Total expenses
378.3
453.9
▼ 83.3
Gross profit
27.7
23.7
▲ 116.9
Net profit
24.6
19.2
▲ 128.1
EBITDA
73.1
65.7
▲ 111.3
Gross profit margin
(gross profit/turnover) x 100 (%)
6.9
5.0
▲ 138.0
Contributions to the consolidated state budget
The total amounts owed to the consolidated state budget in 2025, are in amount of 119.8 million lei, of which
the most significant are represented by:
• VAT to be paid 17.9 mil.lei
• Oil royalty 21.3 mil.lei
• Salary tax and related contributions 69.4 mil.lei
• Profit tax 3.1 mil.lei
• Other taxes and fees 8.1 mil.lei
3.3. Investments
The main investment objectives within the 2025 Investment Program include:
• Modernization of tank T26, 31,500 cbm capacity – South Storage Area (execution)
• Modernization of tank T29, 57,000 cbm capacity - South Storage Area (execution)
• Construction of tank 30P, 10,000 cbm capacity – Port Storage Area (project and execution)
• Fuel oil loading installation into railway tankers line 1 - South Storage Area (execution)
• Perimeter detection for signaling unauthorized intrusion at the facility’s protective fence-South Storage
Area
• Modernization and recommissioning of the Crystal separator
• Skid-type metering system in berth 73-75 – Port Storage Area
• Modernization of firefighting installation for the tank farm bund area 3 x 50,000 cbm – South Storage
Area
3.4. Company’s stock market indicators
The information presented regarding the company's stock market indicators as of 31.12.2025 was taken from
the December 2025 monthly bulletin communicated by the Bucharest Stock Exchange (BVB).
As of 31.12.2025 the shares were traded at a value of 0.1115 lei/share (closing price).
Issue information
Total number of shares
2,997,177,132
Nominal value
0.1000
Share capital
299,717,713.20
Stock market indicators on 31.12.2025
according to BVB
Capitalization
334,185,250.22
PER
-78.92
P/BV
0.58
EPS
0.00
16
DIVY
4.02
Gross dividend (2024)
0.004477
During 2025 Oil Terminal SA did not perform any transactions regarding the purchase of its own shares.
Oil Terminal SA therefore, there are no shares issued by the parent company and held by subsidiaries.
During 2025 has not issued any bonds.
4. ANALYSIS OF OIL TERMINAL SA ACTIVITY
4.1. General Assessment Elements
Tariffs applied
The tariffs applied by the company for the transit of crude oil and petroleum products through the oil terminal
are regulated tariffs, respectively, established by the National Agency for Mineral Resources and approved by
Order of the ANRM President, according to the Petroleum Agreement concluded between the Agency and the
Company, based on Government Decision no. 886/2002.
The tariffs are differentiated by product type (crude oil, gasoline, diesel, and biodiesel), by the services related
to the products, and by storage periods.
The regulated tariffs applied by the company in 2025 for the services of crude oil, diesel, biodiesel, and gasoline
are those approved by ANMR Order no. 343/18.12.2023, in force from 01.01.2024, published in the Official
Gazette, Part I no. 1159/21.12.2023.
Other tariffs applied by the company, namely, services for fuel oil, chemical products, rentals, various
laboratory analyses, are unregulated tariffs, approved in accordance with the provisions of art. 18, para. (4.1)
of the Company's Articles of Incorporation.
Management systems implemented
Since 2012 and to date, as a result of applying the provisions of Government Ordinance no. 119/1999
regarding 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 regarding
the approval of the Code of managerial internal control of public entities, OIL TERMINAL SA has a managerial
internal control system whose designs and applications allow the management (General Director and, as the
case may be, the Board of Directors) to provide reasonable assurance that the funds managed for the purpose
of fulfilling the general and specific objectives have been used under conditions of legality, regularity,
effectiveness, efficiency and economy.
Based on the results of the self-assessment, as of December 31, 2025, the Company's managerial internal
control system is compliant with the standards included in the Code of managerial internal control. The degree
of implementation and compliance of the managerial internal control system is consistent with the Summary
Situation of the self-assessment results as of 31.12.2025 (16 standards implemented) and with the statements
in the Report on the managerial internal control system as of December 31, 2025.
Since May 13, 2003, Bureau Veritas Quality Romania has certified the management system implemented
within OIL TERMINAL, which has been maintained to date and continuously improved in accordance with the
requirements of the SR EN ISO 9001:2015 standard. Starting in 2018, the company has been certified for its
Integrated Management System (IMS), covering Quality, Environment, and Occupational Health and Safety.
The Company holds a Quality Management Certificate issued by Bureau Veritas Certification.
During 14.04.-15.04.2025 the Surveillance Audit 1 was conducted in compliance with the requirements of the
SR EN ISO 9001:2015 standard.
During 16.04.-18.04.2025 the Recertification Audit was carried out for compliance with the requirements of the
SR EN ISO 14001:2015 and SR ISO 45001:2018 standards.
During the period from January to March, the Management System documentation was modified for
procedures that required updating or revisions. The document amendments also involved updating the
documentation for the Petroleum Product Testing Laboratories and defending these updates before RENAR,
given that the management requirements for the 17025:2018 Standard are integrated with 9001:2015. The
documentation for the Metrology Laboratory was also updated.
In accordance with the requirements of the SR EN ISO/IEC 17025:2018 standard, the re-accreditation for a 4-
year period was performed in 2025 by the National Accreditation Body (RENAR) for 23 laboratory tests, and
the Re-accreditation Certificate was successfully obtained for a 4-year term.
In February 2025, a Surveillance Audit was conducted to verify the compliance of the Metrology Laboratory
with the requirements of the SR EN ISO/IEC 17025:2018 standard. Following the audit, the Re-authorization
17
of the Metrology Laboratory was maintained for a 1-year period. The next re-authorization of the Metrology
Laboratory is scheduled for April 2026.
To ensure compliance with the management system requirements, internal audits with qualified auditors and
external audits of the above-mentioned bodies are planned.
To fulfill the requirements regarding the authorized economic operator, the conditions of compliance with the
requirements of the Integrated Management, Quality, Environment, Health and Occupational Safety are
maintained.
In November 2016, AFER-ASFR verified the railway safety management system for its evaluation and the
issuance of the railway safety authorization within the company, in accordance with Directive 2004/49/EC,
implemented by Law no. 55/2006. The verification of the system implemented in 2016 is carried out annually,
based on its documentation, and the Railway Operator's Operating Authorizations are issued.
In December 2025, ASFR verified the railway safety management system for its evaluation and the issuance
of the railway safety authorization within OIL TERMINAL SA, in accordance with Directive (EU) 2016/798 and
Commission Delegated Regulation (EU) 2018/762.
Information system
The IT infrastructure is built on the Microsoft platform.
Since 2000, the Socrate Plus integrated enterprise system has been implemented within Oil Terminal SA, a
platform that ensures data exchange within a unified framework, a unified interface for development and
modernization, a high level of accessibility, high productivity through flexible adjustment of data updates and
a wide range of data exchange interfaces. The integrated system operates on a server specifically allocated
for this application, and its database is backed up daily after the end of working hours. The backup is copied
to three different locations and to an external hard drive that is kept in the safe located in the IT Office.
Weekly backups of server configurations are also performed in accordance with the provisions of the
"Operational procedure for backup and recovery of data in the IT system" code PO-38.02. Backups are copied
to three different locations and to an external hard drive that is kept in the safe located in the IT Office.
Since 2014, the user document backup system has also been implemented using a server dedicated to this
activity. The backup is performed automatically, once a week, for most users connected to the company's
computer network.
In November 2019, a Firewall equipment was purchased and put into operation, thus increasing the level of
cyber security of the computer network and the IT system in operation within the company.
Starting with February 2020, a new email system was implemented that complies with the latest standards in
the field regarding the safety and security of electronic correspondence carried out by the company with third
parties or between internal departments. The system is provided by a dedicated server, managed and
permanently updated by a specialized company in the field, and the administration of email addresses and
user support are carried out by the specialists from the IT Office Office within Oil Terminal SA.
Starting with September 2024, the hardware system for managing data transmission resources within the
company was improved by installing data transmission and processing equipment that supports the easy use
of new cyber security technologies that have emerged in the field of information technology.
Starting with October 2024, the Company subscribed, on a monthly subscription basis, to a Security
Operations Center (SOC) permanently provided by a specialized third-party company. Thus, the cyber security
of the company's IT system was improved in terms of preventing, detecting and responding to cyber threats,
performing a proactive cyber security activity.
Environment
Due to the volume of petroleum and petrochemical products handled, OIL TERMINAL SA falls under the scope
of Law no. 59/2016 regarding the control of major accident hazards involving dangerous substances.
Legal
Oil Terminal is involved in 112 ongoing litigations, of which in 40 litigations it has the capacity of plaintiff or
contesting party, and in 72 litigations it has the capacity of defendant. For 2 litigations, the Company has
established litigation provisions.
Financial
The level of the main budget indicators achieved in 2025 compared to the level approved by the Budget of
Revenues and Expenses and 2024:
18
Achieved
2025
2025
Budget of
Revenues
and
Expenses
▲▼ %
1
Indicators (thousand lei)
Achieved
2025
Achieved
2024
▲▼ %
2
401,076
400,185
▲ 100.2
Net turnover
401,076
473,990
▼ 84.6
404,649
401,565
▲ 100.8
Operating revenues
404,649
475,876
▼ 85.0
361,747
360,239
▲ 100.4
Operating expenses
361,747
441,639
▼ 81.9
42,902
41,326
▲ 103.8
Operating profit
42,902
34,237
▲ 125.3
73,118
72,773
▲ 100.5
EBITDA
73,118
65,707
▲ 111.3
1,366
1,050
▲ 130.1
Financial revenues
1,366
1,706
▼ 80.1
16,521
16,376
▲ 100.9
Financial expenses
16,521
12,298
▲ 134.3
(15,155)
(15,326)
▼ 98.9
Financial result
(15,155)
(10,592)
▲ 143.1
406,015
402,615
▲ 100.8
Total revenues
406,015
477,582
▼ 85.0
378,268
376,615
▲ 100.4
Total expenses
378,268
453,937
▼ 83.3
27,747
26,000
▲ 106.7
Gross profit
27,747
23,645
▲ 117.3
24,637
22,234
▲ 110.8
Net profit
24,637
19,204
▲ 128.3
6,92%
6,50%
+ 0.42 p.p.
Gross profit margin (%CA)
6,92%
4,99%
+ 1.93 p.p.
1,011
1,035
▼ 97.7
Employees average number
(pers.)
1,011
1,016
▼ 99.5
400,246
387,986
▲ 103.2
Value productivity (lei/pers.)
400,246
468,382
▼ 85.5
1
Achieved 2025 / compared to 2025 Budget of Revenues and Expenses
2
Achieved 2025 / compared to Achieved 2024
The economic-financial indicators achieved as of 31.12.2025 show the following evolution:
• Turnover increased by 0.2% compared to the REB (Revenues and Expenses Budget) level and
decreased by 15.4% compared to the 2024 achieved level;
• Total revenues are 0.8% higher than the REB and 15% lower than the 2024 achieved level;
• Total expenses are 0.4% higher than the budgeted level and 16.7% lower compared to the 2024
achieved level;
• EBITDA increased by 0.5% (specifically, by 345 thousand lei) compared to the budgeted level and by
11.3% compared to the 2024 achieved level;
• Gross profit achieved in the amount of 27,747 thousand lei is 6.7% higher compared to the level
approved in the REB and 17.3% higher than the gross profit recorded in 2024;
• Net profit amounts to 24,637 thousand lei (after deducting the income tax of 3,110 thousand lei),
10.8% above the budgeted provisions and 28.3% higher than the net profit recorded as of December 31,
2024.
Physical performance program
Achieved
2025
REB
2025
▲ ▼ %
1
Indicators
(thousand tons)
Achieved
2025
Achieved
2024
▲ ▼ %
2
8,306
8,317
▼ 99.9
Quantities handled, of
which:
8,306
10,217
▼ 81.3
3,681
3,644
▲ 101.0
Crude oil
3,681
4,644
▼ 79.3
345
300
▲ 115.0
Gasoline
345
429
▼ 80.4
3,770
3,777
▼ 99.8
Diesel
3,770
4,426
▼ 85.2
37
45
▼ 82.2
Fuel oil
37
89
▼ 41.6
473
551
▼ 85.8
Chemical products
473
629
▼ 75.2
1
Achieved 2025/ compared to 2025 REB
2
Achieved 2025/ compared to Achieved 2024
The physical performance program in 2025 was 0.1% lower compared to the revised approved level and 18.7%
lower compared to the level achieved in 2024.
Total revenues achieved in 2025 compared to the approved level of 2025 REB and to 2024
Achieved
2025
REB
2025
▲▼ %
1
Indicators
Achieved
2025
Achieved
2024
▲▼
%
2
19
406,015
402,615
▲ 100.8
Total revenues, of which:
406,015
477,582
▼ 85.0
404,649
401,565
▲ 100.8
Operating revenues, of which:
404,649
475,876
▼ 85.0
3,794
4,020
▼ 94.4
Revenues from residual products
sale
3,794
3,762
▲100.9
395,008
393,717
▲ 100.3
Revenues from services rendered
395,008
467,701
▼ 84.5
986
1,000
▼ 98.6
Revenues from rentals
986
1,070
▼ 92.1
1,288
1,448
▼ 89.0
Revenues from various activities
1,288
1,457
▼ 88.4
366
350
▲ 104.6
Revenues from penalties
366
351
▲104.3
3,207
1,030
▲ 311.4
Other operating revenues
3,207
1,535
▲208.9
1,366
1,050
▲ 130.1
Financial revenues
1,366
1,706
▼ 80.1
1
Achieved 2025/ compared to 2025 REB
2
Achieved 2025/ compared to Achieved 2024
Total revenues achieved in amount of 406,015 thousand lei are 0.8% higher than the level approved for 2025
and 15% lower compared to 2024.
Operating revenues achieved recorded an increase of 0.8% compared to the budgeted level, driven by
revenues from services rendered, which account for 98.5% of the turnover; and show a 15% decrease
compared to the 2024 achieved level.
Financial revenues in the amount of 1,366 thousand lei, are 30.1% higher than the approved REB and 19.9%
lower compared to 2024.
Total expenses achieved on 31.12.2025 compared to the level of 2025 REB and to 31.12.2024
Achieved
2025
REB
2025
▲▼
%
1
Indicators (thousand lei)
Achieved
2025
Achieved
2024
▲▼
%
2
378,268
376,615
▲100.4
Total expenses, of which:
378,268
453,937
▼ 83.3
361,747
360,239
▲100.4
Operating expenses, of which:
361,747
441,639
▼ 81.9
18,233
17,000
▲107.3
Material expenses, of which:
18,233
18,968
▼ 96.1
15,120
14,000
▲108.0
Consumable materials expenses, of which:
15,120
15,798
▼ 95.7
2,177
2,300
▼ 94.7
Fuel expenses
2,177
2,300
▼ 94.7
9,389
9,450
▼ 99.4
Other expenses (water and energy)
9,389
9,368
▲100.2
174,647
179,434
▼ 97.3
Personnel expenses, of which:
174,647
167,567
▲104.2
161,762
166,070
▼ 97.4
- salaries expenses
161,762
155,186
▲104.2
12,885
13,364
▼ 96.4
- other personnel expenses
12,885
12,381
▲104.1
31,401
31,401
100.0
Depreciation expenses
31,401
23,727
▲132.3
3,680
3,680
100.0
Depreciation expenses of right-of-use
assets arising from leases
3,680
2,931
▲125.6
118,207
106,264
▲111.2
Services expenses, of which:
118,207
206,438
▼ 57.3
64,631
51,863
▲124.6
- maintenances and repairs
64,631
144,287
▼ 44.8
21,249
21,278
▼ 99.9
- oil royalty
21,249
23,542
▼ 90.3
32,327
33,123
▼ 97.6
- other services provided by third
parties
32,327
38,609
▼ 83.7
-4,865
-3,634
▲133.9
Adjustments and impairments for
provisions, of which:
-4,865
4,812
-101.1
9,971
10,621
▼ 93.9
- expenses related to adjustments and
provisions
9,971
13,453
▼ 74.1
14,836
14,255
▲104.1
- revenues from provisions and
adjustments for impairments
14,836
8,641
▲171.7
11,055
16,644
▼ 66.4
Other operating expenses
11,055
7,828
▲141.2
16,521
16,376
▲100.9
Financial expenses
16,521
12,298
▲134.3
1
Achieved 2025/ compared to 2025 REB
2
Achieved 2025/ compared to Achieved 2024
Total expenses achieved are 0.4% (1,653 thousand lei) higher than the approved level and 16.7% lower
compared to 2024.
We note that the increase in total achieved expenses complies with the provisions of Article 10, paragraph (1),
letter b) of Government Ordinance no. 26/2013, which states that “in the execution of the REB (Revenue and
20
Expenses Budget), should the approved total revenues be exceeded, economic operators may incur total
expenses proportional to the degree of total revenue achievement, provided they remain within the approved
efficiency indicators”.
Operating expenses are 0.4% higher than the budgeted level and 18.1% lower compared to the previous
year.
Financial expenses are 0.9% above the budgeted level and 34.3% higher than the figures recorded as of
December 31, 2024.
4.2. Technical assessment
OIL TERMINAL SA comprises 3 storage areas, with a total storage capacity of approximately 1.1 million cbm,
of which:
- North Storage Area, decommissioned.
- Port Storage Area, located within the Port, berth 69, with a storage capacity of approximately 103,000 cbm
intended for petroleum products and liquid chemical products.
- South Storage Area, storage capacity of approximately 968,000 cbm used for crude oil, gasoline, diesel,
and fuel oil.
Depending on the specifics, each storage area has the following infrastructure:
• tanks with capacities ranging from 1,000 cbm to 55,000 cbm, of metal construction, cylindrical, vertically
placed - above ground, provided with protection belts, with fixed or floating roofs and with fire extinguishing
installations. Some of the tanks are equipped with automatic radar type measuring installations for 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/unloading installations
• installations for loading products into tanker lorries
• transport pipelines for loading/unloading to/from vessels for crude oil, petroleum products,
petrochemicals, liquid chemicals and oils, with diameters ranging from 100 mm to 1000 mm
• pump houses that can achieve flow rates between 300 cbm/h - 2,500 cbm/h
• scales for tanker lorries and railway tankers
• computerized metering installations located in the immediate vicinity of the diesel, gasoline and crude oil
loading/unloading berths
• laboratories equipped with equipment for performing specific physico-chemical analyzes
• quay installations for loading products onto barges (crude oil, diesel, gasoline, fuel oil) and for bunkering
vessels with light and heavy fuel in all oil berths.
The oil terminal operates 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 vessel
coupling installations for loading/unloading, hydraulically operated, with diameters of 12" and 16", respectively.
Oil Terminal SA is interconnected with Romanian refineries through the transport company Conpet SA Ploieşti
for the transport of crude oil from the terminal to the refineries, through underground main 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.
Main products and/or services rendered
a) Main markets for each product or service
In 2025 the customers with a significant share in turnover (90.2%) were:
1. OMV Petrom România (19.9%) – for crude oil, diesel, biodiesel, gasoline, fuel oil and chemical products
services
2. Oscar Downstream România (19.6%) – for diesel and biodiesel services
3. Lukoil România (17.0%) – for crude oil, diesel and gasoline services
4. Socar Petroleum România (8.8%) – for diesel, biodiesel and chemical products services
5. Mol România Petroleum Products (8.4%) – for diesel and biodiesel services
6. Vitaro Energy (6.4%) – for diesel and biodiesel services
7. Euronova Energies Elveția (4.8%) – for diesel services
8. Alkagesta LTD Malta (2.1%) – for diesel services
9. Vitol Elveția (1.9%) – for diesel services
10. Rompetrol Rafinare (1.3%) - for crude oil, gasoline and chemical products services
b) The share of each category of products or services in the revenues and in the total turnover of the
company for the last three years
21
Products
2025
(thousand
lei)
%
*
%
**
2024
(thousand
lei)
%
*
%
**
2023
(thousand
lei)
%
*
%
**
Diesel
235,244
59
58
277,509
58
58
201,589
57
56
Crude oil
111,997
28
28
130,777
28
27
72,423
21
20
Chemical products
18,985
5
5
22,709
5
5
23,953
7
7
Gasoline
16,198
4
4
21,250
4
4
10,532
3
3
Fuel oil
4,608
1
1
8,268
2
2
27,930
8
8
Other products and
services
14,044
3
3
13,477
3
3
13,360
4
4
Turnover
401,076
100
-
473,990
100
-
349,787
100
-
Other operating and
financial revenues
4,939
-
1
3,592
1
6,198
2
Total revenues
406,015
100
477,582
100
355,985
100
* % in turnover
** % in total revenues
Analyzing the data compared to 2024 and 2023, a decrease in total revenues is observed in 2025 by 15%
compared to 2024, and an increase of 14.1% compared to 2023.
The actual turnover recorded in 2025 saw a 15.4% decrease compared to 2024 and a 14.7% increase
compared to 2023, as follows:
- Diesel services: a 15.2% decrease compared to 2024 and a 16.7% increase compared to 2023
- Crude oil services: a 14.4% decrease compared to 2024 and a 54.6% increase compared to 2023
- Chemical product services: a 16.4% decrease compared to 2024 and a 20.7% decrease compared
to 2023
- Gasoline services: a 23.8% decrease compared to 2024 and a 53.8% increase compared to 2023
- Fuel oil services: a 44.3% decrease compared to 2024 and an 83.5% decrease compared to 2023
c) New products under consideration for which a substantial volume of assets will be allocated in the
next financial year, as well as the development stage of these products
Following the service requests received from customers during 2025, new contracts and/or addenda to existing
contracts were signed for the handling of Jet A1 aviation fuel and SAF which will lead to additional
volumes/turnover.
4.3. Technical and material supply activity
The procurement activity within Oil Terminal is carried out in accordance with the updated Internal Procurement
Regulation, approved by Decision no. 83/14.08.2024 of the Board of Directors, the Operational Procedure
regarding the elaboration and updating of the annual Procurement Program, code PO-09.01, the Operational
Procedure regarding the conduct of procurement procedures in the company, code PO-09.02 and the System
Procedure Procurement Management, code PS-08-12.
The company purchases investment works, repairs, maintenance services, independent equipment, materials,
utilities, security services, environmental services, audit services, evaluation services, etc.
As a service provider, the company does not register stocks of raw materials, and the technical and material
supply activity is carried out mainly from domestic sources, aiming to ensure materials for repair, maintenance,
occupational safety, administrative, equipment, fuel for the operation of its own car park and the operation of
railway locomotives.
By letter no. 4820/21.07.2016, the National Agency for Public Procurement communicated that Oil Terminal
does not have the quality of a contracting authority/entity according to Laws no. 98-100/2016 regarding public
procurement and is not obliged to apply them.
4.4. Mergers or significant reorganizations of the company during the 2025 financial year
During 2025 there were no mergers or reorganizations of the company.
The company does not have branches open in the country or abroad.
As of December 31, 2025 Oil Terminal is not part of a group, has no relations with subsidiaries or associated
entities and does not hold shares in other companies.
4.5. Acquisitions and/or disposals of assets
As of December 31, 2025, the company's assets include fixed assets amounting to 841,608 thousand lei,
representing an increase of 59,927 thousand lei (7.7%) compared to the same period in 2024.
In 2025, fixed asset additions worth 115,262 thousand lei were recorded across the following categories:
22
- 104,780 thousand lei for the 'Buildings and Structures' category, mainly consisting of: Modernization
of Tank T29, 31,500 cbm – South Storage Area (55,847 thousand lei), Construction of Tank 30P,
10,000 cbm – Port Storage Area (18,461 thousand lei), Fuel oil rail tank car loading facility, Line 1 –
South Storage Area (11,817 thousand lei), Modernization of Crystal Separator – North Storage Area
(4,587 thousand lei), Modernization of technological facilities (Port Storage Area technological pipeline
– 3,186 thousand lei), Reinforcement of pillars and beams for the trestle at Berths 70-76 (2,577
thousand lei); Repair of the Dn200 residue pipeline from the 8x50,000 retention basin to the gravity
separator – South Storage Area (1,425 thousand lei), Connecting Tank 23P to the JET-A1 facility –
Port Storage Area (825 thousand lei), Modernization of the access system for the metal trestle, Line 1
– South Storage Area (782 thousand lei), Modernization of the lighting system for the pipeline bundle
– Port Storage Area (688 thousand lei)
- 7,517 thousand lei for the 'Technical Installations and Machinery' category
- 2,965 thousand lei for the 'Other Installations, Equipment, and Furniture' category.
4.6. Sales activity assessment
4.6.1. Sequential evolution of sales on the domestic and/or foreign market and sales prospects for the
medium and long term
The physical program of services performed in 2025 was 0.1% lower than the approved rectified level (8,306
thousand tons achieved vs 8,317 thousand tons approved) and 18.7% lower compared to the level achieved
in 2024.
Structure of quantities achieved in 2025 compared to the Physical program approved and Physical program
achieved in 2024:
No.
Products
2024
Achieved
(thousand
tons)
2025
±
(thousand
to)
▲▼
(%)
Approved
(thousand
tons)
Achieved
(thousand
tons)
±
(thousand
to)
▲▼
(%)
0
1
2
3
4
5=4-3
6=4/3
7=4-2
8=4/2
Total, of which:
10,217
8,317
8,306
- 11
99.9
- 1,911
81.3
1
Crude oil
4,644
3,644
3,681
37
101.0
- 963
79.3
2
Gasoline
429
300
345
45
115.0
- 84
80.4
3
Diesel
4,426
3,777
3,770
- 7
99.8
- 656
85.2
4
Fuel oil
89
45
37
- 8
82.2
- 52
41.6
5
Chemical
products
629
551
473
- 78
85.8
- 156
75.2
Turnover achieved in 2025 is in amount of 401.1 mil. lei, respectively, 78.7 mil. EURO, at the official NBR
exchange rate from 31.12.2025 of 1 EURO = 5,0985 lei, applicable for the 2025 financial year-end closing.
Main customers on the domestic and foreign market in 2025 compared to 2024:
Internal customers
% in Turnover
2025
2024
OMV Petrom
19.9
17.2
Oscar Downstream
19.6
17.1
Lukoil România
17.0
13.5
Socar Petroleum
8.8
6.4
Mol România Petroleum Products
8.4
5.2
Vitaro Energy
6.4
0.1
External customers
% in Turnover
2025
2024
Euronova Energies Switzerland
4.8
8.1
Alkagesta LTD Malta
2.1
1.7
Vitol Switzerland
1.9
8.5
Ivict Europe GMBH Germany
1.1
1.0
Island Petroleum Cyprus
1.0
0.9
Mol PLC Hungary
0.6
2.9
23
4.6.2. The competitive situation in the company’s field of activity, the market share of the company’s
products or services and the main competitors
Domestically, the company is the largest terminal in the port of Constanța for the import and export of crude
oil, petroleum products and chemical products.
Regarding all the services in the oil field, the company's main competitors are:
- the terminal in the port of Midia
- the terminals in the Romanian Danube ports (Galați, Giurgiu and Drobeta Turnu Severin)
- the terminal in Reni
- port operators Chimpex and Frial for the export and import of liquid fertilizers or vegetable oils.
The activity of the mentioned competitors consists of:
• Terminal in 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 offshore in the Black Sea, vessels with crude oil necessary for
processing in the refinery are unloaded, and through the oil berths located in the port of Midia, vessels with
other raw materials for supplying the refinery and with biocomponents that are mixed with diesel and gasoline
in proportions according to the legislation in force are unloaded. Vessels/barges with a maximum of 20
thousand tons of gasoline and diesel for export are also loaded. The quantitative limitation is imposed by the
maximum draft at the berths.
In 2025 through the Marine Midia Terminal crude oil and other raw materials used in processing at Petromidia
refinery were unloaded and fuels were loaded for export and import.
• Terminals in the Romanian Danube ports (Galați, Giurgiu and Drobeta Turnu Severin):
Through the Danube terminals, loading/unloading operations are carried out in/from river barges with gasoline,
diesel, fuel oil and bioethanol:
- through the terminal in Drobeta Turnu Severin, OMV Petrom and Petrotel Lukoil refineries carry out
operations of loading gasoline and diesel from railway tanks through direct transshipment into river
barges that unload in Danube ports in Austria, Slovakia and Hungary. Bioethanol unloading operations
are also carried out from barges loaded in Hungary for the 2 refineries mentioned above.
- during 2014, MOL company built a new terminal in the port of Giurgiu where it unloads barges with
gasoline and diesel loaded in river barges at the oil terminal, Rompetrol Rafinare and other Danube
ports in Hungary and Slovakia. A railway ramp for unloading gasoline and diesel from railway tanks is
to be put into operation in the Mol warehouse.
- through the terminal in Galați, small quantities of diesel and fuel oil are handled, mainly arriving in
railway tankers, from various operators. The warehouse has wide-gauge railway lines, Russian type,
with connection to Ukraine, so it is no longer necessary to transship the wagons on railway type axles
to be unloaded/loaded in this storage area.
• Terminal in Reni:
This terminal is a competitor in terms of the handling of goods loaded in the port of Serbia. It has a small
storage capacity of about 5 thousand tons, and the draft on the Danube allows the operation of small capacity
vessels up to 5-6 thousand tdw. For large quantities, customers use Oil Terminal's services.
• Export and import of liquid fertilizers and vegetable oils:
In the Port of Constanța there are two port operators that operate tanks: Frial with a capacity of 15,000 cubic
meters and Chimpex with tanks of 20 thousand cubic meters.
The import of uan was carried out by HGM Logistic. This was done due to the closure of the three uan
producing compounds belonging to INTERAGRO company.
4.7. Human resources
Number and level of training of the company's employees and the labor union membership rate
The approved REB for 2025 provided for a number of 1,060 employees; as of December 31, 2025, the actual
number was 1,042 employees, structured by the following educational levels:
- Higher education personnel: 189, of which 36 hold management positions
- Secondary/middle school education personnel: 853, of which 781 are skilled workers and 72 are
unskilled workers.
The labor union membership rate for 2025 was 92%.
The assessment of specific needs for each position and employee was carried out in 2025 according to the
training plan.
In the field of employee training and professional development, Oil Terminal considers that staff training in
accordance with legislative changes, as well as the instructions and standards of certified bodies, is of major
importance for increasing performance and the development of the company.
Employee participation in training courses during 2025:
- Professional training/development courses with external trainers and professional certifications, in
accordance with the legislation in force: 262 employees;
24
- Internal training/re-authorization courses: all employees present.
Relationships between management and employees, and any conflictual elements characterizing
these relationships
In 2025, there were no conflictual elements between the employees and the Company's management.
4.8. Aspects related to the impact of the company's main business activity on the
environment
In accordance with Law no. 59/2016, Oil Terminal SA is classified as a major accident hazard site and operates
based on Environmental Permit no. 343/13.09.2013 for the Port Storage Area (revised under no.
29/12.03.2024), Environmental Permit no. 439/14.11.2013 for the North Storage Area (revised under no.
28/12.03.2024), Environmental Permit no. 504/13.12.2013 for the South Storage Area (revised under no.
19/26.02.2025), and Water Management Permit no. 149/02.12.2025.
In 2025, the annual endorsement for Environmental Permit no. 343/13.09.2013 (Port Storage Area) was
obtained through Decision no. 540/06.08.2025, valid from 13.09.2025 to 13.09.2026.
In 2025, at the request of Oil Terminal SA, ABADL renewed the Water Management Permit, registered under
no. 149/02.12.2025 and valid until 02.12.2028.
At the company's request, the Environmental Permit for the South Storage Area was revised to reflect
operational changes.
Furthermore, documentation was submitted to DJMCT for the revision of the Port Storage Area Environmental
Permit following the completion of Tank 30 (10,000 cbm capacity).
In 2025 the Internal Emergency Plans for the South and Port Storage Area (Rev. 1) were revised and submitted
for approval to ISU Dobrogea; these plans contain data consistent with the 2024 Safety Reports approved by
the competent authorities in 2025.
Compliance with the authorization requirements involves respecting the legal provisions, implementing and
maintaining management systems regarding environment and safety, ensuring the operation in the projected
parameters of all the equipment and installations of the objective, respecting the maintenance programs and
the permanent concern for the modernization of the installations.
Oil Terminal manages the impact on the environment with the aim of efficiently using natural resources,
minimizing the amounts of waste generated and emissions into 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 spills and accidental leaks of crude oil, petroleum and petrochemical products.
Currently, the monitoring of environmental factors is carried out: water, air, soil, groundwater, in accordance
with the requirements of the Environmental Authorizations:
- for the water environmental factor: monitoring the indicators of waste water discharged into the RAJA
SA Constanța and the National Company of Maritime Ports Administration SA Constanța sewerage system,
in order to maintain their values within the limits imposed by the regulations in force.
- for the groundwater: measuring its piezometric level as well as the height of the product, extracting,
as the case may be, by vacuuming/pumping, water with petroleum product.
In 2025 the monitoring and vacuuming of the monitoring and observation boreholes from the three storage
areas. The monitoring screening of the water quality from the mentioned boreholes was carried out, the results
were transmitted to ABADL.
- for the soil environmental factor: the "petroleum product" and metals indicators are monitored semi-
annually. The installations are visually checked permanently.
- for the air environmental factor: the value of the VOC (volatile organic compounds) indicator is monitored
on the perimeter of the South Storage Area where gasoline is stored, and the benzene and toluene indicators
on the perimeter of the three storage areas. In 2025 supplementary measurements of Volatile Organic
Compound (VOC) concentrations were conducted in residential areas adjacent to the North Storage Area. Oil
Terminal SA holds VOC emission certificates and the annual VOC emission calculation for gasoline storage
facilities, issued by authorized firms in compliance with current legislation. Recorded values do not exceed the
maximum limits allowed by law. Emissions from thermal plants (dust, carbon monoxide, sulfur oxides, and
nitrogen oxides) are monitored every 3 years as per current environmental permits.
Modernization and repair works on facilities and petroleum product pipelines contribute to maintaining and
improving the quality of environmental factors by reducing the risk of accidental pollution.
In 2025, the investment program included objectives with significant impact on current operations and the
environmen:
- Wastewater collection and treatment renewal: Modernization of the Crystal separator – North Storage
Area (4,497 thousand lei); Technical project for the discharge of meteoric and technological waters at South
Storage Area (127 thousand lei); Repair of the Dn200 residue pipeline 8x50,000 – South Storage Area (1,425
thousand lei)
- Building rehabilitation investments: (1,700 thousand lei)
25
- Modernization and efficiency of internal electrical structure: Modernization of the pipeline bundle lighting
system – Port Storage Area (0.7 thousand lei)
To minimize environmental impact and limit the consequences of potential accidental events, the company
has implemented an Integrated Environment, Health, and Safety (EHS) Management System. It has also
updated its general waste management plan for construction/demolition activities and the waste prevention
and reduction program.
OIL TERMINAL regularly communicates with employees and stakeholders regarding public information under
Law no. 59/2016 concerning major accident hazards involving dangerous substances, and GD no. 878/2005
regarding public access to environmental information. These updates are available on the website www.oil-
terminal.com/ under the 'SEVESO Public Information' and 'Environment' sections, including safety measures,
emergency conduct, human health and environmental risks, and the impact of activities on environmental
factors.
The implementation of the ISO 14001:2015 standard aims to increase environmental performance, fulfill
compliance obligations, and ensure systematic improvement of environmental management.
Periodically, the Company's activity is subject to internal/external audits and inspections by environmental,
water management, and emergency authorities.
4.9. Research and development activity
Oil Terminal did not incur expenses for research and development activity in 2025 and does not anticipate
such expenses for 2026.
4.10. Risk management and managerial internal control
Company policy and objectives regarding risk management
In accordance with Order SGG no. 600/2018 regarding the approval of the Code of managerial internal control
of public entities, in conjunction with the commitment of the company's management and the measures
targeted by the "Policy and commitment of the company's management in the field of risk management", as
well as in accordance with the "Declaration regarding the Commitment and Policy of the Company's Board of
Directors regarding the implementation of the risk management policy and the maintenance and development
of the managerial internal control system", the organizational, procedural and methodological framework for
the continuous implementation and development of the risk management process and system was
systematically ensured and maintained, both at the level of the company's departments and integrated at the
company level, in order to manage risks in the most appropriate, efficient, economical and effective way to
achieve the company's objectives in the forecasted targets.
Through the Risk Management System Procedure code PS-02, Edition II, Revision 1, implemented and
brought to the attention of all personnel within the company, the following were provided:
- stages, rules and responsibilities of the risk management process;
- methodology regarding the strategy applied to risk (type of response to risk) and the working
methodology regarding the identification, management, evaluation and ranking of associated risks,
both for the specific objectives/activities/processes of the company's departments and for the
objectives of the partial strategies resulting from the company's development strategy, including
regarding corruption risks;
- scales for measuring the probability of occurrence and the impact of risk, as well as those
associated with risk tolerance limits, in order to establish risk exposure and risk profile, as well as
to maintain risks within the approved and accepted risk tolerance limits;
- records, circuit and information flow, highlighted through the process diagram and the entire set of
forms, which proves that the risk management system is implemented and working, in order to
control risks at the level of all the company's activities.
For the proper management of risks at all managerial and hierarchical levels of the company, risk managers
were designated at the level of the company's departments, as well as at the company level.
Within the company's departments, risk management teams (RMTs) were formed, which have the role of
analyzing, evaluating and ranking the risks associated with specific objectives, including corruption risks,
respectively to formulate proposals regarding the most appropriate type of response for each identified risk
and to periodically analyze the stage of implementation of control/intervention measures to maintain risks
within accepted risk tolerance limits.
In order to implement and monitor the action directions and actions targeted at the SCIM level, the monitoring
commission at the company level was appointed, updated and approved by internal decision, as well as the
composition of the working group for the implementation of the corruption risk assessment methodology,
according to the provisions of Order SGG no. 600/2018 and HG no. 599/2018.
26
Specific objectives were monitored and evaluated semi-annually through the associated performance
indicators, these being correlated with the specific activity risks within the risk register. At the company level,
the specific objectives, which are derived from the general objectives of the company, are assimilated as risk
management objectives, these being integrated and correlated with the general (strategic) objectives.
Through the Development Program of the Managerial Internal Control System, the following actions were
provided and carried out:
➢ Identification and evaluation of the main risks specific to the activities within the departments,
associated with specific objectives, including for the associated corruption risks, both for objectives
and sensitive positions;
➢ Establishment of risk management measures identified and evaluated at the level of activities within
the departments;
➢ Completion/updating of the risk register, including for corruption risks;
➢ Centralization of the main risks, which could affect the achievement of the company's general
objectives and those specific to the company's departments, as well as the elaboration of the single
risk register at the company level, including regarding corruption risks, under the coordination and
guidance of the Monitoring Commission and the Working Group for the implementation of the
corruption risk assessment methodology;
➢ Centralization of the internal control/intervention measures established to ensure effective, timely
and adequate control of risks and the elaboration of the plan for the implementation of centralized
control measures at the company level and of 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;
➢ Elaboration, semi-annually, of the Note of conclusions regarding the risk management process at
the company level by the Monitoring Commission.
Following the analysis of risk management, the following proposals for improving the risk management process
resulted:
1. Monitoring, evaluating, reviewing and reporting the effectiveness of the risk management process, in
relation to the assumptions and working premises related to the activity, the changes occurred and the
objectives assumed at the structure level, including for corruption risks (risks associated with both specific
objectives and sensitive positions), in accordance with the periodic updating of the "Risk Register",
"Corruption Risk Register Annex no. 4 to GD no. 599/2018" and the "Plan for the implementation of control
measures", in order to manage all risks in the most appropriate and effective way, within the approved and
assumed risk tolerance limits, as well as to make possible the constant achievement of the objectives and
targets of the performance/result indicators at the projected performance level of the activities/processes
and the results expected by the company's management.
2. Identifying, monitoring, reviewing, evaluating and reporting the stage/degree of implementation and
effectiveness of the risk strategy and the internal control instruments/intervention measures adopted and
approved in the field of risk management, through the "Risk Register", "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 application of the provisions of "O.S.G.G. no. 600/2018", of "GD no. 599/2018" and
of the rules of the "Risk Management System Procedure, code PS-02 Ed.II, R1”.
3. Identifying, monitoring, reviewing, evaluating and reporting the effectiveness and stage of management of
"corruption risks", in accordance with the provisions of "O.S.G.G. no. 600/2018", of "GD no. 599/2018" and
in accordance with the rules of the "Risk Management System Procedure, code PS-02 Ed.II, R1", in full
agreement with the requirements of the "Integrity Plan for the implementation of the SNA at the company
level for 2024", 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 its related documents”.
4. Transmitting, both for the purpose of providing independent evaluations of risk management, control and
governance processes, and for the purpose of evaluating compliance with legal provisions, all data from
the "Risk Register (including for 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 company level", as well as to the attention of the Working Group for the
evaluation of integrity incidents at the company level, to support and carry out by these structures/functions
of the assurance, monitoring, evaluation and control missions, etc., based on the objectives approved by
their own planning documents, legal provisions and internal regulations in force.
5. Implementing, developing and continuously improving the Managerial Internal Control System at the
company level, both based on the action directions of the "Company Global Development Strategy", and
of the "SCIM Development Program of the Company for 2024", with the permanent monitoring and respect
27
of the provisions of "GO no. 119/1999, republished, with subsequent amendments and additions", of "Order
no. 600/2018 of SGG", as well as of the requirements of the "Policy declaration and commitment of the
Board of Directors in the field of risk management and the functioning of the managerial internal control
system at the company level”.
Exposure of the company to price risk, credit risk, liquidity riskand cash-flow risk
Price risk
The Company's exposure to price risk is monitored through management accounting and cost calculation
activities, which include the following aspects:
➢ the method of forming the Company's production costs;
➢ the grouping and behavior of costs in relation to the factors that generate them and their nature;
➢ the predetermination of the level and structure of costs for each service individually, as well as for the
entire planned service;
➢ the current analytical recording of production costs by management periods and calculation of
indicators required by the calculation methods used at any given time;
➢ the comparative analysis of the level and structure of production costs and, implicitly, of the costs
calculated based on them, serving to optimize decisions in the process of managing the value aspect
of the service.
The pragmatic actions initiated and carried out by the company to achieve the objectives of management
accounting aim to:
➢ Determining product costs;
➢ Determining product profitability;
➢ Producing and providing the information necessary for the elaboration, monitoring, and control of the
budget of revenues and expenses, as well as updating the indicators that contribute to optimizing
decisions at the company's management level.
Consequently, cost calculation, which underlies the establishment of service tariffs within the company,
represents the main instrument in the action of prospecting, identifying, and mobilizing the company's internal
reserves because:
1. cost calculation provides information on the value aspect of the service performed, both for past and
present expenses;
2. the level of service costs constitutes an economic criteria for increasing the efficiency of the company's
activity;
3. the correct establishment of service tariffs represents an important instrument for the company's
managerial leadership;
4. cost calculation is an important instrument for financial planning within the company;
5. organizing management accounting both at the company level and for each service individually creates
the possibility of tracking costs dynamically.
By periodically monitoring the dynamics of costs per conventional ton of product (semi-annually), a balance is
ensured between the average cost per ton of product and the average revenue generated per the same unit
of measure, so that the services performed are efficient and bring added value.
Credit risk
Credit risk is the risk of financial loss to the Company, which arises if a customer or counterparty to a financial
instrument fails to meet its contractual obligations.
The Company is primarily exposed to credit risk arising from the provision of services to customers.
Annually, the content of the framework contracts for the provision of services for crude oil and other liquid
petroleum products (diesel, gasoline, biodiesel that is mixed with diesel) are approved by Order of the National
Regulatory Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide (ANRMPSG). These
contracts clearly outline the commercial terms for the services provided by the Company to customers:
- payment for services provided within a maximum of 30 days;
- calculation of accessories (penalties and late payment interest) for non-payment by customers within
the contractual deadlines;
- in certain well-defined situations, the contract provides for the collection of revenues in advance;
- in the event of non-payment of invoices within the contractually stipulated term, the Company has the
right to retain the transited goods, up to the amount owed by the customer.
Liquidity risk
Liquidity risk arises from the company's management of working capital, financing expenses, and principal
repayments for its credit instruments.
28
The Company's policy is to ensure that it always has 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 objective, the company has taken the following measures:
- monitoring of collections within the contractual term;
- maintaining a cash balance that satisfies payment needs;
- preparation of a weekly cash flow.
By applying the above-mentioned measures, the company has sufficient liquid resources to meet its obligations
in all reasonably foreseen circumstances.
Liquidity ratios provide assurance of the coverage of current liabilities with current assets.
The current ratio represents the ratio between current assets and current liabilities, registering a value of 1.06
as of 31.12.2025 compared to 1.20 as of 31.12.2024.
The quick ratio (acid-test ratio) represents the ratio between current assets less inventories and current
liabilities, with this indicator's value being 1.02 as of 31.12.2025 compared to 1.17 as of 31.12.2024.
As of December 31, 2025 , the Company records total liabilities amounting 309,132,987 lei.
Based on their maturity, total liabilities are presented as follows:
Net value
Contract
value
<12 months
1-5 years
5 -8 years
>8 years
Trade payables and
other current liabilities
28,855,853
28,855,853
28,855,853
-
-
-
Liabilities related to
taxes and duties
12,782,785
12,782,785
12,782,785
-
-
-
Loans
223,464,708
312,211,717
21,791,741
83,663,987
54,677,369
63,331,611
Other loans and
similar liabilities
(lease liabilities)
11,800,456
11,800,456
3,767,912
8,032,544
-
-
TOTAL
276,903,802
365,650,811
67,198,291
91,696,531
54,677,369
63,331,611
Other liabilities:
Liabilities related to
deferred profit tax
1
32,229,185
TOTAL
32,229,185
1
The deferred income tax related to the revaluation reserves as of December 31, 2025, recognized in equity, amounts to
a total of 32,229,185 lei. The deferred tax was recorded in accordance with the provisions of IAS 8 'Accounting Policies,
Changes in Accounting Estimates and Errors', recognized in equity through the account 'Retained earnings resulting from
the correction of accounting errors”.
Cash flow risk
As of December 31, 2025, the net cash flow from operating activities is 42,745 thousand lei, showing a
decrease of 19,515 thousand lei compared to December 31, 2024.
The cash flow from investing activities mainly includes payments for investments in fixed assets, amounting to
91,607 thousand lei. Compared to the previous year, the net cash used in investing activities increased by
19,682 thousand lei.
The cash flow from financing activities primarily consists of cash inflows from long-term loans and cash
outflows representing payments for long-term loans.
As of December 31, 2025, the cash flow from financing activities amounts to 24,253 thousand lei, represented
by cash inflows from long-term loans totaling 57,937 thousand lei (excluding VAT), cash outflows representing
payments for long-term loans (repayment installments) and similar liabilities amounting to 21,798 thousand lei
for the year 2025, and dividend payments in the amount of 11,886 thousand lei. Compared to the same period
of the previous year, the cash flow from financing activities increased by 8,089 thousand lei.
Managerial Internal Control System Development Program
In 2025, according to the Managerial Internal Control System Development Program developed and approved
by the company, the following main actions were established and carried out:
- Ensuring and meeting the requirements and conditions necessary for employees to know and comply with
the provisions of the normative acts that regulate their behavior at the workplace, as well as for preventing
and reporting frauds and irregularities, by adopting, implementing, and monitoring the Code of Ethics and
the Rules of Conduct of the executive and administrative management and of the employee within Oil
Terminal S.A, the rules of the Operational Procedure regarding the Protection of whistleblowers, as well
as the rules of the Operational Procedure regarding the ethical counseling activity.
29
- Ensuring the monitoring of the application and compliance with the rules of conduct by all employees of
the company, by the company's management, the heads of the company's departments, the person
responsible for ethical counseling, and by the person designated within the company to receive reports on
violations of the law, based on the provisions of the Code of Ethics and the Rules of Conduct of the
executive and administrative management and of the employee within Oil Terminal SA, as well as the
Rules of Professional Conduct specific to the activity/position, as well as based on the rules of the
Operational Procedure regarding the ethical counseling activity and the Operational Procedure regarding
the Protection of whistleblowers.
- Implementing, monitoring, and self-evaluating the stage of realization of the measures established
according to the Integrity Plan for the implementation of the National Anti-Corruption Strategy within the
company, as well as completing the situations and evaluation indicators within the company, based on the
provisions of Government Decision no. 1269/2021, for the reference period Year 2025.
- Implementing the methodology for evaluating integrity within the company, according to the provisions of
Government Decision no. 599/2018 as well as the provisions of the internal decision of the company's
management.
- Identifying and listing the positions considered sensitive (considered to be particularly exposed to
corruption). Establishing and implementing policy directions for managing sensitive positions and sufficient
and adequate measures to reduce the risks associated with sensitive positions to an acceptable level.
- Updating and approving the List of sensitive positions and the List of employees holding sensitive
positions, as well as policy directions for managing sensitive positions, as well as sufficient and adequate
measures to reduce the risks associated with sensitive positions and positionss considered to be
particularly exposed to corruption to an acceptable level.
- Updating and approving specific and individual objectives in accordance with the general objectives,
mission, and global 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 regarding economy, efficiency, and effectiveness.
- Maintaining a functional risk management system within the company, aimed at managing risks in the
most appropriate way to achieve the company's objectives within the forecasted targets, both in relation
to the objectives/activities and in relation to corruption risks.
- Establishing internal control/intervention measures to maintain risks at an acceptable tolerance/exposure
level within the risk tolerance/exposure limits approved by the company's management.
- Periodically completing and updating the Risk Register within departments, including for corruption risks.
- Integrating and implementing, within the company, the requirements of the Declaration on the Commitment
and Policy of the Company's Board of Directors regarding the implementation of the risk management
policy and the maintenance and development of the managerial internal control system at all hierarchical
and managerial levels.
- Implementing and monitoring, within the company, the provisions of the Company's Management Policy
and Commitment regarding risk management at all hierarchical and managerial levels.
- Identifying procedural activities and documenting them, by developing, endorsing, and approving
documented procedures for activities/processes, according to the action directions of the Managerial
Internal Control System Development Program of Oil Terminal SA.
- Ensuring, implementing, and developing adequate control measures for supervising activities and
operations, based on pre-established procedures, including ex-post control, in order to effectively carry
them out.
- Developing an efficient internal and external communication system, which ensures the rapid, fluent, and
accurate distribution of information, so that it reaches, in a controlled manner, users completely, correctly,
and on time, as well as the company's management and employees in order to properly, efficiently,
economically, and effectively fulfill their duties.
- Organizing and carrying out the annual self-assessment of the Managerial Internal Control System.
- Ensuring the performance of the internal public audit activity on the Managerial Internal Control System,
according to plans based on risk assessment.
The evaluation of the efficiency and effectiveness of the risk management system is performed semi-annually,
both within departments and within the company, respectively by the risk managers and the risk management
team within departments, as well as by the monitoring Commission and the Working Group for the
implementation of the corruption risk assessment methodology appointed at the organization level, and the
results regarding the risk management process are reported, both through the "Report on the risk management
process at department level", the "Risk Register" and the "Plan for the implementation of control measures",
as well as the "Corruption Risk Register - Annex no. 4 to Government Decision no. 599/2018", respectively,
30
and based on the semi-annual/annual information on the conduct of the risk management process within the
company, noted in the "Note of conclusions on the risk management process at the company level”.
The status of the risks identified and managed by the monitoring Commission during the risk analysis,
assessment, and management meetings includes the following hierarchy of risk tolerance level, as follows:
- on 31.12.2025 a total of 119 risks were identified, analyzed, evaluated, and are currently managed at the
Company level, associated with both the specific objectives/activities/processes of the Company's
departments and the objectives of the partial strategies derived from the Company's development strategy,
as follows:
▪ 104 "tolerable" level risks – 87.40%
▪ 12 "high tolerance" level risks – 10.08%
▪ 3 "low tolerance" level risks – 2.52%
▪ 0 "intolerable" level risks – 0%
Evolution of the Implementation and Compliance Status of the Internal Managerial Control System
within Oil Terminal SA, for the Period [2012 – 2025]
On 31.12.2012, Oil Terminal SA had an internal/managerial control system "partially compliant" with the
standards included in the Internal/Managerial Control Code, with 13 standards out of a total of 25 standards
being implemented at that time, according to the provisions of the Ministry of Public Finance Order no.
946/2005, with subsequent amendments and additions, according to the Report on the internal/managerial
control system as of December 31, 2012.
As of December 31, 2025, Oil Terminal SA has an internal managerial control system "compliant" with the
standards included in the Internal Managerial Control Code, with all 16 standards being implemented according
to the provisions of Order no. 600/2018, according to the Report on the internal managerial control system as
of December 31, 2025.
4.11. Outlook for the Company's Activity
Trends, elements, events or uncertainty factors that affect or may affect the company's liquidity,
compared to the same period of the previous year
The company's liquidity could be affected by:
- failure to collect receivables within the term stipulated in the service contracts concluded with customers,
respectively, within 30 days from the issuance of the tax invoice
- the entry into insolvency of some customers
- reduction of activity of some customers or the occurrence of unforeseeable events, such as force majeure
- variation on the international market of the quotations of liquid oil and petrochemical products, which would
lead to a decrease in the quantities transited in certain periods of time and, implicitly, of the revenues to be
billed
- the performance of additional transfers of taxes and duties, as a result of fiscal controls, compared to the
obligations to the state budget and the local budget established by the company,
- payment of additional taxes and duties introduced by new legal regulations
- loss of litigation whose object is represented by various claims of the plaintiff customers
- increase in the price of utilities (electricity, natural gas, and water)
- the economic situation worldwide as a result of the influences generated by the multiple crises that have
occurred, the price escalation crisis, the crisis of the military conflict in the Black Sea area)
- legislative and regulatory initiatives discussed and/or implemented that influence the business environment
- enactment of a restrictive EU regulation on the origin of certain goods from Russia
- major risk of non-collection of services subject to the restrictive EU regulation during its application by member
countries.
Capital expenses, current or anticipated, on the company's financial statement compared to the same
period of the previous year
The investment activity within Oil Terminal SA is carried out in two main directions:
1. Investment objectives for the company's own assets
2. Investment objectives related to the public domain, according to the minimum Program for the
restoration and modernization of the oil terminal, an annex to the Oil Concession Agreement concluded
with the National Agency for Mineral Resources.
In 2025 the investment funding source, budgeted at a total of 105,722 thousand lei, was fully realized.
As of December 31, 2025, capital expenditures were realized in line with the funding sources, amounting to
105,722 thousand lei, consisting of: investment expenses of 90,340 thousand lei (32,403 thousand lei from
31
internal sources and 57,937 thousand lei from bank loans) and loan repayments related to investment credits
amounting to 15,382 thousand lei.
As of December 31, 2025, the actual level of investment objectives (90,340 thousand lei), excluding loan
repayments, was met as budgeted and was 33.4% higher compared to 2024.
Structure of investment expenditures in 2025 compared to the REB level and 2024:
Achieved
2025
REB
2025
▲▼ %
1
Investments and repayments
(thousand lei)
Achieved
2025
Achieved
2024
▲▼ %
2
75,187
75,187
100.0
Oil Terminal, of which:
75,187
51,912
▲ 144.8
33,350
33,355
100.0
Investments in progress
33,350
9,813
▲ 339.9
200
200
100.0
New investments
200
14,359
▼ 1.4
21,971
22,012
▼ 99.8
Modernizations
21,971
11,666
▲ 188.3
4,284
4,238
▲ 101.1
Equipment/endowments
4,284
6,818
▼ 62.8
15,382
15,382
100.0
Investment loan repayments
15,382
9,256
▲ 166.2
30,535
30,535
100.0
Public Domain, of which:
30,535
25,061
▲ 121.8
30,535
30,535
100.0
Investments in progress
30,535
0
-
0
0
0
Modernizations
0
25,061
0
105,722
105,722
100.0
Total
105,722
76,973
▲ 137.3
1
2025 achieved / compared to REB 2025
2
2025 achieved / compared to 2024 achieved
The main investment objectives completed in 2025 are:
• Construction of Tank 30P, 10,000 cbm – Port Storage Area
• Modernization of Tank T29 – South Storage Area
• Modernization of Tank T26 – South Storage Area
• Modernization of Tank R10 – Port Storage Area
• Modernization of Tank R12 – Port Storage Area
• Modernization of Tank R27 – Port Storage Area
• Connecting Tank 23P to the Jet-A1 facility – Port Storage Area
• Modernization of the firefighting system in the tank farm – South Storage Area
• Modernization of the Crystal separator – North Storage Area
• Modernization of the steam pipeline – South Storage Area
• Modernization of the technological pipeline – Port Storage Area
• Modernization of the residue pipeline Dn 200 – 1 unit
• Modernization of locomotive – 1 unit
• Fuel oil rail tank car loading facility, Line 1 – South Storage Area
• Metal trestle between lines 3 and 4 at the rail ramp – Port Storage Area
• Modernization of trestles – Port Storage Area (4 units)
• Modernization of the access system for the metal trestle, Line 1 – South Storage Area
• Modernization of rail infrastructure – connection of lines 10F and 11F
• Modernization of the fire fighting water pump house – North Storage Area
• SKID-type metering system at Berths 73-75 – Port Storage Area
• Perimeter detection system for identification and access control – South Storage Area
• Modernization of the CCTV system – North, Port, and South Storage Area
• Modernization of the lighting network for the pipeline bundle – Port Storage Area
• Modernization of the materials warehouse
• Modernization of the warehouse for recoverable materials and investments
• Modernization of the concrete platform for tank truck access – South Storage Area
• Diesel forklift – 1 unit
• Ford Transit DCAB utility vehicle – 1 unit
• Firefighting vehicle – 1 unit
• Security guard container – 1 unit
• Electric thermal plants – 6 units
• Gas-fired thermal plants – 2 units
• Power generator – 2 units
• Power cutter – 2 units
• Centrifugal electric pump – 1 unit
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• Sulfur content analyzer – 1 unit
• Colorimeter – 1 unit
• Density meter – 1 unit
• Firewall equipment – 1 unit
• Particle counter – 1 unit
• Infrared spectrometer – 1 unit
• Laptop - 7 units
• PC - 18 units
• DELL computer with operating system – 2 units
• POWEREDGE R550 RACK Server - 1 unit
Events, transactions, and economic changes significantly affecting core business revenues Events
with a significant impact on core business revenues:
1. The Black Sea-Ukraine conflict. Due to the intensification of trade sanctions imposed on Russia, the negative
financial impact on OIL TERMINAL's turnover materialized as a 15.4% decrease (approximately 73 million lei)
in 2025 turnover compared to 2024.
2. Closure/downsizing of production capacities. Reduced refining margins and negative financial results
recorded by Romanian refineries could lead to a reduction in their activity.
The Petrotel-Lukoil Refinery in Ploiești was shut down in mid-October for a planned general technical overhaul,
which involved a complete shutdown of facilities for maintenance work lasting approximately 45 days. The
overhaul took place between October 17 and November 30, 2025, being one of the periodic shutdowns
required for the inspection and modernization of technological installations and auxiliary units.
The refinery's situation was further complicated by international sanctions imposed on the Russian company
Lukoil, as well as issues regarding the petroleum product trading license held by its subsidiary, Litasco, which
had been previously revoked by Romanian authorities. These measures created uncertainty regarding the
continuity of operations and led to discussions about the potential sale of Lukoil's assets in Romania or placing
them under the supervision of the Romanian state.
The Petrotel-Lukoil Refinery has a processing capacity of approximately 2.4–2.5 million tons of crude oil per
year and, when operating at normal capacity, can cover approximately 20–25% of Romania's fuel
requirements; therefore, its shutdown is considered a sensitive matter for the country's energy security.
The shutdown of the Petrotel-Lukoil refinery will also affect Oil Terminal's activity, as it will result in the loss of
a significant volume of approximately 2.4 million tons of crude oil that could have been transited and operated
through the terminal. This reduction in handled volumes will negatively influence the operational flow and
revenues generated from crude oil handling and storage services.
3. Commercial policies applied by Oil Terminal's main customers (OMV Petrom, Oscar Downstream, Lukoil
România, Socar Petroleum, Mol România Petroleum Products and Vitaro Energy) decisively influence the
volume of services conducted through the oil terminal.
4. Increase in utility prices (electricity, natural gas, and water).
4.12. Litigation
As of December 31, 2025 Oil Terminal is involved in 112 ongoing litigation cases, of which in 40 litigation cases
it has the capacity of plaintiff or contesting party, and in 72 it has the capacity of defendant.
The company periodically analyses the situation of current litigations, and after consulting its legal advisors,
decides on the necessity to create provisions for the amounts involved or for their presentation in the financial
reports.
As of December 31, 2025, the Company records provisions for litigations amounting to 199,597 lei.
The current outstanding litigations are the following:
1. Case no. 11403/212/2011, pending before the Constanța Court, whereby the plaintiffs Iașar Ana, Iașar Tair,
Iașar Doina, Iașar Sevinci, Iașar Islam, Iașar Esan, Iașar Ghiulgean and Iașar Sabria request to compel the
defendants Oil Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. to pay material damages in the amount of
30,000 lei and moral damages in the amount of 60,000 lei. the court stayed the case by operation of law
pursuant to art. 36 of Law no. 85/2006, due to the entry into insolvency of Oil Prod SRL. Insolvency case of
Oil Prod S.R.L. no. 3437/118/2013 with the hearing date of 26.01.2026 at the Constanța Tribunal. A provision
of 90,000 lei was established for this case.
2. Case no.1974/118/2019, pending before the Constanța Tribunal, creditor Oil Terminal S.A. and debtor
Master Chem OIL DMCC. At the hearing of 02.12.2020, the court joins case no. 7729/118/2019 to case no.
1974/118/2019 and deferred the ruling until the resolution of case no. 3068/118/2018. On 16.12.2020, the
court stays the trial of the case until the final resolution of case no. 3068/118/2018 pending before the
33
Constanța Court of Appeal, with the right of appeal during the stay. Oil Terminal S.A. filed a motion to restore
the case to the docket and to increase the claims. At the hearing of: 09.06.2023 – Ruling: Postpones the ruling
to 22.06.2023. Summary of the solution: Admits the plea of inadmissibility raised by the defendant Master
Chem Oil DMCC, regarding the period 28.09.2018-13.05.2021. Dismisses as inadmissible the complaint
regarding claims, filed by the plaintiff Oil Terminal S.A. against the defendant Master Chem Oil DMCC,
regarding the period 28.09.2018-13.05.2021. Dismisses as unfounded the plea of inadmissibility of the
complaint regarding claims, filed by the plaintiff OIL TERMINAL S.A. against the defendant Master Chem Oil
DMCC, regarding the period 13.05.2021-28.04.2023. Admits, in part, the action filed by the plaintiff Oil Terminal
S.A. against the defendant Romanian Customs Authority through the Bucharest Regional Customs
Directorate. Compels the defendant Romanian Customs Authority through the Bucharest Regional Customs
Directorate to pay the plaintiff the amount of 2,253,845.33 lei, the equivalent of 536,965.09 USD, representing
damages consisting of costs related to the storage of the cutter stock petroleum product for the period
28.09.2018 – 13.05.2021. Admits, in part, the action filed by the plaintiff Oil Terminal S.A. against the defendant
Master Chem Oil DMCC. Compels the defendant Master Chem Oil DMCC to pay the plaintiff the amount of
449,099.17 lei, the equivalent of 99,858.46 USD, representing damages consisting of costs related to the
storage of the cutter stock petroleum product for the period 13.05.2021-28.04.2023. Compels the defendants
to pay to the plaintiff Oil Terminal S.A. the court costs corresponding to the claims for which they were
compelled, as follows: - the defendant Master Chem Oil DMCC to pay the amount of 4,992.46 lei representing
the value of the stamp duty and the amount of 2,989.80 euros in lei equivalent at the NBR exchange rate from
the date of effective payment representing attorney’s fees. - the defendant Romanian Customs Authority
through the Bucharest Regional Customs Directorate to pay the plaintiff the amount of 25,064.53 lei
representing the value of the stamp duty and the amount of 15,010.20 euros in lei equivalent at the NBR
exchange rate from the date of effective payment representing attorney’s fees. With the right of appeal within
30 days from communication. Judgment no. 724/2023 of 22.06.2023. An appeal was filed by Master Chem Oil
DMCC and the Romanian Customs Authority. Hearing date: 25.04.2024. DECIDED: Dismisses the appeal
filed against the judgment of 16.03.2023 as unfounded. Admits both appeals filed against the appealed
sentence. Changes in part the appealed sentence, in the sense that: Dismisses the complaint against both
defendants as unfounded. Maintains the provisions regarding the plea of inadmissibility. Compels the
respondent-plaintiff Oil Terminal S.A. to pay the amount of 9,000 Euro reduced court costs related to the merits
– attorney’s fees, as well as to pay the amount of 9,000 Euro court costs in appeal – attorney’s fees and the
payment of the amount of 4,147.22 lei judicial stamp duty in appeal. With the right of appeal within 30 days
from communication. The appeal is filed at the Constanța Court of Appeal. Pronounced by making the solution
available to the parties through the court clerkship on 08.05.2024. Document: Judgment 114/2024 08.05.2024.
An appeal was filed by Oil Terminal SA. Hearing date: 15.05.2025. DECIDED: Dismisses the appeal declared
by the plaintiff Oil Terminal S.A. against the civil decision no. 114 LP of May 8, 2024, pronounced by the
Constanța Court of Appeal – Second Civil Section, for Insolvency and Disputes with Professionals and
Companies, as unfounded. Compels the appellant-plaintiff Oil Terminal S.A. to pay to the respondent-
defendant Master Chem Oil DMCC the amount of 6,000 Euro, in the equivalent in lei from the date of payment,
as court costs. The court costs in the amount of 30,434.40 lei (the equivalent of the amount of 6,000 Euro)
were paid to the Law Office.
Based on Civil Judgment no. 812/15.05.2025, the provision established for this case, in the amount of 24,277
lei, was reversed, and the value of the uncollected invoices, in the total amount of 2,923,827.76 lei, the
equivalent of 684,948.30 USD, was recognized as an expense. For this amount, adjustments for the
impairment of receivables in the amount of 2,923,827.76 lei were previously established.
3. Case no.7729/118/2019, pending before the Constanța Tribunal, creditor Oil Terminal S.A, debtor Master
Chem Oil DMCC. Case joined to case 1974/118/2019. For this case, a provision in the amount of 7,841 lei
was established, which was reversed based on Civil Judgment no. 812/15.05.2025.
4. Case no.3656/118/2020, pending before the Giurgiu Tribunal, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for the annulment of the Extraordinary General Meeting of Shareholders
Resolution no. 4/12.06.2020 whereby the shareholders acknowledged the termination of the applicability of
EGSM Resolution no. 6/10.10.2016, acknowledged the share capital increase of Oil Terminal S.A. by operation
of law with the value of two land plots with areas of 254,261.325 sq.m. and 129,334.70 sq.m., respectively,
subject of ownership title certificates series MO3, no. 11703/02.02.2011 and series MO3, no.
11704/02.02.2011, and approved the filing of a request to the delegated judge at the National Trade Register
Office (O.N.R.C.) for the appointment of one or more experts to evaluate the two land plots to be included in
the company's capital increase process. By the Judgment of 16.06.2021, pursuant to art. 412 para. 1 point 1
of the New Code of Civil Procedure (NCPC), the court noted the stay of the case by operation of law following
the death of the plaintiff, until the heirs are joined in the case. With the right of appeal during the stay. Deadline
for lapsing: 01.02.2023. At the hearing of 01.02.2023, the court admitted the plea regarding the lapsing of the
34
main claim and of the connected complaints filed by the plaintiff Dumitrescu Sebastian Valentin against the
defendants OIL TERMINAL S.A., as well as the interventions. Notes the case as lapsed. Compels the
intervenor Dumitrescu Andrei Sebastian to pay the amount of 10,266.62 lei – court costs – in favor of the
defendant company Oil Terminal S.A. With the right of appeal to the Constanța Court of Appeal within 5 days
from the ruling. Dumitrescu Sebastian Andrei filed an appeal. Hearing date: 06.12.2023. On 14.12.2023, the
High Court of Cassation and Justice ordered the transfer of the case from the Constanța Court of Appeal to
the Bucharest Court of Appeal. On 29.02.2024, the Bucharest Court of Appeal, by Judgment 86/2024, Admits
the appeal. Quashes in full the appealed civil sentence and sends the case to the Giurgiu Tribunal for further
trial. On 03.10.2024, by Interlocutory Judgment, the court admits the request filed by the plaintiff Dumitrescu
Andrei Sebastian and, pursuant to art. 29 para. 4 of Law no. 47/1992 republished, on the organization and
functioning of the Constitutional Court, refers the case to the Constitutional Court of Romania with the plea of
unconstitutionality regarding the provisions of art.32^2 para. 1 of Government Emergency Ordinance no.
88/1997 on the privatization of commercial companies and the provisions of art. 12 of Law no. 137/2002 on
certain measures to accelerate privatization. Orders the communication of this interlocutory judgment to the
Constitutional Court of Romania, accompanied by the request filed by Dumitrescu Andrei Sebastian, as well
as the names/titles of the parties in the trial, including the necessary data for the summoning procedure,
according to art. 29 para. 4 of Law no. 47/1992. No right of appeal. The court will officially communicate a copy
of this judgment to the parties. To rule on the request for referral to the Court of Justice of the European Union
(CJEU) for a preliminary ruling, the court postpones the ruling to 14.11.2024. Dismisses, as inadmissible, the
request filed by the plaintiff Dumitrescu Andrei Sebastian for referral to the Court of Justice of the European
Union, pursuant to art. 267 of the Treaty on the Functioning of the European Union (TFEU) and for the stay of
the trial in the present case, according to art. 413 para. 1 point 1^1 of the Code of Civil Procedure. No right of
appeal on 14.11.2024.
On 22.01.2026, the Giurgiu Tribunal admits the plea regarding the failure to pay the judicial stamp duty for the
intervention request filed by Rometta Impex S.A., raised by the court ex officio at the hearing of 04.12.2020,
and consequently, annuls the main intervention request as unstamped. Dismisses as unfounded the plea of
lack of interest of the complaint, raised by the defendant OIL TERMINAL S.A. in the statement of defense filed
in the case registered under no. 2900/118/2023, in which the plea of lis pendens was admitted. Dismisses as
unfounded the plea of lack of standing raised by the Ministry of Economy, Digitalization, Entrepreneurship, and
Tourism. Dismisses as unfounded the plea of inadmissibility raised by the Ministry of Economy, Digitalization,
Entrepreneurship, and Tourism. Dismisses as unfounded the plea of lack of interest raised by the defendant
OIL TERMINAL S.A. regarding the plea of illegality of the ownership title certificates series M03 no.
11703/02.02.2011 and series M03 no. 11704/02.02.2011, raised by Dumitrescu Andrei Sebastian. Admits the
plea of res judicata raised by the defendant OIL TERMINAL S.A. regarding the plea of illegality of the ownership
title certificates series M03 no. 11703/02.02.2011 and series M03 no. 11704/02.02.2011 and, consequently,
dismisses as inadmissible the plea of illegality of the ownership title certificates regarding the grounds that
were already subject to the analysis of the courts through Civil Sentence no. 463, pronounced by the Constanța
Tribunal on 18.10.2022 in case no. 7054/118/2021, which became final through Civil Decision no. 131/LP,
pronounced on 22.05.2024 by the Constanța Court of Appeal. Dismisses the remainder of the plea of illegality
regarding the ownership title certificates series M03 no. 11703/02.02.2011 and series M03 no.
11704/02.02.2011, raised by Dumitrescu Andrei Sebastian, as unfounded. Dismisses as unfounded the
complaint filed by the plaintiff Dumitrescu Sebastian Valentin, continued by his legal heir, Dumitrescu Andrei
Sebastian, against the defendant OIL TERMINAL S.A. Dismisses as unfounded the main intervention request
filed by Dumitrescu Andrei Sebastian. Takes note that the defendant OIL TERMINAL S.A. reserved its right to
seek court costs through separate proceedings.
5. Case no.3783D/2024 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 3656/118/2020 of the Giurgiu Tribunal regarding article 32 index 2
para. 1 and art. 12 of Law 137/2002. Case in the report-drafting phase.
6. Case no.6919/118/2020**, pending before the Constanța Tribunal, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for the declaration of total absolute nullity of the updated Articles of
Incorporation of Oil Terminal S.A. By Judgment no. 87/27.01.2021, the trial court dismissed the complaint as
unfounded. The plaintiff filed an appeal, and at the hearing of 27.09.2021, the Constanța Court of Appeal
stayed the trial until the heirs of the appellant-plaintiff Dumitrescu Sebastian Valentin are joined in the case.
The judgment may be challenged by appeal during the stay. Lapsing deadline: 08.06.2022. Civil Decision no.
219/08.06.2022: Admits the referral for lapsing. Notes the appeal request as lapsed. Dismisses as inadmissible
the request to join the heir Dumitrescu Andrei Sebastian in the case. With the right of appeal within 5 days
from the ruling. On 15.06.2022, the heirs of the deceased Dumitrescu Sebastian Valentin filed an appeal. On
04.10.2022, the High Court of Cassation and Justice admitted the recourse. Orders the retrial of the case.
Hearing: 07.06.2023. Solution: Declines jurisdiction over the case. Orders the removal of the case from the
35
docket and its forwarding to the Bucharest Court of Appeal, the court to which the case was transferred.
Hearing: 22.09.2023: Ruling: Dismisses the appeal as unfounded. With the right of appeal within 30 days from
communication. As of 31.12.2025, no appeal has been filed.
7. Case no.7838/118/2021, pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendants Oil Terminal S.A. and the Romanian State through the Ministry of Economy, Entrepreneurship,
and Tourism.
Complaint through which the shareholder Dumitrescu Andrei Sebastian requests the Constanța Tribunal to
declare the partial absolute nullity of the Directors' Report for the First Half of 2021, concluded on 30.06.2021.
On 05.01.2022, the plaintiff filed a supplementary claim requesting:
1. the total absolute annulment of the Board of Directors’ Decision no.70/10.08.2021.
2. the total absolute annulment of the Ordinary General Meeting of Shareholders Resolution no.14/29.12.2021.
The case had a hearing date on 26.10.2022. The court postponed the ruling to 09.11.2022. Summary of the
solution: Dismisses as unfounded the plea of illegality regarding certificate series M03 no. 11703/02.02.2011
issued for the land plot with an area of 254,261.33 sq.m. located in the North Storage Area, as well as the plea
of illegality regarding certificate series M03 no. 11704/02.02.2011 issued for the land plot with an area of
129,334.70 sq.m. located in the North Storage Area. Dismisses the complaint filed by the plaintiff Dumitrescu
Andrei Sebastian as unfounded. With the right of appeal within 30 days from communication. An appeal was
filed on 13.03.2023. Hearing date: 20.03.2023. On 06.12.2023, the court rescheduled the hearing from
16.02.2024. It takes note that, by interlocutory judgment no. 2560/05.12.2023 pronounced by the High Court
of Cassation and Justice in civil case no. 1214/1/2023, the transfer of the trial was ordered. The court removes
the case from the docket and orders its forwarding to the Bucharest Court of Appeal. At the hearing of
03.04.2024, the Bucharest Court of Appeal admits the appeal. It annuls the appealed sentence and,
consequently: Sends the case for retrial to the Bucharest Tribunal – 6th Civil Section. Hearing date:
16.04.2025. Type of solution: Dismisses the request.
Summary of the solution: Admits the plea of inadmissibility raised by the defendant Oil Terminal S.A. Dismisses
the complaint filed by the plaintiff Dumitrescu Andrei Sebastian against the defendants as inadmissible. With
the right of appeal within 30 days from communication. An appeal was filed on 29.09.2025, being registered
under case no. 7645/2/2025 with a hearing date of 05.03.2026.
8. Case no.8452/118/2021, pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendants Oil Terminal S.A. and the Romanian State through the Ministry of Energy.
Complaint through which the shareholder Dumitrescu Andrei Sebastian requests the Constanța Tribunal to
order the "declaration of the partial absolute nullity of the following corporate acts:
1. the updated Articles of Incorporation notarized under no. 631/12.05.1997 by B.N.P. Victoria Badea, main
head of claim, non-assessable in money;
2. the updated Articles of Incorporation according to the Extraordinary General Meeting of Shareholders
Resolution no. 2 of Oil Terminal S.A. dated 28.07.2000, ancillary head of claim, non-assessable in money;
3. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
29.03.2001, ancillary head of claim, non-assessable in money;
4. the updated Articles of Incorporation according to the EGSM of Oil Terminal S.A. dated 31.07.2001,
ancillary head of claim, non-assessable in money;
5. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
11.06.2003, ancillary head of claim, non-assessable in money;
6. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
22.12.2004, ancillary head of claim, non-assessable in money;
7. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
05.03.2007, ancillary head of claim, non-assessable in money;
8. the updated Articles of Incorporation according to EGSM Resolution no. 2 dated 06.03.2009, ancillary head
of claim, non-assessable in money;
9. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
04.03.2010, ancillary head of claim, non-assessable in money;
10. the updated Articles of Incorporation according to EGSM Resolution no. 2 of Oil Terminal S.A. dated
02.08.2010, ancillary head of claim, non-assessable in money;
11. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
24.11.2011, ancillary head of claim, non-assessable in money;
12. the updated Articles of Incorporation according to EGSM Resolution no. I of Oil Terminal S.A. dated
17.08.2012, ancillary head of claim, non-assessable in money;
13. the updated Articles of Incorporation according to EGSM Resolution no. 3 of Oil Terminal S.A. dated
04.07.2013, ancillary head of claim, non-assessable in money;
14. the updated Articles of Incorporation according to EGSM Resolution no. 10 of Oil Terminal S.A. dated
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24.10.2014, ancillary head of claim, non-assessable in money;
15. the updated Articles of Incorporation according to EGSM Resolution no. 11 of Oil Terminal S.A. dated
19.06.2017, ancillary head of claim, non-assessable in money;
16. the updated Articles of Incorporation according to EGSM Resolution no. 28 of Oil Terminal S.A. dated
29.10.2018, ancillary head of claim, non-assessable in money” and
17. the restoration of the parties to their previous situation,
18. the declaration that the company 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, ancillary head of claim, non-assessable in
money;
19. the declaration that the Romanian State, through the Ministry of Energy, holds the capacity of shareholder
within the company Oil Terminal S.A. with a number of 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 head
of claim, non-assessable in money.
20. to compel the defendants to pay the court costs.
The case had a hearing date on 19.05.2022. By the Judgment of 30.06.2022, the court dismisses as unfounded
the complaint filed by the plaintiff Dumitrescu Andrei Sebastian against the defendants Oil Terminal S.A. and
the Romanian State through the Ministry of Energy. With the right of appeal within 30 days from
communication. The company Oil Terminal S.A. filed a request for the completion of the operative part
regarding the court costs. This request formed case no. 8452/118/2021/a1. At the hearing of 17.08.2022, the
Tribunal admits the request filed by Oil Terminal S.A. against the defendant Dumitrescu Andrei Sebastian. It
compels the defendant to pay to the petitioner the amount of 17,850 lei representing court costs in case no.
8452/118/2021, consisting of attorney's fees. With the right of appeal within 30 days from communication. By
Civil Decision no. 8, pronounced on 01.03.2023, the Constanța Court of Appeal dismissed as unfounded the
appeal filed by Dumitrescu Andrei Sebastian, compelling him to pay to the respondent Oil Terminal S.A. the
amount of 5,950 lei as court costs in appeal. The sentence is final. Dumitrescu filed an appeal with the High
Court of Cassation and Justice. Hearing: 05.12.2023: Ruling: Stays the trial of the appeal filed by the defendant
Dumitrescu Andrei Sebastian against civil decision no. 7/2023 of March 1, 2023, pronounced by the Constanța
Court of Appeal – 2nd Civil Section, for Insolvency and Disputes with Professionals and Companies, pursuant
to the provisions of art. 413 para. (1) point 1 of the Code of Civil Procedure, until the resolution of the appeal
filed against civil decision no. 8/2023 of March 1, 2023, pronounced in case no. 8452/118/2021. Final. In case
no. 8452/118/2021, Dumitrescu filed an appeal with the High Court of Cassation and Justice on 12.10.2023.
Hearing: 10.10.2024 – Ruling: Dismisses the appeal filed by the appellant-plaintiff Dumitrescu Andrei
Sebastian against civil decision no. 8 of March 1, 2023, pronounced by the Constanța Court of Appeal, as
unfounded. Compels the appellant-plaintiff to pay the respondent-defendant OIL TERMINAL S.A. the amount
of 8,925 lei as court costs. Final.
9. Case no.8452/118/2021/a1, pending before the Constanța Tribunal, defendant Dumitrescu Andrei
Sebastian, plaintiff Oil Terminal S.A., Completion of the operative part. Court costs. Hearing date: 17.08.2022:
admits the request filed by Oil Terminal S.A. against the defendant Dumitrescu Andrei Sebastian. Compels
the defendant to pay the petitioner the amount of 17,850 lei representing court costs in case 8452/118/2021,
consisting of attorney's fees. With the right of appeal within 30 days from communication. Dumitrescu filed an
appeal with the Constanța Court of Appeal; at the hearing of 01.03.2023 – Dec. Dismisses as unfounded the
appeal filed by the appellant Dumitrescu Andrei Sebastian against civil sentence no. 910 of 17.08.2022,
pronounced by the Constanța Tribunal. Final according to: Judgment 7/2023 of 01.03.2023. Recourse filed on
06.04.2023 by Dumitrescu Andrei Sebastian. High Court of Cassation and Justice at the hearing of 03.10.2023:
Dismisses the plea of nullity of the recourse and sets a hearing date for December 5, 2023. Hearing:
05.12.2023: Stays the trial of the recourse until the resolution of the recourse in case 8452/118/2021. Case
8452/118/2021 was settled on 17.10.2024; the case was restored to the docket with a hearing date on:
13.05.2025. On 13.05.2025, the plea regarding the lapsing of the recourse was dismissed. The recourse filed
by Dumitrescu Andrei Sebastian against Civil Decision no. 7/2023 of March 1, 2023, pronounced by the
Constanța Court of Appeal – 2nd Civil Section, for Insolvency and Disputes with Professionals and Companies,
was dismissed as unfounded. Compels the appellant Dumitrescu Andrei Sebastian to pay the respondent Oil
Terminal S.A. the amount of 5,950 lei representing court costs. Final.
10. Case no.2007/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. The
following cases were joined to this case: 2010/118/2022, 2011/118/2022, 2014/118/2022, 2018/118/2022,
2022/118/2022, 2029/118/2022. The case had a hearing date on 03.10.2023: orders the stay of the trial until
the final resolution of case 7054/118/2021. With the right of recourse during the stay. Recourse filed by Oil
Terminal S.A. on 20.11.2023. Hearing at the Constanța Court of Appeal on 03.04.2024. Ruling: Admits the
37
recourse. Quashes the challenged judgment and sends the case to the trial court for further trial. Hearing:
05.03.2026.
11. Case no.2010/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. Joined
to case no. 2007/118/2022.
12. Case no.2011/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Joined to case no. 2007/118/2022.
13. Case no.2014/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. Joined
to case no. 2007/118/2022.
14. Case no.2018/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. Joined
to case no. 2007/118/2022.
15. Case no.2022/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. Joined
to case no. 2007/118/2022.
16. Case no.2025/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022. Joined
to case no. 2007/118/2022.
17. Case no.2016/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Complaint through which the shareholder Dumitrescu Andrei Sebastian requests
the Constanța Tribunal to order the total absolute annulment of the EGSM Resolution no. 4/21.03.2022.
Reserved for judgment. Judgment: Dismisses the request filed by the plaintiff Dumitrescu Andrei Sebastian
against the defendant Oil Terminal S.A. as unfounded. With the right of appeal, to be filed at the Constanța
Tribunal, 2nd Civil Section, within 30 days from communication. Appeal filed by the plaintiff Dumitrescu Andrei
Sebastian on 06.12.2022. At the hearing of 05.04.2023, the Constanța Court of Appeal removes the case from
the docket and forwards it to the Bucharest Court of Appeal. At the hearing of 24.11.2023: Ruling: Orders the
referral to the Constitutional Court for the resolution of the plea of unconstitutionality regarding the provisions
of art. 12 of Law no. 137/2002, in relation to art. 1 para. (3) and art. 1 para. (5) of the Romanian Constitution,
a plea raised by the appellant-plaintiff Dumitrescu Andrei Sebastian through the court notes filed on
09.11.2023. Dismisses the appeal as unfounded. No right of appeal regarding the solution on the plea of
unconstitutionality and final regarding the resolution of the appeal.
18. Case no.3520D/2023 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 2016/118/2022 of the Bucharest Court of Appeal regarding Article
12 of Law no. 137/2002. Case in the report-drafting phase.
19. Case no.1483/118/2022 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the declaration of the termination of applicability of EGSM Resolution
no. 4/21.03.2022. At the hearing of 20.09.2022, by Judgment no. 979/2022, the Constanța Tribunal admits the
plea of inadmissibility of the complaint. Dismisses the action filed by the plaintiff Dumitrescu Andrei Sebastian
against the defendant Oil Terminal S.A., seeking to establish the termination of all legal effects of the Oil
Terminal S.A. Extraordinary General Meeting of Shareholders Resolution no. 4/12.06.2020, as inadmissible.
With the right of appeal within 30 days from communication. An appeal was filed. Hearing date: 26.05.2023.
At the hearing of 10.04.2023 – Summary of the solution: Judgment: Takes note that, by judgment no.
801/04.04.2023 pronounced by the High Court of Cassation and Justice, the transfer of the trial was ordered.
Removes the case from the docket and orders its forwarding to the Bucharest Court of Appeal. No right of
appeal. Pronounced by making the solution available to the parties through the court clerkship on 10.04.2023.
38
Document: Final judgment in chambers 5/2023 of 10.04.2023. Summary of the solution: Admits the appeal.
Annuls the civil sentence and sends the case for further trial to the Călărași Tribunal. With the right of recourse
within 30 days from communication. The recourse is to be filed at the Bucharest Court of Appeal. Document:
Judgment no. 914/2023 of 09.06.2023. On 10.07.2024, the Călărași Tribunal reserved judgment. Postpones
the ruling to 07.08.2024. Solution: Dismisses the action filed by the plaintiff Dumitrescu Andrei Sebastian
against the defendant OIL TERMINAL SA seeking to establish the termination of all legal effects of the OIL
TERMINAL SA EGSM Resolution no. 4/12.06.2020. With the right of appeal within 30 days from
communication. An appeal was filed on 02.10.2024. Case registered at the Bucharest Court of Appeal under
no. 6762/2/2024 (1483/118/2022). Appellant: Dumitrescu Andrei Sebastian. Hearing date: on 06.02.2025 the
ruling was postponed to 13.02.2025. Resolved: Dismisses the appeal as unfounded. Final.
20. Case no.18250/212/2016 pending before the Constanța Court, plaintiff Staar Rating S.R.L., defendant Oil
Terminal S.A. Action for contractual liability for 16,411.20 lei representing fixed indemnity, 82,056 lei
representing variable indemnity, statutory late-payment interest, and court costs. Hearing date: 04.05.2023 –
Ruling. Written conclusions were filed during the hearing. Postpones the ruling to 19.05.2023. Solution:
Partially admits the complaint filed by the plaintiff Staar Rating S.R.L. against the defendant Oil Terminal S.A.
Compels the defendant to pay the plaintiff the amount of 16,411.20 lei representing the fixed indemnity due for
the plaintiff’s exercise of the office of administrator of the defendant. Dismisses the head of claim regarding
the variable indemnity as unfounded. Compels the defendant to pay the plaintiff the amount of 6,845.71 lei as
statutory late-payment interest for the fixed indemnity related to the months of March, April, May, and June
2016, calculated until the date of the accounting expertise – 07.12.2022. Approves the expert’s request for a
fee increase of 1,000 lei and orders the plaintiff to pay the fee difference. Compels the defendant to pay the
plaintiff court costs in the amount of 1,283.91 lei representing the stamp duty related to the admitted heads of
claim and 2,000 lei – the final fee for the expertise report. With the right of appeal within 30 days from
communication, to be filed at the Constanța Court. Document: Judgment no. 4921/2023 of 19.05.2023. Appeal
filed by Oil Terminal SA at the Constanța Court of Appeal. Hearing date: 31.07.2025 – restores the case to the
docket. Hearing date: 05.09.2025: Stays the trial according to the Resolution of the General Assembly of
Judges within the Constanța Tribunal no. 2 of August 26, 2025. Reserved for judgment with a hearing date of:
05.02.2026. A provision of 109,597 lei has been established for this case.
21. Case no. 2009/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for the total absolute annulment of the EGSM Resolution dated 10.03.2023.
At the hearing of 11.10.2023 – Ruling. Dismisses the request. Summary of the solution: Admits the plea of
inadmissibility. Dismisses the complaint as inadmissible. With the right of appeal within 30 days from
communication. Appeal filed by Dumitrescu on 08.02.2024. Summary of the solution: JUDGMENT: Orders the
removal of the case from the docket and the forwarding of the case file to the Galați Court of Appeal according
to judgment no. 935/23.04.2024 pronounced by the High Court of Cassation and Justice in case no.
501/1/2024. Document: Final judgment (relinquishment of jurisdiction) 121/2024 of 08.05.2024. Hearing date:
02.10.2024. Ruling: Admits the request for referral to the Constitutional Court filed by the appellants pursuant
to art. 29 para. 4 of Law no. 47/1992: Refers the case to the Constitutional Court of Romania regarding the
plea of unconstitutionality of the provisions of art. 111 para. 2, art. 114 of Law no. 31/1990 and art. 86 para. 4
of Law no. 24/2017, in relation to the provisions of art. 21 para. 1, 2, and 3 of the Romanian Constitution.
Dismisses the appeal filed by the appellant Dumitrescu Andrei Sebastian against the respondent Oil Terminal
SA as unfounded. Final.
22. Case no.3349D/2024 pending before the Constitutional Court, plea of unconstitutionality raised by
Dumitrescu Andrei Sebastian in case no. 2009/118/2023 of the Galați Court of Appeal regarding Article 111
para. 2 of Law no. 31/1990, art. 114 of Law no. 31/1990, and art. 86 para. 4 of Law no. 24/2017. Case in the
report-drafting phase.
23. Case no.1673/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Complaint against the Trade Register Office (O.R.C.) Director's
Resolution no. 494/10.02.2023. On 08.11.2023 – Ruling: Dismisses the request. Summary of the solution:
Admits the plea of lack of interest raised in the statement of defense. Dismisses the complaint filed by the
petitioner Dumitrescu Andrei Sebastian against the respondents Constanța Trade Register Office and Oil
Terminal S.A. as lacking interest. With the right of appeal within 30 days from communication. As of
31.12.2025, no appeal had been filed.
24. Case no.2872/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Action for the annulment of GSM Resolution no. 4/18.04.2023.
Hearing: 05.03.2024 – Ruling. Postpones the ruling to 29.03.2024. Pursuant to art. 413 para. 1 point 1 of the
39
Code of Civil Procedure, stays the trial of the case until the final resolution of cases no. 3656/118/2020,
2007/118/2022, and 2013/118/2022 of the Constanța Tribunal. With the right of recourse during the stay.
Recourse against the stay filed on 22.04.2023. Hearing 06.09.2024: Ruling – Dismisses the recourse as
unfounded.
25. Case no.2730/118/2023 pending before the Constanța Tribunal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: Complaint requesting the declaration of nullity of an act – Board
of Directors' Decision no. 9/20.01.2023. At the hearing of 05.10.2023 – Ruling: Pursuant to art. 413 para. 1
point 1 of the Code of Civil Procedure; Stays the trial of the case until the final resolution of cases no.
3656/118/2020 and 2013/118/2022 of the Constanța Tribunal. With the right of separate recourse during the
stay. Recourse filed on 20.11.2023 by Oil Terminal S.A. At the hearing of 13.03.2024, the Constanța Court of
Appeal admitted the recourse. Quashes the appealed civil judgment and sends the case to the trial court for
further trial. Hearing: 28.05.2024 – Ruling: Dismisses the request. Summary of the solution: Admits the plea
of inadmissibility. Dismisses the complaint as inadmissible. With the right of recourse within 15 days. The
appeal request is to be filed at the Constanța Tribunal, under penalty of nullity. Pronounced by making the
solution available to the parties through the court clerkship today, 28.05.2024. Document: Judgment 618/2024
of 28.05.2024. On 15.07.2024, Dumitrescu Andrei Sebastian filed an appeal. Constanța Court of Appeal on
10.12.2024 – Ruling: Dismisses as inadmissible the request for referral to the Constitutional Court. Dismisses
the appeal as unfounded. With the right of recourse within 48 hours from the ruling regarding the solution on
the request for referral to the Constitutional Court. Final regarding the resolution of the appeal according to
Judgment 238/10.12.2024.
26. Case no.521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Subject matter: total annulment of decision no. 46/17.01.2023 issued by the
Financial Supervisory Authority (A.S.F.), main head of claim non-assessable in money; total annulment of the
simplified prospectus related to the share capital increase with contribution in kind and in cash of Oil Terminal
S.A., ancillary head of claim non-assessable in money, and compelling the defendants to pay court costs. At
the hearing of 12.02.2024 – Ruling: Dismisses the request. Summary of the solution: Dismisses the pleas of
inadmissibility and lack of standing as unfounded. Admits the plea of lack of standing of the defendant Viorel
Sorin Ciutureanu and consequently dismisses the complaint against him as being filed against a person without
standing. Dismisses the remainder of the complaint as unfounded. Compels the plaintiff to pay to the defendant
Prime Transaction S.A. the amount of 3,300 lei as court costs (attorney’s fees). With the right of recourse
within 15 days from communication. Recourse filed on 21.03.2024. On 20.02.2025, the High Court of
Cassation and Justice pronounced the following solution: Notes that the appellant-defendant Prime
Transaction S.A. waives the incident recourse. Dismisses the request for referral to the CJEU as inadmissible.
Dismisses the main recourse filed by Dumitrescu Andrei Sebastian as unfounded. Dismisses the incident
recourse filed by the Financial Supervisory Authority as unfounded. Final.
27. Case no.575/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei Sebastian.
Subject matter: Request for the stay of execution of A.S.F. Decision no. 46/17.01.2023 until the final resolution
of the case on the merits no. 521/2/2023. Hearing: 08.02.2023 – Ruling. Solution: Dismisses the action brought
against the defendant Ciutureanu Viorel Sorin as being filed against a person without standing. Dismisses the
plea of inadmissibility of the action as unfounded. Dismisses the plea of lack of standing as unfounded.
Dismisses the request for the stay of execution as unfounded. Compels the plaintiff to pay to the defendant
Prime Transaction S.A. the amount of 2,500 lei as court costs, consisting of attorney’s fees. The judgment is
not final; it may be challenged by recourse within 5 days from communication. Recourse filed by Prime
Transaction S.A. and Dumitrescu Andrei Sebastian. At the hearing of 17.01.2024 – Ruling: Dismisses the
recourse.
28. Case no.4206/2/2015*, pending before the Bucharest Court of Appeal, whereby the plaintiff DG Petrol
S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L., filed an
administrative contestation on 29.01.2020 at the Bucharest Court of Appeal seeking the annulment of Decision
no. 1/05.01.2015, through which A.N.A.F. – Bucharest Regional Directorate for Excises and Customs
Operations established a payment obligation of 3,759,256 lei for the plaintiff DG Petrol S.R.L.
At the hearing of 10.06.2020, the plaintiff DG Petrol S.R.L. filed a third-party complaint against Oil Terminal
S.A., requesting the court to compel the third-party defendant Oil Terminal S.A. to pay the amount of 3,759,256
lei.
Oil Terminal S.A. filed a statement of defense within the legal timeframe, raising the plea of inadmissibility of
the third-party complaint and the plea of untimeliness, and on the merits, requested the dismissal of the third-
party complaint as unfounded. By Judgment pronounced on 23.09.2020, the trial court, namely the Bucharest
Court of Appeal, dismissed the third-party complaint filed by the plaintiff DG Petrol S.R.L. against Oil Terminal
40
S.A. as inadmissible. The plaintiff DG Petrol S.R.L. filed a recourse, and the Bucharest Court of Appeal, on
02.12.2020, pursuant to art. 64 para. 4 of the Code of Civil Procedure, stayed the trial. The judgment may be
challenged by recourse during the stay. The case was restored to the docket with a ruling date of 19.10.2023.
Summary of the solution: The Bucharest Court of Appeal, by Judgment no. 1621/2023, Admits the plaintiff’s
request. Dismisses the third-party complaint against OIL TERMINAL S.A. The judgment is not final; it may be
challenged by recourse. A recourse was filed on 26.02.2024 by the Ministry of Public Finance, on 27.02.2024
by the Romanian Customs Authority, and on 29.02.2024 by the National Agency for Fiscal Administration
(A.N.A.F.).
Case – High Court of Cassation and Justice. Hearing: 11.06.2024 – Ruling. Solution: Admits the recourses
filed by the appellant-defendants A.N.A.F. and the Ministry of Finance – General Directorate for Appeals
Settlement, and the Romanian Customs Authority through the Bucharest Regional Customs Directorate
against Civil Sentence no. 1621 of 19 October 2023 of the Bucharest Court of Appeal. - Quashes in part the
appealed sentence and: Dismisses the action as unfounded. Dismisses the ancillary intervention request in
favor of the plaintiff DG Petrol S.R.L. through the judicial liquidator Fineco Insolvency S.P.R.L., filed by the
intervenor Igniska Dan, as unfounded. Maintains the appealed sentence regarding the solution to dismiss the
third-party complaint. Final.
29. Case no.2537/1/2024, pending before the High Court of Cassation and Justice, whereby the plaintiff DG
Petrol S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L. and special
administrator Dan Igniska, filed a Motion for Annulment against Decision no. 3690/09.07.2024, pronounced by
the High Court of Cassation and Justice in Case no. 4206/2/2015. Through the aforementioned Decision, it
was ordered to maintain the solution regarding the third-party complaint against Oil Terminal S.A. from Civil
Sentence no. 1621/19.10.2022, pronounced by the Bucharest Court of Appeal, namely its dismissal. Hearing
on 01.04.2025; ruling postponed to 15.04.2025. Resolved by Decision no. 2186/2025: Dismisses the motion
for annulment. Dismisses the plea of inadmissibility of the motion for annulment filed by S.C. DG Petrol S.R.L.
and Ignişka Dan, raised by the respondents. Dismisses the motion for annulment filed by the contestors S.C.
DG Petrol S.R.L. through Judicial Liquidator Fineco Insolvency SPRL and special administrator Ignişka Dan
and the intervenor Ignişka Dan against decision no. 3690 of July 9, 2024, of the High Court of Cassation and
Justice – Administrative and Fiscal Litigation Section, in case no. 4206/2/2015, as unfounded. Final.
30. Case no.2665/1/2024 pending before the High Court of Cassation and Justice, whereby the plaintiff DG
Petrol S.R.L., a company in bankruptcy, through the judicial liquidator Fineco Insolvency S.P.R.L. and special
administrator Dan Igniska, filed a request for Revision according to Art. 509 et seq. of the Code of Civil
Procedure and Art. 21 of Law no. 554/2004 regarding Decision no. 3690/09.07.2024, pronounced by the High
Court of Cassation and Justice in Case no. 4206/2/2015. Hearing on 24.09.2025: Ruling postponed. Ruling
on 08.10.2025: Dismisses the revision request filed against civil decision no. 3690/09.07.2024 pronounced
by the High Court of Cassation and Justice, according to art. 21 of Law no. 554/2004, as unfounded.
Dismisses the request for referral to the European Court of Justice filed by the revisant DG PETROL S.R.L.,
as unfounded. Final. The provision established for this case, in the amount of 3,759,256 lei, has been
cancelled.
4.13. Significant events subsequent to December 31, 2025
I. Status of the Selection Procedure for one director for the vacant position, in accordance with the
provisions of GEO no.109/2011.
1. By the Ordinary General Meeting of Shareholders Resolution no.37/15.12.2025, the company’s
shareholders approved the initiation of the selection procedure for the vacant position of member of the Board
of Directors of OIL TERMINAL SA in accordance with the provisions of GEO no.109/2011 on the corporate
governance of public enterprises, as subsequently amended and supplemented. The selection procedure will
be carried out by the Ministry of Energy, in its capacity as the tutelary public authority.
2. On 23.02.2026, at the request of the Ministry of Energy, acting as the tutelary public authority conducting
the selection procedure, the Announcement of the consultation for finalizing the Initial Component of the
Selection Plan, the Draft Initial Component of the selection plan and the updated draft Letter of Expectations
were posted on the Company's website.
The documents can be consulted on the website of Oil Terminal: https://oil-terminal.com/selectie-c-a-2026/
II. Convening by the Company's Board of Directors, gathered within the meeting of 02.02.2026, of an
Ordinary General Shareholders Meeting on 12(13).03.2026, with the following agenda:
1. The dismissal of the audit firm TRANSILVANIA AUDIT & FISCALITY from its capacity as statutory
financial auditor of the company, effective as of 18.03.2026, upon expiration of the contract term. (secret
ballot).
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2. The appointment of the audit firm COMBINED IDEAS S.R.L as the statutory financial auditor of the
company, effective as of 18.03.2026, for a financial audit service contract term of 3 (three) years (for the
years 2026, 2027 and 2028) (secret ballot).
III. Fiscal Warehouse Authorization - Guarantee Amount Update
On February 13, 2026 the Ministry of Finance, the Romanian National Customs Agency, the Bucharest
Regional Customs Directorate – Large Taxpayers Authorization Service, issued Decision no.69/03.02.2026.
This decision established the updated guarantee amount for the fiscal warehouse authorization for gasoline
storage at 54,601,568 lei, compared to the previous value of 71,070,206 lei, set by Decision
no.214/18.08.2025.
Pursuant to Decision no.15/28.02.2019 of the Galati Regional Commission for the Authorization of Harmonized
Excise Product Operators, under which Oil Terminal SA benefits from a 75% reduction of the guarantee value,
the updated guarantee to be provided by the Oil Terminal for the fiscal warehouse is 13,650,392 lei. The
deadline for establishing the guarantee is 30 working days from the communication date of the decision.
We note that on March 2, 2026 Amendment no.13 to the Bank Guarantee Letter no.G084724/832 was signed,
decreasing the value of the guarantee letter by 4,117,159 lei and the new guaranteed value is 13,650,392 lei,
with its validity until 28.02.2027.
IV. By the General Shareholders Meeting Resolution of 12.03.2026:
• By the Ordinary General Shareholders Meeting (OGSM) Resolution no.1/12.03.2026 the dismissal of the
audit firm TRANSILVANIA AUDIT & FISCALITY from its capacity as statutory financial auditor of the
company, effective as of 18.03.2026, upon expiration of the contract term was approved.
• By the Ordinary General Shareholders Meeting (OGSM) Resolution no.2/12.03.2026 the appointment of
the audit firm COMBINED IDEAS S.R.L as the statutory financial auditor of the company, effective as of
18.03.2026, for a financial audit service contract term of 3 (three) years (for the years 2026, 2027 and
2028) was approved.
5. TANGIBLE ASSETS OF THE COMPANY
Location and characteristics of the company's main production facilities
The North Storage Area and the South Storage Area are located in the Constanta city area, and the Port
Storage Area is located in the Constanta port.
The 3 Storage Areas distribute among themselves the activities of receiving, unloading, storing, conditioning
and delivering crude oil, petroleum, petrochemical and liquid chemical products for import, export and transit,
but all are managed according to a single strategy.
Oil Terminal SA provides services regarding the loading, unloading, storage, and conditioning of the following
products: crude oil, gasoline, diesel fuel, fuel oil, petrochemical and liquid chemical products.
Each storage farm has loading and unloading ramps for crude oil, petroleum, and liquid chemical products,
tank farms for their storage, pump houses, pipeline routes connecting the various technical equipment of the
storage farm and installations for separating petroleum products from residual waters (gravity separators).
The Port Storage Area also has berths, specially equipped for operating oil tankers. For gasoline, diesel fuel
and crude oil, the installations are also equipped with metering systems.
The railway tank car loading/unloading ramps with a capacity of approx. 20,000 tons/24 hours are represented
by a restricted railway sector, specially arranged for loading/unloading liquid petroleum and chemical tank cars.
Parallel to the railway sector, collecting pipes are mounted through which the products are discharged by free
fall. The collectors are connected to the pumping equipment through transport pipes, with diameters between
100 mm and 1,000 mm.
The pump houses that can achieve flow rates between 300-2,500 cbm/h are generally closed constructions,
inside which pumps are mounted to ensure the flow of the products existing in the storage farm. The pumps
are electrically actuated. Also, inside the pump houses, the suction and discharge pipes are mounted, as well
as the shut-off valves.
The tank farms, with capacities between 1,500 cbm and 50,000 cbm, are specialized sub-units for storing liquid
products. The tanks are of metallic, cylindrical, vertical construction, located above ground, with fixed or floating
roofs, some provided with concrete protection belts. The tanks are provided with specific fire protection
installations, and depending on the nature of the stored products, they are provided with thermal insulation or
heating coils.
The laboratories are equipped with equipment for performing specific physico-chemical analyses.
Level of company’s assets deterioration
42
Concerning the physical condition and maintenance of fixed assets, the depreciation rate established for the
installations, technological equipment and tanks in the company's property, according to the Catalog on the
classification and normal operating durations of fixed assets, is estimated at over 50%.
Of these fixed assets, a percentage of 80% have consumed the useful life provided in the technical books of
these fixed assets.
For the rest of the installations, periodic inspections and repairs are carried out, so as to ensure all safe
operating conditions.
Depreciation is calculated at the accounting value (acquisition cost or revalued value), using the straight-line
depreciation method, over the estimated useful life of the assets, starting from the month following the
commissioning and is included monthly in the company's costs.
The useful lives of tangible assets fall within those provided in the "Catalog on the classification and normal
operating durations of fixed assets" approved by Government Decision no. 2139/2004, with subsequent
amendments and additions.
The company did not revalue its tangible assets as of December 31, 2025.
Potential problems related to the ownership of the company's tangible assets
Not applicable.
6. MARKET OF SECURITIES ISSUED BY THE COMPANY
Consolidated synthetic structure of financial instrument holders as of 31.12.2025, according to data transmitted
by Depozitarul Central SA Bucharest, is as follows:
Shareholder name
Number of shares
Total nominal
value
Shareholding (%)
ROMANIAN STATE THROUGH THE
MINISTRY OF ENERGY
2,630,258,255
263,025,825,50
87.7578%
Legal persons
77,532,907
7,753,290,70
2.5869%
Natural persons
289,385,970
28,938,597,00
9.6553%
Total capital
2,997,177,132
299,717,713,20
100.00%
The subscribed and paid-up share capital of OIL TERMINAL SA as of December 31, 2025 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, under symbol OIL.
Starting with 09.02.1998, the shares are traded on the regulated market administered by the Bucharest Stock
Exchange, Main segment, Standard Category, under the symbol “OIL”. OIL TERMINAL SA is included in the
Bucharest Stock Exchange indices: BET-NG and BETPlus.
OIL TERMINAL has not carried out transactions involving its own shares and, as a result, the company does
not hold its own shares.
Specification of the markets in Romania and other countries where the securities issued by the
company are traded
Oil Terminal SA is a public company, according to the provisions of Law no. 24/2017 regarding issuers of
financial instruments and market operations, republished, being registered with the National Securities
Commission. The shares issued by the company are traded on the regulated market administered by the
Bucharest Stock Exchange, in the Equity Securities sector - Standard category, under the symbol "OIL".
Company's dividend policy
Regarding the dividends due to shareholders for the year 2025, the company took into account the following
provisions:
➢ art.1 paragraph (1), letter f) of Government Ordinance no. 64/2001 on the profit distribution in national
companies, national corporations, and commercial companies with full or majority state-owned capital, as
well as in autonomous regies, as subsequently amended and supplemented, approved with amendments
by Law no. 769/2001, which stipulates the distribution of: "at least 50% as payments to the state or local
budget, in the case of autonomous regies, or as dividends, in the case of national companies and
commercial companies with full or majority state-owned capital”;
43
The shareholders entitled to receive dividends distributed from the net profit achieved in the 2025 financial
year are those registered in the Shareholders' Register on the Registration Date.
Dividends are paid to shareholders in proportion to their participation in the share capital.
The Dividend Payment Date shall be established in compliance with the provisions of Article 178, paragraph
(2) of the Financial Supervisory Authority (ASF) Regulation no. 5/2018: ”In the case of dividends, the General
Meeting of Shareholders establishes the payment date on a business day that is at most 15 business days
after the registration date, but no later than 6 months from the date of the General Meeting of Shareholders
that established the dividends”.
During 2023 - 2025 dividends were distributed as follows:
Dividends – lei
2025
2024
2023
Gross due dividends
11,387,736
13,418,922
9,601,748
Net due dividends
-
12,079,536
8,835,173
Paid dividends
-
11,875,362
8,682,704
Accumulated dividends (unpaid on 31.12.)
521,761
204,174
152,469
Value of the gross dividend/share during 2023 - 2025:
Year
Gross dividend lei/share
2023
0.00320360
2024
0.00447719
2025
0.00379949
The proposal regarding the gross dividend per share in the amount of 0.00379949 lei/share results from the
value of the gross dividends proposed to be distributed from the 2025 net profit, amounting to 11,387,736 lei
divided by a total number of 2,997,177,132 shares.
Company activities for the acquisition of own shares
Oil Terminal SA did not perform any transactions regarding the purchase of its own shares and does not hold
any own shares at the end of 2025.
Number and nominal value of shares issued by the parent company and held by subsidiaries
has no subsidiaries; therefore, there are no shares issued by the parent company and held by subsidiaries.
Issuance of bonds and/or other debt instruments
Oil Terminal SA has not issued any bonds or other debt instruments.
7. COMPANY’S MANAGEMENT
7.1. Board of Directors
The company is administered according to the unitary administration system, the management of the company
being ensured by a Board of Directors consisting of 7 members, non-executive directors.
In 2025 the membership of the Board of Directors was:
I. The membership of the Board of Directors as of 31.12.2025
No.
First and last name
Position
Term of office during
the reporting period
Appointment
document
1.
UNGUR Ramona
Permanent director
Chairman of the Board of
Directors
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
2.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
4.
BODU Sebastian Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
DOBRE Călin-Victor
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
6.
CONONOV Paul
Permanent director
28.11.2025-27.04.2027
OGSM Resolution
no.33/28.11.2025
7.
PRECUP Mihai Călin
Provisional director
15.12.2025-15.05.2026
OGSM Resolution
no.37/15.12.2025
44
II. Changes in the composition of the Board of Directors during 2025
II.1. During 01.01.2025 - 09.04.2025
No.
First and last name
Position
Term of office
Appointment
document
1.
GHEORGHE Cristian
Florin
Permanent director
Chairman of the Board of
Directors
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
2.
UNGUR Ramona
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
ANDREI Ovidiu Aurelian
Permanent director
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
4.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
MICU Ionuț Stelian
Permanent director
28.04.2023-09.04.2025
OGSM Resolution
no.12/27.04.2023
6.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
7.
BODU Sebastian Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
By the OGSM Resolution no.13/16.06.2022 the company’s shareholders approved the initiation of the
selection procedure for the members of the Board of Directors of Oil Terminal SA, in accordance with the
provisions of Government Emergency Ordinance no.109/2011 on the corporate governance of public
enterprises, approved with amendments by Law no.111/2016, hereinafter referred to as GEO no.109/2011.
The selection procedure was organized and conducted by the Ministry of Energy, on behalf of the shareholder,
the Romanian State.
By the Ordinary General Shareholders Meeting (OGSM) Resolution no.12/27.04.2023:
- the election as members of Oil Terminal SA’ Board of Directors was approved, starting on 28.04.2023, in
accordance with the provisions of art. 29 of GEO no. 109/2011 of the following: GHEORGHE Cristian Florin,
UNGUR Ramona, ANDREI Ovidiu Aurelian, TEȘELEANU George, MICU Ionuț Stelian, MIȘA George Silvian,
BODU Sebastian Valentin
- setting the term of office for the appointed members of the Board of Directors for a period of 4 (four) years,
starting on 28.04.2023, was approved;
- the fixed gross monthly remuneration for the elected members of the Board was approved;
- the form of the mandate contract to be concluded with the elected members of the Board was approved;
- mandating the representative of the state in the Ordinary General Meeting of Shareholders to sign the
mandate contracts to be concluded with the the elected members of the Board was approved.
By Board Decision no.55/28.04.2023 Mr. Gheorghe Cristian Florin was elected as Chairman of the
Board of Directors.
The composition of the advisory committees was:
• 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
45
II.2. During 09.04.2025 - 08.09.2025:
No.
First and last name
Position
Term of office
Appointment
document
1.
LUNGU Ion
Provisional director
Chairman of the Board of
Directors
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
2.
STAN OLTEANU Manuela
Petronela
Provisional director
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
3.
VLĂDESCU Luminița
Provisional director
09.04.2025-08.09.2025
OGSM Resolution
no.5/09.04.2025
4.
UNGUR Ramona
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
6.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
7.
BODU Sebastian Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
By the Ordinary General Shareholders Meeting Resolution no.5/09.04.2025:
- the revocation, for reasons not attributable to them, of the following members of the Board of Directors was
approved in order to fulfill milestone no. 121 of the National Recovery and Resilience Plan of Romania, in
accordance with the provisions of art. 36.10 of the Mandate Contract:
- Mr. GHEORGHE Cristian Florin
- Mr. ANDREI Aurelian Ovidiu
- Mr. MICU Ionuț Stelian
- the appointment of the following provisional members of the Board of Directors was approved:
- Mr. LUNGU Ion
- Ms. STAN-OLTEANU Manuela-Petronela
- Ms. VLĂDESCU Luminița
- the term of office for the provisional members of the Board of Directors, elected according to art. 3 of this
resolution, was approved for a period of 5 months, in accordance with the provisions of Government
Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises, as subsequently
amended and supplemented;
- the establishment of the gross monthly fixed allowance for the provisional members of the Board of
Directors, elected according to art. 3 of this resolution, was approved in the amount established in accordance
with the Ordinary General Shareholders Meeting Resolution no.12 of 27.04.2023;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors,
elected according to art. 3 of this resolution, was approved in the form proposed by the Ministry of Energy;
- the initiation of the selection procedure for the vacant positions of member of the Board of Directors was
approved, in accordance with the provisions of Government Emergency Ordinance no. 109/2011 on the
corporate governance of public enterprises, as subsequently amended and supplemented. The selection
procedure will be conducted by the Ministry of Energy, in its capacity as the public tutelary authority.
By Board Decision no.48/15.04.2025 Mr. Ion LUNGU was elected as Chairman of the Board of
Directors.
The composition of the advisory committees was:
• Audit Committee:
UNGUR Ramona – Chairman
TEȘELEANU George – Member
STAN-OLTEANU Manuela-Petronela - Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița - Member
LUNGU Ion - Member
• Development and Strategy Committee:
46
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
• • Risk Management Committee:
VLĂDESCU Luminița- Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela-Petronela - Member
II.3. During 09.09.2025 - 27.11.2025
No.
First and last name
Position
Term of office
Appointment
document
1.
UNGUR Ramona
Permanent director
Chairman of the Board of
Directors
28.04.2023-27.04.2027
10.09.2025-27.04.2027
OGSM Resolution
no.12/27.04.2023
2.
BODU Sebastian
Valentin
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
3.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
4.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
OGSM Resolution
no.12/27.04.2023
5.
STAN OLTEANU
Manuela Petronela
Provisional director
09.04.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.5/09.04.2025
OGSM Resolution
no.23/04.09.2025
OGSM Resolution
no.30/07.11.2025
6.
VLĂDESCU Luminița
Provisional director
09.04.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.5/09.04.2025
OGSM Resolution
no.23/04.09.2025
OGSM Resolution
no.30/07.11.2025
7.
CÂRLAN Mircea Valentin
Provisional director
09.09.2025-08.11.2025
09.11.2025-27.11.2025
OGSM Resolution
no.26/04.09.2025
OGSM Resolution
no.30/07.11.2025
By the Ordinary General Shareholders Meeting Resolution no.23/04.09.2025:
- the extension of the term of office of Mr. Ion LUNGU, provisional director elected by the Ordinary General
Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the date of its expiration, respectively
for the period 09.09.2025-08.11.2025 inclusive was rejected;
- the extension of the term of office of Ms. Manuela-Petronela STAN-OLTEANU, provisional director elected
by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the date of
its expiration, respectively for the period 09.09.2025-08.11.2025 inclusive was approved;
- the extension of the term of office of Ms. Luminița VLĂDESCU, provisional director elected by the Ordinary
General Shareholders Meeting Resolution no. 5/09.04.2025, by two months from the date of its expiration,
respectively for the period 09.09.2025-08.11.2025 inclusive was approved;
- the form and content of the additional act to the mandate contract to be concluded with the provisional
directors elected by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025 were approved;
- the empowerment of the Ministry of Energy’s representative, in the Ordinary General Shareholders
Meeting, Ms. Ana VIȘAN, to sign the additional act to the mandate contract to be concluded with the provisional
directors elected by the Ordinary General Shareholders Meeting Resolution no. 5/09.04.2025 was approved.
By the Ordinary General Shareholders Meeting Resolution no.26/04.09.2025:
- the revocation of Mr. Ion LUNGU, Board member, starting from 09.09.2025 ue to the expiration of their term
of office was approved;
- the election of Mr. Mircea Valentin CÂRLAN as provisional member of the Board, elected for a period of 2
(two) months, starting from 09.09.2025 until 08.11.2025 or until the selection procedure is completed, should
the election be completed before the aforementioned deadline was approved;
47
- the gross monthly remuneration for the elected provisional members of the Board of Directors in the
amount established and calculated in accordance with the Ordinary General Shareholders Meeting Resolution
no. 12/27.04.2023 was approved;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors,
as proposed by the Ministry of Energy, was approved;
- mandating the representative of the majority shareholder, the Romanian State, represented by the Ministry
of Energy, in the Ordinary General Meeting of Shareholders, to sign the mandate contracts to be concluded
with the provisional members of the Board of Directors elected was approved.
By Board Decision no.104/10.09.2025 Ms. Ramona UNGUR was elected as Chairman of the Board of
Directors.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN-OLTEANU Manuela Petronela – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
By the Ordinary General Shareholders Meeting Resolution no.30/07.11.2025:
- the termination of the mandate of Ms. Luminița VLĂDESCU, provisional member of the Board of Directors
starting with 09.11.2025, due to the expiry of the term was approved.
- the termination of the mandate of Ms. Manuela-Petronela STAN-OLTEANU, provisional member of the
Board of Directors starting with 09.11.2025, due to the expiry of the term was approved.
- the termination of the mandate of Mr. Mircea-Valentin CÂRLAN, provisional member of the Board of
Directors starting with 09.11.2025, due to the expiry of the term was approved.
- the election of Ms. Luminița VLĂDESCU, Romanian citizen, as provisional member of the Board of Directors
was approved.
- the election of Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen, as provisional member of the
Board of Directors was approved.
- the election of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, as provisional member of the Board of
Directors was approved.
- setting the term of office for the elected provisional members of the Board of Directors at 5 (five) months,
starting from 09.11.2025 until 09.04.2026 or until the finalization of the selection procedure, should the election
be completed before the aforementioned deadline, was approved.
- establishing the gross monthly remuneration for the elected provisional members of the Board of
Directors, in the amount determined and calculated in accordance with the Ordinary General Shareholders
Meeting Resolution no. 12/27.04.2023 was approved.
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors was approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, in the Ordinary General Meeting of Shareholders, Mr. Cristian-Florin GHEORGHE, to sign the
mandate contract to be concluded with the elected provisional members of the Board of Directors was
approved.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN- OLTEANU Manuela Petronela – Member
48
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
II.4. During 28.11.2025 – 31.12.2025
No.
First and last name
Position
Term of office
1.
UNGUR Ramona
Permanent director
Chairman of the Board of
Directors
28.04.2023-27.04.2027
10.09.2025-27.04.2027
2.
BODU Sebastian Valentin
Permanent director
28.04.2023-27.04.2027
3.
TEȘELEANU George
Permanent director
28.04.2023-27.04.2027
4.
MIȘA George Silvian
Permanent director
28.04.2023-27.04.2027
5.
CONONOV Paul
Permanent director
28.11.2025-27.04.2027
6.
DOBRE Călin Victor
Permanent director
28.11.2025-27.04.2027
7.
PRECUP Mihai-Călin
Provisional director
15.12.2025-15.05.2026
By the Ordinary General Shareholders Meeting Resolution no.33/28.11.2025:
- the revocation of the provisional members of the Board of Directors of OIL TERMINAL S.A., starting from
28.11.2025, following the finalization of the selection procedure was approved:
- Ms. Manuela-Petronela STAN-OLTEANU
- Ms. Luminița VLĂDESCU
- Mr. Mircea Valentin CÂRLAN
- the election of the following members of the Board of Directors, starting from 28.11.2025 was approved:
- Mr. Călin-Victor DOBRE
- Mr. Paul CONONOV
- the mandate duration for the members of the Board of Directors elected, starting from the date of the
meeting and until 27.04.2027 was approved.
- the establishment of the gross monthly fixed allowance or the provisional members of the Board of
Directors elected under Article 4 of the Ordinary General Shareholders Meeting Resolution no.12 of
27.04.2023.
- the form of the mandate contract to be concluded with the members of the Board of Directors elected in
the form proposed by the Ministry of Energy was approved.
- the mandating of the representative of the majority shareholder, the Ministry of Energy, within the OGSM,
to sign, on behalf and for the Company, the mandate contract of the members of the Board of Directors elected
was approved.
The composition of the advisory committees was:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
49
CONONOV Paul – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul – Member
By the Ordinary General Shareholders Meeting Resolution no.34/15.12.2025:
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance no.
109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM Resolution
no.12/27.04.2023 were approved.
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance no.
109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM Resolution
no.33/28.11.2025 were approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of
Energy, within the Ordinary General Meeting of Shareholders to sign the additional act to the mandate contract
to be concluded with the non-executive directors of the Board of Directors was approved.
By the Ordinary General Shareholders Meeting Resolution no.37/15.12.2025:
- the initiation of the selection procedure for the vacant position on the Board of Directors of OIL TERMINAL
SA in accordance with GEO no. 109/2011 on the corporate governance of public enterprises, as subsequently
amended and supplemented, was approved. The selection procedure will be carried out by the Ministry of
Energy, in its capacity as the tutelary public authority.
- the election of Mr. Mihai-Călin PRECUP of a provisional member of the Board of Directors of OIL TERMINAL
SA, starting from 15.12.2025 was approved.
- the mandate duration for the provisional member of the Board of Directors elected under Art.2 was
approved, starting from the date of the meeting, for 5 (five) months, starting from 15.12.2025 until 15.05.2026
or until the completion of the selection procedure, should the selection is completed prior the aforementioned
deadline.
- the establishment of the fixed gross monthly allowance for the provisional member of the Board of
Directors elected, in the amount determined and calculated according to 4 of OGSM Resolution no.12 of
27.04.2023 was approved.
- the form of the mandate contract to be concluded with the provisional member of the Board of Directors
elected, as proposed by the Ministry of Energy, was approved.
- the mandating of the representative of the majority shareholder, the Ministry of Energy, within the OGSM,
to sign, on behalf and for the Company, the mandate contract of the members of the Board of Directors elected
was approved.
The composition of the advisory committees as of 31.12.2025:
• Audit Committee:
TEȘELEANU George – Chairman
PRECUP Mihai-Călin – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Călin-Victor – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Călin-Victor – Chairman
BODU Sebastian-Valentin – Member
50
CONONOV Paul – Member
On 31.12.2025, female representation among non-executive directors is 14.3%.
As of December 31, 2025 there are no advances or loans granted to non-executive directors or management.
As of December 31, 2025, Oil Terminal is not part of a group, has no relationships with subsidiaries or
associated entities, and does not hold shares in other companies.
Report on the Management Activity
During 2025, 37 meetings of the Board of Directors took place, which were carried out according to the
approved Operating Regulation, based on the agenda transmitted to the directors, and 147 decisions were
adopted, the main ones having as their object the following:
- Endorsement of the Report on the internal public audit activity for the year 2024 carried out within Oil Terminal
SA.
- Approval of initiating the steps for joining the "Tehno-Dobrogea" Regional Consortium for dual education, in
partnership with Ovidius University of Constanța, and the Project implemented therein.
- Approval of the Market Abuse Policy within Oil Terminal SA.
- Approval of the updated Related Party Transactions Policy of Oil Terminal SA.
- Endorsement, based on the request of the Ministry of Energy, of the convening and the Convening Notice for
the Ordinary General Meeting of Shareholders of the Company, dated 31.03.(01.04).2025, with the following
agenda:
- Approval of the form and content of Additional Act no. 2 to the Mandate Contract to be concluded
with the members of the Board of Directors of OIL TERMINAL SA, as proposed by the
shareholder, the Romanian State, through the Ministry of Energy.
- Endorsement of the Budget of Revenues and Expenses for the year 2025.
- Endorsement of the empowerment of the executive management to perform financial operations and services
with available cash in lei or foreign currency, namely treasury operations, including foreign exchange and the
establishment of bank deposits.
- Endorsement of the convening and the Convening Notice for the Ordinary General Meeting of Shareholders
of the Company, dated 09(10).04.2025, with the following agenda:
- Approval of the Budget of Revenues and Expenses for the year 2025.
- Approval of the empowerment of the executive management to perform financial operations and
services with available cash in lei or foreign currency, namely treasury operations, including
foreign exchange and the establishment of bank deposits.
- Taking note of the Independent Auditor's Report, Transilvania Audit & Fiscality, on the annual Financial
Statements prepared as of 31.12.2024 by OIL TERMINAL SA.
- Endorsement and request for the OGSM to approve the following:
- Approval of the establishment and use as an internal source of investment financing of the
surplus realized from revaluation reserves capitalized in the account "Retained earnings
representing the surplus realized from revaluation reserves", symbol 1175, recorded in the
company's accounting records as of 31.12.2024, in the amount of 8,082,921.97 lei.
- Approval of supplementing the internal source of investment financing during the 2025-2027
period with the surplus realized from revaluation reserves in the amount of 8,082,921.97 lei, credit
balance of the account "Retained earnings representing the surplus realized from revaluation
reserves", symbol 1175.
- Endorsement of the annual financial statements, audited by TRANSILVANIA AUDIT & FISCALITY SRL, as
of and for the financial year ended December 31, 2024, prepared in accordance with the Accounting
Regulations approved by Order of the Ministry of Public Finance no. 2844/2016, the Accounting Law no.
82/1991, republished, with subsequent amendments and completions, the International Financial Reporting
Standards (IFRS), OMFP no. 107/2025, and other applicable legal provisions, comprising the following:
- Statement of Financial Position
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Financial Statements.
- Approval of the Semi-annual Report on the administration activity for the second half of 2024 (H2 2024),
prepared in accordance with the provisions of Art. 55 para. (1) of GEO no. 109/2011 on the corporate
governance of public enterprises.
- Approval of the Board of Directors' Report for the financial year ended 31.12.2024, prepared in accordance
with Law no. 24/2017, FSA Regulation no. 5/2018, Art. 56 of GEO no. 109/2011, and OMFP no. 2844/2016
51
for the approval of Accounting Regulations compliant with International Financial Reporting Standards, with
subsequent amendments and completions.
- Endorsement of the proposal for the distribution of net profit related to the 2024 financial year, in the amount
of 20,694,970 lei, reinstated with the provision for employee profit-sharing, as follows:
- Legal reserve: 1,256,778 lei
- Other reserves representing tax facilities provided by law: 4,528,279 lei
- Employee profit-sharing: 1,490,991 lei
- Dividends for shareholders (50%): 7,454,957 lei
- Own financing source: 5,963,965 lei
- Endorsement of the proposal regarding the establishment of the gross dividend per share for the 2024
financial year, based on the audited annual financial statements prepared in accordance with the Order of the
Ministry of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with
International Financial Reporting Standards, for the financial year ended 31.12.2024, in the amount of
0.00248733 lei/share. The date of 05.06.2025 was approved as the Payment Date of dividends to
shareholders. The General Meeting of Shareholders will be requested to approve the mandate of the Board of
Directors to designate the paying agent in accordance with the applicable regulatory framework for dividend
payments. Details regarding payment methods, the paying agent, and supporting documents will be
communicated to shareholders prior to the Payment Date via a press release and will be presented to the
Bucharest Stock Exchange and the Financial Supervisory Authority through a current report.
- Approval of the 2024 Sustainability Report, for which the auditor Transilvania Audit & Fiscality SRL issued
the Limited Assurance Report regarding sustainability reporting.
- Endorsement of the 2024 Annual Report, in accordance with Law no. 24/2017, FSA Regulation no. 5/2018,
and Art. 56 of GEO no. 109/2011, including the Single Electronic Reporting Format (XHTML) provided for in
Art. 1 of the Financial Supervisory Authority Regulation no. 7/2021 and 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, for which the auditor Transilvania Audit & Fiscality SRL issued the Limited Assurance Report
regarding sustainability reporting.
- Approval of the Accounting Reporting as of December 31, 2024, prepared in accordance with the Order of
the Ministry of Public Finance no. 107/20.01.2025.
- Approval of the Annual Report of the Nomination and Remuneration Committee regarding the remunerations
and other benefits granted to non-executive directors and executive directors with a mandate contract for the
2024 financial year, prepared in accordance with Art. 55, para. (2) of GEO no. 109/2011 on the corporate
governance of public enterprises.
- Endorsement of the Report of the Nomination and Remuneration Committee regarding the annual evaluation
of non-executive directors and the proposal to maintain their variable component, according to Art. 30 para. 7
of GEO no. 109/2011.
- Endorsement of the revised Remuneration Policy, prepared in accordance with Art. 106, para. (7) of Law no.
24/2017 on issuers of financial instruments and market operations.
- Endorsement of the Remuneration Report prepared in accordance with Art. 107 of Law no. 24/2017 on
issuers of financial instruments and market operations.
- Endorsement of the Note regarding the discharge of liability of the Board of Directors members for the activity
carried out during the 2024 financial year, based on the reports presented.
- Approval of the Activity Report of the Nomination and Remuneration Committee for the year 2024.
- Approval of the Activity Report of the Audit Committee for the year 2024.
- Approval of the Activity Report of the Strategy Development Committee for the year 2024.
- Approval of the Activity Report of the Risk Management Committee for the year 2024.
- Approval of the updated Corporate Governance Regulation.
- Endorsement of the convening and the Convening Notice for the Ordinary General Meeting of Shareholders
of the Company, held on 28(29).04.2025, with the following agenda:
- Information regarding the Semi-annual Report on the administration activity for the second half
of 2024 (H2 2024), pursuant to Art. 55, para. (1) of GEO no. 109/2011.
- Information regarding the Annual Report of the Nomination and Remuneration Committee on
the remunerations and other benefits granted to non-executive directors and executive directors
with a mandate contract for the 2024 financial year, pursuant to Art. 55 para. (2) of GEO no.
109/2011.
- Approval of the financial statements for the year 2024, prepared in accordance with
International Financial Reporting Standards (IFRS), comprising: the statement of financial
position, the statement of comprehensive income, the statement of changes in equity, the
statement of cash flows, and notes to the financial statements, based on the Board of Directors'
Report and the Independent Auditor's Report.
52
- Approval of the annual financial report for the 2024 financial year, prepared in accordance with
Law no. 24/2017, FSA Regulation no. 5/2018, and Art. 56 of GEO no. 109/2011, including the
Single Electronic Reporting Format (XHTML) provided for in Art. 1 of the Financial Supervisory
Authority Regulation no. 7/2021 and 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, which contains the sustainability report for which the auditor Transilvania Audit & Fiscality
SRL issued the Limited Assurance Report.
- Approval of the net profit distribution for the 2024 financial year, in the amount of 20,694,970
lei, reinstated with the provision for employee profit-sharing, as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (50%): 7,454,957 lei
• Own financing source: 5,963,965 lei
- Establishment of the gross dividend value proposed to be granted to shareholders in the amount
of 0.00248733 lei/share.
- Setting the date of 05.06.2025 as the Payment Date of dividends to shareholders.
- Empowering the Board of Directors to designate the paying agent in accordance with the
applicable regulatory framework for dividend payments. The dividend payment shall be made in
RON, only to shareholders registered in the Shareholders' Register (held by "Depozitarul Central"
SA) as of the Registration Date established by the General Meeting of Shareholders. The dividend
payment method shall be brought to the shareholders' attention prior to the payment
commencement date.
- Approval of the discharge of liability of the directors for the activity carried out during the 2024
financial year.
- Annual evaluation of the activity of non-executive directors pursuant to the provisions of Art.
30 para. (7) of GEO no. 109/2011. Approval of granting their variable component for the year
2024, as approved by OGSM Resolution no. 13/28.08.2023.
- Approval of the revised Remuneration Policy, prepared in accordance with Art. 106, para. (7)
of Law no. 24/2017 on issuers of financial instruments and market operations.
- Approval of the Remuneration Report prepared in accordance with Art. 107 of Law no. 24/2017
on issuers of financial instruments and market operations.
- Approval of the establishment and use as an internal source of investment financing of the
surplus realized from revaluation reserves capitalized in the account "Retained earnings
representing the surplus realized from revaluation reserves", symbol 1175, recorded in the
company's accounting records as of 31.12.2024, in the amount of 8,082,921.97 lei.
- Approval of supplementing the internal source of investment financing during the 2025-2027
period with the surplus realized from revaluation reserves in the amount of 8,082,921.97 lei, credit
balance of the account "Retained earnings representing the surplus realized from revaluation
reserves", symbol 1175.
- Endorsement of the convening and the SUPPLEMENTED Convening Notice for the Ordinary General
Meeting of Shareholders of the Company, held on 09(10).04.2025, with the following agenda:
- Approval of the Budget of Revenues and Expenses for the year 2025.
- Approval of the empowerment of the executive management to perform financial operations and
services with available cash in lei or foreign currency, namely treasury operations, including
foreign exchange and the establishment of bank deposits.
- Revocation of the members of the Board of Directors, for non-imputable reasons, in order to
fulfill Milestone no. 121 of Romania’s National Recovery and Resilience Plan, in accordance with
the provisions of Art. 36.10 of the Mandate Contract (secret ballot).
- Revocation of the members of the Board of Directors, for imputable reasons, in accordance with
the provisions of Art. 36.3 in conjunction with the provisions of Art. 9 of the Mandate Contract,
namely the refusal to carry out the GSM resolutions by failing to sign Additional Act no. 2 to the
Mandate Contract by 04.04.2025 (secret ballot).
- Election of the provisional members of the Board of Directors (secret ballot).
- Approval of the mandate duration for the provisional members of the Board of Directors elected
under item 8, for a period of 5 months, in accordance with the provisions of GEO no. 109/2011
on the corporate governance of public enterprises, as subsequently amended and supplemented.
- Establishment of the fixed monthly gross remuneration of the provisional members of the Board
of Directors elected under item 8, in the amount established in accordance with the Ordinary
General Meeting of Shareholders Resolution no. 12 dated 27.04.2023.
53
- Approval of the form of the mandate contract to be concluded with the provisional members of
the Board of Directors elected under item 8, in the form proposed by the Ministry of Energy.
- Empowering the representative of the Ministry of Energy in the OGSM to sign, in the name and
on behalf of the Company, the mandate contracts of the provisional members of the Board of
Directors.
- Approval of the initiation of the selection procedure for the vacant positions of Board of Directors
members, in accordance with the provisions of GEO no. 109/2011 on the corporate governance
of public enterprises, as subsequently amended and supplemented. The selection procedure will
be carried out by the Ministry of Energy, in its capacity as the Tutelary Public Authority.
- Approval of the inclusion of 2 new items on the agenda of the OGSM dated 28(29).04.2025, following the
request of the Ministry of Energy to take the necessary measures for the distribution of a minimum 90% quota
of the 2024 net profit as dividends/payments to the state budget, based on the Memorandum approved in the
Government meeting dated 27.03.2025, as follows:
- Approval of the 2024 net profit distribution, reinstated with the provision for employee profit-
sharing (Updated version according to the Ministry of Energy request), as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (90%): 13,418,922 lei
• Own financing source: 0 lei
- Establishment of the proposed gross dividend per share in the amount of 0.00447719 lei/share
(Updated version acc.to the Ministry of Energy request).
- Approval of the presentation of SUPPLEMENTED draft resolutions for items 1, 4, and 5 of the OGSM agenda
dated 28(29).04.2025, following the Ministry of Energy's request regarding the 90% profit distribution quota,
as dividends/payments to the state budget, based on the Memorandum approved in the Government meeting
dated 27.03.2025, as follows:
- Information regarding the Semi-annual Report on the administration activity for the second half
of 2024 (H2 2024), pursuant to Art. 55, para. (1) of GEO no. 109/2011.
- Approval of the 2024 financial statements prepared in accordance with International Financial
Reporting Standards (IFRS), comprising: the statement of financial position, the statement of
comprehensive income, the statement of changes in equity, the statement of cash flows, and
notes to the financial statements, based on the Board of Directors' Report and the Independent
Auditor's Report.
- Approval of the 2024 annual financial report prepared in accordance with Law no. 24/2017, FSA
Regulation no. 5/2018, and Art. 56 of GEO no. 109/2011, including the Single Electronic Reporting
Format (XHTML), for which the auditor Transilvania Audit & Fiscality SRL issued the Limited
Assurance Report regarding sustainability reporting.
- Approval of submitting a request to the Ministry of Energy for the initiation of a memorandum regarding the
approval to distribute a quota lower than 90% of the 2024 net profit as dividends to the state budget, in
compliance with GO no. 64/2001.
- In accordance with Art. 18 para. (5) of the Articles of Incorporation in force, Mr. Ion LUNGU is elected as
Chairman of the Board of Directors. The duration of the mandate of the Company’s Chairman of the Board of
Directors is from 15.04.2025 until 09.09.2025.
- Approval of the composition of the advisory committees within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona – Chairman
TEȘELEANU George – Member
STAN - OLTEANU Manuela Petronela - Member
• Nomination and Remuneration Committee:
BODU Sebastian -Valentin – Chairman
VLĂDESCU Luminița - Member
LUNGU Ion – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George - Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița - Chairman
BODU Sebastian-Valentin – Member
STAN - OLTEANU Manuela – Petronela - Member
54
- Endorsement of the annual financial statements, audited by TRANSILVANIA AUDIT & FISCALITY SRL, as
of and for the financial year ended December 31, 2024, prepared based on the Accounting Regulations
approved by Order of the Ministry of Public Finance no. 2844/2016, the Accounting Law no. 82/1991,
republished, with subsequent amendments and completions, the International Financial Reporting Standards
(IFRS), OMFP no. 107/2025, as well as other applicable legal provisions, updated in accordance with the
request of the Ministry of Energy, comprising the following components:
- Statement of Financial Position
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Financial Statements.
- Approval of the Semi-annual Report on the administration activity for the second half of 2024 (H2 2024),
prepared in accordance with the provisions of Art. 55 para. (1) of GEO no. 109/2011 on the corporate
governance of public enterprises, updated in accordance with the request of the Ministry of Energy.
- Approval of the Board of Directors' Report of the Company for the financial year ended 31.12.2024, prepared
in accordance with Law no. 24/2017, FSA Regulation no. 5/2018, Art. 56 of GEO no. 109/2011, and OMFP
no. 2844/2016 for the approval of Accounting Regulations compliant with International Financial Reporting
Standards, with subsequent amendments and completions, updated in accordance with the request of the
Ministry of Energy.
- Endorsement of the proposal for the distribution of net profit related to the 2024 financial year in the amount
of 20,694,970 lei, reinstated with the provision for employee profit-sharing, updated in accordance with the
request of the Ministry of Energy, as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (90%): 13,418,922 lei
• Own financing source: 0 lei
- Endorsement of the proposal regarding the establishment of the gross dividend per share for the 2024
financial year, based on the audited annual financial statements prepared in accordance with the Order of the
Ministry of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with
International Financial Reporting Standards, for the financial year ended 31.12.2024, in accordance with the
request of the Ministry of Energy, in the amount of 0.00447719 lei/share.
- Endorsement of 05.06.2025 as the Payment Date of dividends to shareholders.
- Endorsement of the 2024 Annual Report, in accordance with Law no. 24/2017, FSA Regulation no. 5/2018,
and Art. 56 of GEO no. 109/2011, including the Single Electronic Reporting Format (XHTML) provided for in
Art. 1 of the FSA Regulation no. 7/2021 and Art. 3 of the Delegated Regulation (EU) 2018/815, for which the
auditor Transilvania Audit & Fiscality SRL issued the Limited Assurance Report regarding sustainability
reporting, updated in accordance with the request of the Ministry of Energy.
- Approval of the Accounting Reporting as of December 31, 2024, prepared in accordance with the Order of
the Ministry of Public Finance no. 107/20.01.2025, updated in accordance with the request of the Ministry of
Energy.
- Approval of supplementing the agenda of the OGSM dated 28(29).04.2025 with the following two items:
- Approval of the net profit distribution for the 2024 financial year in the amount of 20,694,970 lei,
reinstated with the provision for employee profit-sharing (Updated version acc.to the Ministry of
Energy request), as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (90%): 13,418,922 lei
• Own financing source: 0 lei
- Establishment of the proposed gross dividend per share in the amount of 0.00447719 lei/share
(Updated version acc.to the Ministry of Energy request).
The agenda of the SUPPLEMENTED Convening Notice is the following:
1. Information regarding the Semi-annual Report on the administration activity for the second half of
2024 (H2 2024), pursuant to Art. 55 para. (1) of GEO no. 109/2011.
2. Information regarding the Annual Report of the Nomination and Remuneration Committee on the
remunerations and other benefits granted to non-executive directors and executive directors with a
mandate contract for the 2024 financial year, pursuant to Art. 55 para. (2) of GEO no. 109/2011.
3. Approval of the financial statements for the year 2024, prepared in accordance with International
Financial Reporting Standards (IFRS), comprising: the statement of financial position, the statement
of comprehensive income, the statement of changes in equity, the statement of cash flows, and notes
55
to the financial statements, based on the Board of Directors' Report and the Independent Auditor's
Report.
4. Approval of the annual financial report for the 2024 financial year, prepared in accordance with Law
no. 24/2017 and FSA Regulation no. 5/2018, and Art. 56 of GEO no. 109/2011, including the Single
Electronic Reporting Format (XHTML) provided for in Art. 1 of the FSA Regulation no. 7/2021 and
Art. 3 of the Delegated Regulation (EU) 2018/815, which contains the sustainability report for which
the auditor Transilvania Audit & Fiscality SRL issued the Limited Assurance Report.
5. Approval of the net profit distribution for the 2024 financial year in the amount of 20,694,970 lei,
reinstated with the provision for employee profit-sharing, as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (50%): 7,454,957 lei
• Own financing source: 5,963,965 lei
6. Establishment of the proposed gross dividend value to be granted to shareholders in the amount of
0.00248733 lei/share.
7. Establishment of 05.06.2025 as the Payment Date of dividends to shareholders.
8. Empowering the Board of Directors to designate the paying agent in accordance with the applicable
regulatory framework for dividend payments. The dividend payment shall be made in lei, only to
shareholders registered in the Shareholders' Register (held by "Depozitarul Central" SA) as of the
Registration Date established by the General Meeting of Shareholders. The dividend payment
method shall be brought to the shareholders' attention prior to the payment commencement date.
9. Approval of the discharge of liability of the directors for the activity carried out during the 2024
financial year.
10. Annual evaluation of the activity of non-executive directors pursuant to the provisions of Art. 30 para.
(7) of GEO no. 109/2011. Approval of granting their variable component for the year 2024, as
approved by OGSM Resolution no. 13/28.08.2023.
11. Approval of the revised Remuneration Policy, prepared in accordance with Art. 106 para. (7) of Law
no. 24/2017 on issuers of financial instruments and market operations.
12. Approval of the Remuneration Report prepared in accordance with Art. 107 of Law no. 24/2017 on
issuers of financial instruments and market operations.
13. Approval of the establishment and use as an internal source of investment financing of the surplus
realized from revaluation reserves capitalized in the account "Retained earnings representing the
surplus realized from revaluation reserves", symbol 1175, recorded in the company's accounting
records as of 31.12.2024 in the amount of 8,082,921.97 lei.
14. Approval of supplementing the internal source of investment financing during the 2025-2027 period
with the surplus realized from revaluation reserves in the amount of 8,082,921.97 lei, credit balance
of the account "Retained earnings representing the surplus realized from revaluation reserves",
symbol 1175.
15. Empowering the Chairman of the meeting to sign the resolutions of the meeting.
16. Empowering the General Director of the company to sign the necessary documents regarding the
registration of the general meeting of shareholders' resolutions with the Trade Register Office
attached to the Constanța Tribunal and for carrying out the formalities regarding the publication of
these resolutions.
17. Establishment of 19.05.2025 as the Registration Date and 16.05.2025 as the Ex-date, in accordance
with the legal provisions.
18. Approval of the net profit distribution for the 2024 financial year in the amount of 20,694,970 lei,
reinstated with the provision for employee profit-sharing (Updated version acc.to the Ministry of
Energy request), as follows:
• Legal reserve: 1,256,778 lei
• Other reserves representing tax facilities provided by law: 4,528,279 lei
• Employee profit-sharing: 1,490,991 lei
• Dividends for shareholders (90%): 13,418,922 lei
• Own financing source: 0 lei
19. Establishment of the proposed gross dividend value to be granted to shareholders in the amount of
0.00447719 lei/share (Updated version acc.to the Ministry of Energy request).
- Approval of the Revised Simplified Interim Financial Statements as of 31.03.2025, in the form set out in the
annex, which is an integral part of the decision, prepared in accordance with the applicable Accounting
Regulations, namely Order no. 2844/2016 for the approval of Accounting Regulations compliant with
International Financial Reporting Standards, reviewed by the statutory financial auditor of Oil Terminal SA,
Transilvania Audit & Fiscality SRL. The revised simplified interim financial statements comprise:
56
- Revised simplified interim statement of financial position as of 31.03.2025
- Revised simplified interim statement of comprehensive income as of 31.03.2025
- Revised simplified interim statement of cash flows as of 31.03.2025
- Revised simplified interim statement of changes in equity as of 31.03.2025
- Notes to the simplified interim financial statements as of 31.03.2025.
- Approval of the Company’s Directors’ Report for the First Quarter of 2025 (Q1 2025), in the form set out in
the annex, which is an integral part of the decision, concluded as of March 31, 2025, prepared in accordance
with Art. 69 of Law no. 24/2017 and Art. 130 of FSA Regulation no. 5/2018 (Annex no. 13).
- Approval of the designation of BCR as the paying agent for the dividends related to the year 2024.
- Endorsement of the Note regarding the activity of the Company’s directors in the year 2024.
- Endorsement of the revised Remuneration Policy, prepared in accordance with Art. 106, para. (5) of Law no.
24/2017 on issuers of financial instruments and market operations.
- Approval of the convening and the Convening Notice for the OGSM to be held on 16(17).06.2025, 11:00
hours, with the following agenda:
1. Approval of the revised Remuneration Policy, prepared in accordance with Art. 106, para. (5)
of Law no. 24/2017 on issuers of financial instruments and market operations.
2. Acknowledgment of the fulfillment by the directors of the obligations related to the mandate
contract for the year 2024, in compliance with all legal regulations in force.
- Approval of the Evaluation Report on the activity of the directors with a mandate contract (General Director
and Financial Director) for the year 2024, in accordance with the provisions of Art. 36, para. 5, of GEO no.
109/2011.
- Endorsement of contracting a long-term investment loan in the maximum amount of 15,000,000 lei (excluding
VAT), for the purpose of financing the following investment objective: "Modernization of UAN Tank 27 within
the Port Storage Area." Endorsement of the empowerment of the General Director, Financial Director,
Development Director, Head of the Procurement Department, and Head of the Legal-Litigation Office (or the
legal substitutes of the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the loan agreement, the movable and immovable mortgage
agreements, the addenda thereto, as well as any other documents necessary for the performance of the
contractual relationship with the bank regarding the granted loan.
- Endorsement of the guarantee structure related to the long-term loan, as follows:
- Movable mortgage on the Borrower's bank accounts;
- Immovable mortgage on the investment objective, respectively, Tank R27 within the Port
Storage Area.
- Endorsement of the empowerment of the General Director, Financial Director, Development Director, Head
of the Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of the
empowered persons) to represent the company in relations with the bank and the public notary, to sign for and
on behalf of the company the loan agreement, the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the contractual relationship
with the bank regarding the granted loan.
- Approval of the convening and the Convening Notice for the Extraordinary General Meeting of Shareholders
of the company, to be held on 07(08).07.2025,11:00 hours, with the following agenda:
1. Approval of contracting a long-term investment loan.
2. The empowerment of the General Director, Financial Director, Development Director, Head of
the Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of
the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the loan agreement, the addenda thereto, as well
as any other documents necessary for the performance of the contractual relationship with the
bank regarding the granted loan.
- Approval of the convening and the Convening Notice for the Ordinary General Meeting of Shareholders of
the company, to be held on 07(08).07.2025, 12:00 hours, with the following agenda:
1. Approval of the guarantee structure related to contracting a long-term investment loan.
2. The empowerment of the General Director, Financial Director, Development Director, Head of
the Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of
the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the movable and immovable mortgage
agreements, the addenda thereto, as well as any other documents necessary for the performance
of the contractual relationship with the bank regarding the granted loan.
- Approval of the inclusion of 4 new items on the agenda of the OGSM dated 07(08).07.2025, following the
request no. 1004/SIB/02.06.2025 received from the Ministry of Energy, as follows:
1. Approval of the financial and non-financial key performance indicators of the directors and
non-executive directors resulting from the Company's Administration Plan, in accordance with the
57
minimum level established for the company as per the Annex to the AMEPIP President's Order
no. 651/2024, which will constitute an annex to the mandate contracts of the directors and
members of the Board of Directors of OIL TERMINAL SA.
2. Approval of the Additional Act to the mandate contract to be concluded with the members of
the Board of Directors, in the form and content proposed by the Ministry of Energy.
3. Approval of the mandate for the representative of the Romanian State through the Ministry of
Energy in the OGSM to sign the Additional Act to the Mandate Contract to be concluded with the
members of the Board of Directors.
4. Empowerment of the Chairman of the Board of Directors of OIL TERMINAL SA to sign the
OGSM Resolution and to fulfill any and all formalities required by law for the registration and
ensuring the opposability to third parties of the Resolution adopted by the Ordinary General
Meeting of Shareholders. The empowered person may delegate the mandate to other persons
regarding the fulfillment of the aforementioned formalities.
- Approval of the inclusion of an item on the agenda of the OGSM dated 07(08).07.2025, following the request
no. 1078/SIB/13.06.2025 received from the Ministry of Energy, as follows:
1. Approval of the integral component of the selection plan for the vacant positions of members
of the Board of Directors of Oil Terminal SA.
- Approval of the SUPPLEMENTED Convening Notice of the General Meeting of Shareholders to be held on
07(08).07.2025, with the following agenda:
1. Approval of the guarantee structure related to contracting a long-term investment loan.
2. The empowerment of the General Director, Financial Director, Development Director, Head of
the Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of
the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the movable and immovable mortgage
agreements, the addenda thereto, as well as any other documents necessary for the performance
of the contractual relationship with the bank regarding the granted loan.
3. Empowering of the Chairman of the meeting to sign the resolutions of the meeting.
4. Empowering the General Director of the company to sign the necessary documents regarding
the registration of the general meeting of shareholders' resolutions with the Trade Register Office
attached to the Constanța Tribunal and for carrying out the formalities regarding the publication
of these resolutions.
5. Establishment of 25.07.2025 as the Registration Date and 24.07.2025 as the Ex-date, in
accordance with the legal provisions.
6. Approval of the financial and non-financial key performance indicators of the directors and
non-executive directors resulting from the Company's Administration Plan, in accordance with the
minimum level established for the company as per the Annex to the AMEPIP President's Order
no. 651/2024, which will constitute an annex to the mandate contracts of the directors and
members of the Board of Directors of OIL TERMINAL SA.
7. Approval of the Additional Act to the mandate contract to be concluded with the members of
the Board of Directors, in the form and content proposed by the Ministry of Energy.
8. Approval of the mandate for the representative of the Romanian State through the Ministry of
Energy in the OGSM to sign the Additional Act to the Mandate Contract to be concluded with the
members of the Board of Directors.
9. Empowerment of the Chairman of the Board of Directors to sign the OGSM Resolution and to
fulfill any and all formalities required by law for the registration and ensuring the opposability to
third parties of the Resolution adopted by the Ordinary General Meeting of Shareholders. The
empowered person may delegate the mandate to other persons regarding the fulfillment of the
aforementioned formalities.
10. Approval of the integral component of the selection plan for the vacant positions of members
of the Board of Directors of Oil Terminal SA.
- Approval, based on the request of the Ministry of Energy, of the convening and the Convening Notice for the
OGSM of the company, held on 21(22).08.2025, with the following agenda:
1. Approval of the financial and non-financial key performance indicators of the directors and
non-executive directors resulting from the Company's Administration Plan, in accordance with the
minimum level established for the company as per the Annex to the AMEPIP President's Order
no. 651/2024, which will constitute an annex to the mandate contracts of the directors and
members of the Board of Directors of OIL TERMINAL SA.
2. Approval of the Additional Act to the mandate contract to be concluded with the members of
the Board of Directors, in the form and content proposed by the Ministry of Energy.
58
3. Approval of the mandate for the representative of the Romanian State through the Ministry of
Energy in the OGSM to sign the Additional Act to the Mandate Contract to be concluded with the
members of the Board of Directors.
4. Approval of the integral component of the selection plan for the vacant positions of members
of the Board of Directors of Oil Terminal SA.
- Endorsement of the Note regarding the extension of the mandate duration for the Company's provisional
directors.
- Endorsement of contracting a long-term investment loan in the maximum amount of 12,000,000 lei (excluding
VAT), for the purpose of financing the following investment objective: "Modernization of UAN Tank 27 within
the Port Storage Area," and endorsement of the empowerment of the General Director, Financial Director,
Development Director, Head of the Procurement Department, and Head of the Legal-Litigation Office (or the
legal substitutes of the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the contractual relationship
with the bank regarding the granted loan.
- Endorsement of the guarantee structure related to the long-term loan, as follows: movable mortgage on the
Borrower's bank accounts and immovable mortgage on the investment objective, respectively, tank R27 from
Port Storage Area, and endorsement of the empowerment of the General Director, Financial Director,
Development Director, Head of the Procurement Department, and Head of the Legal-Litigation Office (or the
legal substitutes of the empowered persons) to represent the company in relations with the bank and the public
notary, to sign for and on behalf of the company the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the contractual relationship
with the bank regarding the granted loan.
- Endorsement of the value of 1 million euro, representing the liability limit for the Liability Insurance policy for
the company's directors in office, with Oil Terminal SA as the sole beneficiary of the insurance indemnities.
- Approval of the convening and the Convening Notice for the Extraordinary General Meeting of Shareholders
of the company, held on 04(05).09.2025, with the following agenda:
1. Approval of contracting a long-term investment loan.
2. Empowerment of the General Director, Financial Director, Development Director, Head of the
Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of the
empowered persons) to represent the company in relations with the bank and the public notary,
to sign for and on behalf of the company the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the
contractual relationship with the bank regarding the granted loan.
- Approval of the convening and the Convening Notice for the Ordinary General Meeting of Shareholders of
the company, held on 04(05).09.2025, with the following agenda:
1. Approval of the guarantee structure related to contracting a long-term investment loan.
2. Empowerment of the General Director, Financial Director, Development Director, Head of the
Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of the
empowered persons) to represent the company in relations with the bank and the public notary,
to sign for and on behalf of the company the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the
contractual relationship with the bank regarding the granted loan.
3. Extension of the mandate duration of the company's provisional directors by two months from
the expiration date, respectively for the period: 09.09.2025 – 08.11.2025 inclusive.
4. Approval of the form and content of the additional act to the mandate contract to be concluded
with the provisional directors.
5. Empowering a representative of the Ministry of Energy in the OGSM to sign the additional act
to the mandate contract of the provisional directors.
6. Approval of the value of 1 million euro, representing the liability limit for the Liability Insurance
policy for the company's directors in office, with Oil Terminal SA as the sole beneficiary of the
insurance indemnities.
- Acknowledgment of the Review Report on the simplified interim financial statements as of June 30, 2025,
issued by Transilvania Audit & Fiscality SRL.
- Approval of the Revised Simplified Interim Financial Statements as of 30.06.2025, prepared in accordance
with the applicable accounting regulations (Order no. 2844/2016 for the approval of accounting regulations
compliant with IFRS), reviewed by the statutory financial auditor of Oil Terminal SA, Transilvania Audit &
Fiscality SRL, comprising:
- Interim statement of financial position as of 30.06.2025
- Interim statement of comprehensive income as of 30.06.2025
- Interim statement of cash flows as of 30.06.2025
59
- Interim statement of changes in equity as of 30.06.2025
- Notes to the simplified interim financial statements as of 30.06.2025.
- Approval of the Company’s Directors’ Report for the first half of 2025 (H1 2025) ended June 30, 2025,
covering the period 01.01.2025–30.06.2025, prepared in accordance with Art. 67 of Law no. 24/2017(r1), Art.
128 of FSA Regulation no. 5/2018 (Annex 14), and Art. 55 para. (1) of GEO no. 109/2011.
- Approval of the Accounting Reporting as of June 30, 2025, prepared in accordance with Chapter III of the
Annex to the Ministry of Finance Order no. 1194/2025, comprising:
- Statement of assets, liabilities, and equity as of 30.06.2025 (code 10)
- Statement of revenues and expenses as of 30.06.2025 (code 20)
- Informative data as of 30.06.2025 (code 30).
- Approval of supplementing the OGSM agenda dated 04(05).09.2025, as per the request from the Ministry of
Energy no. 1581/BGI/12.08.2025, as follows:
1. Revocation of certain members of the Board of Directors starting with 09.09.2025, due to the
expiration of the mandate contracts (secret ballot).
2. Election of provisional members of the Board of Directors (secret ballot).
3. Establishment of the mandate duration for the elected provisional members for a period of 2
(two) months, from 09.09.2025 until 08.11.2025, or until the completion of the selection procedure
if finalized earlier.
4. Establishment of the monthly gross remuneration for the provisional members as per OGSM
Resolution no. 12/27.04.2023.
5. Approval of the form of the mandate contract to be concluded with the provisional members of
the Board, as proposed by the Ministry of Energy.
6. Empowering the representative of the majority shareholder, the Romanian State through the
Ministry of Energy, to sign the mandate contracts to be concluded with the provisional members
of the Board.
- The Company will make available a revised agenda, using the same procedure as for the previous agenda,
before the Reference Date of the General Meeting of Shareholders as defined by FSA regulations, in
compliance with the deadline provided for in art.1171 para.(3) of Law no.31/1990, to allow shareholders to
appoint a representative or, if applicable, to vote by correspondence.
- Approval of the SUPPLEMENTED Convening Notice of the OGSM held on 04(05).09.2025 with the following
agenda:
1. Approval of the guarantee structure for the long-term investment loan.
2. Empowerment of the General Director, Financial Director, Development Director, Head of the
Procurement Department, and Head of the Legal-Litigation Office (or the legal substitutes of the
empowered persons) to represent the company in relations with the bank and the public notary,
to sign for and on behalf of the company the movable and immovable mortgage agreements, the
addenda thereto, as well as any other documents necessary for the performance of the
contractual relationship with the bank regarding the granted loan.
3. Extension of the mandate duration of the provisional directors of Oil Terminal SA by two
months since expiry, namely for the period: 09.09.2025 - 08.11.2025 inclusive.
4. Approval of the form and content of the additional act to the mandate contract to be concluded
with the provisional directors.
5. Empowering a representative of the Ministry of Energy in the Ordinary General Meeting of
Shareholders to sign the additional act to the mandate contract of the provisional directors.
6. Approval of the value of 1 million euro, representing the liability limit for the Liability Insurance
policy for the company's directors in office, with Oil Terminal SA as the sole beneficiary of the
insurance indemnities.
7. Revocation of certain members of the Board of Directors starting with 09.09.2025, due to the
expiration of the mandate contracts (secret ballot).
8. Election of provisional members of the Board of Directors (secret ballot).
9. Establishment of the mandate duration for the elected provisional members for a period of 2
(two) months, from 09.09.2025 until 08.11.2025, or until the completion of the selection procedure
if finalized earlier.
10. Establishment of the monthly gross remuneration for the provisional members as per OGSM
Resolution no. 12/27.04.2023.
11. Approval of the form of the mandate contract to be concluded with the provisional members
of the Board, as proposed by the Ministry of Energy.
12. Empowering the representative of the majority shareholder, the Romanian State through the
Ministry of Energy, to sign the mandate contracts to be concluded with the provisional members
of the Board.
60
- In accordance with Art. 18 para. (5) of the Articles of Incorporation in force, Ms. Ramona UNGUR – Romanian
citizen, (...), is elected as Chairman of the Board of Directors. The duration of the mandate of the Company’s
Chairman of the Board of Directors is from 10.09.2025 until 27.04.2027 inclusive.
- Approval of the update to the composition of the advisory committees within the Board of Directors as follows:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN-OLTEANU Manuela Petronela – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița – Member
UNGUR Ramona – Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița – Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela – Member
- Endorsement of the rectified Revenues and Expenses Budget (REB) for the year 2025.
- Approval of the convening and the Convening Notice for the OGSM to be held on 30(31).10.2025, with the
following agenda:
1. Presentation of the Company’s Directors’ Report for H1 2025, concluded on June 30, 2025
(period 01.01.2025 – 30.06.2025), prepared in accordance with Art. 67 of Law no. 24/2017(r1),
Art. 128 of FSA Regulation no. 5/2018 (Annex 14), and Art. 55 para. (1) of GEO no. 109/2011.
2. Approval of the rectified Revenues and Expenses Budget for the year 2025.
- Endorsement of the Note regarding the appointment of the provisional directors of Oil Terminal SA.
- Endorsement of the form and content of the mandate contract to be concluded with the provisional directors
of Oil Terminal SA.
- Approval of the convening and the Convening Notice for the OGSM to be held on 07(10).11.2025, 11:00
hours, with the following agenda:
1. Acknowledgment of the termination of the mandate of the provisional members of the Board
of Directors starting with 09.11.2025, following the expiration of the term, and their deregistration
from the National Trade Register Office (secret ballot).
2. Election of 3 provisional members of the Board of Directors (secret ballot).
3. Establishment of the mandate duration for the provisional members of the Board of Directors
elected for 5 (five) months, starting from 09.11.2025 until 09.04.2026, or until the completion of
the selection procedure, should the selection be finalized before the mentioned deadline.
4. Establishment of the monthly gross remuneration of the elected provisional members of the
Board of Directors, in the amount established and calculated in accordance with OGSM
Resolution no.12/27.04.2023.
5. Approval of the form of the mandate contract to be concluded with the elected provisional
members of the Board of Directors.
6. Empowering the representative of the majority shareholder, the Romanian State through the
Ministry of Energy, in the OGSM to sign the mandate contract of the elected provisional members
of the Board of Directors.
- Approval of the liability limit related to the civil liability insurance policy for the General Director of 1 million
euro, in the same amount as approved by the GSM for the directors.
- Approval of the premium payment for the civil liability insurance policy for the company’s directors (7 persons)
and for the General Director in office, with a validity of 12 months starting from 26.10.2025, with Oil Terminal
SA as the sole beneficiary of the insurance indemnities.
- The significant risks covered by the policy are those related to producing pecuniary damages caused by the
Insured to the managed/led company, employees, or third parties.
- Endorsement of the information regarding the fulfillment of the general statute of limitations on the company’s
shareholders right to request the payment of due and unclaimed dividends related to the 2021 financial year.
- Approval of the convening and the Convening Notice for the OGSM to be held on 28.11.(02.12.)2025, 11:00
hours, with the following agenda:
61
1. Information regarding the fulfillment of the general statute of limitations on the company’s
shareholders right to request the payment of due and unclaimed dividends related to the 2021
financial year.
- Endorsement of the Nomination and Remuneration Committee Note regarding the amendments to the
provisions of Government Emergency Ordinance no. 109/2011 on the corporate governance of public
enterprises.
- Endorsement of the form and content of the response letter to the Ministry of Energy.
- Approval of the update to the composition of the advisory committees within the Board of Directors, as follows:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
STAN-OLTEANU Manuela Petronela-Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
VLĂDESCU Luminița - Member
UNGUR Ramona - Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
CÂRLAN Mircea Valentin – Member
MIȘA George-Silvian – Member
• Risk Management Committee:
VLĂDESCU Luminița - Chairman
BODU Sebastian-Valentin – Member
STAN-OLTEANU Manuela Petronela - Member
- Approval of the Simplified Interim Financial Statements (reviewed) as of 30.09.2025, prepared in accordance
with the applicable Accounting Regulations, namely the Ministry of Public Finance Order no. 2844/2016 for the
approval of Accounting Regulations compliant with International Financial Reporting Standards, comprising:
- Interim Statement of Financial Position as of 30.09.2025
- Interim Statement of Comprehensive Income as of 30.09.2025
- Interim Statement of Changes in Equity as of 30.09.2025
- Interim Statement of Cash Flows as of 30.09.2025
- Notes to the simplified interim financial statements as of 30.09.2025.
- Approval of the Company’s Directors’ Report for the Third Quarter of 2025 (Q3 2025), concluded as of
September 30, 2025 (period 01.01.2025–30.09.2025), prepared in accordance with Art. 69 of Law no. 24/2017
(r1) on issuers of financial instruments and market operations, republished, and Art. 130 of FSA Regulation
no. 5/2018 (Annex 13).
- Approval of the inclusion of the following items proposed by the Ministry of Energy on the agenda of the
Ordinary General Meeting of Shareholders, convened for 28.11.(02.12.)2025:
1. Revocation of the provisional members of the Board of Directors of OIL TERMINAL SA,
effective as of the meeting date, following the completion of the selection procedure (secret
ballot).
2. Election of the members of the Board of Directors of OIL TERMINAL SA, effective as of the
meeting date (secret ballot).
3. Establishment of the mandate duration for the Board of Directors members elected under item
(2), from the meeting date until 27.04.2027, which corresponds to the expiration of the mandate
of the Board of Directors members appointed via OGSM Resolution no. 12 dated 27.04.2023.
4. Establishment of the fixed monthly gross remuneration for the Board of Directors members
elected under item (2), in the amount established and calculated pursuant to Art. 4 of the General
Meeting of Shareholders Resolution no. 12 dated 27.04.2023.
5. Approval of the form of the mandate contract to be concluded with the Board of Directors
members elected under item (2), in the form proposed by the Ministry of Energy.
6. Empowering the representative of the majority shareholder, the Ministry of Energy, in the
OGSM to sign, in the name and on behalf of the Company, the mandate contracts of the Board
of Directors members elected under item (2).
With the following draft Resolution:
1. OGSM approves the revocation of the provisional members of the Board of Directors of OIL
TERMINAL SA, effective as of the meeting date, following the completion of the selection
procedure (secret ballot).
Mr./ Ms.....
Mr./ Ms.....
Mr./ Ms......
62
2. OGSM approves the election of the following members of the Board of Directors, effective as
of the meeting date (secret ballot)
(i) Mr./ Ms.....
(ii) Mr./ Ms.....
(iii) Mr./ Ms.....
3. OGMS approves the mandate duration for the members of the Board of Directors elected
under item (2), from the meeting date until 27.04.2027, which corresponds to the expiration of the
mandate of the Board of Directors members appointed via the OGSM Resolution dated
27.04.2023.
4. OGSM approves the establishment of the fixed monthly gross remuneration for the Board of
Directors members elected under item (2), in the amount established and calculated pursuant to
Art. 4 of the General Meeting of Shareholders Resolution no. 12 dated 27.04.2023.
5. OGSM approves the form of the mandate contract to be concluded with the Board of Directors
members elected under item (2), in the form proposed by the Ministry of Energy.
6. OGSM approves the empowering the representative of the majority shareholder, the Ministry
of Energy, in the OGSM to sign, in the name and on behalf of the Company, the mandate contracts
of the Board of Directors members elected under item (2).
- Approval of the SUPPLEMENTED Convening Notice of the OGSM convened for 28.11.(02.12.)2025, with
the following agenda:
1. Information regarding the fulfillment of the general statute of limitations on the company’s
shareholders right to request the payment of due and unclaimed dividends related to the 2021
financial year.
2. Empowering the Chairman of the meeting to sign the resolutions of the meeting.
3. Empowering the General Director of the company to sign the necessary documents regarding
the registration of the general meeting of shareholders' resolutions with the Trade Register Office
attached to the Constanța Tribunal and for carrying out the formalities regarding the publication
of these resolutions.
4. Establishment of 19.12.2025 as the Registration Date and 18.12.2025 as the Ex-date, in
accordance with the legal provisions.
5. Revocation of the provisional members of the Board of Directors of OIL TERMINAL SA,
effective as of the meeting date, following the completion of the selection procedure (secret
ballot).
6. Election of the members of the Board of Directors of OIL TERMINAL SA, effective as of the
meeting date (secret ballot).
7. Establishment of the mandate duration for the Board of Directors members elected under item
(6), from the meeting date until 27.04.2027, which corresponds to the expiration of the mandate
of the Board of Directors members appointed via OGSM Resolution no. 12 dated 27.04.2023.
8. Establishment of the fixed monthly gross remuneration for the Board of Directors members
elected under item (6), in the amount established and calculated pursuant to Art. 4 of the General
Meeting of Shareholders Resolution no. 12 dated 27.04.2023.
9. Approval of the form of the mandate contract to be concluded with the Board of Directors
members elected under item (6), in the form proposed by the Ministry of Energy.
10. Empowering the representative of the majority shareholder, the Ministry of Energy, in the
OGSM to sign, in the name and on behalf of the Company, the mandate contracts of the Board
of Directors members elected under item (6).
- Approval of the empowerment of the General Director to extend the applicability period of the Collective
Labour Agreement, registered with the Territorial Labour Inspectorate (ITM) under no. 738/28.12.2023, for a
period of 6 months, namely until 30.06.2026.
- Approval of the empowerment of the General Director to sign the additional act to the Collective Labour
Agreement, including the minutes drawn up during meetings with the social partner.
- Approval of the empowerment of the General Director to fulfill all legal obligations regarding the registration
of the additional act to the Collective Labour Agreement with ITM Constanța.
- Endorsement of the Nomination and Remuneration Committee Note regarding the implementation of the
amendments to the provisions of GEO no. 109/2011 on the corporate governance of public enterprises, as
introduced by Law no. 158/2025.
- Endorsement of the form and content of the additional act to the mandate contracts to be concluded with the
non-executive directors of the Company appointed by OGSM Resolution no. 12/27.04.2023 and by OGSM
Resolution no. 33/28.11.2025, for the implementation of the amendments to GEO no. 109/2011 via Law no.
158/2025, in the form proposed by the company.
63
- Approval of the convening and the Convening Notice for the Ordinary General Meeting of Shareholders, to
be held on 15(16).12.2025, 11:00 hours, with the following agenda:
1. Approval of the form of the additional act to the mandate contract to be concluded with the
non-executive directors of Oil Terminal SA for the implementation of the amendments to GEO no.
109/2011 via Law no. 158/2025.
2. Empowering the representative of the majority shareholder, the Romanian State through the
Ministry of Energy, in the OGSM to sign the additional act to the mandate contract to be concluded
with the non-executive members of the Board of Directors.
3. Establishment of the limits for the remuneration and benefits granted to directors with mandate
contracts (assimilated to executive directors) for the implementation of the amendments to GEO
no. 109/2011 via Law no. 158/2025.
- Approval of the inclusion of 6 new items on the agenda of the OGSM dated 15(16).12.2025, following the
request no. 2742/BGI/28.11.2025 received from the Ministry of Energy, as follows:
1. Approval of the initiation of the selection procedure for the vacant position on the Board of
Directors of OIL TERMINAL SA in accordance with GEO no. 109/2011, as subsequently amended
and supplemented. The selection procedure will be carried out by the Ministry of Energy in its
capacity as the Tutelary Public Authority.
2. Election of the provisional member of the Board of Directors of OIL TERMINAL SA, effective
as of the meeting date (secret ballot).
3. Establishment of the mandate duration for the provisional member of the Board of Directors
elected under item (2), starting from the meeting date, for a period of 5 months, or until the
completion of the selection procedure.
4. Establishment of the fixed monthly gross remuneration of the provisional member of the Board
of Directors elected under item 2, in the amount established and calculated pursuant to Art. 4 of
OGSM Resolution no. 12 dated 27.04.2023.
5. Approval of the form of the mandate contract to be concluded with the provisional member of
the Board of Directors elected under item (2), in the form proposed by the Ministry of Energy.
6. Empowering the representative of the majority shareholder, the Ministry of Energy, in the
OGSM to sign in the name and on behalf of the Company the mandate contract of the provisional
member of the Board of Directors elected under item (2).
With the following draft resolution:
1. OGMS approves the initiation of the selection procedure for the vacant position on the Board
of Directors of OIL TERMINAL SA in accordance with GEO no. 109/2011, as subsequently
amended and supplemented. The selection procedure will be carried out by the Ministry of Energy
in its capacity as the Tutelary Public Authority.
2. OGMS approves the election of the provisional member of the Board of Directors of OIL
TERMINAL SA, effective as of the meeting date (secret ballot).
(i) Mr./Ms……………
3. OGMS approves the establishment of the mandate duration for the provisional member of the
Board of Directors elected under item (2), starting from the meeting date, for a period of 5 months,
or until the completion of the selection procedure.
4. OGMS approves the establishment of the fixed monthly gross remuneration of the provisional
member of the Board of Directors elected under item 2, in the amount established and calculated
pursuant to Art. 4 of OGSM Resolution no. 12 dated 27.04.2023.
5. OGMS approves the form of the mandate contract to be concluded with the provisional
member of the Board of Directors elected under item (2), in the form proposed by the Ministry of
Energy.
6. OGMS approves the empowering of the representative of the majority shareholder, the
Ministry of Energy, in the OGSM to sign in the name and on behalf of the Company the mandate
contract of the provisional member of the Board of Directors elected under item (2).
- Endorsement of contracting external legal services for consultancy, assistance, and legal representation in
criminal matters regarding the handling of Case no. 5012/P/2025 and any other cases or control actions
derived therefrom, including the conduct of criminal investigation activities, provision of assistance, and
representation at all procedural stages.
- Approval of the inclusion of a new item on the agenda of the OGSM dated 15(16).12.2025, based on the
provisions of Art. 1171, para. (21) of Law no. 31/1990 and Art. 105, para. (51) of Law no. 24/2017 on issuers
of financial instruments and market operations, as follows:
1. Approval of contracting external legal services for consultancy, assistance, and legal
representation in criminal matters.
64
With the following draft resolution:
With ____ of the votes cast, the contracting external legal services for consultancy, assistance, and legal
representation in criminal matters regarding the handling of Case no. 5012/P/2025 and any other cases or
control actions derived therefrom, including the conduct of criminal investigation activities, provision of
assistance, and representation at all procedural stages is approved/rejected.
- Approval of the SUPPLEMENTED Convening Notice of the OGSM convened for 15(16).12.2025, with the
following agenda:
1. Approval of the form of the additional act to the mandate contract to be concluded with the
non-executive directors of Oil Terminal SA for the implementation of the amendments to GEO no.
109/2011 via Law no. 158/2025.
2. Empowering the representative of the majority shareholder, the Romanian State through the
Ministry of Energy, in the OGSM to sign the additional act to the mandate contract to be concluded
with the non-executive members of the Board of Directors.
3. Establishment of the limits for the remuneration and benefits granted to directors with mandate
contracts (assimilated to executive directors) for the implementation of the amendments to GEO
no. 109/2011 via Law no. 158/2025.
4. Empowering the Chairman of the meeting to sign the resolutions of the meeting.
5. Empowering the General Director of the company to sign the necessary documents regarding
the registration of the general meeting of shareholders' resolutions with the Trade Register Office
attached to the Constanța Tribunal and for carrying out the formalities regarding the publication
of these resolutions.
6. Establishment of 12.01.2026 as the Registration Date and 09.01.2026 as the Ex-date, in
accordance with the legal provisions.
7. Approval of the initiation of the selection procedure for the vacant position on the Board of
Directors of OIL TERMINAL SA in accordance with GEO no. 109/2011, as subsequently amended
and supplemented. The selection procedure will be carried out by the Ministry of Energy in its
capacity as the Tutelary Public Authority.
8. Election of the provisional member of the Board of Directors of OIL TERMINAL SA, effective
as of the meeting date (secret ballot).
9. Establishment of the mandate duration for the provisional member of the Board of Directors
elected under item (2), starting from the meeting date, for a period of 5 months, or until the
completion of the selection procedure.
10. Establishment of the fixed monthly gross remuneration of the provisional member of the Board
of Directors elected under item 2, in the amount established and calculated pursuant to Art. 4 of
OGSM Resolution no. 12 dated 27.04.2023.
11. Approval of the form of the mandate contract to be concluded with the provisional member of
the Board of Directors elected under item (2), in the form proposed by the Ministry of Energy.
12. Empowering the representative of the majority shareholder, the Ministry of Energy, in the
OGSM to sign in the name and on behalf of the Company the mandate contract of the provisional
member of the Board of Directors elected under item (2).
13. Approval of contracting external legal services for consultancy, assistance, and legal
representation in criminal matters.
- Approval of the update to the composition of the advisory committees within the Board of Directors, as follows:
• Audit Committee:
TEȘELEANU George – Chairman
UNGUR Ramona – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul - Member
UNGUR Ramona - Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Calin Victor - Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Călin Victor - Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul - Member
65
- Approval of the Nomination and Remuneration Committee Note regarding the implementation of the
amendments to the provisions of GEO no. 109/2011 on the corporate governance of public enterprises, as
introduced by Law no. 158/2025.
- Approval of the form and content of the additional act to be concluded to the mandate contract of the General
Director of the company, appointed by BoD Decision no.72/19.06.2023.
- Approval of the form and content of the additional act to be concluded to the mandate contract of the Financial
Director of the company, appointed by BoD Decision no.73/19.06.2023.
- Empowering Ms Ramona UNGUR, in her capacity as Chairman of the Board of Directors, to sign the
additional act to the mandate contracts of the General Director and the Financial Director.
- Empowering the executive management to carry out the procurement procedure for Statutory Financial Audit
Services for the years 2026, 2027, and 2028 and other similar services.
- Approval of the "Internal Regulations of Oil Terminal SA", with applicability starting from 01.01.2026.
- Approval of the update to the composition of the advisory committees within the Board of Directors, following
the appointment on 15.12.2025 of a new provisional director, as follows:
• Audit Committee:
TEȘELEANU George – Chairman
PRECUP Mihai – Member
MIȘA George-Silvian – Member
• Nomination and Remuneration Committee:
BODU Sebastian-Valentin – Chairman
CONONOV Paul - Member
UNGUR Ramona - Member
• Development and Strategy Committee:
TEȘELEANU George – Chairman
DOBRE Calin Victor - Member
MIȘA George-Silvian – Member
• Risk Management Committee:
DOBRE Calin Victor - Chairman
BODU Sebastian-Valentin – Member
CONONOV Paul - Member
- Approval of the conclusion of Subsequent Contract no. 5 related to the Framework Agreement for services
and storage, concluded with the National Administration of State Reserves and Special Issues – Territorial
Unit 515 Bucharest, for the period 01.01.2026-07.12.2026.
7.2. Executive management:
Oil Terminal SA’ executive management in 2025:
First and last name
Position
Viorel Sorin CIUTUREANU
General Director
Adriana FRANGU
Financial Director
Marieta Elisabeta STAȘI
Development Director
Gabriel DARABAN
Commercial Director
By the Board of Directors’ Decision no. 72/19.06.2023, Mr. Viorel Sorin CIUTUREANU was appointed as
general director of the company, to whom, in accordance with the provisions of art. 35 of Government
Emergency Ordinance no. 109/2011, the management of the company was delegated for a term of 4 years,
starting from 20.06.2023 until 20.06.2027.
By the Board of Directors’ Decision no. 73/19.06.2023, in accordance with the provisions of Government
Emergency Ordinance no. 109/2011, Ms. Adriana FRANGU was appointed as financial director of the
company, and the term of office for the financial director was set at 4 years, starting with 20.06.2023 until
20.06.2027.
By the Board of Directors’ Decision no. 70/19.07.2024, the organization chart of the company was changed,
applicable from 01.08.2024. The new organizational structure is available on the company's website at
https://oil-terminal.com/guvernanta-corporativa/organigrama/
Starting with 01.08.2024, the executive management is ensured by:
• Viorel Sorin Ciutureanu, General Director
• Adriana Frangu, Financial Director
• Marieta Elisabeta Stași, Development Director
• Gabriel Daraban, Commercial Director.
66
By the Board of Directors’ Decision no.102/21.08.2025, the comany’s directors decided the following:
• The form and content of the Additional Act to be concluded to the mandate contract of the
company’s general director elected by the Board of Directors Decision no.72/19.06.2023 were
approved;
• The form and content of the Additional Act to be concluded to the mandate contract of the
company’s financial director elected by the Board of Directors Decision no.73/19.06.2023 were
approved;
• Mr. Ion Lungu, as Chairman of the Board of Directors, was empowered to sign the additional acts
to the mandate contracts of the general director and financial director.
By the Ordinary General Meeting of Shareholders Resolution no.35/15.12.2025:
- the establishment of the fixed gross monthly allowance limits for the directors under mandate contracts
assimilated to executive directors was approved between 4 and 5 times the average gross monthly salary
earnings over the last 12 months for the activity carried out in accordance with the company's main object
of activity, at the class level, according to the classification of activities in the national economy, as
reported by the National Institute of Statistics prior to the appointment.
- the establishment of the (gross) variable component limits for the directors under mandate contracts
assimilated to executive directors was approved between 1 and 2 times the average gross monthly salary
earnings over the last 12 months for the activity carried out in accordance with the company's main object
of activity, at the class level, according to the classification of activities in the national economy, as
reported by the National Institute of Statistics prior to the appointment.
- the establishment of the benefits granted to directors under mandate contracts assimilated to executive
directors was approved between 1 and 2 fixed gross monthly allowances in one year of mandate.
The General Director and the Financial Director exercise their activity according to mandate contracts, and the
Development Director and the Commercial Director are employees of the company according to individual
employment contracts concluded for an indefinite period.
As of the date of this report, there are no shares of directors Sorin Viorel CIUTUREANU, Adriana FRANGU,
Marieta Elisabeta STAȘI, Gabriel DARABAN held in the company's capital.
On 31.12.2025 gender representation among directors with mandate contracts is 50%.
8. FINANCIAL AND ACCOUNTING POSITION
The individual financial statements prepared in accordance with the Order of the Minister of Public Finance
no. 2844/2016, with subsequent amendments and additions, for the approval of the Accounting Regulations
compliant with the International Financial Reporting Standards ("IFRS") are audited by the statutory auditor of
the company.
In the meaning of the Order of the Minister of Public Finance no. 2844/2016, the International Financial
Reporting Standards ("IFRS") represent the standards adopted according to the procedure provided by
Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002, regarding the
application of International Accounting Standards.
8.1. Statement of financial position
- lei -
Assets and liabilities
Year ended
December 31,
2025
(audited)
Year ended
December 31,
2024
(audited)
Year ended
December 31,
2023
(audited)
0
1
2
3
ASSETS
FIXED ASSETS
Intangible assets
4,580,568
4,151,930
4,351,059
Tangible assets
801,668,001
718,255,774
616,066,424
Tangible assets under construction
22,867,299
48,613,472
108,116,513
Financial assets
914,458
908,030
908,030
Right-of-use assets
11,577,472
9,751,161
8,463,422
Total fixed assets
841,607,798
781,680,367
737,905,448
CURRENT ASSETS
Inventories
2,666,198
2,892,086
2,152,804
Trade and other receivables
36,475,915
32,839,825
35,544,838
67
Other receivables
3,058,283
5,469,865
3,269,833
Current tax assets
1,937,947
9,080,864
8,944,901
Cash and cash equivalents
27,119,712
51,742,031
45,256,216
Total current assets
71,258,055
102,024,671
95,168,592
TOTAL ASSETS
912,865,853
883,705,038
833,074,040
EQUITY AND LIABILITIES
EQUITY
Share capital
299,717,713
299,717,713
299,717,713
Other equity items
(29,123,970)
(29,395,055)
(30,119,878)
Revaluation reserves
225,766,279
226,313,255
233,240,022
Legal reserves
10,412,112
8,910,913
7,654,135
Other reserves
59,363,312
48,642,404
32,047,163
Surplus realized from revaluation reserves
546,975
8,082,921
12,066,963
Retained earnings excluding IAS 29
396,930
396,930
396,930
Current profit
24,637,109
19,203,979
14,292,764
Profit distribution
(4,139,185)
(5,785,057)
(4,691,016)
Total equity
587,577,275
576,088,003
564,604,796
NON-CURRENT LIABILITIES
Long-term loans
201,672,967
165,527,910
139,123,032
Other loans and similar liabilities
8,032,544
6,848,428
5,963,222
Deferred tax liabilities
32,229,185
32,500,270
34,381,247
Total non-current liabilities
241,934,696
204,876,608
179,467,501
CURRENT LIABILITIES
Current portion of long-term loans
21,791,741
18,367,356
20,574,599
Trade payables
23,505,114
44,670,198
38,309,841
Tax liabilities
12,782,785
13,674,026
10,134,111
Other current liabilities
5,350,739
5,322,490
4,350,187
Other loans and similar liabilities
3,767,912
3,005,165
2,337,928
Total current liabilities
67,198,291
85,039,235
75,706,666
TOTAL LIABILITIES
309,132,987
289,915,843
255,174,167
Provisions
16,042,799
17,560,110
13,084,919
Investment grants
112,792
141,082
210,158
TOTAL EQUITY AND LIABILITIES
912,865,853
883,705,038
833,074,040
Accounting net asset value
603,732,866
593,789,195
577,899,873
The levels recorded on 31.12.2025 compared to the levels recorded on 31.12.2024 are presented as follows:
Total Assets increased by 3.3% (29.2 million lei), from 883.7 million lei to 912.9 million lei.
Fixed Assets recorded an increase of 7.7% (59.9 million lei), from 781.7 million lei to 841.6 million lei.
The structure of fixed assets includes investments made for the company's own domain, as well as investments
made for the state's public domain, in accordance with the provisions of the Oil Concession Agreement for the
operation of crude oil and petroleum products.
Intangible, tangible, and tangible assets under construction, as well as right-of-use assets related to
leased assets recorded an increase of 7.7% (59,921,003 lei), as follows:
Intangible Assets increased by 10.3% (+428,638 lei), from 4,151,930 lei to 4,580,568 lei, due to:
+ 824,878 lei, increase from acquisitions
- 396,240 lei, decrease due to amortization
The intangible assets recorded in Oil Terminal's accounting records consist of:
- Software/licenses purchased from third parties
- The concession for the operation of tanks, crude oil and petroleum product transport pipelines, pumping
stations, and other related installations and equipment, based on the Oil Agreement concluded with the
National Agency for Mineral Resources
- Other concessions representing the registration of Oil Terminal internet domains („oilterminal.ro” and
„oilterminal.com”)
- Other intangible assets representing OIL TERMINAL trademarks.
Tangible Assets increased by 11.6% (+ 83,412,227 lei), from 718,255,774 lei to 801,668,001 lei, due to:
+ 115,262,010 lei, increase through transfers from assets under construction (commissioning of tangible
assets)
+ (606,571) lei, increase from acquisitions
- 238,319 lei, decrease through disposals of tangible assets
- 31,004,893 lei, decrease due to depreciation of tangible assets
68
Tangible Assets under construction represent unfinished investments as of 31.12.2025 and recorded a
decrease of 53% (- 25,746,173 lei), from 48,613,472 lei to 22,867,299 lei, as follows:
+ 89.515.837 lei, increase during the year
- 115.262.010 lei, decrease through transfers to fixed assets
The total value of investment expenditures recorded in 2025 is 90,340,715 lei, of which 89,515,837 lei
represents investment expenses for tangible assets and 824,878 lei represents investment expenses for
intangible assets.
Right-of-use assets increased by 18.7% (+1,826,311 lei), from 9,751,161 lei to 11,577,472 lei, due to:
+ 5,173,695 lei, increase from acquisitions
+ 329,605 lei, increase from closing exchange rate valuation
+ 2,588 lei, increase due to impairment loss reversed in the profit and loss account from closing
exchange rate valuation
- 3,679,577 lei, decrease due to depreciation
Financial Assets
As of 31.12.2025, the balance of financial assets (914,458 lei) increased by 0.7% compared to 31.12.2024
(6,428 lei), mainly due to the increase in guarantees provided to the supplier National Company Maritime Ports
Administration.
Current Assets decreased by 30.2%, mainly due to the decrease in cash and cash equivalents, as a result of
the decline in turnover recorded as of 31.12.2025 compared to the level achieved as of 31.12.2024.
Cash and Cash Equivalents
As of 31.12.2025, cash and cash equivalents decreased by 47.6% compared to 31.12.2024.
During the 2023-2025 period, total assets recorded the following value evolutions:
- lei -
2025
%
2024
%
2023
%
Fixed Assets
841,607,798
92.2
781,680,367
88.5
737,905,448
88.6
Current Assets
71,258,055
7.8
102,024,671
11.5
95,168,592
11.4
Total Assets
912,865,853
100.0
883,705,038
100.0
833,074,040
100.0
Equity recorded an increase of 2%, mainly due to the recording of a net profit of 24.6 million lei, which is 28.3%
higher (+5.4 million lei) than as of 31.12.2024 (24.6 million lei in 2025 vs. 19.2 million lei in 2024), as well as
based on the allocation (of 8.1 million lei) and use as an internal source of investment financing of the surplus
realized from revaluation reserves capitalized in the account "Retained earnings representing the surplus
realized from revaluation reserves" (account 1175), recorded in the company's accounting records and
approved by the Ordinary General Meeting of Shareholders Resolution no. 10/28.04.2025.
The determining element of liabilities is Equity, which during the 2023-2025 period had the following evolution:
-lei-
2025
%
2024
%
2023
%
Equity
587,577,275
64.4
576,088,003
65.2
564,604,796
67.8
Total Equity and
Liabilities
912,865,853
883,705,038
833,074,040
Long-term liabilities recorded an increase of 18.1%, mainly due to the drawdown of 57.9 million lei (excluding
VAT) from the long-term investment loan contracted with BCR in 2024. These funds were used for the
modernization of tanks T26/S (31,500 cbm capacity) and T29/S (50,000 cbm capacity) located in the South
Storage Area, and for the construction of a 10,000 cbm tank in the Port Storage Area, and current liabilities
decreased by 21%, primarily due to the reduction in trade payables.
The evolution of total liabilities over the last three years is as follows:
-lei-
2025
%
2024
%
2023
%
Total liabilities
309,132,987
33.9
289,915,843
32.8
255,174,167
30.6
Total Equity and
Liabilities
912,865,853
883,705,038
833,074,040
Total liabilities recorded as of 31.12.2025 amount to 309,133 thousand lei, consisting of:
- Liabilities < 1 year 67,198 thousand lei
- Liabilities > 1 year 241,935 thousand lei
69
Structure of Liabilities < 1 year 67,198 thousand lei, of which:
1. Long-term loans - current portion 21,792 thousand lei
2. Trade payables 23,505 thousand lei
3. Budgetary liabilities (taxes and duties) 12,783 thousand lei
4. Other current liabilities (employees, shareholders) 5,350 thousand lei
5. Other loans and assimilated liabilities 3,768 thousand lei
Structure of Liabilities > 1 year 241,935 thousand lei, of which:
1. Long-term loans 201,673 thousand lei
2. Other loans and assimilated liabilities 8,033 thousand lei
3. Deferred tax liability
*
32,229 thousand lei*
*
The deferred tax liability related to revaluation reserves as of the 31.12.2025 balance, established against equity, amounts
to a total of 32,229,185 lei. The deferred tax was recorded in accordance with IAS 8 "Accounting Policies, Changes in
Accounting Estimates and Errors", through equity in the account "Retained earnings resulting from the correction of
accounting errors”.
We note that as of 31.12.2025, the company has no outstanding debts to the state budget, social security
budget, local budget, financial institutions, investment suppliers, service providers, goods suppliers,
employees, or other third parties.
Provisions as of 31.12.2025 amount to a total of 16,042,799 lei, recording a decrease of 8.6% (-1,517,311
lei) compared to 31.12.2024, from 17.5 million lei to 16 million lei.
The structure of provisions as of 31.12.2025 includes (a total of 16,042,799 lei):
• Provisions for litigation (199,597 lei). The management periodically analyzes the status of ongoing
litigations and, following consultation with legal representatives, decides on the necessity of recording
provisions for the amounts involved or their disclosure in the financial statements.
• Provisions for employee benefits (9,459,440 lei) established in accordance with IAS 19, based on an
actuarial calculation. The actuarial report regarding the provision for retirement benefits was prepared
by SC RCOR.RO SRL, based on the service agreement concluded with Oil Terminal. According to the
Collective Labor Agreement in force, the company must pay employees at the time of retirement a
benefit equal to a number of salaries based on their total work seniority and seniority within the
company.
• Provision for employee profit-sharing (2,277,547 lei), established based on the provisions of GO no.
64/2001 regarding profit distribution in majority state-owned companies, as subsequently amended
and supplemented, Order of the Ministry of Public Finance (OMFP) no.144/2005 regarding the
approval of the Guidelines for determining the amounts subject to profit distribution and OMFP
no.418/2005 regarding certain accounting specifications applicable to economic agents.
• Other provisions in the total amount of 1,960,120 lei, representing the variable component for the non-
executive members of the Board of Directors and for directors with mandate contracts, pertaining to
the year 2025, including the labor insurance contribution. The variable component is not granted to
provisional directors.
• Other provisions in the amount of 2,146,095 lei, representing installments II-V related to retirement
bonuses, established in accordance with the provisions of Art. LXXI para. (4) and (5) of Law no.
296/2023 on certain fiscal-budgetary measures for ensuring Romania's long-term financial
sustainability; these provisions stipulate that, in the case of collective or individual labor agreements
of economic operators where the state or administrative-territorial units are sole or majority
shareholders, which are in force as of 01.01.2025, the granting of retirement bonuses shall be made
in stages, over a period of 5 years, in equal annual installments. Thus, the first installment of the
retirement bonus is granted on the retirement date, while for installments II-V, which are to be paid
over the following 4 years in equal annual amounts, a provision is recognized.
8.2. Statement of comprehensive income
Year ended
December 31, 2025
(audited)
Year ended
December 31, 2024
(audited)
Year ended
December 31, 2023
(audited)
Revenue from services provision
397,282,190
470,227,650
346,718,625
Revenue from residual products sale
3,794,168
3,759,268
3,184,831
Other operating revenue
8,437,096
(2,922,261)
2,979,996
Materials expenses
(18,232,757)
(18,974,949)
(14,655,258)
Utility expenses
(10,733,287)
(13,060,740)
(14,585,412)
Personnel expenses
(174,646,661)
(167,566,962)
(139,158,564)
70
Third-party services expenses
(24,268,002)
(26,473,594)
(18,355,024)
Depreciation and amortization expenses
(35,080,710)
(26,657,965)
(20,507,129)
Additional tax expenses for specific sectors
- ICAS
(1,599,286)
(2,093,435)
-
Other operating expenses
(102,050,873)
(181,999,603)
(118,755,606)
Operating result
42,901,879
34,237,409
26,866,459
Financial revenues and expenses (net)
(15,155,438)
(10,592,831)
(10,306,722)
Gross profit
27,746,441
23,644,578
16,559,737
Income tax expense
(3,109,332)
4,440,599
2,266,973
Net profit
24,637,109
19,203,979
14,292,764
Other comprehensive income:
Items that will not be reclassified to
profit or loss, of which:
271,085
6,201,945
14,205,228
Gains from revaluation of
disposed/scrapped real estate
(546,976)
6,926,768
1,575,108
Surplus from revaluation of fixed assets
546,976
-
15,728,914
Deferred tax liability related to revaluation
reserves
271,085
(724,823)
(3,098,794)
Total comprehensive income
24,908,194
25,405,924
28,497,992
Earnings per share (lei/share)
0.00831055
0.00847662
0.00950800
Diluted earnings per share (lei/share)
0.00831055
0.00847662
0.01131100
Compared to the same period of 2024, as of 31.12.2025, the gross result recorded an increase of 17.3%, while
the net result increased by 28.3%.
Total comprehensive income comprises the net result of the 2025 financial year, amounting to 24,637,109 lei,
and items that will not be reclassified to profit or loss, amounting to 271,085 lei, relating to gains from the
revaluation of fixed assets, surplus from the revaluation of fixed assets, and the deferred tax liability as of
31.12.2025.
Earnings per share for the year 2025, as presented in the "Statement of Comprehensive Income as of
December 31, 2025," in the amount of 0.00831055 lei/share, is calculated as the ratio between the total
comprehensive income of 24,908,194 lei and the number of shares included in the share capital, namely
2,997,177,132 shares.
The company's current and deferred income tax for the years 2023 - 2025 is determined at a statutory rate
of 16%.
Current Income Tax
Current income tax recognized in the profit and loss account for the years 2023 - 2025:
Year ended
December 31, 2025
Year ended
December 31, 2024
Year ended
December 31, 2023
Current Tax Expense
3,109,332
4,440,599
2,266,973
Total Income Tax Expense
3,109,332
4,440,599
2,266,973
Reconciliation of the effective tax rate for the years 2023 - 2025:
Year ended
December 31,
2025
Year ended
December 31,
2024
Year ended
December 31,
2023
Profit before income tax
27,746,441
23,644,578
16,559,737
Income tax at the statutory rate of 16%
4,439,431
3,783,132
2,713,061
Effect of additional tax expenses for
specific sectors (ICAS)
255,886
334,950
-
Taxation of revaluation reserves
293,698
620,063
619,862
Effect of other non-deductible expenses
1,693,938
2,267,314
1,315,147
Effect of income items
191,731
975,343
-
Effect of non-taxable income
(2,412,387)
(1,382,623)
(801,502)
Deductions from the legal reserve
(240,192)
(201,084)
(141,013)
Reinvested profit
(444,292)
(762,658)
(641,631)
71
Sponsorship tax credits
(323,000)
(645,000)
(396,896)
Income tax reduction according to GEO
no.153/2020
(345,481)
(548,838)
(400,055)
Income tax expense
3,109,332
4,440,599
2,226,973
Proposal for the distribution of the 2025 net profit
The proposal for the distribution of the net profit for the year 2025 took into account the provisions of GO
no.64/2001.
As of 31.12.2025, the Company recorded a gross profit of 30,023,988 lei, and a net profit of 26,914,656 lei,
respectively.
Following the recognition on 31.12.2025 of the provision for risks and expenses regarding employee profit-
sharing in the amount of 2,277,547 lei, the gross profit becomes 27,746,441 lei, and the net profit 24,637,109
lei.
No.
Item
Amount
(lei)
Legal basis
1
Gross profit for the year 2025
27,746,441
2
Income tax for the year 2025
3,109,332
3
Net profit for the year 2025
24,637,109
4
Employee profit-sharing – provision
2,277,547
5
Gross profit, restated with the employee profit-
sharing provision (1+4)
30,023,988
6
Net profit, restated with the employee profit-
sharing provision (3+4), distributed for:
26,914,656
6.1
Legal reserve (5% of gross profit)
1,501,199
art.183 para.(1) Law no.31/1990
art.1 para.(1) letter a) GO no.64/2001
6.2
other reserves representing tax facilities
2,637,986
art.22 para.(1) Law no.227/2015
art.1 para.(1) letter b) GO no.64/2001
6.3
participarea salariaților la profit 10%
2,277,547
art.1 para.(1) letter e) GO no.64/2001
6.4
dividends due to shareholders 50%
11,387,736
art.1 para.(1) letter f) GO no. 64/2001
6.5
own financing source 40%
9,110,188
art.1 para.(1) letter g) GO no.64/2001
The proposal regarding the 2025 net profit distribution will be submitted to the Board of Directors for
endorsement, and subsequently to the General Meeting of Shareholders for approval during the meeting held
on 28(29).04.2026.
8.3. Economic and Financial Indicators
Indicators
2025
2024
Liquidity Indicators
Current ratio
1.06
1.20
Quick ratio
1.02
1.17
Activity Indicators
Receivables turnover (days)
27
24
Payables turnover (days)
27
30
Fixed asset turnover (times)
0.48
0.61
Total asset turnover (times)
0.44
0.54
Profitability Indicators
Return on Capital Employed (%)
5.29
4.58
Gross profit margin (%)
6.92
4.99
Basic earnings per share (lei/share)
0.00831055
0.00847662
Risk Indicators
Interest coverage ratio (times)
2.72
2.96
Liquidity Indicators
The current ratio provides a guarantee of covering current liabilities through current assets, which are typically
72
liquid and can be easily converted into cash at values close to their carrying amount.
The value recorded as of 31.12.2025 is 1.06.
Activity Indicators
Receivables turnover expresses the company's effectiveness in collecting receivables and represents the
number of days until the date debtors have settled their obligations to the company. The value recorded as of
31.12.2025 is 27 days.
Payables turnover expresses the number of credit days the company obtains from its suppliers. The value
recorded as of 31.12.2025 is 27 days.
Profitability Indicators
Return on Capital Employed measures the gross performance of permanent capital (equity + medium and
long-term debt).
Gross profit margin expresses the profitability of the entire activity, as the considered profit is not influenced
by income tax.
8.4. Statement of cash flows
Year ended
31.12.2025
(audited)
Year ended
31.12.2024
(audited)
Year ended
31.12.2023
(audited)
Cash flows from operating activities
Net profit
24,637,109
19,203,979
14,292,764
Adjustments for non-monetary items
Depreciation and impairment of fixed assets
35,080,710
26,657,965
20,507,129
Loss / (Profit) on disposal of fixed assets
238,319
1,504,178
(72,189)
Net movement in adjustments for current assets
(3,347,120)
336,314
(954,845)
Net movement in provisions for risks and expenses
(1,517,311)
4,475,191
2,368,282
Other adjustments
1,117,304
(384,725)
2,232,653
Interest expense
14,922,498
10,612,522
10,252,414
Loss / (Profit) from foreign exchange differences
232,940
(19,691)
54,506
Operating profit before changes in working capital
46,727,340
43,181,754
34,387,950
Decrease / (Increase) in inventories
209,543
(739,282)
(538,339)
Decrease / (Increase) in receivables
8,009,831
369,017
(2,060,680)
(Decrease) / Increase in trade and other payables
(21,916,459)
10,856,671
(1,987,032)
Net interest (paid)
(14,922,498)
(10,612,522)
(10,252,414)
Net cash flow from operating activities
42,744,866
62,259,617
33,842,249
Cash flow used in investing activities
Tangible and intangible assets
(91,607,107)
(71,938,028)
(93,560,964)
(Increase) in non-current assets
(12,832)
-
-
Net cash used in investing activities
(91,619,939)
(71,938,028)
(93,560,964)
Cash flow from financing activities
Share capital increase through cash contribution
-
-
13,174,660
Increase in long-term loans
57,936,798
44,696,093
70,564,878
Repayments of loans and assimilated liabilities
(21,797,915)
(18,946,015)
(11,038,931)
Dividends paid
(11,886,129)
(9,585,852)
(9,490,285)
Net cash flow from financing activities
24,252,754
16,164,226
63,210,322
Net (decrease) / increase in cash and cash
equivalents
(24,622,319)
6,485,815
3,491,607
Cash and cash equivalents at the beginning of the year
51,742,031
45,256,216
41,764,411
Cash and cash equivalents at the end of the period
27,119,712
51,742,031
45,256,018
9. CORPORATE GOVERNANCE
Regarding the compliance with the provisions of the Corporate Governance Statement:
- The activity of the Board of Directors is evaluated annually during the OGSM for the approval of the
annual financial statements, at which time the company's shareholders also approve the discharge of
liability of the directors for the previous year.
73
- During 2025, 37 meetings of the Board of Directors were held, attended by the company's directors;
these meetings took place at the company's headquarters and via electronic communication means.
Remuneration and benefits of non-executive directors
Applicable Legal Framework
Following the completion of the selection procedure in accordance with the provisions of GEO no. 109/2011,
conducted by the Ministry of Energy, as the Public Tutelary Authority,
The following were adopted through OGMS Resolution no.12/27.04.2023:
- Art.2.2, Art.2.3, Art.2.4, Art.2.5, Art.2.6, Art.2.7 and Art.2.8 of OGSM Resolution no.12/27.04.2023 approving
the election of 7 non-executive directors as members of the Board of Directors of Oil Terminal SA, effective
from 28.04.2023, in accordance with Art. 29 of GEO no.109/2011, namely 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 OGSM Resolution no.12/27.04.2023 approving the duration of the mandate for the Board of Directors
members for a period of 4 (four) years, starting from 28.04.2023.
- Art.4 of OGSM Resolution no.12/27.04.2023 approving the monthly gross fixed allowance for the elected
Board members, set at 2 times the 12-month average of the gross monthly average salary for the activity
carried out according to the company's main object of activity, at the class level according to the national
classification of economic activities, as reported by the National Institute of Statistics prior to the appointment.
- Art.5 of OGSM Resolution no.12/27.04.2023 approving the form of the mandate contract to be concluded
with the elected Board members.
- Art.6 of OGSM Resolution no.12/27.04.2023 approving the mandating of the state representative in the
Ordinary General Meeting of Shareholders to sign the mandate contracts of the newly elected Board members.
By Decision no.88/05.07.2023 the Board of Directors endorsed the proposal to be submitted to the OGMS on
28(29).08.2023 for the approval of the annual variable component for the company's non-executive directors,
specifically setting it at 12 monthly gross fixed allowances for each year of the mandate.
By the OGSM Resolution no.13/28.08.2023 the following were adopted:
- the financial and non-financial performance indicators resulting from the company’s Administration Plan were
approved. The KPIs that will constitute an annex to the non-executive directors' mandate contracts were also
approved;
- the variable component of the non-executive directors' remuneration at 12 monthly gross fixed allowances
for each year of the mandate was approved;
- the form and content of the Additional Act to be concluded with the company's non-executive directors were
approved;
- the mandating of the state representative in the General Meeting of Shareholders to sign the Additional Acts
to the Mandate Contracts was approved.
By the OGSM Resolution no.5/09.04.2025 the following were adopted:
- the revocation, for non-imputable reasons, in view of fulfilling milestone no. 121 of Romania's National
Recovery and Resilience Plan, and in accordance with the provisions of Art. 36.10 of the Mandate Contract,
of the following members of the Board of Directors was approved:
- Mr. GHEORGHE Cristian Florin
- Mr. ANDREI Aurelian Ovidiu
- Mr. MICU Ionuț Stelian
- the election of the following provisional members of the Board of Directors was approved:
- Mr. LUNGU Ion
- Ms. STAN-OLTEANU Manuela-Petronela
- Ms. VLĂDESCU Luminița
- the mandate duration for the provisional members of the Board of Directors elected under Art. 3 of this
resolution was approved, for a period of 5 months, in accordance with the provisions of GEO no. 109/2011 on
the corporate governance of public enterprises, as subsequently amended and supplemented;
- the fixed monthly gross remuneration for the provisional members of the Board of Directors elected under
this resolution, in the amount established by OGSM Resolution no.12 of 27.04.2023 was approved;
- the form of the mandate contract to be concluded with the provisional members of the Board of Directors
elected under Art. 3 of this resolution, as proposed by the Ministry of Energy was approved;
By the OGSM Resolution no.23/04.09.2025 the following were adopted:
- the mandate extension for Mr. Ion LUNGU, provisional director, elected by OGSM Resolution
no.5/09.04.2025, by two months, for the period: 09.09.2025 - 08.11.2025 inclusive was rejected;
74
- the extension of the mandate for Ms. Manuela-Petronela STAN-OLTEANU, provisional director, elected by
OGSM Resolution no.5/09.04.2025, for a period of two months, from 09.09.2025 to 08.11.2025 inclusive was
approved;
- the extension of the mandate for Ms. Luminița VLĂDESCU provisional director, elected by OGSM Resolution
no.5/09.04.2025, for a period of two months, from 09.09.2025 to 08.11.2025 inclusive was approved;
- the form and content of the additional act to the mandate contract to be concluded with the provisional
directors elected by OGSM Resolution no.5/09.04.2025;
- the mandating of the representative of the majority shareholder, the Ministry of Energy, in the Ordinary
General Meeting of Shareholders, Ms. Ana VIȘAN, to sign the additional act to the mandate contract to be
concluded with the provisional directors elected by OGSM Resolution no.5/09.04.2025 was approved.
By the OGSM Resolution no.26/04.09.2025 the following were adopted:
- the revocation of Mr. Ion LUNGU, member of the Board of Directors, effective 09.09.2025, following the
expiration of the mandate contracts was approved
- the revocation of Ms. Luminița VLĂDESCU and Ms. Manuela-Petronela STAN–OLTEANU, members of the
Board of Directors, effective 09.09.2025 was not approved
- the election of Mr. Mircea Valentin CÂRLAN as provisional members of the Board of Directors was approved
- the mandate duration for the elected provisional members for a period of 2 (two) months, from 09.09.2025 to
08.11.2025, or until the completion of the selection procedure, should the selection procedure be completed
prior to the deadline was approved;
- the monthly gross remuneration for the elected provisional members of the Board of Directors in the amount
established and calculated according to OGSM Resolution no. 12/27.04.2023 was approved;
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors, as proposed by the Ministry of Energy, was approved;
- the mandating of the representative of the majority shareholder, the Romanian State through the Ministry of
Energy in the Ordinary General Meeting of Shareholders to sign the mandate contracts to be concluded with
the elected provisional members of the Board of Directors was approved.
By the OGSM Resolution no.30/07.11.2025:
- the termination of the mandate of Ms. Luminița VLĂDESCU, Romanian citizen, provisional member of the
Board of Directors starting with 09.11.2025, due to the expiry of the term, and the deregistration from the
National Trade Register Office were approved.
- the termination of the mandate of Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen, provisional
member of the Board of Directors starting with 09.11.2025, due to the expiry of the term, and the deregistration
from the National Trade Register Office were approved.
- the termination of the mandate of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, provisional member of
the Board of Directors starting with 09.11.2025, due to the expiry of the term, and the deregistration from the
National Trade Register Office were approved.
- the election of Ms. Luminița VLĂDESCU, Romanian citizen, as provisional member of the Board of Directors
was approved.
- the election of Ms. Manuela-Petronela STAN-OLTEANU Romanian citizen, as provisional member of the
Board of Directors was approved.
- the election of Mr. Mircea-Valentin CÂRLAN, Romanian citizen, as provisional member of the Board of
Directors was approved.
- setting the term of office for the elected provisional members of the Board of Directors at 5 (five) months,
starting from 09.11.2025 until 09.04.2026 or until the finalization of the selection procedure, should the election
be completed before the aforementioned deadline, was approved.
- establishing the gross monthly remuneration for the elected provisional members of the Board of Directors,
in the amount determined and calculated in accordance with the Ordinary General Shareholders Meeting
Resolution no. 12/27.04.2023 was approved.
- the form of the mandate contract to be concluded with the elected provisional members of the Board of
Directors was approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of Energy,
in the Ordinary General Meeting of Shareholders, Mr. Cristian-Florin GHEORGHE, to sign the mandate
contract to be concluded with the elected provisional members of the Board of Directors was approved.
By the OGSM Resolution no.33/28.11.2025:
Art.1. OGSM approved the revocation of the provisional members of the Board of Directors of OIL TERMINAL
S.A., starting from 28.11.2025, following the finalization of the selection procedure:
1.1. Ms. Manuela-Petronela STAN-OLTEANU, Romanian citizen
1.2. Ms. Luminița VLĂDESCU, Romanian citizen
75
1.3. Mr. Mircea Valentin CÂRLAN, Romanian citizen
Art.2. OGSM approved the election of the following members of the Board of Directors, starting from
28.11.2025:
(i) the election of Mr. Călin-Victor DOBRE, Romanian citizen, as member of the Board of Directors
of OIL TERMINAL SA was approved.
(ii) the election of Mr. Paul CONONOV, Romanian citizen, as member of the Board of Directors of
OIL TERMINAL SA was approved.
Art.3. OGSM approved the mandate duration for the members of the Board of Directors elected under Art. (2),
starting from the date of the meeting and until 27.04.2027, a date which corresponds to the finalization of the
mandate of the Board of Directors members appointed by OGSM Resolution no. 12 of 27.04.2023.
Art.4. OGSM approved the establishment of the gross monthly fixed allowance for the provisional members of
the Board of Directors elected under Article 2, in accordance with Article 4 of the Ordinary General
Shareholders Meeting Resolution no. 12 of 27.04.2023.
Art.5. OGSM approved the form of the mandate contract to be concluded with the members of the Board of
Directors elected under Article 2, in the form proposed by the Ministry of Energy.
Art.6. OGSM approved the mandating of the representative of the majority shareholder, the Ministry of Energy,
within the OGSM, to sign, on behalf and for the Company, the mandate contract of the members of the Board
of Directors elected under Article 2.
By the OGSM Resolution no.34/15.12.2025:
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance no.
109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM Resolution
no.12/27.04.2023 were approved.
- the form and content of the additional act to the mandate contract to be concluded with the non-executive
directors of Oil Terminal for the implementation of the amendments to Government Emergency Ordinance no.
109/2011 by Law no. 158/2025, as proposed by the company, for directors appointed by OGSM Resolution
no.33/28.11.2025 were approved.
- mandating the representative of the majority shareholder, the Romanian State through the Ministry of Energy,
within the Ordinary General Meeting of Shareholders to sign the additional act to the mandate contract to be
concluded with the non-executive directors of the Board of Directors was approved.
By the OGSM Resolution no.37/15.12.2025:
Art.1. OGSM approved the initiation of the selection procedure for the vacant position on the Board of Directors
of OIL TERMINAL SA in accordance with GEO no. 109/2011 on the corporate governance of public
enterprises, as subsequently amended and supplemented. The selection procedure will be carried out by the
Ministry of Energy, in its capacity as the tutelary public authority.
Art.2. OGSM approved the election of a provisional member of the Board of Directors of OIL TERMINAL SA,
starting from 15.12.2025.
(i) the election of Mr. Mihai-Călin PRECUP, Romanian citizen, as provisional member of the Board of
Directors was approved.
Art.3. OGSM set the mandate duration for the provisional member of the Board of Directors elected under
Art.2, starting from the date of the meeting, for 5 (five) months, starting from 15.12.2025 until 15.05.2026 or
until the completion of the selection procedure, should the selection is completed prior the aforementioned
deadline.
Art.4. OGSM approved the establishment of the fixed gross monthly allowance for the provisional member of
the Board of Directors elected under Art.2, in the amount determined and calculated according to art. 4 of
OGSM Resolution no.12 of 27.04.2023.
Art.5. OGSM approved the form of the mandate contract to be concluded with the provisional member of the
Board of Directors elected under Art.2, as proposed by the Ministry of Energy.
Art.6. OGSM approved the mandating of the representative of the majority shareholder, the Ministry of Energy,
within the OGSM, to sign, on behalf and for the Company, the mandate contract of the members of the Board
of Directors elected under Art.2.
- On December 15, 2025, the Board members signed the Additional Acts to their Mandate Contracts, in the
form approved by OGSM Resolution no. 34/15.12.2025 implementing the legal provisions regarding
remuneration adjustments and benefit limits introduced by Law no. 158/2025 amending GEO no. 109/2011 on
the corporate governance of public enterprises, as subsequently amended and supplemented.
76
Gross Fixed Allowance
The remuneration of non-executive directors was established in accordance with the legislation in force at the
time of their appointment, as follows:
The gross monthly fixed allowance for the non-executive directors of the company, appointed pursuant to
OGSM Resolution no. 12/27.04.2023, is based on the calculation resulting from Press Release no. 88 of April
12, 2023, regarding the average gross monthly earnings for the period March 2022 – February 2023 issued
by the National Institute of Statistics. According to this, the average gross monthly earnings prior to
appointment amounted to 8,266.5 lei/person.
• Gross monthly fixed allowance: 16,533 lei/person/month (specifically, the level of the gross monthly
fixed allowance may not exceed 2 times the average of the last 12 months of the average gross monthly
earnings)
• Approval document for gross monthly fixed allowance: OGSM Resolution no.12/27.04.2023.
Legislative changes:
As of October 20, 2025, the provisions of Art. 37 of GEO no. 109/2011 are amended as follows:
Art.37. (1) The remuneration of the members of the board of directors or, as the case may be, the members of
the supervisory board, is established by the general meeting of shareholders within the structure and limits
provided in paragraphs (2) and (4).
(2) The remuneration of the non-executive members of the board of directors, respectively of the members
of the supervisory board, consists of a fixed monthly allowance. The fixed monthly allowance may not exceed
a maximum of two times the average of 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 the class level,
according to the classification of activities in the national economy, as communicated by the National Institute
of Statistics prior to appointment. The remuneration level is proposed by the remuneration committee of the
board of directors or the supervisory board of the public enterprise, endorsed by AMEPIP, and approved by
the general meeting of shareholders, taking into account private sector benchmarks and the complexity of the
public enterprise's operations.
Consequently, the maximum limit provided by Law no. 158/17.10.2025 for directors' remuneration becomes
16,533 gross lei/person/month. (In accordance with the legislative amendments, the remuneration consists of
a fixed monthly allowance which may not exceed a maximum of two times the average of 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 the class level, according to the classification of activities in the national
economy, as communicated by the National Institute of Statistics prior to appointment).
The approval document for the updated gross monthly fixed allowance for non-executive directors, in
accordance with the provisions of Law no. 158/17.10.2025, is OGSM Resolution no. 30/07.11.2025, in the
amount of 16,533 lei/person (specifically, the level of the gross monthly fixed allowance may not exceed 2
times the average of the last 12 months of the average gross monthly earnings).
The gross monthly fixed allowance granted during 2025:
For the period 01.01.2025 – 09.04.2025, 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, Ionuț Stelian MICU, George Silvian MISA, Sebastian Valentin BODU.
For the period 01.01.2025–09.04.2025 the level of the monthly gross fixed allowance was 16,533
lei/month/person.
16,533 gross lei/person/month x 7 directors x 4 months = 462,924 lei
For the period 09.04.2025 – 08.09.2025 inclusive, the composition of the Board of Directors was as follows:
Ion LUNGU (Chairman of the Board of Directors), Ramona UNGUR, Manuela-Petronela STAN OLTEANU,
Luminița VLĂDESCU, George TEȘELEANU, George Silvian MISA, Sebastian Valentin BODU.
For the period 09.04.2025 – 08.09.2025 the level of the monthly gross fixed allowance was 16,533
lei/month/person.
16,533 gross lei/person/month x 3 directors x 1 month = 49,599 lei
16,533 gross lei/person/month x 7 directors x 5 months = 578,655 lei
For the period 09.09.2025 – 27.11.2025 inclusive, the composition of the Board of Directors was as follows:
Ramona UNGUR (Chairman of the Board of Directors), Sebastian Valentin BODU, George TEȘELEANU,
George Silvian MISA, Manuela-Petronela STAN OLTEANU, Luminița VLĂDESCU, Mircea Valentin CÂRLAN.
16,533 gross lei/person/month x 1 director x 1 month = 16,533 lei
16,533 gross lei/person/month x 7 directors x 1 month = 115,731 lei
77
For the period 28.11.2025 – 31.12.2025 inclusiv, the composition of the Board of Directors was as follows:
Ramona UNGUR (Chairman of the Board of Directors), Sebastian Valentin BODU, George TEȘELEANU,
George Silvian MISA, Paul CONONOV, Călin Victor DOBRE.
16,533 gross lei/person/month x 6 directors x 1 month = 99,198 lei
For the period 15.12.2025 – 31.12.2025 inclusive, the composition of the Board of Directors was as follows:
Ramona UNGUR (Chairman of the Board of Directors), Sebastian Valentin BODU, George TEȘELEANU,
George Silvian MISA, Paul CONONOV, Călin Victor DOBRE, Mihai-Călin PRECUP.
16,533 gross lei/person/month x 7 directors x 1 month = 115,731 lei
The total gross fixed allowance paid during the period 01.01.2025 – 31.12.2025 to the members of the Board
of Directors elected via OGSM Resolutions amounted to 1,438,371 lei, within the limits of the Budget of
Revenues and Expenses approved for 2025.
According to the Rectified Budget of Revenues and Expenses for 2025 approved by OGSM Resolution no
28/30.10.2025 and Board Decision no.143/30.12.2025:
- Total approved gross fixed allowance = 1,438,371 lei
- Total achieved gross fixed allowance = 1,438,371 lei
Variable Component
By OGSM Resolution no. 33/28.11.2025, the form of the mandate contract to be concluded with the members
of the Board of Directors, elected according to Art. 2, was approved in the version proposed by the Ministry of
Energy.
Pursuant to OGSM Resolution no. 33/28.11.2025, in conjunction with the provisions of mandate contracts no.
391/28.11.2025 and no. 392/28.11.2025, the permanent directors elected under GEO no. 109/2011 are entitled
to a remuneration consisting of a gross monthly fixed allowance for the mandate period from the date of the
appointing OGSM resolution until 28.04.2027; specifically, the variable component shall no longer be granted
to them.
Pursuant to OGSM Resolution no. 34/15.12.2025, in conjunction with Additional Act no. 4 to the
previously concluded mandate contracts, for the directors appointed by OGSM Resolution no.
12/27.04.2023, based on the provisions of Art. 37 para. (2) of GEO no. 109/2011 as amended by Law no.
158/2025, starting from the date of signing the additional act, ”The remuneration of non-executive directors
consists of a fixed monthly allowance in the amount established by OGSM Resolution no. 12/27.04.2023,
namely a maximum of two times the average of 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 the class level,
according to the classification of activities in the national economy, as communicated by the National Institute
of Statistics prior to appointment. Until the date of signing this additional act, previously approved rights shall
be maintained.” Consequently, as of 15.12.2025, the variable component shall no longer be granted for the
remainder of the mandate ending on 28.04.2027.
According to the 2025 Budget, the annual value of the variable component, pursuant to the provisions of OGSM
Resolution no. 13/28.08.2023, was established in the total amount of 1,388,772 lei {(16,533 lei/person/month
x 12 gross monthly fixed allowances) x 7 directors}.
In accordance with Art. 37 para. (2) of GEO no. 109/2011 as amended by Law no. 158/2025, the value of the
variable component to be granted for the year 2025 for 4 directors is in the total amount of 756,624 lei {(198,396
lei/365 days*348 days = 189,156 lei/person/ year) x 4 directors}.
The payment of the variable component for 2025 will be made following the approval of the 2025 audited
annual financial statements during the OGSM convened for 28(29).04.2026, in accordance with the 2026
Financial Calendar submitted to the ASF and BVB, provided that the established performance indicators are
met.
Other Benefits
During the year 2025, the non-executive directors did not receive any bonuses or other advantages.
In accordance with the provisions of Art. 4.1, lit. d) of the mandate contract concluded with the company, the
non-executive directors were reimbursed for expenses related to the execution of their mandate, within the
limits of the Budget approved for 2025.
By OGSM Resolution no.24/04.09.2025 the indemnity limit of 1 million euro was approved for the liability
insurance policy, with Oil Terminal SA as sole beneficiary of the insurance indemnities.
78
Key Performance Indicators achieved NON-EXECUTIVE DIRECTORS
Monitoring of performance indicators 2023-2027 - 2025 update following negotiation
Q4 2025 (Cumulative as of 31.12.2025)
Performance indicators
Achieved
Q4 2025
(Cumulativ
e as of
31.12.2025)
Performanc
e Indicator
Target
Values
Indicator
name
Category
GD
639/2023
art. 6 para.
2 letter
Percentag
e %
Verification
instrument
Formula
2025
FINANCIAL INDICATORS 50%
1
Capital
Expenses
Rate
a)
Investment
Policy
10
Annual
audited
financial
Statements
-
Statement
of financial
position;
Annual
budget
execution -
Annex no.4
(Capital Expenses / Total
Assets)*100




4.18%
2
Current ratio
b)
Financing
10
Annual
audited
financial
statements
-
Statement
of financial
position
(Current Assets / Current
Liabilities)



1
3
Asset
Turnover
Ratio
c)
Operations
10
Annual
audited
financial
Statements
-
Statement
of financial
position;
Annual
budget
execution -
Annex no.2
Net Turnover /
Total assets average value
where:
Total assets average value =
[Total assets at period start
(T0) + Total assets at period
end (T1)]/2;
Total Assets = Fixed assets
+ Current assets + Expenses
in advance



0.34
4
Return on
Equity
(ROE)
d)
Profitability
10
Annual
audited
financial
statements
-
Statement
of financial
position
(Profit Net Profit / Equity
Value)*100




0.84%
5
Dividend
Payout
Ratio
e)
Dividend
Profit
Distributio
n Rate
10
Annual
audited
financial
Statements
-
Statement
of financial
position;
Annual
budget
execution -
Annex no.1
󰇛󰇜
󰇛󰇜

Net profit: net profit
represents profit to be
distributed after deducting
the legal reserve and other
reserves (acc.to art. 1 para.
1 letter a) and letter b) of GO
no. 64/2001), reinstated by
the provision for employee
profit sharing from the
previous year’s profit




50%
79
OPERATIONAL INDICATORS 25%
6
Establishme
nt of an
employee
safety
system
Employees
10
Activity
report of
the Head
of the
Quality
Departmen
t and Head
of the
Safety,
Health, and
Environme
nt Dept.
YES
YES
7
Customer
satisfaction
score
Customers
15
Annual
customer
satisfaction
evaluation
report
󰇛
󰇜
󰇛

󰇜

98.36%
89.00%
GOVERNANCE INDICATORS 25%
8
Rate of
independent
members on
the Board of
Directors
Governanc
e
5
Annexed
statements
Board’s
Organizatio
n and
Operation
Regulation
s
Total number of non-
executive and independent
members of the Board of
Directors_t/ Total number of
members of the Board of
Directors_t) *100


>50%
9
Number of
Board of
Directors
meetings
Governanc
e
10
Board of
Directors’
Meeting(s)
Minutes
Number of Board of
Directors meetings during
the year_t
37 Board
meetings
4
1
0
Attendance
rate at
Board of
Directors
meetings
Governanc
e
10
Board of
Directors’
Meeting(s)
Minutes



 

here Nt = Number of Board
of Directors meetings




100%
Remuneration and related benefits for directors under mandate contracts
Applicable legal framework
In accordance with Art. 38 para.(1) of Government Emergency Ordinance No. 109/2011, the remuneration of
directors is established by the Board of Directors and shall not exceed the remuneration level set for executive
members of the Board of Directors.
The remuneration consists of a monthly gross fixed allowance, set within the limits provided for in Art. 37
para.(2), and a variable component.
By the Board of Directors’ Resolution no. 72/19.06.2023, Mr. Viorel Sorin CIUTUREANU was appointed as
general director 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 term of 4 years, starting from 20.06.2023 until
20.06.2027.
By the Board of Directors’ Resolution no. 73/19.06.2023, in accordance with the provisions of GEO no.
109/2011, Ms. Adriana FRANGU was appointed as financial director of the company, and the term of office for
the financial director was set at 4 years, starting with 20.06.2023 until 20.06.2027.
By Decision No. 90/05.07.2023, the Board of Directors approved the proposal to be submitted to the OGSM
for approval and setting the limits of the annual variable component for the company's directors under mandate
contracts, between 11 and 12 monthly gross fixed allowances for each year of mandate.
By OGSM Resolution No. 13/28.08.2023, the following were adopted:
- setting the remuneration limits for directors under mandate contracts assimilated to executive directors was
approved, as follows:
1. Limits of the monthly gross fixed allowance: between 5 and 6 times the average of the last 12 months
average of the gross monthly average salary for the activity carried out according to the company's main object
80
of activity, at the class level according to the national classification of economic activities, as reported by the
National Institute of Statistics prior to the appointment.
2. Limits of the variable component (gross): between 11 and 12 monthly gross fixed allowances for each
year of mandate.
By the Board of Directors Decision no.102/21.08.2025, the Board decided the following:
• The form and content of the Additional Act to be concluded to the mandate contract of the company’s
general director elected by the Board of Directors Decision no.72/19.06.2023 were approved;
• The form and content of the Additional Act to be concluded to the mandate contract of the company’s
financial director elected by the Board of Directors Decision no.73/19.06.2023 were approved;
• Mr. Ion Lungu, as Chairman of the Board of Directors, was empowered to sign the additional acts to
the mandate contracts of the general director and financial director.
By the Ordinary General Meeting of Shareholders Resolution no.35/15.12.2025:
• the establishment of the fixed gross monthly allowance limits for the directors under mandate contracts
assimilated to executive directors was approved between 4 and 5 times the average gross monthly
salary earnings over the last 12 months for the activity carried out in accordance with the company's
main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment.
• the establishment of the (gross) variable component limits for the directors under mandate contracts
assimilated to executive directors was approved between 1 and 2 times the average gross monthly
salary earnings over the last 12 months for the activity carried out in accordance with the company's
main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment.
• the establishment of the benefits granted to directors under mandate contracts assimilated to
executive directors was approved between 1 and 2 fixed gross monthly allowances in one year of
mandate.
Expenses related to directors under mandate contracts
Gross remuneration for directors under mandate contracts
The gross remuneration consists of fixed gross monthly allowance and a variable component.
The fixed gross monthly allowance granted to the General Director during 2025 complied with the
following provisions:
- Decision No. 72/19.06.2023, by which the Board of Directors established the fixed gross monthly allowance
for the General Director, in the amount of 51,000 gross lei, which does not exceed 6 times the average of the
last 12 months of the average gross monthly salary earnings for the activity carried out in accordance with the
company's main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment (51,095 gross lei).
The fixed gross monthly allowance granted to the Financial Director during 2025 complied with the
following provisions:
- Decision No.73/19.06.2023 by which the Board of Directors established the fixed gross monthly allowance
for the Financial Director in the amount of 50,000 gross lei, which does not exceed 6 times the average of the
last 12 months of the average gross monthly salary earnings for the activity carried out in accordance with the
company's main object of activity, at the class level, according to the classification of activities in the national
economy, as reported by the National Institute of Statistics prior to the appointment (51,095 gross lei).
By Law no. 158/17.10.2025 the amount of the remuneration of directors with mandate contract is modified,
respectively, the maximum limit for the remuneration of directors with mandate contract provided by Law no.
158/2025:
Starting with 20.10.2025 the provisions of art. 38 of GEO no. 109/2011 are modified as follows:
Art. 37 para. (3): The remuneration of the executive members of the board of directors or of the members of
the directorate is formed of a fixed monthly allowance and of a variable allowance.
Art. 38 para. (1): The remuneration of the directors is established by the board of directors and cannot exceed
the level of the remuneration established for the executive members of the board of directors. It is the only
form of remuneration for the directors who also fulfill the capacity of administrators.
(2) The remuneration of the directors is formed of a fixed monthly allowance calculated according to the
provisions of art. 37 para. (3) and of a variable allowance.
(22) By exception from the provisions of para. (2), in the case of companies whose shares are traded on a
regulated market, the fixed monthly allowance cannot exceed by maximum 5 times the average over the last
12 months of the gross average monthly salary for the activity carried out according to the main object of
81
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. The variable
component is granted annually and cannot exceed by maximum two times the average over the last 12 months
of the gross average 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.
Thus, the maximum limit for the remuneration of directors with mandate contract provided by Law no. 158/2025
becomes:
• Fixed allowance: maximum 42,579.15 lei gross/month (respectively, the gross average monthly salary in
amount of 8,515.83 lei/person x 5 times)
• Variable component: maximum 17,031.66 lei gross/year (respectively, the gross average monthly salary
8,515.83 lei/person x 2 times) recalculated according to the provisions of Law no. 158/17.10.2025 will be
granted after the approval in the OGMS of the audited financial statements of the year 2025 and the
achievement of the approved KPIs.
Chief Executive Officer Remuneration formed of:
Fixed allowance budgeted 2025 = 612,000 lei
fixed allowance achieved according to Law no. 158/2025 = 607,654 lei, according to Board Decision no.
72/19.06.2023, for the period 20.06.2023–15.12.2025 and according to Board Decisions no. 133/16.12.2025
and no. 134/16.12.2025 for the period starting with 16.12.2025 until 20.06.2027, with subsequent amendments
and completions, as the case may be.
Variable component related to year 2025 = 585,919 lei
The calculation of the variable component was performed according to the provisions of Board Decision no.
133/16.12.2025 and Board Decision no. 134/16.12.2025 for the implementation of Law no. 158/2025.
Chief Financial Officer Remuneration formed of:
Fixed allowance budgeted 2025 = 600,000 lei
Fixed allowance achieved according to Law no. 158/2025 = 596,129 lei according to Board Decision no.
73/19.06.2023, for the period 20.06.2023–15.12.2025 and according to Board Decisions no. 133/16.12.2025
and no. 134/16.12.2025 for the period starting with 16.12.2025 until 20.06.2027, with subsequent amendments
and completions, as the case may be.
Variable component related to year 2025 = 574,445 lei
The calculation of the variable component was performed according to the provisions of Board Decision no.
133/16.12.2025 and Board Decision no. 134/16.12.2025 for the implementation of Law no. 158/2025.
The granting of the variable component related to year 2025 will be performed after the approval in the OGMS
meeting planned for the date of 28(29).04.2026, according to the Financial Communication Calendar for the
year 2026 communicated to ASF and BVB, of the audited annual financial statements 2025, with the condition
of fulfilling the established performance indicators.
Other Benefits
During the year 2025 the executive directors did not receive any bonuses or other advantages.
In accordance with the provisions of Art.6.A of the mandate contract, the executive directors (General Director
and Financial Director) were reimbursed for expenses related to the execution of their mandate, within the
limits of the Budget approved for 2025.
By Decision no.114/23.10.2025 the Board of Directors approved:
- the indemnity limit related to the liability insurance policy for the General Director is set at 1 million euro, in
the same amount as approved by the GSM for the directors.
- the payment of the insurance premium for the liability policy covering the company’s directors (7 persons)
and the acting General Director, with a 12-month validity period starting from 26.10.2025, with Oil Terminal SA
as the sole beneficiary of the insurance indemnities.
82
Key Performance Indicators for EXECUTIVE DIRECTORS/DIRECTORS WITH MANDATE CONTRACTS
Monitoring of performance indicators 2023-2027 - 2025 update following negotiation
Q4 2025 (Cumulative as of 31.12.2025)
Performance indicators
Achieved
Q4 2025
(Cumulati
ve as of
31.12.202
5)
Performan
ce
Indicator
Target
Values
Indicator
name
Category
GD
639/2023
art. 6 para
2 letter
Percenta
ge %
Verificatio
n
instrumen
t
Formula
2025
FINANCIAL INDICATORS 50%
1
Capital
Expenses
Rate
a)
Investme
nt Policy
10
Annual
audited
financial
Statement
s -
Statement
of financial
position;
Annual
budget
execution
- Annex
no.4
(Capital Expenses / Total
Assets)*100




4.18%
2
Quick
Ratio
(Acid-Test
Ratio)
b)
Financing
10
Annual
audited
financial
statement
s –
Statement
of financial
position
( Current Assets - Inventories)/
Current Liabilities
󰇛
 
󰇜


0.80
3
Receivable
s Turnover
Ratio
c)
Operation
s
10
Annual
audited
financial
Statement
s -
Statement
of financial
position;
Annual
budget
execution
- Annex
no.2
Net Turnover/Receivables
average value
where:
Receivables average value =
[Total receivables at the period
start(T0) + Total receivables at
period end(T1)]/2



7.51
4
Return on
Assets
(ROA)
d)
Profitabilit
y
10
Annual
audited
financial
statement
s -
Statement
of financial
position
(Net profit/Total assets)*100




0.65%
5
Dividend
Payout
Ratio
e)
Dividend
Profit
Distributio
n Rate
10
Annual
audited
financial
Statement
s -
Statement
of financial
position;
Annual
budget
󰇛󰇜
󰇛󰇜

Net profit: net profit represents
profit to be distributed after
deducting the legal reserve and
other reserves (acc.to art. 1 para.
1 letter a) and letter b) of GO no.
64/2001), supplemented by the




50%
83
10. SPONSORSHIPS
The sponsorship activity carried out by OIL TERMINAL SA is performed in accordance with the provisions of
Law No. 32/1994 regarding sponsorship, with subsequent amendments and additions, and within the limits of
the approved Budget of Revenues and Expenses.
By the Budget of Revenues and Expenses 2025, approved by OGSM Resolution no.28/30.10.2025, the
sponsorship expenses amount to 323 thousand lei, achieved at the level approved, as follows:
execution
- Annex
no.1
provision for employee profit
sharing from the previous year’s
profit
OPERATIONAL INDICATORS 25%
6
Emissions
environm
ent
5
Activity
report of
the Head
of the
Quality
Departme
nt and
Head of
the SMSU
Dept.
(Safety,
Health,
and
Environme
nt)
Emissions 1
t
= Emissions directly
generated by the company’s
installations
t
-40.21%
-1,2%
7
Average
number of
training
hours per
employee
employee
s
10
Semi-
annual
activity
report of
the
Human
Resources
Departme
nt
Total number of training hours t /
Total number of employees t



18
8
Rate of
female
senior
manageme
nt
gender
equality
10
Semi-
annual
activity
report of
the
Human
Resources
Departme
nt
( Number of female senior
management
t /
Number of senior
management
t
)*100




30%
GOVERNANCE INDICATORS 25%
9
Weight of
fixed
component
s in the
remunerati
on of
executive
and non-
executive
directors
Governan
ce
15
Audited
annual
financial
statement
s
Annual
budget
execution-
Annex
no.2


*100




66.67%
1
0
Establishm
ent of risk
manageme
nt policies
Governan
ce
10
Annual
Report on
risk
managem
ent
elaborated
according
to GSSO
provisions
YES
YES
84
Sponsorship expenses (thousand lei)
2025
approved
Budget
Achieved
2025
Achieved /
Budget
(%)
Total sponsorship expenses, of which:
323
323
100.0%
Sponsorship expenses in the medical and health field
129
129
100.0%
Sponsorship expenses in the education, training, social, and
sports fileds, of which:
- for sports clubs
129
23
129
23
100.0%
100.0%
Other sponsorship expenses
65
65
100.0%
11. PROPOSAL OF THE BOARD OF DIRECTORS
11.1. Approval of the audited financial statements as of 31.12.2025
The audited financial statements for 2025 will be presented to the Board of Directors for approval, and will then
be submitted for approval at the OGSM of 28(29).04.2026.
Situațiile financiare auditate pentru anul 2025 cuprind:
- Statement of financial position as of 31.12.2025
- Statement of comprehensive income as of 31.12.2025
- Statement of changes in equity as of 31.12.2025
- Statement of cash flows as of 31.12.2025
- Notes to the financial statements as of 31.12.2025.
11.2. Approval of the distribution of net profit for the 2025 financial year
The proposal regarding the distribution of net profit for 2025 will be presented to the Board of Directors for
approval, and will then be submitted for approval at the OGSM of 28(29).04.2026.
12. SIGNIFICANT TRANSACTIONS
12.1. Transactions with state-owned entities
During 2025, the Company conducted transactions with state-owned entities (irrespective of the participation
interest), invoiced during January 1 – December 31, 2025, under contracts concluded during the current year
or in previous periods, as follows:
Customer
Unsettled
amounts as of
December 31,
2024
Sales during
01.01-
31.12.2025
Settlements
during 01.01-
31.12.2025
Unsettled
amounts as of
December 31,
2025
Agenția Română de Salvare a Vieții
Omenești pe Mare (Romanian Agency for
Saving Human Life at Sea)
88,279
649,784
677,096
60,967
ANRSPS UT 515
0
2,678,262
2,678,262
0
CN Căi Ferate CFR (National Railway
Company)
15,139
66,974
76,334
5,779
Chimcomplex SA
626,022
3,441,148
4,067,170
0
Conpet SA
0
245,032
245,032
0
Inspectoratul de Poliție Județean Constanța
0
1,456
1,456
0
Institutul Național de Cercetare - Dezvoltare
pentru Geologie și Geoecologie Marină –
GEOECOMAR (National Institute for
Research and Development of Marine
Geology and Geocology)
0
80,199
67,411
12,788
OMV Petrom SA
4,350,478
94,518,774
91,159,230
7,710,022
Rompetrol Downstream
0
447
447
0
Rompetrol Quality Control
0
1,317
1,317
0
Rompetrol Rafinare
378,856
5,679,979
5,292,738
766,097
SNTFM CFR Marfă
0
391,053
391,025
28
Societatea Naționala de Radiocomunicații
(National Radiocommunications Company)
1,020
34,711
34,921
810
UM 02133 Farul Roșu
0
249,615
249,615
0
TOTAL
5,459,794
108,038,751
104,942,054
8,556,491
85
Supplier
Unsettled
amounts as of
December 31,
2024
Procurements
during 01.01-
31.12.2025
Settlements
during 01.01-
31.12.2025
Unsettled
amounts as of
December 31,
2025
Administrația Națională Apele Române -
Administrația Bazinală de Apă Dobrogea
Litoral (Dobrogea Litoral Water
Administration)
0
18,502
17,666
836
Agenția de Protecție a Mediului
(Environmental Protection Agency)
0
800
800
0
Agenția Națională de Cadastru și Publicitate
Imobiliară (National Agency for Cadastre and
Real Estate Publicity)
0
170
170
0
Asociația de Acreditare din România –
RENAR (The Romanian Accreditation
Association)
0
30,709
30,709
0
Asociația de Standardizare din România (The
Romanian Standards Association)
2,119
18,580
20,699
0
Autoritatea de Siguranță Feroviară Română
(Romanian Rail Safety Authority)
1,324
109,306
94,445
16,185
Autoritatea Feroviară Română AFER
(Romanian Railway Authority)
0
92,536
85,637
6,899
Autoritatea Națională de Reglementare în
domeniul Energiei – ANRE (National
Regulatory Authority for Energy)
0
500
500
0
Autoritatea Națională de Reglementare în
domeniul Miner, Petrolier și al Stocării
Geogologice a dioxidului de carbon (National
Regulatory Authority for Mining, and
Geological Storage of Carbon Dioxide)
0
114,309
114,309
0
Autoritatea Navală Română (Romanian
Naval Authority)
0
30,712
30,712
0
Autoritatea Rutieră Română – ARR
(Romanian Road Authority)
0
2,790
2,790
0
Biroul Român de Metrologie Legală
(Romanian Bureau of Legal Metrology)
0
41,794
41,034
760
Bursa de Valori București (Bucharest Stock
Exchange)
0
42,009
42,009
0
C.N. Căi Ferate CFR (National Railway
Company)
884
290,870
283,226
8,528
Camera de Comerț și Industrie a României
(Romanian Chamber of Commerce and
Industry)
0
44,503
44,503
0
Camera de Comerț, Industrie, Navigație și
Agricultură (Chamber of Commerce, Industry,
Navigation, and Agriculture)
0
35,538
35,538
Centrul Național de Calificare și Instruire
Feroviară – CENAFER (National Railway
Qualification and Training Centre)
0
10,910
10,910
Ceronav
0
7,382
7,382
0
Compania Națională Administrația Porturilor
Maritime SA (National Company Maritime
Ports Administration)
105,442
5,995,645
6,099,998
1,089
Compania Națională de Administrare a
Infrastructurii Rutiere – CNAIR (National
Company for Road Infrastructure
Administration)
0
25,069
25,069
0
Compania Națională pentru Controlul
Cazanelor, Instalațiilor de Ridicat și
Recipientelor sub Presiune – CNCIR
(National Company for Control of Boilers,
0
28,228
28,228
0
86
12.2. Transactions according to the Order of the Minister Delegate for Energy
no.704/18.08.2014
The transactions are presented in accordance with the provisions of Ministerial Order (MO) no. 704/2014 and
the EGSM Resolution no. 11/24.10.2014 regarding the procurement of goods, services, and works whose
value exceeds the RON equivalent of EUR 500,000/purchase (for goods and works) and EUR
100,000/purchase (for services), respectively, for contracts concluded between 01.01.2025 - 31.12.2025.
Procurements are carried out in accordance with the Internal Procurement Regulation.
The status for the period 01.01.2025 - 31.12.2025 is presented as follows:
Quarter 1
No.
Contract
no.
Name
CPV
Economic
operator
Contract value
(lei/euro excluding
VAT)
Contract
type
1
12 / 23 /
31.01.2025
Planned, accidental and
maintenance repairs of
locomotives belonging to
Oil Terminal SA Constanta
50221000-0 Locomotive
repair and maintenance
services
Romania
Euroest S.A.
Unit prices – estimated
contract value
3,100,000.00 lei
Service
contract
Lifting Equipment and Pressure Vessels)
Compania Națională Poșta Română
0
2,888
2,888
0
Confort Urban SRL
0
763
763
0
Depozitarul Central SA
189
39,901
40,032
58
Engie România
1,073,257
8,694,542
8,960,979
806,820
INCD Insemex
0
83,446
82,672
774
Inspecția de Stat Pentru Controlul Cazanelor,
Recipientelor Sub Presiune și Instalațiilor de
Ridicat – ISCIR (State Inspection for Control
of Boilers, Pressure Vessels and Lifting
Installations)
0
2,100
2,100
0
Inspectoratul Județean în Construcții
Constanța (State Inspectorate for
Construction)
0
195,357
195,357
0
Institutul Național de Cercetare-Dezvoltare
pentru Protecția Muncii Alexandru Darabonț
("Alexandru Darabont" National Research
and Development Institute for Labour
Protection)
0
19,772
19,772
Iprochim SA
3,918
6,956
10,874
0
Ministerul Transporturilor și Infrastructurii
(Ministry of Transport and Infrastructure)
0
400
400
0
Monitorul Oficial RA (Official Gazette)
0
35,373
35,373
0
Muzeul de Istorie Națională și Arheologie
(National History and Archaeology Museum)
0
750
750
0
Oficiul de Cadastru și Publicitate Imobiliară
(National Agency for Cadastre and Real
Estate Publicity)
0
175
175
0
Oficiul Național al Registrului Comerțului
(National Trade Register Office)
0
13,239
13,239
0
OMV Petrom
0
44,132
44,132
0
Primăria Municipiului Constanța (Constanta
City Hall)
0
72,995
72,995
0
RAJA SA
61,510
894,471
925,037
30,944
Registrul Auto Român RA (Romanian
Automotive Register)
0
4,556
4,556
0
RNP Romsilva D.C.E.A.C.
0
8,289
0
8,289
Rompetrol Downstream SRL
124,441
2,297,672
2,289,113
133,000
Telecomunicații CFR
0
11,710
11,710
0
TOTAL
1,373,084
19,370,349
19,729,251
1,014,182
87
2
20 / 37 /
13.02.2025
Planned, accidental and
maintenance repairs of
specialized firefighting
vehicle
50111000-6 Vehicle repair
and maintenance services
Sirom Impex
S.R.L.
Unit prices – estimated
contract value
1,600,000.00 lei
Service
contract
3
36 / 57 /
12.03.2025
Repair of technological
road accessing crude oil
tanks, pedestrian access
to hot water tank and fire
water tank, repair of
technological road for old
tank farm in the area of
tanks R701-R766
45233142-6 Road repair
works
Daf Trans
2000 S.R.L.
3,253,486.87 lei
Works
contract
4
37 / 58 /
13.03.2025
Operating lease for N1
utility vehicles
34130000-7 Vehicles for
goods transport
Center
Tea&Co
S.R.L.
692,550.00 lei
Service
contract
5
44 / 72 /
21.03.2025
Modernization and
recommissioning of
Crystal separator – North
Storage Farm
45232400-6 Construction
of wastewater sewerage
systems
Socum Trans
S.R.L.
4,459,029.39 lei
Works
contract
6
54 / 85 /
28.03.2025
Planned, accidental and
maintenance repairs of
Diesel engines used in the
operation of firefighting
systems within South, Port
and North Storage Farms
50531000-6 Repair and
maintenance services for
non-electric machinery
Cirus Plast
S.R.L.
Unit prices – estimated
contract value
996,500.00 lei
Service
contract
Quarter 2
No.
Contract
no.
Name
CPV
Economic
operator
Contract value
(lei/euro excluding
VAT)
Contract
type
1
76 / 133 /
15.05.2025
Service for woodfield and
flexider loading arms –
Port Storage Farm
50246000-1 Maintenance
services for port
equipment
Cirus Plast
S.R.L.
Unit prices – estimated
contract value -
551,000.00 lei
Service
contract
2
87 / 151 /
05.06.2025
Mechanical cutting of
metal equipment
71500000-3 Construction
services
Daf Trans
2000 S.R.L.
Unit prices – estimated
contract value -
724,110.00 lei
Service
contract
3
93 / 158 /
19.06.2025
Sludge and contaminated
soil removal in South, Port
and North Storage Farms
90522200-4 Contaminated
soil removal
Oil Depol
Service
S.R.L.
Unit prices – estimated
contract value -
882.738,00 lei
Service
contract
Quarter 3
No.
Contract
no.
Name
CPV
Economic
operator
Contract value
(lei/euro excluding
VAT)
Contract
type
1
125 / 243 /
01.09.2025
Operating lease for
double-cab van (3 units)
34130000-7 Vehicles for
goods transport
Energopetrol
eum Top
Service S.R.L
Unit prices –contract
value –188,100.00
euros
Service
contract
2
130 / 251 /
11.09.2025
Periodic and incidental
repairs of industrial railway
track
50225000-8 Railway lines
maintenance services
Tehno
Construct
S.R.L.
Unit prices –estimated
contract value -
12,180,000.00 lei
Service
contract
3
131 / 252 /
15.09.2025
Inert demolition waste
disposal services
90513200-8 Municipal
solid waste collection and
disposal services
U.C.G.
Constructii
Ecologice
S.R.L.
Unit prices –estimated
contract value -
925,000.00 lei
Service
contract
Quarter 4
No.
Contract
no.
Name
CPV
Economic
operator
Contract value
(lei/euro excluding
VAT)
Contract
type
1
141 / 270 /
01.10.2025
Repairs of hydraulic
systems and anti-
corrosion protection for
Woodfield arms and metal
jetties – Berth 72, Port
Storage Area
50712000-9 Repair and
maintenance services of
mechanical building
installations
Kavex Werke
S.R.L.
1,452,184.69 lei
Service
contract
88
2
164 /323 /
24.10.2025
Repair of jetty pillars and
beams – Berths 70,72, 73,
75, 76
45223210-1 Structural
steelwork
Socum Trans
S.R.L.
2,577,316.56 lei
Works
contract
3
175 / 342 /
17.11.2025
Preventive and corrective
maintenance for vehicles
and special-purpose
vehicles
50110000-9 Repair and
maintenance services of
motor vehicles and
associated equipment
Sirom Impex
S.R.L.
Unit prices; estimated
contract value –
1,200,000.00 lei
Service
contract
4
184 / 407 /
04.12.2025
Electricity supply
65310000-9 Electricity
distribution
Engie
Romania S.A.
Unit prices; estimated
contract value –
6,358,737.60 lei
Supply
contract
5
204 / 503 /
30.12.2025
Private health insurance
services for Oil Terminal
personnel (1,060
employees)
66512220-0 Medical
insurance services
Consortium
between
Societatea
Asigurarea
Romaneasca
- Asirom
Vienna
Insurance
S.A. & Marsh
Broker de
Asigurare –
Reasigurare
S.R.L. & Lion
Broker de
Asigurare si
Reasigurare
S.R.L.
Unit prices; estimated
contract value -
2,113,176.00 lei
Service
contract
12.3. Transactions according to Art. 52 of GEO no. 109/2011, as subsequently amended and
supplemented, of which:
12.3.1. Informing shareholders regarding transactions concluded with directors, employees,
controlling shareholders or entities controlled by them, pursuant to Art. 52 para. (3) letter a) of GEO
no. 109/2011, as subsequently amended and supplemented:
The Board of Directors of Oil Terminal SA in accordance with Art. 52 para. (3) letter a) of GEO no. 109/2011,
hereby informs the shareholders of any transaction concluded with directors, employees, controlling
shareholders or entities controlled by them, by providing shareholders with documents reflecting the essential
and significant data and information regarding those transactions.
Transactions are reported regardless of the amount.
Transaction period 01.01.2025 – 31.12.2025.
Transactions subject to the GSM information obligation.
89
12.3.1.1. Transactions with suppliers
No.
Contracting
parties
Date of
conclusion
and act
number
Legal act
nature
Description
Total value
(lei)
Mutual
claims
Constitue
d
guarantee
s
Payment
terms and
methods
Interest
and
penalties
1
Asociatia de
Standardizare in
Romania -ASRO
(The Romanian
Standards
Association)
3487/
20.03.2025
Order
ASTM and ASRO reference standards for
specific testing procedures performed within
the Product Quality Control Office –
Laboratories necessary for quality control of
chemical and petroleum products and for
accredited specific testing procedures
1,282.47
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
2
Asociatia de
Standardizare in
Romania -ASRO
5533/
14.05.2025
Order
ASTM, ASRO and ISO reference standards for
specific testing procedures performed within
the Product Quality Control Office -
Laboratories necessary for quality control of
chemical and petroleum products and for
accredited specific testing procedures.
4,189.97
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
3
Asociatia de
Standardizare in
Romania -ASRO
5772/
21.05.2025
Order
1 reference Standard ASTM: ASTM D 93-25,
Standard Test Methods for Flash Point by
Pensky-Martens Closed Cup Tester, volume
05.01, specific testing procedure code PSP-L-
09-11 performed within the Product Quality
Control Service - Laboratories for petroleum
products.
409.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
4
Asociatia de
Standardizare in
Romania -ASRO
7832/
16.07.2025
Order
3 ASTM standards and 1 ASRO standard
referenced for the specific testing procedures
performed within the Product Quality Control
Service – Laboratories
1,650.72
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
5
Asociatia de
Standardizare in
Romania -ASRO
8807/
13.08.2025
Order
1 ASTM standard and 2 ASRO standards
referenced for the specific testing procedures
performed within the Product Quality Control
Service – Laboratories for quality control of
1,165.27
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
90
chemical and petroleum products and for the
accredited specific testing procedures
6
Asociatia de
Standardizare in
Romania -ASRO
9864/
11.09.2025
Order
5 ASTM standards and 1 ASRO standard
referenced for the specific testing procedures
performed within the Product Quality Control
Service – Laboratories
1,976.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
7
Asociatia de
Standardizare in
Romania -ASRO
11747/
28.10.2025
Order
Provision of ASTM Reference Standards for
the specific testing procedures performed
within the Product Quality Control Department
– Laboratories for chemical and petroleum
product quality control and for accredited
specific testing procedures
4,806.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
8
Administratia
Bazinala de apa
Dobrogea Litoral
(Dobrogea Litoral
Water
Administration)
2689/
03.03.2025
Order
Obtaining permit for investment objective –
Construction of a bitumen tank – Port Storage
Farm
1,534.49
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
9
Administratia
Bazinala de apa
Dobrogea Litoral
13143/
02.12.2025
Order
Renewal of the company’s water supply and
wastewater discharge authorization
1,959.81
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
of invoice
receipt
Not
applicable
10
Administratia
Bazinala de apa
Dobrogea Litoral
191/439/
16.12.2025
Contract
Use of groundwater resources for 2025
3,511.48
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
11
Administratia
Fondului de
Mediu
(Environmental
fund
Administration)
397/
20.01.2025
Order
Contribution due to the environmental fund for
December 2024 - emissions of pollutants into
the atmosphere from stationary sources
(thermal power plants)
7.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
91
12
Administratia
Fondului de
Mediu
2132/
19.02.2025
Order
Contribution due to the environmental fund for
January 2025 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
7.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
13
Administratia
Fondului de
Mediu
3353/
18.03.2025
Order
Contribution due to the environmental fund for
February 2025 - emissions of pollutants into
the atmosphere from stationary sources
(thermal power plants)
17.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
14
Administratia
Fondului de
Mediu
4623/
16.04.2025
Order
Contribution due to the environmental fund for
March 2025 - emissions of pollutants into the
atmosphere from stationary sources (thermal
power plants)
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
15
Administratia
Fondului de
Mediu
5708/
20.05.2025
Order
Contribution due to the environmental fund for
April 2025 - atmospheric pollutant emissions
from stationary sources (thermal power plants)
7.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
16
Administratia
Fondului de
Mediu
6856/
23.06.2025
Order
Contribution due to the environmental fund for
May 2025 - atmospheric pollutant emissions
from stationary sources (thermal power plants)
2.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
17
Administratia
Fondului de
Mediu
7699/
14.07.2025
Order
Contribution due to the Environmental Fund for
June 2025 - atmospheric pollutant emissions
from stationary sources (thermal power plants)
2.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
18
Administratia
Fondului de
Mediu
9011/
20.08.2025
Order
Contribution due to the Environmental Fund for
July 2025 - atmospheric pollutant emissions
atmospheric pollutant emissions from
stationary sources (thermal power plants)
1.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
19
Administratia
Fondului de
Mediu
11369/
17.10.2025
Order
Contribution due to the Environmental Fund for
September 2025 – atmospheric pollutant
emissions from stationary sources (thermal
power plants)
3.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
20
Administratia
Fondului de
Mediu
12701/
19.11.2025
Order
Contribution due to the Environmental Fund for
October 2025 – atmospheric pollutant
emissions from stationary sources (thermal
power plants)
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
21
Agentia pentru
Protectia
Mediului
(Environmental
272/
16.01.2025
Order
Obtaining environmental agreement for the
investment objective – Extension of ramp line
L5 in South Storage Farm and facilities for
loading-unloading petroleum products
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
92
Protection
Agency)
22
Agentia pentru
Protectia
Mediului
273/
16.01.2025
Order
Obtaining environmental agreement for the
investment objective - Construction of a
bitumen terminal in Port Storage Farm
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
23
Agentia pentru
Protectia
Mediului
2859/
06.03.2025
Order
Environmental agreement - initial assessment -
for the project "dismantling fixed assets in Port
Storage Farm (canteen, locker room, tanks)
within Port Area, berth 69, Constanta
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
24
Agentia pentru
Protectia
Mediului
3640/
24.03.2025
Order
APM Constanta visa for hazardous waste
transport
200.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
25
Agentia pentru
Protectia
Mediului
4501/
14.04.2025
Order
Obtaining environmental agreement for the
objective "Repairs and works to the roof of the
sports complex inventory no. 11210720"
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
26
Agentia pentru
Protectia
Mediului
5924/
27.05.2025
Order
Annual Visa for Environmental Authorization
no. 343/13.09.2013 for the Port Storage Area
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days
Not
applicable
27
Agentia pentru
Protectia
Mediului
13609/
12.12.2025
Order
Contribution due to the Environmental Fund for
November 2025 – atmospheric pollutant
emissions from stationary sources (thermal
power plants)
4.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
28
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
(National Agency
for Cadastre and
Real Estate
Publicity)
201/
15.01.2025
Settlement
Land Register extract for property located in
Constanta, 2 Caraiman Street, Warehouse IV
South Movila Sara – lot 2
20.00
Not
applicable
Not
applicable
Paid in cash
on
16.01.2025
Not
applicable
29
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
914/
30.01.2025
Order
Land Register extract for the conclusion of the
agreement on the maintenance of mortgage
with BCR
40.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
93
30
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
935/
30.01.2025
Settlement
Tariff for the registration of the agreement on
the maintenance of mortgage
75.00
Not
applicable
Not
applicable
Paid in cash
on
03.02.2025
Not
applicable
31
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
5153/
05.05.2025
Settlement
Registration in the land register of the building
permit for the investment objective
"Modernization and recommissioning of the
Crystal Separator, North Storage Farm"
75.00
Not
applicable
Not
applicable
Paid in cash
on
05.05.2025
Not
applicable
32
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
6397/
10.06.2025
Settlement
Registration in the land register of the building
permit for the investment objective "Metal
trestle between lines 3 and 4 at the Port
Storage Farm Rail ramp"
75.00
Not
applicable
Not
applicable
Paid in cash
on
05.05.2025
Not
applicable
33
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
6892/
24.06.2025
Settlement
Land register extract for the property located in
Constanta, 2 Caraiman Street, Cadastral
number 215382, with an area of 129,335 sqm
20.00
Not
applicable
Not
applicable
Paid in cash
on
24.06.2025
Not
applicable
34
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
7488/
08.07.2025
Settlement
Land Register extract and extract from the
cadastral plan and orthophotoplan for the
property located in Constanța, 2 Caraiman
street, North Storage Farm, lot 1/1, cadastral
number 255591-C160
35.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
04.07.2025
Not
applicable
35
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
7823/
16.07.2025
Settlement
Land Register extract and extract from the
cadastral plan and orthophotoplan for the
property located in Constanța, 2 Caraiman
street, North Storage Farm, lot 1/2/2, cadastral
number 238837
35.00
Not
applicable
Not
applicable
Paid in cash
on
17.07.2025
Not
applicable
36
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
8703/
12.08.2025
Settlement
Land Register extract for cadastral numbers:
211722, 256089, 238666, 260219-C236
80.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
04.08.2025
Not
applicable
94
37
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
9221/
26.08.2025
Settlement
Land Register extract for the land plot
identified by 256089 and copies of site plans
for tank 29 (C6-256089) in the South Storage
Farm
28.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
21.08.2025
and
25.08.2025
Not
applicable
38
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
9644/
04.09.2025
Settlement
Land Register extract for the land plot
identified by number 214853
20.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
29.08.2025
Not
applicable
39
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
9548/
03.09.2025
Settlement
Annual subscription for real-time GNSS
positioning services
1,000.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
26.08.2025
Not
applicable
40
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
11373/
17.10.2025
Settlement
Land Register Extract for the immovable
property located in Constanța, 2 Caraiman
Street, North Warehouse I, Lot 2, cadastral
number 214853, with an area of 19,900 sqm
20.00
Not
applicable
Not
applicable
Paid in cash
on
20.10.2025
Not
applicable
41
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
11918/
31.10.2025
Settlement
Land Register Extract for the project:
"Dismantling of Railway Line Ramp 2B, IN –
11220156"
20.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
27.10.2025
Not
applicable
42
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
12365/
12.11.2025
Settlement
Land Register Extract for the project:
"Demolition of fixed assets – Port Storage
Area"
20.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
04.11.2025
Not
applicable
95
43
Agentia
Nationala de
Cadastru si
Publicitate
Imobiliara
13895/
19.12.2025
Settlement
Issuance of a copy of the property site plan – 2
Caraiman Street, cadastral number 238836
25.00
Not
applicable
Not
applicable
Paid in cash
on
22.12.2025
Not
applicable
44
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
1584/
11.02.2025
Order
Deletion from the Cadastre and Land Register
of construction C1, N1 - 11221977, located on
2 Caraiman street, North Storage Farm, Lot 3.
120.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
45
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
1854/
14.02.2025
Order
Deletion from the Cadastre and Land Register
of constructions C76 (inventory no.11110240)
and C77 (inventory no.11210164), located on 2
Caraiman street, North Storage Farm, lot 1/1
240.00
Not
applicable
Not
applicable
Plata cu OP
in termen de
1 zi
Not
applicable
46
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
9216/
26.08.2025
Order
Deletion from the Cadastre and Land Register
of construction C158 - 255591, N1 - 11210294,
located on 2 Caraiman street, North Storage
Farm, lot 1/1
120.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
47
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
9333/
28.08.2025
Order
Registration in the Land Register of R27P, IN
11222777, cadastral number C644-260219,
surface area S = 835.8 sqm
79.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
48
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
9769/
09.09.2025
Order
Correction of material error (includes
repositioning of the property) - Mixed, tank
RW1 R23, no. C236, N1 - 11222626, Surface
area S = 818 sqm.
120.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
96
49
Oficiul de
Cadastru si
Publicitate
Imobiliara
Constanta -
OCPI
10240/
22.09.2025
Order
Deletion from the Cadastre and Land Register
of constructions: Signal box Ramp 1A,
cadastral number C2-255591, inventory
number 11110185, Foam house (building C20),
cadastral number C1-255591, inventory
number 11210203, Foam house (building
C19), cadastral number C14-255591, inventory
number 11210793, Firefighting building,
cadastral number C15-255591, inventory
number 11110206, Firefighting cabinet
(building C16), cadastral number C40-255591,
inventory number 11110449
600.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
50
Agentia Pentru
Monitorizarea si
Evaluarea
Performantelor
Intreprinderilor
Publice
7389/
04.07.2025
Order
Monitoring services for the 2024 financial year,
due to the budget of the Agency for Monitoring
and Evaluation of the Performance of Public
Enterprises
429,824.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 9 days
Not
applicable
51
Autoritatea
Nationala de
Reglementare in
Domeniul Minier,
petrolier si al
Stocarii
Geologice
7579/
09.07.2025
Order
Obtaining endorsement for the transfer from
the state public domain to the state private
domain of a number of 15 assets leased to Oil
Terminal S.A.
44,078.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 20
days of
invoice
receipt
Not
applicable
52
Autoritatea
Nationala de
Reglementare in
Domeniul Minier,
petrolier si al
Stocarii
Geologice
11176/
14.10.2025
Order
Tariff adjustment according to Art. 4 of Annex 4
to ANRM Order no. 410/2024
1,149.86
Not
applicable
Not
applicable
Payment via
bank transfer
within 20
days of
invoice
receipt
Not
applicable
53
Autoritatea
Rutiera Romana
– ARR
(Romanian Road
Authority)
749/
27.01.2025
Order
Issuance of a certified copy of the freight
transport license for vacuum truck
260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
97
54
Autoritatea
Rutiera Romana
- ARR
1158/
04.02.2025
Order
Issuance of a certified copy of the freight
transport license for vacuum truck
43.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
55
Autoritatea
Rutiera Romana
- ARR
1035/
31.01.2025
Order
Issuance of a certified copy of the freight
transport license for utility vehicle
260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
56
Autoritatea
Rutiera Romana
- ARR
1522/
06.02.2025
Order
Database update services - reporting drivers in
the ARR database
41.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
57
Autoritatea
Rutiera Romana
- ARR
1737/
13.02.2025
Order
Issuance of a certified copy of the freight
transport license for special vehicle
21.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
58
Autoritatea
Rutiera Romana
- ARR
1788/
13.02.2025
Order
Database update services - reporting drivers in
the ARR database
41.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
59
Autoritatea
Rutiera Romana
- ARR
1795/
13.02.2025
Order
Issuance of a certified copy of the passenger
transport license for one minibus
303.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
60
Autoritatea
Rutiera Romana
- ARR
3238/
14.03.2025
Order
Issuance of a certified copy of the passenger
transport license for one minibus
260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
61
Autoritatea
Rutiera Romana
- ARR
4490/
14.04.2025
Order
Issuance of a certified copy of the passenger
transport license for utility vehicle
260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 8 days
Not
applicable
62
Autoritatea
Rutiera Romana
- ARR
4922/
25.04.2025
Order
Issuance of a certified copy of the freight
transport license for special vehicle
260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
63
Autoritatea
Rutiera Romana
- ARR
5484/
13.05.2025
Order
Issuance of a certified copy of the passenger
transport license for utility vehicle
238.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
64
Autoritatea
Rutiera Romana
- ARR
5489/
13.05.2025
Order
Issuance of a certified copy of the freight
transport license for vacuum truck
238.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
65
Autoritatea
Rutiera Romana
- ARR
5492/
13.05.2025
Order
Issuance of a certified copy of the passenger
transport license for utility vehicle
238.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
98
66
Autoritatea
Rutiera Romana
- ARR
7449/
07.07.2025
Order
Issuance of a certified copy of the freight
transport license for the dump truck
195.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
67
Autoritatea
Rutiera Romana
- ARR
8241/
30.07.2025
Order
Issuance of a certified copy of the freight
transport license for the Renault vacuum truck
195.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
68
Autoritatea
Feroviara
Romana-AFER
(Romanian
Railway
Authority)
383/
20.01.2025
Order
Renewal of technical authorizations for the
company's locomotives
5,040.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
69
Autoritatea
Feroviara
Romana-AFER
1857/
14.02.2025
Order
Renewal of the technical approval for keeping
a railway vehicle in operation beyond its
normal service life for locomotive no.9253 0
810 737 - 2
2,520.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
70
Autoritatea
Feroviara
Romana-AFER
1977/
17.02.2025
Order
Renewal of the technical authorization for
locomotive no. 9253 0 810 737-2
1,680.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
71
Autoritatea
Feroviara
Romana-AFER
1864/
14.02.2025
Order
Technical inspection after planned RG type
repair (planned vehicle repair with lifting on
axles) of vehicle no.92 53 0 810738-0
1,260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
72
Autoritatea
Feroviara
Romana-AFER
6098/
30.05.2025
Order
Technical inspection after planned RR type
repair (planned railway vehicle repair with
lifting off axles) of vehicle no. 925 0 810 736-4
1,260.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
73
Autoritatea
Feroviara
Romana-AFER
8268/
30.07.2025
Order
Modification of the Internal Railway Lines
belonging to Oil Terminal S.A. Constanța -
North Storage Farm – Ramp 2B with a direct
connection to the Y-end of the Palas Railway
Station. Restoration of railway line continuity
following the dismantling of turnout 1B
5,670.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
74
Autoritatea
Feroviara
Romana-AFER
11447/
20.10.2025
Order
Renewal of the technical permit for maintaining
in operation a railway vehicle that has
exceeded its normal service life, for locomotive
no. 9253 0 810 738-0
2,570.40
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
99
75
Autoritatea
Feroviara
Romana-AFER
1977/
03.11.2025
Order
Technical inspection following General
Overhaul (RG type - general repair of the
railway vehicle by lifting from axles) for vehicle
no. 92 53 0 69 0041-4
1,400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
76
Autoritatea
Feroviara
Romana-AFER
11981/
03.11.2025
Order
Renewal of the technical permit for maintaining
in operation a railway vehicle that has
exceeded its normal service life, for locomotive
no. 9253 0 810 736-4
2,570.40
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
77
Autoritatea
Feroviara
Romana-AFER
11984/
03.11.2025
Order
Renewal of the railway vehicle technical
authorization for locomotive no. 9253 0
690041-4
1,713.60
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
78
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
(Romanian Rail
Safety Authority)
04/
08.01.2025
Order
Training for the re-certification as a traffic
safety officer -Internal Railway Lines - South
and North Storage Farms
3,325.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
79
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
215/
15.01.2025
Order
Extension of the authorization for Traffic Safety
Officer – Internal Railway Lines and Dispatcher
350.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
80
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
373/
20.01.2025
Order
Extension of the authorization for Traffic Safety
Officer – Internal Railway Lines and Dispatcher
350.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
81
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
532/
21.01.2025
Order
Update of the Financial Coverage regarding
civil liability, annex no. 6/07.03.2024 to license
LMF-012 for performing only railway shunting
services (including dangerous goods)
5,950.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 9 days
Not
applicable
82
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
668/
23.01.2025
Order
Re-certification of a railway operating instructor
to ensure professional attestation of
specialized personnel for the professional
training of personnel with responsibilities in
railway transport safety, and participation in
authorization and professional competency
evaluation commissions for personnel with
responsibilities in railway transport safety
1,575.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 7 days
Not
applicable
100
83
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
680/
23.01.2025
Order
Authorization for two systems: authorization for
individual locks for signals, switches, and non-
centralized derailer; authorization for handling
telecommunication systems
1,750.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
84
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
1381/
07.02.2025
Order
Granting of a periodic visa on the Single Safety
Certificate no. OMFP 2022004 for performing
railway shunting on Romanian railways
(including dangerous goods)
17,850.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
85
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
3177/
13.03.2025
Order
Authorization for the position of Station
Manager of the Railway Transport Operator
1,750.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
86
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
4052/
02.04.2025
Order
Safety systems with key and block locks
1,400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
87
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
4394/
11.04.2025
Order
Training for the re-certification as a traffic
safety officer -Internal Railway Lines - South
Storage Farm
175.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
88
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
5563/
15.05.2025
Order
Extension of authorizations: Handling of
telecommunication systems in stations,
running line, traffic regulator
700.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
89
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
5709/
20.05.2025
Order
Extension of authorizations: Handling of
telecommunication systems in stations,
running line, traffic regulator
700.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
90
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
6184/
03.06.2025
Order
Annual verification of maintenance and
compliance with requirements for license no.
LMF 012/13.03.2023
5,662.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
91
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
7180/
30.06.2025
Order
Update of the LMF License no. 012/12.03.2023
for performing only railway shunting services
(including dangerous goods), following the
modification of the company's national
registration number at the Trade Register
1,066.38
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
Not
applicable
101
invoice
receipt
92
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
7508/
08.07.2025
Order
Annual verification of compliance with financial
capacity requirements for LMF License no.
012/12.03.2019
15,953.17
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
93
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
8493/
06.08.2025
Order
Urgent authorization for the position of
shunting chief for 1 person
1,776.22
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
94
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
8494/
06.08.2025
Order
Urgent authorization for the position of
shunting chief for 1 person
1,776.22
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
95
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
8598/
07.08.2025
Order
Training for the extension of the validity of the
certification for the Safety Management
System Responsible Person
1,953.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
96
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
8689/
11.08.2025
Order
Extension of authorizations: Handling of
telecommunication installations in stations,
running line, traffic regulator
354.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
97
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
9340/
28.08.2025
Order
Authorization for the position of shunting chief
354.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
98
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
10495/
26.09.2025
Order
Authorization/reauthorization for Safety
Installations handling, handling of safety
installations equipped on locomotives for their
holding in place during shunting and/or train
1,884.96
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
Not
applicable
102
circulation, in the case of driving without
assistant mechanic
invoice
receipt
99
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
10536/
29.09.2025
Order
Authorization for the position of switchman
375.31
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
100
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
10609/
30.09.2025
Order
Authorization for supplementary activities to
the shunting chief position. Performing brake
tests on trains
1,884.96
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
101
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
10942/
07.10.2025
Order
Training for the extension of the validity of the
certificate for the person responsible for
organizing and conducting shunting operations
(RM OC SC)
1,692.67
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
102
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
11891/
30.10.2025
Order
Authorization for the position of Shunting Head
369.60
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
103
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
12186/
06.11.2025
Order
Permit for the modification of LFI (Internal
Railway Line) Constanța, North Warehouse –
Ramp 2 B
9,397.26
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
104
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
12510/
14.11.2025
Order
Authorization for the position of RSC LFI
(Internal Railway Officer) – Port Storage Area
and Port Storage Area lines 10F, 11F, and 12F
1,885.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
103
105
Autoritatea de
Siguranta
Feroviara
Romana-ASFR
14104/
30.12.2025
Order
Periodic validation of the operating license for
LFI Constanța – South Storage Area
16,185.23
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
106
Autoritatea
Nationala de
Reglementare in
domeniul
Energiei-
A.N.R.E.
(National Energy
Regulatory
Authority)
8535/
07.08.2025
Order
ANRE authorization for the position of
Electrician Grade I, for 2 people
500.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
107
Autoritatea
Navala Romana-
Constanta
1558/
11.02.2025
Settlement
Issuance of the minimum safety crew
certificate for the service boat 2
597.13
Not
applicable
Not
applicable
Paid in cash
on
07.02.2025
Not
applicable
108
Autoritatea
Navala Romana-
Constanta
2259/
21.02.2025
Order
Inspection for re-authorization and obtaining a
certificate of conformity, port storage farm
0.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
109
Autoritatea
Navala Romana-
Constanta
4122/
04.04.2025
Settlement
Issuance of the minimum safety crew
certificate for Vessel 120
597.28
Not
applicable
Not
applicable
Paid in cash
on
07.04.2025
Not
applicable
110
Autoritatea
Navala Romana-
Constanta
6460/
11.06.2025
Order
Supervision by an ANR inspector of Vessel
120 for rectification
760.01
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
111
Autoritatea
Navala Romana-
Constanta
8454/
06.08.2025
Settlement
Supervision of the operations of vessel 120
lifting or float-out from dock
761.70
Not
applicable
Not
applicable
Paid in cash
on
08.08.2025
Not
applicable
112
Autoritatea
Navala Romana-
Constanta
8538/
07.08.2025
Settlement
Training for obtaining the Certificate of
Competency (reconfirmation of the Certificate
of Competency)
91.41
Not
applicable
Not
applicable
Paid in cash
on
11.08.2025
Not
applicable
104
113
Autoritatea
Navala Romana-
Constanta
8547/
07.08.2025
Settlement
Training for obtaining the Certificate of
Competency (reconfirmation of maritime
qualification, endorsement of the psycho-
medical certificate in the seafarer's book
without visa, notation of the embarked crew
internship)
192.96
Not
applicable
Not
applicable
Paid in cash
on
11.08.2025
Not
applicable
114
Autoritatea
Navala Romana-
Constanta
8713/
12.08.2025
Settlement
Exchange/Issuance of a duplicate Certificate of
Nationality for Vessel OTC 2
304.62
Not
applicable
Not
applicable
Paid in cash
on
05.08.2025
Not
applicable
115
Autoritatea
Navala Romana-
Constanta
9618/
03.09.2025
Order
Supervision of the operations of the vessel
OTC 120 float-out from dock
760.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
116
Autoritatea
Navala Romana-
Constanta
10085/
17.09.2025
Order
Inspection for the recertification of the anti-
pollution Vessel OTV 120 by authorized
Romanian Naval Authority agents
6,857.14
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
117
Autoritatea
Navala Romana-
Constanta
12951/
26.11.2025
Settlement
Recording of the sea service period for
seafaring personnel
20.34
Not
applicable
Not
applicable
Paid in cash
on
27.11.2025
Not
applicable
118
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
(National
Authority for
Administration
and Regulation in
Communications)
3919/
31.03.2025
Order
Utilization of radio frequency spectrum for
maritime mobile service, Q1 2025
358.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
119
Autoritatea
Nationala pentru
Administrare si
Reglementare in
7447/
07.07.2025
Order
Utilization of radio frequency spectrum for
maritime mobile service, Q2 2025
398.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
ANCOM
Not
applicable
105
Comunicatii-
ANCOM
decision
receipt
120
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
11339/
16.10.2025
Order
Use of radio frequency spectrum for the
maritime mobile service – Q3 2025
418.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
ANCOM
decision
receipt
Not
applicable
121
Bursa de Valori
Bucuresti S.A.
(Bucharest Stock
Exchange)
484/
20.01.2025
Order
Maintenance of trading for shares issued by Oil
Terminal S.A.
35,302.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
122
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
(National
Company for
Road
Infrastructure
Administration)
198/
15.01.2025
Order
Issuance of vignettes, valid for 1 year, for 3
cars
351.28
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
123
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
1189/
05.02.2025
Order
Vignette for MAN special vehicle
3,010.75
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
124
Compania
Nationala de
Administrare a
1483/
10.02.2025
Order
Vignette for MAN special vehicle
3,010.75
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
106
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
125
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
1941/
14.02.2025
Order
Issuance of a vignette for a period of 1 year for
1 vehicle
1,338.11
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
126
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
2299/
21.02.2025
Order
Issuance of a vignette for a period of 1 year for
1 vehicle
477.71
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
127
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
2456/
26.02.2025
Order
Issuance of a vignette for Dacia Logan vehicle
validity - 1 year
139.33
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
128
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
2652/
03.03.2025
Order
Vignette for the fire fighting vehicle with license
plate number CT 10 FOC, valid for 1 year
starting from 03.03.2025
3,583.66
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
129
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
3229/
14.03.2025
Order
Vignette for Dacia Dokker, license plate
numbers CT 01 BUF and CT 18 SRM, valid for
1 year
278.72
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
107
C.N.A.I.R. S.A.
Bucuresti
130
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
4492/
14.04.2025
Order
Issuance of vignette for a period of 12 months
for the Toyota Hilux utility vehicle with license
plate number CT 75 ZSZ
401.53
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days
Not
applicable
131
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
5597/
15.05.2025
Order
Issuance of vignette for a period of 12 months
for the MAN dump truck with license plate
number CT 14 SRM
3,583.73
Not
applicable
Not
applicable
Payment via
bank transfer
within 7 days
Not
applicable
132
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
11008/
09.10.2025
Order
Issuance of 12-month vignette for the Renault
Kangoo utility vehicle, license plate CT 48 TER
578.93
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
133
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
11422/
20.10.2025
Order
Issuance of 12-month vignette for the MAN
special-purpose vehicle, license plate CT 10
SRM
4,341.95
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
134
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
11424/
20.10.2025
Order
Issuance of 12-month vignette for the PRB
special-purpose vehicle, license plate CT 01
SRE
578.93
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
108
135
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
12561/
17.11.2025
Order
Issuance of vignettes for Dacia MCV - CT 01
TEP and Dacia Dokker CT 02 TEP
508.56
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
136
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
12773/
20.11.2025
Order
Issuance of vignette for the Ford Transit utility
vehicle - CT 14 WIW - 1-year validity starting
with 20.11.2025
579.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
137
Compania
Nationala de
Administrare a
infrastructurii
Rutiere S.A.-
C.N.A.I.R. S.A.
Bucuresti
13572/
12.12.2025
Order
Issuance of 12-month vignettes for Dacia
Dokker vehicles, license plates: CT 45 SRM,
CT 46 SRM, and CT 47 NRD
631.02
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
138
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
(National
Company
Maritime Ports
Administration)
11/
08.01.2025
Order
Issuance of a free passage authorization for
Constanta port for 11 vehicles for a period of 9
months
208.26
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
139
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
17/
08.01.2025
Order
Issuance of a free passage authorization for
Constanta port for 41 vehicles for a period of 9
months
22,542.21
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
109
140
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
18/
08.01.2025
Order
Issuance of a free passage authorization for
Constanta port for 9 special vehicles for a
period of 9 months
85.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
141
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
33/
09.01.2025
Order
Subscription to the Vessel Information Bulletin
for the year 2025
1,171.80
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
142
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
36/
09.01.2025
Settlement
Issuance of a free passage authorization for 1
vehicle
10.81
Not
applicable
Not
applicable
Paid in cash
on
10.01.2025
Not
applicable
143
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
91/
10.01.2025
Order
Issuance of a free passage authorization for
Constanta port for 27 vehicles for a period of 9
months
27,602.47
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
144
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
243/
15.01.2025
Order
Issuance of a free passage authorization for
Constanta Port for 2 vehicles, for the period
01.01.2025-30.09.2025
1,861.45
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
145
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
343/
17.01.2025
Order
Issuance of a free passage authorization for
Constanta Port for Volkswagen AG 18 KGZ
129.57
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
110
146
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
478/
20.01.2025
Order
Annual visas for the year 2025 for port workers
- 140 pieces, issuance of new port worker card
2025 - 1 piece, change of position on port
worker card and visa for the year 2025 - 3
pieces
1,197.15
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
147
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
709/
23.01.2025
Order
Visas for the year 2025 on the port worker card
- 1 piece, issuance of new port worker card
2025 - 1 piece
8.10
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
148
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
769/
27.01.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for one vehicle
225.63
Not
applicable
Not
applicable
Paid in cash
on
03.02.2025
Not
applicable
149
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
772/
27.01.2025
Settlement
Modification of a free passage authorization for
Constanta Port for utility vehicles
22.61
Not
applicable
Not
applicable
Paid in cash
on
03.02.2025
Not
applicable
150
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
864/
29.01.2025
Settlement
Value for the issuance of a free passage
authorization for Constanta Port for one vehicle
25.00
Not
applicable
Not
applicable
Paid in cash
on
31.01.2025
Not
applicable
151
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
865/
29.01.2025
Settlement
Value for the issuance of a free passage
authorization for Constanta Port for one vehicle
25.00
Not
applicable
Not
applicable
Paid in cash
on
31.01.2025
Not
applicable
111
152
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
866/
29.01.2025
Settlement
Value for the issuance of a free passage
authorization for Constanta Port for one vehicle
25.00
Not
applicable
Not
applicable
Paid in cash
on
31.01.2025
Not
applicable
153
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
871/
29.01.2025
Settlement
Value for the issuance of a free passage
authorization for Constanta Port for one vehicle
32.00
Not
applicable
Not
applicable
Paid in cash
on
03.02.2025
Not
applicable
154
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
908/
30.01.2025
Order
Issuance of a free passage authorization for
Constanta Port for 10 vehicles
322.74
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
155
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
1016/
31.01.2025
Order
Issuance of a free passage authorization for
Constanta Port for the MAN vehicle, with a
validity of 8 months starting from 01.02.2025
1,442.63
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
156
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
1091/
03.02.2025
Order
Issuance of 3 port platform access passes
389.16
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
157
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
1411/
07.02.2025
Order
Obtaining the Technical-Economic Council
endorsement for the project: "Modernization of
railway infrastructure for traffic and connection
of lines 10F and 11F to the Port Storage Farm
1,594.57
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
112
158
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
1702/
12.02.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for vehicle B 757 ZSZ for the
date of 10.02.2025
25.00
Not
applicable
Not
applicable
Paid in cash
on
13.02.2025
Not
applicable
159
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
1819/
13.02.2025
Order
Issuance of a free passage authorization for
Constanta Port for Mercedes minibus - CT 02
WIX, valid for 5 months starting from
01.02.2025
312.67
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
160
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
AA no.
4/20.02.202
5 to ctr
CNAPM-
000393-
IDP-
03/23.10.20
17
Additional
Act
Adjustment of the surface areas of the
developed land with assets for platforms from
18,444 sqm to 14,486 sqm and for bundles for
the transport of petroleum products, buildings,
platforms, railway lines, tanks, installations,
pipelines, bitumen terminal from 300,989 sqm
to 304,947 sqm
Not
applicable
Performan
ce
guarantee:
minimum 3
months
rent,
including
the
statutory
VAT rate
10 working
days from
the
confirmation
of invoice
receipt
0.10%
penalties for
each
calendar
delay day
161
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
AA no.
11/20.02.20
25 to ctr
CNAPM-
000393-
CHI-
01/01.01.20
04
Additional
Act
Modification of Annexes 1 and 1A related to
the lease contract for the land developed with
immovable assets
Not
applicable
Not
applicable
10 working
days from
the
confirmation
of invoice
receipt
Not
applicable
162
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
2466/
26.02.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for one Dacia Logan vehicle
with license plate number AG 20 FYO
11.40
Not
applicable
Not
applicable
Paid in cash
on
27.02.2025
Not
applicable
113
163
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
2604/
28.02.2025
Order
Issuance of a free passage for 11 vehicles
(3RS-plasticized card and 8C plasticized card
+ permit) valid until 01.10.2025
281.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
164
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
3070/
11.03.2025
Order
Extension of the validity of work licenses in
Constanta Port
21,102.36
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
165
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
3099/
12.03.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for one Dacia Logan vehicle
with license plate number AG 20 HHF
11.41
Not
applicable
Not
applicable
Paid in cash
on12.03.202
5
Not
applicable
166
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
3203/
13.03.2025
Order
Issuance of a free passage authorization for
Constanta Port for 7 vehicles valid until
01.10.2025
146.32
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
167
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
3722/
25.03.2025
Order
Issuance of a free passage authorization for 3
vehicles (1 RS plasticized card and 2C
plasticized card + permit) valid until 01.10.2025
97.63
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
168
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4379/
10.04.2025
Order
Issuance of a port platform access pass - 1
piece
130.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
114
169
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4606/
15.04.2025
Order
Issuance of a free passage for 3 vehicles (2RS
- plasticized card and 1 C plasticized card +
permit), valid until 01.10.2025
49.43
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
170
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4639/
16.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for Dacia Logan AG 20 KOB
25.00
Not
applicable
Not
applicable
Paid in cash
on
17.04.2025
Not
applicable
171
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4641/
16.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for Dacia Logan AG 20 KOB
25.00
Not
applicable
Not
applicable
Paid in cash
on
17.04.2025
Not
applicable
172
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4644/
16.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port Dacia Logan AG 20 KOB
25.00
Not
applicable
Not
applicable
Paid in cash
on
17.04.2025
Not
applicable
173
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4646/
16.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for 2 Dacia Logan vehicles
22.82
Not
applicable
Not
applicable
Paid in cash
on
17.04.2025
Not
applicable
174
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4764/
22.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for 2 Dacia Logan cars, AG 20
LSZ and AG 20 LTA
22.82
Not
applicable
Not
applicable
Paid in cash
on
23.04.2025
Not
applicable
115
175
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4767/
22.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for Dacia Logan AG 20 KOB
25.00
Not
applicable
Not
applicable
Paid in cash
on
23.04.2025
Not
applicable
176
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
4925/
25.04.2025
Settlement
Issuance of a free passage authorization for
Constanta Port for 1 Dacia Logan AG 20 LSZ
11.41
Not
applicable
Not
applicable
Paid in cash
on
29.04.2025
Not
applicable
177
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
5036/
29.04.2025
Order
Issuance of a free passage for 3 vehicles (1
RS - plasticized card and 2 C plasticized card
+ permit), valid until 01.10.2025
63.21
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
178
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
5326/
08.05.2025
Order
Issuance of port platform access passes - 12
pieces
1,571.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
179
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
5440/
12.05.2025
Order
Issuance of a port platform access pass - 1
piece
130.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
180
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6016/
28.05.2025
Order
Issuance of a free passage authorization for
Constanta port for 3 vehicles (3 RS –
plasticized card), valid until 01.10.2025
28.77
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
116
181
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6114/
30.05.2025
Order
Issuance of a free passage authorization for
Constanta port for 1 vehicle (3 C – plasticized
card + permit), valid until 01.10.2025
23.36
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
182
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6681/
17.06.2025
Order
Obtaining the Technical-Economic Council
endorsement for the demolition authorization of
the project "Demolition/dismantling of fixed
assets, port storage area, canteen/locker room
inventory no. - 111122432 and inventory no. -
11111121"
1,594.57
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
183
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6797/
19.06.2025
Order
Issuance of a port platform access pass - 18
pieces
2,357.64
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
184
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6841/
20.06.2025
Order
Issuance of a free passage authorization for
Constanta port for minibus Mercedes CT 02
WIX
156.28
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
185
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
6993/
25.06.2025
Order
Issuance of a free passage authorization for
Constanta port for 2 vehicles (2 RS-plasticized
card)
19.18
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
186
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
7099/
27.06.2025
Settlement
Modification of a free passage authorization for
Constanta port for 5 vehicles from the
Infrastructure Maintenance Department
57.06
Not
applicable
Not
applicable
Paid in cash
on
01.07.2025
Not
applicable
117
187
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
7577/
09.07.2025
Order
Issuance of a port platform access pass – 1
piece
130.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
188
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
7891/
17.07.2025
Order
Issuance of port platform access passes - 30
pieces
3,392.15
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
189
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
7950/
21.07.2025
Settlement
Issuance of Constanța Port free passage
authorization for the firefighting specialized
vehicle with license plate number B 133 SUD
11.41
Not
applicable
Not
applicable
Paid in cash
on
22.07.2025
Not
applicable
190
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
7999/
22.07.2025
Order
Issuance of port platform access passes - 18
pieces
2,357.64
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
191
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
8060/
23.07.2025
Order
Issuance of Constanța Port free passage
authorization for the Renault vacuum truck with
license plate number B 148 WIY
371.35
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
192
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
8218/
29.07.2025
Settlement
Modification of the Constanța Port free
passage authorization for 5 vehicles from the
Infrastructure Maintenance Department
57.06
Not
applicable
Not
applicable
Paid in cash
on
31.07.2025
Not
applicable
118
193
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
8279/
30.07.2025
Order
Issuance of port platform access passes - 27
pieces
3,536.46
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
194
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
8388/
01.08.2025
Order
Obtaining the Technical-Economic Council
endorsement for the investment objective
"Construction of Bitumen Terminal Port
Storage Farm - (Construction Authorization
phase)
1,594.57
Not
applicable
Not
applicable
Payment via
bank transfer
within 5
working days
of invoice
receipt
Not
applicable
195
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
8971/
19.08.2025
Order
Issuance of Constanța Port free passage
authorization for 10 firefighting specialized
vehicles of Oil Terminal S.A.
95.90
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
196
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9076/
21.08.2025
Order
Issuance of Constanța Port free passage
authorization for 33 company cars, for a period
of 3 months
6,317.52
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
197
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9300/
27.08.2025
Order
Extension of the validity of the Working
License Series PS no. 1193 Ship Bunkering
(via pipelines)
3,680.16
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
198
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9535/
02.09.2025
Order
Issuance of port platform access passes
3,536.46
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
119
199
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9612/
03.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 37 vehicles and specialized
vehicles from the Infrastructure Maintenance
Department, for the period 01.10.2025-
31.12.2025
12,765.14
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
200
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9709/
05.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 48 vehicles (48 RS -
plasticized card), valid from 01.10.2025 for a
period of 12 months
460.32
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
201
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9742/
05.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 43 vehicles (43 C -
plasticized card + permit), valid from
01.10.2025 for a period of 12 months
2,189.13
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
202
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9745/
05.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 50 vehicles (50 RS -
plasticized card), valid from 01.10.2025 for a
period of 12 months
479.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
203
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9747/
05.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 31 vehicles (31 RS -
plasticized card), valid from 01.10.2025 for a
period of 12 months
297.29
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
204
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9802/
10.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 32 vehicles (32 C -
plasticized card + permit), valid from
01.10.2025 for a period of 12 months
1,629.12
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
120
205
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
9856/
10.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 38 vehicles (38 RS -
plasticized card), valid from 01.10.2025 for a
period of 12 months
364.42
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
206
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10170/
18.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 45 vehicles, valid for 12
months starting from 01.10.2025
1,010.03
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
207
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10214/
19.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 2 vehicles, valid for 12
months starting from 01.10.2025
19.18
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
208
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10259/
22.09.2025
Order
Issuance of port platform access passes
27,767.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
209
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10308/
23.09.2025
Order
Issuance of port platform access passes – 31
pieces
4,060.38
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
210
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10334/
23.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 8 vehicles (1 RS - card and 7
C - plasticized card + permit), valid from
01.10.2025 for a period of 12 months
365.96
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
121
211
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10335/
23.09.2025
Order
Issuance of Constanța Port free passage
authorizations for 13 vehicles (13 RS -
plasticized card), valid from 01.10.2025 for a
period of 12 months
124.67
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
212
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10577/
30.09.2025
Order
Issuance of port platform access passes – 5
pieces
654.90
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
213
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10815/
06.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 49 vehicles (49 RS -
plasticized cardboard), valid from 01.10.2025
for a period of 12 months
469.91
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
214
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10818/
06.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 47 vehicles (47 RS -
plasticized cardboard), valid from 01.10.2025
for a period of 12 months
450.73
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
215
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10872/
07.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 43 vehicles (43 RS -
plasticized cardboard), valid from 01.10.2025
for a period of 12 months
412.37
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
216
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10930/
07.10.2025
Order
Issuance of access badges for the port area
523.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
122
217
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10938/
07.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 8 vehicles (8 C - plasticized
cardboard + permit), valid from 01.10.2025 for
a period of 12 months
407.28
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
218
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
10961/
08.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 46 vehicles (46 C -
plasticized cardboard + permit), valid from
01.10.2025 for a period of 12 months
2,341.86
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
219
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11100/
10.10.2025
Order
Access badge for the port area - 1 piece
130.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
220
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11121/
13.10.2025
Order
Access badges for the port area
523.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
221
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11157/
13.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 14 vehicles (10 RS -
cardboard and 4 C plasticized cardboard +
permit), valid from 01.10.2025 for a period of
12 months
299.54
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
222
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11347/
16.10.2025
Order
Access badges for the port area - 6 pieces
785.88
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
123
223
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11352/
16.10.2025
Order
External port security audit for berths 69-76
and berth 79
4,300.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
224
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11498/
21.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 21 vehicles (13 RS -
cardboard and 8 C plasticized cardboard +
permit), valid from 01.10.2025 for a period of
12 months
531.95
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
225
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11831/
29.10.2025
Order
Issuance of free pass authorizations for
Constanța Port for 12 vehicles (12 RS
plasticized cardboard), valid from 01.10.2025
for a period of 12 months
115.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
226
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11849/
30.10.2025
Settlement
Issuance of free pass authorization for
Constanța Port for 1 vehicle (C - plasticized
cardboard + permit), Fiat, license plate B 122
KXB
84.95
Not
applicable
Not
applicable
Paid in cash
on
30.10.2025
Not
applicable
227
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
11857/
30.10.2025
Order
Access badges for the port area - 3 pieces
392.94
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
228
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12058/
04.11.2025
Order
Issuance of free pass authorizations for
Constanța Port for 19 vehicles (11 RS -
cardboard and 8 C plasticized cardboard +
permit), valid until 30.06.2026
485.25
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
124
229
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12226/
07.11.2025
Order
Access badges for the port area - 5 pieces
654.90
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
230
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12327/
11.11.2025
Settlement
Issuance of free pass authorization for
Constanța Port for the motorcycle with license
plate CT 3455, with 2-month validity starting
with 01.11.2025
60.06
Not
applicable
Not
applicable
Paid in cash
on
05.11.2025
Not
applicable
231
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12388/
12.11.2025
Order
Access badges for the port area - 4 pieces
523.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
232
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12402/
12.11.2025
Order
Issuance of free pass authorizations for
Constanța Port for 19 vehicles (21 RS -
cardboard and 5 C plasticized cardboard +
permit), valid until 30.09.2026
390.79
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
233
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12612/
17.11.2025
Order
Issuance of free pass authorizations for
Constanța Port for 3 Ford utility vehicles within
the Infrastructure Maintenance Department,
valid until 31.12.2025
468.84
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
234
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12760/
19.11.2025
Order
Issuance of free pass authorizations for
Constanța Port for 3 vehicles (RS-cardboard),
valid until 30.09.2026
28.77
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
125
235
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12846/
24.11.2025
Settlement
Modification of the free pass authorization for
Constanța Port for 1 vehicle within the
Infrastructure Maintenance Department
11.60
Not
applicable
Not
applicable
Paid in cash
on
24.11.2025
Not
applicable
236
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12919/
25.11.2025
Order
Access badges for the port area - 5 pieces
654.90
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
237
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13018/
27.11.2025
Settlement
Issuance of free pass authorization for
Constanța Port for 1 vehicle (C - plasticized
cardboard + permit), Fiat, license plate B 122
KXB
84.95
Not
applicable
Not
applicable
Paid in cash
on
28.11.2025
Not
applicable
238
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13066/
28.11.2025
Order
Access badges for the port area - 2 pieces
261.96
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
239
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13095/
28.11.2025
Settlement
Issuance of free pass authorization for
Constanța Port for 1 Firefighting (PSI) special-
purpose vehicle, license plate CT 09 SPS
11.60
Not
applicable
Not
applicable
Paid in cash
on
05.12.2025
Not
applicable
240
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13147/
02.12.2025
Order
Obtaining the T.E.C. permit for the investment
objective: Technical project for the discharge of
meteoric and technological waters from the
South Storage Area – CU (Urbanism
Certificate) phase
1,594.57
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of invoice
receipt
Not
applicable
126
241
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13207/
04.12.2025
Order
Access badges for the port area - 3 pieces
392.94
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
242
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13217/
04.12.2025
Order
Issuance of free pass authorizations for
Constanța Port for 71 vehicles (RS -
cardboard), valid until 30.09.2026
680.89
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
243
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
12348/
05.12.2025
Order
Issuance of free pass authorizations for
Constanța Port for 78 vehicles (4 RS -
cardboard and 74 C plasticized cardboard +
permit), valid until 30.09.2026
3,295.84
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
244
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13474/
10.12.2025
Order
2025 annual validation for port worker card
holders
160.20
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
245
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13479/
10.12.2025
Order
Issuance of free pass authorizations for
Constanța Port for 19 vehicles (19 C -
plasticized cardboard + permit), valid until
30.09.2026
836.38
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
246
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13482/
10.12.2025
Order
Issuance of free pass authorizations for
Constanța Port for 20 vehicles (RS -
cardboard), valid until 30.09.2026
191.80
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
127
247
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
13601/
12.12.2025
Order
Access badges for the port area - 2 pieces
261.96
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
248
Compania
Nationala
Administratia
Porturilor
Maritime S.A. C-
TA (CNAPMC)
14/
17.12.2025
to contract
00093-IDP-
02/(105/537
)10810.201
4
Additional
Act
Rental tariff increase for land area of 20.25
sqm
Estimated
contract
value for 12
months is
2,498.04 lei
Not
applicable
Performan
ce
guarantee:
equivalent
in lei of
minimum 3
months
rent,
including
the
statutory
VAT rate
10 working
days from
the
confirmation
of receipt of
the invoices
by the lessee
0.10%
penalties for
each
calendar
day of
delay.
249
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
155/
14.01.2025
Order
Technical expertise for the extension of the
lifespan of steam generators, Clayton thermal
power plant - 3 pieces
2,628.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
250
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
156/
14.01.2025
Order
Technical expertise for the extension of the
lifespan of steam pipes, Clayton thermal power
plant
4,698.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
251
Compania
Nationala pentru
Controlul
2123/
19.02.2025
Order
Verification of two steam pipes - Clayton
thermal power plant
2,192.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
Not
applicable
128
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
days of
invoice
receipt
252
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
2335/
24.02.2025
Order
Verification for separator/generator vessels in
gasoline/diesel metering installations - 4 pieces
2,192.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
253
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
2454/
26.02.2025
Order
Technical expertise for the extension of the
lifespan of two lifting installations at Berth D70
- Port Storage Farm
8,000.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
254
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
2455/
26.02.2025
Order
Expertise for the extension of the lifespan of a
mobile crane
10,000.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
255
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
8075/
24.07.2025
Order
Verification of the CAT forklift – for the
purpose of extending the validity of the
certificate issued by ISCIR (State Inspection
for Control of Boilers, Pressure Vessels, and
Lifting Equipment)
556.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
129
256
Compania
Nationala pentru
Controlul
Cazanelor,Instalti
ilor de Ridicat si
Recipientelor sub
Presiune –
CNCIR.SA
8076/
24.07.2025
Order
Technical inspection services in use - CAT
forklift CT19F-80108
556.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
257
Inspectia de Stat
pentru Controlul
Cazanelor ,
Recipientelor sub
Presiune si
Instalatiilor de
Ridicat -
I.S.C.I.R.
3950/
31.03.2025
Order
ISCIR re-authorization of the company's
welders
600.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
258
Inspectia de Stat
pentru Controlul
Cazanelor ,
Recipientelor sub
Presiune si
Instalatiilor de
Ridicat -
I.S.C.I.R.
4814/
23.04.2025
Order
ISCIR re-authorization of the company's
welders
1,050.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
259
Inspectia de Stat
pentru Controlul
Cazanelor ,
Recipientelor sub
Presiune si
Instalatiilor de
Ridicat -
I.S.C.I.R.
13098/
28.11.2025
Order
ISCIR re-authorization of the company's
welders
300.00
Not
applicable
Not
applicable
Payment
within 15
days of
proforma
invoice
receipt
Not
applicable
260
Inspectia de Stat
pentru Controlul
Cazanelor ,
Recipientelor sub
Presiune si
14101/
30.12.2025
Order
ISCIR re-authorization of the company's
welders
700.00
Not
applicable
Not
applicable
Payment
within 15
days of
proforma
Not
applicable
130
Instalatiilor de
Ridicat -
I.S.C.I.R.
invoice
receipt
261
Compania
Nationala de Cai
Ferate C.F.R.
S.A. Bucuresti
(National Railway
Company)
975/
30.01.2025
Order
Obtaining the Technical-Economic Council
endorsement for the investment objective:
"Extension of line L5 ramp, south storage farm,
and arrangement for loading/unloading
petroleum products”
1,192.10
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
262
Compania
Nationala de Cai
Ferate C.F.R.
S.A. Bucuresti
AA no. 1/
05.03.2025
to ctr
261/592/
23.12.2024
AA
Modification of the contract value with the
indexation of the inflation index communicated
by the National Institute of Statistics,
specifically 1.037, starting from 28.12.2024
200.58
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
263
Compania
Nationala de Cai
Ferate C.F.R.
S.A. Bucuresti
AA no. 1/
05.03.2025
to ctr
262/593/
23.12.2024
AA
Modification of the contract value with the
indexation of the inflation index communicated
by the National Institute of Statistics,
specifically 1.037, starting from 28.12.2024
2,358.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
264
Compania
Nationala de Cai
Ferate C.F.R.
S.A. Bucuresti
AA no. 1/
05.03.2025
to ctr
263/594/
23.12.2024
AA
Modification of the contract value with the
indexation of the inflation index communicated
by the National Institute of Statistics,
specifically 1.037, starting from 28.12.2024
241.55
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
265
Compania
Nationala de Cai
Ferate C.F.R.
S.A. Bucuresti
AA no. 1/
05.03.2025
to ctr
264/595/
23.12.2024
AA
Modification of the contract value with the
indexation of the inflation index communicated
by the National Institute of Statistics,
specifically 1.037, starting from 28.12.2024
108.20
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
266
Compania
Nationala de Cai
Ferate C.F.R.
S.A.
2883/
06.03.2025
Order
Obtaining the Technical-Economic Council
endorsement of C.N.C.F.R. for the investment
objective: "Modernization of railway
881.12
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
131
infrastructure to streamline traffic and connect
lines 10F and 11F to the Port Storage Farm"
of invoice
receipt
267
Compania
Nationala de Cai
Ferate C.F.R.
S.A.
6022/
28.05.2025
Order
Extension of the validity of the agreement for
the work: "Modification by dismantling of the
Internal Railway Lines owned by Oil Terminal
S.A. Constanta, North storage farm, ramp 2B"
354.62
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
268
Compania
Nationala de Cai
Ferate C.F.R.
S.A.
7511/
08.07.2025
Order
Modification of the Internal Railway Lines
device owned by Oil Terminal S.A. Constanta -
North storage farm – Ramp 2B with a direct
connection to the Y head of the Palas railway
station. Restoration of the railway line after the
dismantling of switch 1B
3,015.37
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
269
Compania
Nationala de Cai
Ferate C.F.R.
S.A.
9530/
02.09.2025
Order
Obtaining endorsement for the technical
specifications for the objective "Modernization
of the railway infrastructure for traffic
streamlining and the connection of lines 10F
and 11F to the South Storage Farm
5,608.62
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
270
Compania
Nationala de Cai
Ferate C.F.R.
S.A.
11401/
17.10.2025
Order
Permit for the project: Modification of the
Internal Railway Line (LFI) Constanța North
Warehouse Ramp 2B, connected to Palas
Railway Station
1,794.07
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
271
Centrul National
de Calificare si
Instruire
Feroviara -
CENAFER
(National Railway
Qualification and
Training Centre)
553/
21.01.2025
Order
Examination for authorization for two specific
installations: individual locks for signals,
switches, and non-centralized derailer;
handling of telecommunications systems in
stations, running line, traffic regulator
480.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
272
Centrul National
de Calificare si
Instruire
2420/
25.02.2025
Order
Examination for authorization for the position of
Station Manager of the Railway Transport
Operator, 1 employee of Oil Terminal S.A.
360.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 7 days
Not
applicable
132
Feroviara -
CENAFER
of invoice
receipt
273
Centrul National
de Calificare si
Instruire
Feroviara -
CENAFER
77 / 134 /
15.05.2025
Contract
Evaluation for the periodic confirmation of
general professional competencies for
positions with responsibilities in traffic safety
6,200.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
274
Centrul National
de Calificare si
Instruire
Feroviara -
CENAFER
8262/
30.07.2025
Order
Urgent authorization for the position of
shunting chief, 2 participants
720.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 7 days
of invoice
receipt
Not
applicable
275
Centrul National
de Calificare si
Instruire
Feroviara -
CENAFER
10210/
19.09.2025
Order
Examination for the authorization of two
specific installations: performing brake tests,
handling safety equipment with which
locomotives are equipped to hold them in place
during shunting and/or train circulation, in the
case of simplified driving without an assistant
engineer
960.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
276
Centrul National
de Calificare si
Instruire
Feroviara -
CENAFER
148/300/10.
10.2025
Contract
Participation in the 2-year professional
development program: "The importance of
communication in the teaching-learning
process and modern training tools"
2,190.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
277
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură Timiș
(Chamber of
Commerce,
Industry and
Agriculture)
1757/
13.02.2025
Order
Workshop on Organizational Stress and
Burnout
672.27
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
133
278
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
1029/
31.01.2025
Order
Extension of membership for the year 2025 in
the Chamber of Commerce, Industry,
Navigation, and Agriculture of Constanta
1,800.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
279
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
3343/
18.03.2025
Order
Participation in the economic mission to
Valencia, Spain, from September 23-27, 2025,
on the occasion of the World Forum of Cities
and Logistics Platforms 2025
9,750.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
280
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
5696/
20.05.2025
Order
Seminar: The New REGES - Challenges and
opportunities for employers
600.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
Not
applicable
281
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
7108/
27.06.2025
Order
Enrollment in the "Trainer" course
1,250.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
282
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
9563/
03.09.2025
Order
Participation in the "Top of Companies in
Constanța County 2024" Gala
860.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
283
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
9840/
10.09.2025
Order
Registration of one person for the Kazakhstan
Economic Mission to take place between
05.10.2025-10.10.2025
14,433.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days
Not
applicable
134
284
Camera de
Comerț,
Industrie,
Navigatie și
Agricultură
Constanta
11071/
10.10.2025
Order
Participation in the "National Top of Companies
Gala, 32nd Edition," organized by the
Chamber of Commerce and Industry of
Romania on November 6, 2025
2,500.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
285
Depozitarul
Central S.A.
338/
17.01.2025
Order
Consolidated list of financial instrument holders
as of 31.12.2024
672.27
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
286
Depozitarul
Central S.A.
909/
30.01.2025
Order
Maintenance of trading for shares issued by Oil
Terminal S.A. for the period 01.01.2025 -
31.03.2025
2,665.34
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
287
Depozitarul
Central S.A.
3386/
18.03.2025
Order
Consolidated list of financial instrument
holders
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
288
Depozitarul
Central S.A.
3533/
20.03.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
289
Depozitarul
Central S.A.
3586/
21.03.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
135
290
Depozitarul
Central S.A.
4467/
11.04.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
291
Depozitarul
Central S.A.
5323/
08.05.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
292
Depozitarul
Central S.A.
5532/
14.05.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
293
Depozitarul
Central S.A.
6673/
17.06.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
294
Depozitarul
Central S.A.
7424/
04.07.2025
Order
710.08
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
295
Depozitarul
Central S.A.
8533/
07.08.2025
Order
845.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
136
296
Depozitarul
Central S.A.
9136/
22.08.2025
Order
709.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
297
Depozitarul
Central S.A.
9601/
03.09.2025
Order
Services for the renewal of the LEI code
238.88
Not
applicable
Not
applicable
Payment
based on
proforma
invoice within
2 days
Not
applicable
298
Depozitarul
Central S.A.
10867/
06.10.2025
Order
Consolidated list of financial instrument holders
as of 30.09.2025, for notes and accounting
reporting regarding the shareholding structure
at 30.09.2025
859.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
299
Depozitarul
Central S.A.
10868/
06.10.2025
Order
Consolidated list of financial instrument holders
as of 20.10.2025, established as the reference
date for the OGSM on 30(31).10.2025
859.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
300
Depozitarul
Central S.A.
11350/
16.10.2025
Order
Registry of financial instrument holders as of
27.10.2025, established as the reference date
for the OGSM on 07(10).11.2025
709.92
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
301
Depozitarul
Central S.A.
12343/
11.11.2025
Order
Consolidated list of financial instrument holders
as of 17.11.2025, established as the reference
date for the OGSM on 28.11(02.12).2025
859.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 10
days of
invoice
receipt
Not
applicable
137
302
Depozitarul
Central S.A.
12675/
18.11.2025
Order
Consolidated list of financial instrument holders
as of 04.12.2025, established as the reference
date for the OGSM on 15-16.12.2025
859.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
303
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML (Regional
Directorate of
Legal Metrology)
425/
20.01.2025
Order
Supervision of metrological verifications on
tanks carried out by the Metrology Department
for the year 2025
0.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
304
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
2755/
04.03.2025
Order
Granting of authorization for the metrology
laboratory
537.60
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
305
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
4438/
11.04.2025
Order
Metrological calibration of an electronic display
caliper, 0-150mm
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
306
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
4590/
15.04.2025
Order
Metrological calibration of a liquid-in-glass
thermometer, 0-50ºC, 3-point calibration
309.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
307
Directia
Regionala de
Metrologie
Legala
7039/
26.06.2025
Order
Evaluation of the metrology laboratory by the
Romanian Metrology Directorate for the
purpose of maintaining the authorization
2,266.10
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
Not
applicable
138
Constanta-
DRML
invoice
receipt
308
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
12848/
24.11.2025
Order
Calibration of oxygen pressure gauge
227.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
309
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
12920/
25.11.2025
Order
Calibration of acetylene pressure gauge
454.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
310
Directia
Regionala de
Metrologie
Legala
Constanta-
DRML
12961/
26.11.2025
Order
Calibration of air pistol
23.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
311
Iprochim S.A.
57/
09.01.2024
Order
IPROCHIM inspections for the MAN dump
truck CT 14 SRM
990.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
312
Iprochim S.A.
3608/
24.03.2025
Order
Technical inspection for the MAN vacuum truck
(tanker) CT 33 SRE
1,429.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
313
Iprochim S.A.
11525/
22.10.2025
Order
IPROCHIM inspections for the MAN dumps CT
85 TEP si CT 10 SRM
3,370.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
Not
applicable
139
invoice
receipt
314
Inspectoratul de
Stat in
Constructii
Constanta (State
Inspectorate for
Construction)
715/
27.01.2025
Order
Value of the 0.1% fee (Law no. 50/1991)
required for the authorization of demolition
works by the State Inspectorate for
Constructions (ISC) for the objective:
"Demolition of the oil tank gate S=117 sqm,
Investor: Oil Terminal S.A."
169.19
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
315
Inspectoratul de
Stat in
Constructii
Constanta
716/
27.01.2025
Order
50% of the 0.5% fee (Law 10/1995) required
for the authorization of demolition works by the
ISC for the objective: Demolition of the oil tank
gate S=117 sqm, Investor: Oil Terminal S.A.
422.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
316
Inspectoratul de
Stat in
Constructii
Constanta
717/
27.01.2025
Order
value of the 0.1% fee (Law no. 50/1991)
required for the authorization of dismantling
works by the ISC for the objective: Dismantling
of the foam house, inventory no.11210651,
S=50 sqm
16.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
317
Inspectoratul de
Stat in
Constructii
Constanta
718/
27.01.2025
Order
50% of the 0.5% fee (Law 10/1995) required
for the authorization of dismantling works by
the ISC for the objective: Dismantling of the
foam house, inventory no.11210651, S=50
sqm
41.89
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
318
Inspectoratul de
Stat in
Constructii
Constanta
1026/
31.01.2025
Order
value of the 0.6% regularization fee (Law no.
50/1991) from the value of the demolition
works related to the objective "Dismantling of
the fence with prefabricated elements,
inventory no.11221977."
141.12
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
319
Inspectoratul de
Stat in
Constructii
Constanta
1291/
06.02.2025
Order
value of the 0.6% regularization fee (Law no.
50/1991) required for the authorization of
works by the ISC for the objective: Dismantling
of the brick toilet and associated ruins,
inventory no.11210164, 11110240.
97.25
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
320
Inspectoratul de
Stat in
Constructii
Constanta
1481/
10.02.2025
Order
value of the 0.6% regularization fee (Law no.
50/1991) required for the authorization of
works by the ISC for the objective: Dismantling
of ruin tank C65-(C52) S=113 sqm, ruin tank
C66-(C53) S=113 sqm, ruin tank C63-(C50)
655.81
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
140
S=174 sqm, ruin pump house C64-(C51) S=34
sqm, ruin pump house C60-(C47) S=143 sqm.
321
Inspectoratul de
Stat in
Constructii
Constanta
2852/
06.03.2025
Order
Authorization for the execution of dismantling
works by the ISC for the objective "Demolition
of the Castrol Warehouse (tanks, buildings,
pump house, fence, sewers, roads and
platforms, installations)"
1,705.22
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
322
Inspectoratul de
Stat in
Constructii
Constanta
2853/
06.03.2025
Order
Authorization for the execution of dismantling
works by the ISC for the objective "Demolition
of the Castrol Warehouse (tanks, buildings,
pump house, fence, sewers, roads and
platforms, installations)"
4,263.04
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
323
Inspectoratul de
Stat in
Constructii
Constanta
4412/
11.04.2025
Order
value of 50% of the 0.5% fee (Law no.
10/1995) from the value of the demolition
works related to the authorization for the
execution of dismantling works by the ISC for
the objective "Dismantling of the foam house,
inventory no.11210294 (C158) S=54SQM"
37.58
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
324
Inspectoratul de
Stat in
Constructii
Constanta
4695/
17.04.2025
Order
Authorization for the execution of dismantling
works by the ISC for the objective "Demolition
of the gate cabin 1A s=10,68sqm, foam
house(building C20) S=30sqm, foam house
(building C19)S=30 sqm, firefighting cabin
(building) S=31sqm, firefighting cabin building
C16 D=29 sqm
247.14
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
325
Inspectoratul de
Stat in
Constructii
Constanta
5123/
05.05.2025
Order
value of 50% of the 0.5% fee (Law no.
10/1995) from the value of the construction-
assembly works related to the authorization for
the execution of works by the ISC for the
investment objective "Commissioning of the
Crystal Separator – North Storage Farm"
11,194.24
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
326
Inspectoratul de
Stat in
Constructii
Constanta
5124/
05.05.2025
Order
value of the 0.1% fee (Law no. 50/1991) from
the value of the construction-assembly works
related to the authorization for the execution of
works by the ISC for the investment objective
"Commissioning of the Crystal Separator –
North Storage Farm"
4,477.70
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
141
327
Inspectoratul de
Stat in
Constructii
Constanta
5450/
13.05.2025
Order
value of 50% of the 0.5% fee (Law no.
10/1995) from the value of construction-
assembly works related to the authorization of
works by the ISC for the objective: Dismantling
of the unloaders' shelter building (control point
building C24) S=12 sqm, workers' tool house
(foam house C26) S=5 sqm, pump house
(pump house C27 - partial) S=39 sqm, toluene
pump house (pump house C28) S= 20 sqm,
fire station CS14 (cabin C95) S=40 sqm, foam
shack (firefighting house C8-C59) S=39 sqm,
cadastral number 255591, AD 15/04.03.2024
84.64
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
328
Inspectoratul de
Stat in
Constructii
Constanta
5847/
23.05.2025
Order
value of 50% of the 0.5% fee (Law 10/1995)
required for the authorization of construction-
assembly works by the ISC for the objective:
Modification of the Internal Railway Lines Oil
Terminal S.A. - north warehouse - ramp 1A by
dismantling lines 5 and 6
1,625.33
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
329
Inspectoratul de
Stat in
Constructii
Constanta
9036/
21.08.2025
Order
0.5% of the value of construction-assembly
works related to the tariff regularization
according to Law 10/1995 for the investment
objective "Modernization of tank T29S - South
Storage Farm"
114,175.78
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
330
Inspectoratul de
Stat in
Constructii
Constanta
10089/
17.09.2025
Order
Regularization of the 0.5% quota of the value
of construction-assembly works related to the
investment objective "Construction of tank 30P
Port Storage Farm"
39,745.05
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
331
Inspectoratul de
Stat in
Constructii
Constanta
10959/
08.10.2025
Order
Regularization of the authorization tariff
according to Law 10/1995 for the investment
objective: "Modernization and commissioning
of the crystal separator, North Storage Area"
11,081.26
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
332
Inspectoratul de
Stat in
Constructii
Constanta
11487/
21.10.2025
Order
Equivalent value of 50% of the 0.1% quota
(Law 10/1995) of the value of works for the
objective: "Repairs and modifications to the
roof of the sports complex and bowling alley
building, inventory no. 11210720"
210.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
142
333
Inspectoratul de
Stat in
Constructii
Constanta
11488/
21.10.2025
Order
Equivalent value of the 0.1% quota (Law
50/1991) of the value of works for the
objective: "Repairs and modifications to the
roof of the sports complex and bowling alley
building, inventory no. 11210720"
84.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
334
Inspectoratul de
Stat in
Constructii
Constanta
12162/
06.11.2025
Order
Regularization of the authorization tariff
according to Law 10/1995 and Law 50/1991 for
the investment objective: Fuel oil loading
installation into railway tank cars, Line 1, South
Storage Area
14,682.54
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
335
Inspectoratul de
Stat in
Constructii
Constanta
13314/
08.12.2025
Order
Equivalent value of 50% of the 0.5% quota
(Law no. 10/1995) of the value of construction-
assembly works related to the execution
authorization by the ISC for the objective:
Demolition of the oil basin gate S=117 sqm,
investor: Oil Terminal S.A.
422.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
336
Inspectoratul de
Stat in
Constructii
Constanta
13315/
08.12.2025
Order
Equivalent value of the 0.1% quota (Law no.
50/1991) of the value of demolition works
related to the dismantling execution
authorization by the ISC for the objective:
Demolition of the oil basin gate S=117 sqm,
investor: Oil Terminal S.A.
169.19
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
337
Institutul national
de cercetare si
dezvoltare pentru
securitatea
miniera si
protectie
antiexploziva –
INSEMEX
(National Institute
for Research and
Development in
Mine Safety and
Anti-Explosion
Protection)
2580/
28.02.2025
Order
Enrollment for the examination session of
personnel with duties and responsibilities
regarding technical equipment and installations
in industrial areas exposed to explosion hazard
640.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days
Not
applicable
143
338
Institutul national
de cercetare si
dezvoltare pentru
securitatea
miniera si
protectie
antiexploziva -
INSEMEX
6870/
23.06.2025
Order
Annual supervision of the rescue station within
Oil Terminal
5,000.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 60
days of
invoice
receipt
Not
applicable
339
Institutul national
de cercetare si
dezvoltare pentru
securitatea
miniera si
protectie
antiexploziva -
INSEMEX
6250/
04.06.2025
Order
Training for the authorization/re-authorization
of rescue station personnel (rescuers and
rescue station mechanic) and personnel from
specialized teams assigned to intervention
vehicles within the SPSU Service - 32 persons
59,000.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
340
Institutul national
de cercetare si
dezvoltare pentru
securitatea
miniera si
protectie
antiexploziva -
INSEMEX
7026/
26.06.2025
Order
Enrollment for the seminar and examination
session of personnel with duties and
responsibilities regarding technical equipment
and installations in industrial areas exposed to
explosion hazard
4,800.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
341
Institutul national
de cercetare si
dezvoltare pentru
securitatea
miniera si
protectie
antiexploziva -
INSEMEX
12491/
14.11.2025
Order
Registration for the examination session of
personnel with duties and responsibilities
regarding technical equipment and installations
in industrial areas with explosion hazards
640.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
342
Institutul National
de Metrologie
Bucuresti
(National Institute
of Metrology)
1431/
10.02.2025
Order
Calibration of a set of standard weights, class
E1, MRC for masses, Zwiebel, consisting of a
set 12 pieces of 1 mg - 500 mg and a set of 13
pieces from 1 g to 1 kh, series S2412285
12,025.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days
Not
applicable
144
343
Institutul National
de Metrologie
Bucuresti
1982/
17.02.2025
Order
Calibration of manual Engler viscometers with
electric heating, Lauda, Herzog type - 3 pieces
1,983.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days
Not
applicable
344
Institutul National
de Metrologie
Bucuresti
4630/
16.04.2025
Order
Metrological calibration of a weighted tape
measure 30m and a tape measure 200m
826.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
345
Institutul National
de Metrologie
Bucuresti
3991/
01.04.2025
Order
Calibration of an X-ray fluorescence analyzer,
model Lab X 300, Oxford Instruments
1,722.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
346
Institutul National
de Metrologie
Bucuresti
5871/
26.05.2025
Order
Calibration of the ultrasonic thickness gauge
454.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
347
Institutul National
de Metrologie
Bucuresti
6594/
16.06.2025
Order
Metrological calibration for the Krohne Optiflux
5300 flow meter
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
348
Institutul National
de Metrologie
Bucuresti
7062/
27.06.2025
Order
Calibration of graded/calibrated laboratory
glassware
6,037.20
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
349
Institutul National
de Metrologie
Bucuresti
11867/
30.10.2025
Order
Calibration of Vapor Pressure Analyzer,
Minivap model, series 23-211-0289, located in
the Laboratory
2,366.10
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
Not
applicable
145
days of
invoice
receipt
350
Institutul National
de Metrologie
Bucuresti
12899/
25.11.2025
Order
Metrological calibration for the 500 dm3
overflow secondary standard measure and the
50 dm3 secondary standard measure with a
graduated scale on the generator
2,477.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
351
Ministerul
Transporturilor si
Infrastructurii
(Ministry of
Transport and
Infrastructure)
166/
14.01.2025
Settlement
Annual endorsement of the Certificate of
Accreditation for Psychological Units
652.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
352
Ministerul
Transporturilor si
Infrastructurii
4092/
03.04.2025
Order
Issuance of a public health opinion for the
project "Demolition/dismantling of fixed assets,
port storage farm (canteen, locker room, and
tanks)"
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
353
Ministerul
Transporturilor si
Infrastructurii
12699/
19.11.2025
Order
Annual approval of the psychological unit
accreditation certificate
1,500.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 6 days
Not
applicable
354
Ministerul
Transporturilor-
Directia Medicala
(Ministry of
Transport –
Medical
Directorate)
1808/
13.02.2025
Order
Obtaining a public health specialist opinion for
the investment objective "Construction of a
Bitumen Terminal, Port Storage Farm"
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
355
Oficiul National al
Registrului
Comertului
(National Trade
Register Office)
1113/
04.02.2025
Settlement
Issuance of a Registration Certificate from the
National Trade Register Office required for the
authentication of the Convention on
Maintaining the Real Estate Mortgage
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
03.02.2025
Not
applicable
146
356
Oficiul National al
Registrului
Comertului
2626/
03.03.2025
Settlement
Issuance of a Registration Certificate by the
Trade Register Office
60.00
Not
applicable
Not
applicable
Paid in cash
on
03.03.2025
Not
applicable
357
Oficiul National al
Registrului
Comertului
4178/
07.04.2025
Settlement
Issuance of a Registration Certificate by the
Trade Register Office
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
01.04.2025
Not
applicable
358
Oficiul National al
Registrului
Comertului
4179/
07.04.2024
Settlement
Registration of the OGSM resolution adopted
during the meeting on 31.01.2025 at the Trade
Register Office attached to Constanta Tribunal
270.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
31.03.2025
Not
applicable
359
Oficiul National al
Registrului
Comertului
4576/
15.04.2025
Settlement
Registration of OGSM resolutions no. 2, no. 3,
and no. 4, adopted during the meeting on
09.04.2025 at the Trade Register Office
attached to Constanta Tribunal
607.50
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
09.04.2025
Not
applicable
360
Oficiul National al
Registrului
Comertului
4759/
22.04.2025
Settlement
Registration of OGSM resolutions no. 5,
adopted during the meeting on 09.04.2025 at
the Trade Register Office attached to
Constanta Tribunal
675.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
14.04.2025
Not
applicable
361
Oficiul National al
Registrului
Comertului
4799/
23.04.2025
Settlement
Registration of Board’s decision no.
48/15.04.2025 at the Trade Register Office
attached to Constanta Tribunal
135.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
16.04.2025
Not
applicable
362
Oficiul National al
Registrului
Comertului
5014/
29.04.2025
Settlement
Issuance of a Registration Certificate by the
Trade Register Office
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
Not
applicable
147
on
26.04.2026
363
Oficiul National al
Registrului
Comertului
5120/
05.05.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 28.04.2025 at the Trade
Register Office attached to Constanta Tribunal
2,160.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
29.04.2025
Not
applicable
364
Oficiul National al
Registrului
Comertului
6134/
02.06.2025
Settlement
Issuance of a Registration Certificate from the
Trade Register Office attached to Constanta
Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
31.05.2025
Not
applicable
365
Oficiul National al
Registrului
Comertului
6901/
24.06.2025
Settlement
Registration of OGSM resolution no. 5,
adopted during the meeting on 16.06.2025 at
the Trade Register Office attached to
Constanta Tribunal
607.50
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
23.06.2025
Not
applicable
366
Oficiul National al
Registrului
Comertului
7777/
15.07.2025
Settlement
Registration of the EGSM and OGSM
resolutions adopted during the meetings held
on 07.07.2025 at the Trade Register Office
attached to Constanta Tribunal
1,485.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
09.07.2025
Not
applicable
367
Oficiul National al
Registrului
Comertului
8910/
18.08.2025
Settlement
Registration Certificate from the Trade Register
Office attached to Constanta Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
11.08.2025
Not
applicable
368
Oficiul National al
Registrului
Comertului
9422/
01.09.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting held on 21.08.2025 at the
Trade Register Office attached to Constanta
Tribunal
552.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
Not
applicable
148
on
22.08.2025
369
Oficiul National al
Registrului
Comertului
10049/
16.09.2025
Settlement
Registration of Board’s Decision no.
104/10.09.2025 at the Trade Register Office
attached to Constanta Tribunal
138.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
11.09.2025
Not
applicable
370
Oficiul National al
Registrului
Comertului
10050/
16.09.2025
Settlement
Registration of the EGSM and OGSM
resolutions adopted during the meetings held
on 04(05).09.2025 at the Trade Register Office
attached to Constanta Tribunal
2,139.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
05.09.2025
Not
applicable
371
Oficiul National al
Registrului
Comertului
10291/
23.09.2025
Settlement
Issuance of a Registration Certificate from the
Trade Register Office attached to Constanta
Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
16.09.2025
Not
applicable
372
Oficiul National al
Registrului
Comertului
10292/
23.09.2025
Settlement
Issuance of a Registration Certificate from the
Trade Register Office attached to Constanta
Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
15.09.2025
Not
applicable
373
Oficiul National al
Registrului
Comertului
10321/
23.09.2025
Settlement
Registration of the EGSM and OGSM
resolutions adopted during the meetings held
on 04(05).09.2025 at the Trade Register Office
attached to Constanta Tribunal
414.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
26.09.2025
Not
applicable
374
Oficiul National al
Registrului
Comertului
12032/
04.11.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 30(31).10.2025 at the
Trade Register Office attached to the
Constanța Tribunal
621.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
Not
applicable
149
on
30.10.2025
375
Oficiul National al
Registrului
Comertului
12547/
17.11.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 07(10).11.2025 at the
Trade Register Office attached to the
Constanța Tribunal
828.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
10.11.2025
Not
applicable
376
Oficiul National al
Registrului
Comertului
13272/
08.12.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 28.11(02.12).2025 at the
Trade Register Office attached to the
Constanța Tribunal
828.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
02.12.2025
Not
applicable
377
Oficiul National al
Registrului
Comertului
13803/
17.12.2025
Settlement
Issuance of the Certificate of status from the
Trade Register Office attached to the
Constanța Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
11.12.2025
Not
applicable
378
Oficiul National al
Registrului
Comertului
13978/
23.12.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 15(16).12.2025 at the
Trade Register Office attached to the
Constanța Tribunal
1,035.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
15.12.2025
Not
applicable
379
Oficiul National al
Registrului
Comertului
14034/
24.12.2025
Settlement
Registration of the OGSM resolutions adopted
during the meeting on 15(16).12.2025 at the
Trade Register Office attached to the
Constanța Tribunal
414.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
16.12.2025
Not
applicable
380
Oficiul National al
Registrului
Comertului
14072/
29.12.2025
Settlement
Basic Certificate of status from the Trade
Register Office attached to the Constanța
Tribunal
30.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
Not
applicable
150
on
22.12.2025
381
Primaria
Municipiului
Constanta
(Constanta City
Hall)
505/
21.01.2025
Order
Security deposit in file no. 8878/118/2024
1,727.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
382
Primaria
Municipiului
Constanta
1439/
10.02.2025
Order
Issuance of the urbanism certificate for the
investment objective "Modernization of the
railway infrastructure to streamline traffic and
connect lines 10F and 11F to the Port Storage
Farm"
49.45
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
383
Primaria
Municipiului
Constanta
1805/
13.02.2025
Settlement
Issuance of a traffic authorization on the street
network of Constanta municipality for freight
transport, for the Mercedes minibus with
license plate CT 02 WIX, for the period
February-December 2025
3,113.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
11.02.2025
Not
applicable
384
Primaria
Municipiului
Constanta
2211/
20.02.2025
Order
Judicial stamp duty
547.22
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
385
Primaria
Municipiului
Constanta
2291/
21.02.2025
Order
430.51
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
386
Primaria
Municipiului
Constanta
2359/
24.02.2025
Order
191.91
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
387
Primaria
Municipiului
Constanta
2624/
03.03.2025
Order
462.23
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
388
Primaria
Municipiului
Constanta
2625/
03.03.2025
Order
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
389
Primaria
Municipiului
Constanta
2633/
03.03.2025
Order
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
151
390
Primaria
Municipiului
Constanta
2717/
04.03.2025
Order
Judicial stamp duty
72,925.95
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
391
Primaria
Municipiului
Constanta
2720/
04.03.2025
Order
227.75
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
392
Primaria
Municipiului
Constanta
2910/
07.03.2025
Order
723.74
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
393
Primaria
Municipiului
Constanta
3112/
12.03.202
Order
591.19
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
394
Primaria
Municipiului
Constanta
3192/
13.03.2025
Order
439.28
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
395
Primaria
Municipiului
Constanta
3288/
17.03.2025
Settlement
Issuance of a traffic authorization on the street
network of Constanta municipality for
passenger transport, for the Mercedes bus with
license plate CT 111 WIX, for the period April-
December 2025
2,547.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
12.03.2025
Not
applicable
396
Primaria
Municipiului
Constanta
3325/
18.03.2025
Order
Judicial stamp duty
400.88
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
397
Primaria
Municipiului
Constanta
3345/
18.03.2025
Order
157.97
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
398
Primaria
Municipiului
Constanta
3796/
27.03.2025
Order
489.76
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
399
Primaria
Municipiului
Constanta
3996/
01.04.2025
Order
247.33
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
400
Primaria
Municipiului
Constanta
4076/
03.04.2025
Order
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
152
401
Primaria
Municipiului
Constanta
4085/
03.04.2025
Order
682.24
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
402
Primaria
Municipiului
Constanta
4183/
07.04.2025
Order
727.91
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
403
Primaria
Municipiului
Constanta
4187/
07.04.2025
Order
451.18
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
404
Primaria
Municipiului
Constanta
4784/
23.04.2025
Order
50.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 7 days
Not
applicable
405
Primaria
Municipiului
Constanta
5235/
07.05.2025
Order
Extension of the Urbanism Certificate for
"Dismantling of Railway Line Ramp – 2B, IN
11220156, located in Constanta, 2 Caraiman
Street, North Storage Farm – Building B,
cadastral no. 215382 (former no.– 116563)
23.91
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
406
Primaria
Municipiului
Constanta
5990/
28.05.2025
Order
Legalization of the judgment on case no.
6919/118/2020
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 3 days
Not
applicable
407
Primaria
Municipiului
Constanta
6861/
23.06.2025
Order
Judicial stamp duty for the appeal filed in file
no. 38673/212/2024
20.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
408
Primaria
Municipiului
Constanta
6906/
24.06.2025
Order
Issuance of an Urbanism Certificate for the
objective - "Dismantling of tanks".
3,387.16
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
409
Primaria
Municipiului
Constanta
6907/
24.06.2025
Order
Issuance of an Urbanism Certificate for the
objective - "Dismantling of tanks".
462.81
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
410
Primaria
Municipiului
Constanta
7203/
01.07.2025
Order
Issuance of a Building Permit for the work
named: "Repairs and Modifications to the Roof
of the Sports Complex and Bowling Alley
Building, Inventory no. 111210720," location: 2
Caraiman Street, Constanța, North Storage
Farm
840.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
153
411
Primaria
Municipiului
Constanta
7204/
01.07.2025
Order
Issuance of an Architecture Stamp
Authorization for the work named: "Repairs
and Modifications to the Roof of the Sports
Complex and Bowling Alley Building, Inventory
no. 111210720," location: 2 Caraiman Street,
Constanța, North Storage Farm
42.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
412
Primaria
Municipiului
Constanta
7503/
08.07.2025
Order
Issuance of an Urbanism Certificate for the
project "Dismantling of the industrial railway
line Ramp 1A lines 1-4"
168.34
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
413
Primaria
Municipiului
Constanta
7723/
14.07.2025
Order
Issuance of an Urbanism Certificate for the
project Dismantling of the railway connection to
the ramp and crude oil ramp line inv.no.
11220166 and 11220167
220.22
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
414
Primaria
Municipiului
Constanta
8037/
23.07.2025
Order
Judicial stamp duty
200.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
415
Primaria
Municipiului
Constanta
8250/
30.07.2025
Order
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
416
Primaria
Municipiului
Constanta
8251/
30.07.2025
Order
Judicial stamp duty
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
417
Primaria
Municipiului
Constanta
8947/
19.08.2025
Order
827.60
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
418
Primaria
Municipiului
Constanta
8948/
19.08.2025
Order
777.88
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
419
Primaria
Municipiului
Constanta
9034/
21.08.2025
Order
Issuance of an Urbanism Certificate for the
project "Demolition of Building C 89 (materials
storeroom, with Surface Area S = 51 sqm,
inv.no. 11111247)"
10.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
420
Primaria
Municipiului
Constanta
9038/
21.08.2025
Order
Issuance of a Demolition Permit for the project
"Demolition/Dismantling of Fixed Assets Port
170.42
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
154
Storage Farm (canteen/locker room and tanks,
located at Berth 69, CNAPMC)
421
Primaria
Municipiului
Constanta
9061/
21.08.2025
Order
Issuance of an Urbanism Certificate for the
project "Demolition of foam center (C5- 260892
with Surface Area S = 78 sqm and inv.no.
11210808)"
10.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
422
Primaria
Municipiului
Constanta
9062/
21.08.2025
Order
Issuance of an Urbanism Certificate for the
project "Demolition of transformer station, C7-
260891 with Surface Area S = 78 sqm and
inv.no. 11111277)"
10.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
423
Primaria
Municipiului
Constanta
9141/
25.08.2025
Order
Stamp duty for the debtor payment order
200.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
424
Primaria
Municipiului
Constanta
9142/
25.08.2025
Order
Judicial stamp duty for the legalization of Civil
Judgment no. 4067/21.03.2025 from file no.
5746/212/2024 - Constanța Court
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
425
Primaria
Municipiului
Constanta
9151/
25.08.2025
Order
Judicial stamp duty for the debtor payment
order file
200.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
426
Primaria
Municipiului
Constanta
9450/
01.09.2025
Order
Issuance of an Urbanism Certificate for the
project "demolition of building C2 (tank P1N,
with inv.no.11221620) and building C4 (tank
P8N, with inv.no.11222068)"
29.11
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
427
Primaria
Municipiului
Constanta
9451/
01.09.2025
Order
Issuance of an Urbanism Certificate for the
project "demolition of building C1 (tank M15,
with IN-11221613), building C2 (tank M16N,
with IN-11221621) and building C3 (tank
M17N, with IN-11221612)"
36.27
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
428
Primaria
Municipiului
Constanta
9452/
01.09.2025
Order
Issuance of an Urbanism Certificate for the
project "demolition of building C6 (tank P2N,
with IN-11221619), building C7 (tank M5N, with
IN-11221616), building C8 (tank P3N, with IN-
11221618) and building C9 (tank M4N, with IN-
11221617)"
45.68
Not
applicable
Not
applicable
Payment via
bank transfer
within 4 days
Not
applicable
429
Primaria
Municipiului
Constanta
10081/
17.09.2025
Order
Judicial stamp duty
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
155
430
Primaria
Municipiului
Constanta
10083/
17.09.2025
Order
5.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
431
Primaria
Municipiului
Constanta
13199/
04.12.2025
Order
Issuance of the Urbanism Certificate for the
project: "Dismantling of building C6 (tank P2N,
IN 11221619), building C7 (tank M5N, IN
11221616), building C8 (tank P3N, IN
11221618), building C9 (tank M4N, IN
11221617) – resumption of procedure"
45.68
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
432
Regia Autonoma
Monitorul Oficial
(Official Gazette
Autonomous
Public
Corporation)
07/
08.01.2025
Order
Subscription to the publication Official Gazette,
Part IV for the year 2025, on electronic format
966.39
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
from
issuance of
proforma
invoice
Not
applicable
433
Regia Autonoma
Monitorul Oficial
2475/
26.02.2025
Order
Publication of the OGSM convening notice
1,591.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
434
Regia Autonoma
Monitorul Oficial
2868/
06.03.2025
Order
1,523.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
435
Regia Autonoma
Monitorul Oficial
3787/
27.03.2025
Order
1,793.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
436
Regia Autonoma
Monitorul Oficial
3789/
27.03.2025
Order
2,063.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
437
Regia Autonoma
Monitorul Oficial
4628/
16.04.2025
Order
1,996.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
438
Regia Autonoma
Monitorul Oficial
5452/
13.05.2025
Order
1,523.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
439
Regia Autonoma
Monitorul Oficial
6178/
03.06.2025
Order
1,591.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
156
440
Regia Autonoma
Monitorul Oficial
6180/
03.06.2025
Order
1,591.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
441
Regia Autonoma
Monitorul Oficial
7905/
18.07.2025
Order
1,658.50
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
442
Regia Autonoma
Monitorul Oficial
6863/
23.06.2025
Order
1,861.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
443
Regia Autonoma
Monitorul Oficial
8211/
29.07.2025
Order
1,591.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
444
Regia Autonoma
Monitorul Oficial
8212/
29.07.2025
Order
Publication of the EGSM convening notice
1,591.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
445
Regia Autonoma
Monitorul Oficial
9039/
27.08.2025
Order
Publication of the OGSM convening notice
1,996.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
446
Regia Autonoma
Monitorul Oficial
9044/
21.08.2025
Order
Publication of the OGSM convening notice
55.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
447
Regia Autonoma
Monitorul Oficial
10478/
26.09.2025
Order
1,551.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
448
Regia Autonoma
Monitorul Oficial
10480/
26.09.2025
Order
17.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
449
Regia Autonoma
Monitorul Oficial
10822/
06.10.2025
Order
Publication on 07.10.2025 in the Official
Gazette, Part IV, of the OGSM Convening
Notice for the meeting on 07(10).11.2025
1,775.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
450
Regia Autonoma
Monitorul Oficial
11631/
24.10.2025
Order
Publication on 28.10.2025 of the OGSM
Convening Notice for the meeting on
28.11(02.12).2025
1,568.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
451
Regia Autonoma
Monitorul Oficial
12425/
13.11.2025
Order
Registration of the OGSM resolutions adopted
during the meeting on 28.11(02.12).2025 at the
2,051.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
157
Trade Register Office attached to the
Constanța Tribunal
452
Regia Autonoma
Monitorul Oficial
12435/
13.11.2025
Order
Publication of the OGSM Convening Notice for
the meeting on 15(16).12.2025
1,637.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
453
Regia Autonoma
Monitorul Oficial
13117/
02.12.2025
Order
Publication on 03.12.2025 in the Official
Gazette, Part IV, of the full OGSM Convening
Notice for the meeting on 15(16).12.2025
1,913.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
454
Regia Autonoma
Monitorul Oficial
13850/
18.12.2025
Order
Subscription to the Official Gazette, Part IV for
the year 2026, in electronic format
1,061.98
Not
applicable
Not
applicable
Payment via
bank transfer
within 5 days
of proforma
invoice
receipt
Not
applicable
455
Raja S.A.
894/
29.01.2025
Order
Analysis of filtered water samples
842,52
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
456
Raja S.A.
1209/
05.02.2025
Order
Analysis of drinking water samples
421,26
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
receipt
Not
applicable
457
Raja S.A.
2/
13.05.2025
to contract
246/498/11.
12.2024
Additional
Act
Increase of the differentiated tariff for Risk
Level 1 from 0.62 lei/cubic meter to 0.65
lei/cubic meter
Unit prices –
contract
estimated
value
1,810.000,00
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
invoice
issuance
Not
applicable
458
Raja S.A.
AA3/
17.12.2025
to contract
246/498/
11.12.2024
Additional
Act
Tariff increase for the provision of drinking
water supply and sewerage services
Unit prices –
contract
estimated
value
1,810,000
Not
applicable
Not
applicable
Payment via
bank transfer
within 15
days of
Penalitati
0.02%
penalties for
each delay
day
158
invoice
issuance
459
Serviciul Public
de Impozite si
Taxe Constanta
SPIT (Public
Service for Local
Taxes and Fees)
213/
15.01.2025
Settlement
Services for issuing a traffic authorization on
the street network of Constanta municipality for
the MAN-CT33SRE freight transport vehicle for
01.01.2025-31.12.2025
30,381.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
10.01.2025
Not
applicable
460
Serviciul Public
de Impozite si
Taxe Constanta
SPIT
234/
15.01.2025
Settlement
Services for issuing a traffic authorization on
the street network of Constanta municipality for
freight transport vehicles for 01.01.2025-
31.12.2025
87,288.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
03.01.2025
Not
applicable
461
Serviciul Public
de Impozite si
Taxe Constanta
SPIT
1146/
04.02.2025
Settlement
Services for issuing a traffic authorization on
the street network of Constanta municipality for
MAN - CT 20 WIW freight transport vehicle for
31.01.2025 - 31.12.2025
30,381.00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
31.01.2025
Not
applicable
462
Serviciul Public
de Impozite si
Taxe Constanta
SPIT
8480/
06.08.2025
Settlement
Issuance of a traffic authorization on the street
network of Constanța municipality for the
specialized vehicle with license plate number B
148 WIY for the period 31.07.2025 –
31.12.2025
14,065.00
Not
applicable
Nu este
cazul
Paid with
visa
business
electron card
on
31.07.2025
Not
applicable
463
Institutul National
de Cercetare-
Dezvolare pentru
Protectia Muncii
"Alexandru
Darabont"("Alexa
ndru Darabont"
National
Research and
Development
Institute for
2806/
05.03.2025
Order
Preparation of safety data sheets for Type A
recovered material in accordance with
Regulation (EU) 2015/830 concerning the
Registration, Evaluation, Authorization and
Restriction of Chemicals (REACH)
750.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 30
days of
invoice
receipt
Not
applicable
159
Labour
Protection)
464
Agentia Pentru
Mediu si Arii
Protejate
(Agency for
Environment and
Protected Areas)
9341/
28.08.2025
Order
Issuance of an Environmental Agreement for
the objective "Modernization of the railway
infrastructure for traffic streamlining and the
connection of lines 10F and 11F to the Port
Storage Farm"
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
465
Agentia Pentru
Mediu si Arii
Protejate
10679/
02.10.2025
Order
Issuance of the Environmental Accord for the
investment objective: "Modernization of railway
infrastructure for traffic flow and connection of
lines 10F and 11F to the port storage area"
400.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
466
Agentia Pentru
Mediu si Arii
Protejate
13060/
28.11.2025
Order
Issuance of the Environmental Accord for the
project: Dismantling of Railway Line Ramp 2B
IN 11220156 located in Constanța County, 2
Caraiman Street, North storage area enclosure
2, building B
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
467
Agentia Pentru
Mediu si Arii
Protejate
13580/
12.12.2025
Order
Issuance of the Environmental Accord for the
project: Dismantling of building C2 (tank P1N
with BA=856 sqm and IN 11221620) and
building C4 (tank P8N with BA=855 sqm and
IN 11222068), located in Constanța County, 2
Caraiman Street, North Storage area
enclosure 1
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
468
Agentia Pentru
Mediu si Arii
Protejate
13581/
12.12.2025
Order
Issuance of the Environmental Accord for the
tank dismantling project: C1(R761
BA=820sqm); C2(R701 BA=815 sqm); C3
(R702 BA=821 sqm); C4(R762 BA=811 sqm);
C5(R708 BA=726 sqm); C6(R707 BA=724
sqm); C7(R710 BA=736 sqm); C8(R709
BA=738 sqm); C9(R766 BA=823 sqm);
C10(R764 BA=816 sqm); C11(R765 BA=784
sqm); C12 (R763 BA=799 sqm); C13
(Rezervor cu BA=457sqm); C14 (R768
BA=456sqm); C15 (R703 BA=786sqm); C17
(R705 BA=605sqm); C18 (R706 BA=579sqm);
C19 (R711 BA=611sqm); C20 (R712
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
160
BA=609sqm); C21 (R750 BA=221sqm); C22
(R749 BA=216sqm); C23 (R748 BA=217sqm);
C24 (R747 BA=218sqm); C25 (R746
BA=218sqm); C26 (R714 BA=198sqm); C27
(R760 BA=220sqm); C28 (R759 BA=221sqm);
C29 (R758 BA=223sqm)
469
Agentia Pentru
Mediu si Arii
Protejate
13588/
12.12.2025
Order
Issuance of the Environmental Accord for the
project Dismantling of building C1 (Tank M15N
BA=830 sqm and IN - 11221613), Building C2 (
Tank M16N BA=748 sqm and IN - 11221621)
and Building C3 (Tank M17N BA=849 sqm and
IN -11221612), located in Constanța County, 2
Caraiman Street, North storage area
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
470
Agentia Pentru
Mediu si Arii
Protejate
13591/
12.12.2025
Order
Issuance of the Environmental Accord for the
tank dismantling project: C60 ( R1, BA=688
sqm), C61 ( R2, BA=674 sqm); C62 (R3,
BA=677 sqm); C64 (R4, BA=683 sqm); C65
(R5, BA=684 sqm), located in Constanța
County, 2 Caraiman Street, North storage area
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
471
Agentia Pentru
Mediu si Arii
Protejate
13592/
12.12.2025
Order
Issuance of the Environmental Accord for the
project: Dismantling of ground floor building
C89 (Materials Warehouse, 51 sqm and IN
11111247) located in Constanța County, 2
Caraiman Street, North storage area
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
472
Agentia Pentru
Mediu si Arii
Protejate
13593/
12.12.2025
Order
Issuance of the Environmental Accord for the
project: Dismantling of ground floor building
C7-260891 NI 11111277, located in Constanța
County, 2 Caraiman Street, North storage area
Building A
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
473
Agentia Pentru
Mediu si Arii
Protejate
13597/
12.12.2025
Order
Issuance of the Environmental Accord for the
project: Dismantling of ground floor building
C5-260892 (Foam Center – building PT 105),
78 sqm, NI 11210808, located in Constanța
County, 2 Caraiman Street, North storage area
Building A
100.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 1 day
Not
applicable
161
474
Agentia Pentru
Mediu si Arii
Protejate
13693/
15.12.2025
Order
Revision of the Environmental Authorization for
the Port Storage Area 343/13.09.2025
250.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 2 days
Not
applicable
475
Autoritatea
Națională de
Reglementare în
Domeniul Minier,
Petrolier și al
Stocării
Geologice a
Dioxidului de
Carbon –
ANRMPSG
(National
Regulatory
Authority for
Mining, and
Geological
Storage of
Carbon Dioxide)
9788/
09.09.2025
Order
Inspection for the recertification of the anti-
pollution Vessel OTV 120 by authorized
(Romanian Naval Authority) agents.
69,081.00
Not
applicable
Not
applicable
Payment via
bank transfer
within 20
days
Not
applicable
476
Serviciul Public
de Impozite si
Taxe Constanta
SPIT
13681/
15.12.2025
Settlement
Contravention fine
405,00
Not
applicable
Not
applicable
Paid in cash
on
15.12.2025
Not
applicable
477
Serviciul Public
de Impozite si
Taxe Constanta
SPIT
13786/
17.12.2025
Settlement
Issuance of the circulation authorization on the
street network of Constanța Municipality for the
Mercedes bus (B 111 WIX) and the Mercedes
minibus (CT 02 WIX), period January –
December 2026
6.792,00
Not
applicable
Not
applicable
Paid with
visa
business
electron card
on
10.12.2025
Not
applicable
478
Engie Romania
S.A.
AA1/
17.09.2025
to contract
58/563/18.1
2.2024
Additional
Act
ANRE regulated tariff increase
Unit prices –
contract
estimated
value:
6,680,679.78
lei
Not
applicable
The
amount of
the
performanc
e
guarantee
is 10% of
30 days from
the invoice
issuance
date
The Client's
failure to
pay an
invoice
issued by
the Supplier
shall entail
162
the
contract
value
late
payment
charges,
calculated
on the
unpaid
amount, at a
rate of
0.020% per
day, starting
from the
calendar
day
following the
invoice due
date until
full payment
thereof,
including
the day of
payment.
479
Engie Romania
S.A.
AA2/
10.11.2025
to contract
58/563/18.1
2.2024
Additional
Act
ANRE regulated tariff increase
Unit prices –
contract
estimated
value:
6,680,679.78
lei
Not
applicable
The
amount of
the
performanc
e
guarantee
is 10% of
the
contract
value
30 days from
the invoice
issuance
date
The Client's
failure to
pay an
invoice
issued by
the Supplier
shall entail
late
payment
charges,
calculated
on the
unpaid
amount, at a
rate of
0.020% per
163
day, starting
from the
calendar
day
following the
invoice due
date until
full payment
thereof,
including
the day of
payment.
480
Engie Romania
S.A.
184/
407/04.12.2
025
Contract
Electricity supply
Unit prices –
contract
estimated
value:
6,358,737.60
lei
Not
applicable
The
amount of
the
performanc
e
guarantee
is 10% of
the
contract
value
30 days from
the invoice
issuance
date
The Client's
failure to
pay an
invoice
issued by
the Supplier
shall entail
late
payment
charges,
calculated
on the
unpaid
amount, at a
rate of
0.020% per
day, starting
from the
calendar
day
following the
invoice due
date until
full payment
thereof,
164
including
the day of
payment.
12.3.1.2. Transactions with customers
No.
Contracting parties
Act no. and date
Legal act
nature
Validity
period
Description
Estimated
value
(excluding
TVA)
Mutual
claims
Constitued
guarantees
Payment
terms and
methods
Stipulated penalties
1.
ANRSPS UT 515
BUCUREȘTI
and
OIL TERMINAL
CONSTANȚA SA
Subsequent
contract
no.4/18.12.2024 to
Framework
Agreement for
storage services
no.4787/
07.12.2022
Framework
Agreement
for storage
services
no.4787/
07.12.2022
01.01.2025
-
31.12.2025
Fuel oil
storage
services
2,627,950.40
lei
Not
applicable
Not
applicable
20 calendar
days from
invoice
issuance
date, by bank
transfer
Failure to meet the
payment deadline shall
result in the Depositor
paying late payment
penalties at the level
stipulated for
budgetary receivables
per day on the amount
due, unless the parties
mutually agree
otherwise
2.
Agenția Română de
Salvare a Vieții
Omenești pe Mare
Constanța
Contract no.616 /
24.12.2024/
AA2025
Contract
01.01.2025-
31.12.2025
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
3.
C.N.C.F. CFR
SUCURSALA
REGIONALĂ DE CĂI
FERATE
Contract no.608 /
24.12.2024
Contract
01.01.2025-
31.12.2025
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
4.
RADIOCOMUNICAȚII
SUC. DIRECȚIA
RADIOCOMUNICAȚII
Contract no.601 /
24.12.2024
Contract
01.01.2025-
31.12.2025
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
5.
UM 02133 Direcția
Hidrografică Maritimă
Contract no.603 /
24.12.2024
Contract
01.01.2025-
31.12.2025
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
6.
Institutul National de
Cercetare –
Contract no.26 /
04.02.2025
Contract
04.02.2025-
31.12.2025
Electricity
re-supply
Tariff
charged by
-
-
30 days
based on the
According to the Fiscal
Procedure Code
165
Dezvoltare pentru
Geologie și
Geoecologie Marina
– Geoecomar
Bucuresti
the utility
supplier to
Oil Terminal
invoice
issued by Oil
Terminal
7.
ANRSPS UT 515
BUCUREȘTI
and
OIL TERMINAL
CONSTANȚA SA
Subsequent
contract no.5/
30.12.2025
to Framework
Agreement for
storage services
no.4787/
07.12.2022
Framework
Agreement
for storage
services
no.4787/
07.12.2022
01.01.2026
-
06.12.2026
Fuel oil
storage
services
2,546,117.61
lei
Not
applicable
Not
applicable
20 calendar
days from
invoice
issuance
date, by bank
transfer
Failure to meet the
payment deadline shall
result in the Depositor
paying late payment
penalties at the level
stipulated for
budgetary receivables
per day on the amount
due, unless the parties
mutually agree
otherwise
8.
Agenția Română de
Salvare a Vieții
Omenești pe Mare
Constanța
Contract no.474/
18.12.2025/
AA1/2026
Contract
01.01.2026-
31.12.2026
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
9.
C.N.C.F. CFR
SUCURSALA
REGIONALĂ DE CĂI
FERATE
Contract no.486/
18.12.2025
Contract
01.01.2026-
31.12.2026
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
10.
RADIOCOMUNICAȚII
SUC. DIRECȚIA
RADIOCOMUNICAȚII
Contract no.465/
18.12.2025
Contract
01.01.2026-
31.12.2026
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
11.
UM 02133 Direcția
Hidrografică Maritimă
Contract no.469/
18.12.2025
Contract
01.01.2026-
31.12.2026
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
12
Institutul National de
Cercetare –
Dezvoltare pentru
Geologie și
Geoecologie Marina
– Geoecomar
Bucuresti
Contract no.458/
18.12.2025
Contract
01.01.2026-
31.12.2026
Electricity
re-supply
Tariff
charged by
the utility
supplier to
Oil Terminal
-
-
30 days
based on the
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
166
12.3.2. Informing shareholders regarding transactions concluded with another public enterprise or with the tutelary public authority, falling under Art. 52
para. (3) letter b) of GEO no. 109/2011, as subsequently amended and supplemented
The Board of Directors of Oil terminal SA, in accordance with Art. 52 para. (3) letter b) of GEO no. 109/2011, hereby informs the shareholders of any transaction
concluded by the public enterprise with another public enterprise or with the tutelary public authority, if the transaction has a value, individually or in a series of
transactions, of at least the RON equivalent of EUR 100,000.
Transaction period 01.01.2025 – 31.12.2025
Transactions subject to GSM information obligation.
12.3.2.1. Transactions with suppliers
No.
Contracting parties
Act no. and
date
Legal act
nature
Description
Total value (lei)
Mutual
claims
Constitue
d
guarantee
s
Payment terms
and methods
Interest and
penalties
1
Raja S.A
894/
29.01.2025
Order
Analysis of filtered water samples
842.52
Not
applicable
Not
applicable
Payment via bank
transfer within 15
days of invoice
receipt
Not
applicable
2
Raja S.A
1209/
05.02.2025
Order
Analysis of drinking water
samples
421.26
Not
applicable
Not
applicable
Payment via bank
transfer within 15
days of invoice
receipt
Not
applicable
3
Raja S.A.
AA2/
13.05.2025
to contract
246 / 498 /
11.12.2024
Additional
Act
Increase of the differentiated tariff
for Risk Grade 1 from 0,62 lei/cbm
to 0,65 lei/cbm
Unit prices –
contract
estimated value
1,810,000.00
Not
applicable
Not
applicable
Payment via bank
transfer within 15
days of invoice
issuance date
Not
applicable
4
Raja S.A.
AA3/
17.12.2025
to cotract
246/498/11.1
2.2024
Additional
Act
Increase of tariff for the provision
of drinking water supply and
sewerage services
Unit prices –
contract
estimated value
1,810,000.00
Not
applicable
Not
applicable
Payment via bank
transfer within 15
days of invoice
issuance date
Not
applicable
5
Engie Romania S.A.
AA1/
17.09.2025
to contract
Additional
Act
ANRE regulated tariff increase
Unit prices –
contract
Not
applicable
The
amount of
the
30 days of invoice
issuance date
The Client's
failure to
pay an
167
58/563/18.12
.2024
estimated value:
6,680,679.78 lei
performanc
e
guarantee
is 10% of
the
contract
value
invoice
issued by
the Supplier
shall entail
late
payment
charges,
calculated
on the
unpaid
amount, at a
rate of
0.020% per
day, starting
from the
calendar
day
following the
invoice due
date until full
payment
thereof,
including the
day of
payment
6
Engie Romania S.A.
AA2/
10.11.2025
to contract
58/563/18.12
.2024
Additional
Act
ANRE regulated tariff increase
Unit prices –
contract
estimated value:
6,680,679.78 lei
Not
applicable
The
amount of
the
performanc
e
guarantee
is 10% of
the
contract
value
30 days of invoice
issuance date
The Client's
failure to
pay an
invoice
issued by
the Supplier
shall entail
late
payment
charges,
calculated
on the
168
unpaid
amount, at a
rate of
0.020% per
day, starting
from the
calendar
day
following the
invoice due
date until full
payment
thereof,
including the
day of
payment
7
Engie Romania S.A.
184/407/
04.12.2025
Contract
Electricity supply
Unit prices –
contract
estimated value:
6,358,737.60 lei
Not
applicable
The
amount of
the
performanc
e
guarantee
is 10% of
the
contract
value
30 days of invoice
issuance date
The Client's
failure to
pay an
invoice
issued by
the Supplier
shall entail
late
payment
charges,
calculated
on the
unpaid
amount, at a
rate of
0.020% per
day, starting
from the
calendar
day
following the
169
invoice due
date until full
payment
thereof,
including the
day of
payment
12.3.2.2. Transactions with customers
Nr.
crt.
Părțile actului
juridic
Nr. și data
actului
Natura
actului
juridic
Perioada de
valabilitate
Descriere
obiect
Valoarea
estimată
(fără TVA)
Creanțe
reciproce
Garanții
constituite
Termene și
modalități de
plată
Penalități stipulate
1.
ANRSPS UT
515
BUCUREȘTI
and
OIL TERMINAL
CONSTANȚA
SA
Subsequent
contract
no.4/18.12.2024
to Framework
Agreement for
storage
services
no.4787/
07.12.2022
Framework
Agreement
for storage
services
no.4787/
07.12.2022
01.01.2025
-
31.12.2025
Fuel oil
storage
services
2,627,950.40
lei
Not
applicable
Not
applicable
20 calendar
days from
invoice issuance
date, by bank
transfer
Failure to meet the
payment deadline shall
result in the Depositor
paying late payment
penalties at the level
stipulated for budgetary
receivables per day on the
amount due, unless the
parties mutually agree
otherwise
2.
ANRSPS UT
515
BUCUREȘTI
and
OIL TERMINAL
CONSTANȚA
SA
Subsequent
contract no.5/
30.12.2025 to
Framework
Agreement for
storage
services
no.4787/
07.12.2022
Framework
Agreement
for storage
services
no.4787/
07.12.2022
01.01.2026
-
06.12.2026
Fuel oil
storage
services
2,546,117.61
lei
Not
applicable
Not
applicable
20 calendar
days from
invoice issuance
date, by bank
transfer
Failure to meet the
payment deadline shall
result in the Depositor
paying late payment
penalties at the level
stipulated for budgetary
receivables per day on the
amount due, unless the
parties mutually agree
otherwise
170
12.4. Transactions according to Art. 234 para. 1 letter i) of FSA Regulation no. 5/2018
Transactions according to Art. 234 para. 1 letter i) of FSA Regulation no. 5/2018:
Contracts concluded by the issuer with the same counterparty, individually or cumulatively, whose value exceeds 10% of the net turnover or total revenue, as applicable,
related to the last annual financial statements.
Transaction period 01.01.2025 – 31.12.2025
12.4.1. Transactions with suppliers
Not applicable.
12.4.2. Transactions with customers
Nr.
crt.
Parte
contractantă
Nr. și data
încheierii
actului
juridic
Natura
actului
juridic
Descriere obiect
Perioada
de
valabilitate
Valoarea
totală
Creanţe
reciproce
Garanţii
constituite
Termene şi
modalităţi
de plată
Dobânzi și
penalități
1.
OMV PETROM
SA
BUCUREȘTI
Service and
Forwarding
Contract
no.35/C/2025
Service
and
Forwarding
Contract
Crude oil unloading from
maritime vessels and
delivery to Conpet for
pumping to the refinery,
gasoline, diesel, fuel oil
and chemical and
petrochemical products
unloading/loading from/to
maritime vessels, river
barges, railway tank cars,
tank trucks, bunkering
tanks, crude oil and
petroleum products
storage, diesel blending
with biodiesel
01.01.2025
-31.12.2025
72,700,000
lei
Not
applicable
Not
applicable
30 calendar
days from
invoice
issuance
date, by bank
transfer.
Late payment interest
and penalties: Late
payment interest of
0.02% for each day
of delay on the
outstanding amount
and late payment
penalties due for
failure to pay invoices
by the due date of
0.01% for each day
of delay.
2.
OSCAR
DOWNSTREAM
SRL
MĂGURELE
Service and
Forwarding
Contract
no.27/C/2025
Service
and
Forwarding
Contract
Diesel unloading/loading
from/to maritime vessels,
river barges, railway tank
cars, tank trucks,
bunkering tanks, diesel
storage, diesel blending
with biodiesel.
01.01.2025
-31.12.2025
68,000,000
lei
Not
applicable
Not
applicable
30 calendar
days from
invoice
issuance
date, by bank
transfer.
Late payment interest
and penalties: Late
payment interest of
0.02% for each day of
delay on the
outstanding amount
and late payment
penalties due for
failure to pay invoices
by the due date of
0.01% for each day of
delay.
171
3.
LUKOIL
ROMANIA SRL
Service and
Forwarding
Contract
no.10/C/2025
Service
and
Forwarding
Contract
Crude oil unloading from
maritime vessels and
delivery to Conpet for
pumping to the refinery,
gasoline, diesel, fuel oil
and chemical and
petrochemical products
unloading/loading from/to
maritime vessels, river
barges, railway tank cars,
tank trucks, crude oil and
petroleum products
storage.
01.01.2025-
31.12.2025
78,000,000
lei
Not
applicable
Not
applicable
30 calendar
days from
invoice
issuance
date, by bank
transfer.
Late payment interest
and penalties: Late
payment interest of
0.02% for each day of
delay on the
outstanding amount
and late payment
penalties due for
failure to pay invoices
by the due date of
0.01% for each day of
delay.
4.
OMV PETROM
SA
BUCUREȘTI
Service and
Forwarding
Contract
no.35/C/2026
Service
and
Forwarding
Contract
Crude oil unloading from
maritime vessels and
delivery to Conpet for
pumping to the refinery,
gasoline, diesel, fuel oil
and chemical and
petrochemical products
unloading/loading from/to
maritime vessels, river
barges, railway tank cars,
tank trucks, bunkering
tanks, crude oil and
petroleum products
storage, diesel blending
with biodiesel.
01.01.2026
-31.12.2026
60,000,000
lei
Not
applicable
Not
applicable
30 calendar
days from
invoice
issuance
date, by bank
transfer.
Late payment interest
and penalties: Late
payment interest of
0.02% for each day of
delay on the
outstanding amount
and late payment
penalties due for
failure to pay invoices
by the due date of
0.01% for each day of
delay.
5.
OSCAR
DOWNSTREAM
SRL
MĂGURELE
Service and
Forwarding
Contract
no.27/C/2026
Service
and
Forwarding
Contract
Diesel unloading/loading
from/to maritime vessels,
river barges, railway tank
cars, tank trucks,
bunkering tanks, diesel
storage, diesel blending
with biodiesel.
01.01.2026
-31.12.2026
70,000,000
lei
Not
applicable
Not
applicable
30 calendar
days from
invoice
issuance
date, by bank
transfer.
Late payment interest
and penalties: Late
payment interest of
0.02% for each day of
delay on the
outstanding amount
and late payment
penalties due for
failure to pay invoices
by the due date of
0.01% for each day of
delay.
172
Chairman of the Board of Directors,
Ramona UNGUR
General Director,
Viorel Sorin CIUTUREANU
Financial Director,
Adriana FRANGU
RESOLUTION
of the Ordinary General Shareholders Meeting
of OIL TERMINAL S.A.
no.5 of 09.04.2025
Considering the provisions of Law No. 31/1990 republished, as subsequently amended
and supplemented, those of Law No. 24/2017 regarding issuers of financial instruments and
market operations, FSA Regulation No. 5/2018 regarding issuers of financial instruments and
market operations, the Articles of Incorporation of the company, as well as the minutes of the
Ordinary General Meeting of Shareholders held on 09.04.2025 the following was adopted:
Resolution:
Art. 1 The dismissal, for reasons not attributable to them, in order to fulfill milestone no. 121
of Romania's National Recovery and Resilience Plan, in accordance with the provisions of
Article 36.10 of the Mandate Contract, of the following members of the Board of Directors is
approved:
(i) With 99.9189 % of the votes cast, Mr.GHEORGHE Cristian Florin, Romanian citizen,
engineer, personal identification number , identified by ID card series
, no. , domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,258,255 votes "for", representing 99.9189 % of the total votes cast;
- 2,135,861 votes "against", representing 0.0811 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
(ii) With 99.9189 % of the votes cast, Mr. ANDREI Aurelian Ovidiu, Romanian citizen,
engineer, personal identification number , identified by ID card series , no.
, domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,258,255 votes "for", representing 99.9189 % of the total votes cast;
- 2,135,861 votes "against", representing 0.0811 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
(iii) With 99.9189 % of the votes cast, Mr. MICU Ionuț Stelian, Romanian citizen,
economist, personal identification number , identified by ID card series
, no. , domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,258,255 votes "for", representing 99.9189 % of the total votes cast;
- 2,135,861 votes "against", representing 0.0811 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 2 Paragraph 7 of the agenda was no longer voted during the AGOA meeting because all 7
administrators of the Company signed within the time limit provided for the Additional Act No.
2 to the Mandate Contract whose form and content were approved by the AGOA Decision No.
1/31.03.2025.
Art. 3 The election of the following interim members of the Board of Directors is approved:
(i) With 99.9191 % of the votes cast, Mr. LUNGU Ion, Romanian citizen, engineer, personal
identification number , identified by ID card series , no.
, domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
(ii) With 99.9191 % of the votes cast, Ms. STAN-OLTEANU Manuela-Petronela, Romanian
citizen, legal expert, personal identification number , identified by ID
card series , no. , domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
(iii) With 99.9191 % of the votes cast, Ms. VLĂDESCU Luminița, Romanian citizen,
economist, personal identification number , identified by ID card series
, no. , domiciled in .
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 4 With 99.9191 % of the votes cast, the term of office for the interim members of the
Board of Directors elected according to Article 3 of this resolution is approved for a period of 5
months, in accordance with the provisions of Government Emergency Ordinance no. 109/2011
regarding the corporate governance of public enterprises, as subsequently amended and
supplemented.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 5 With 99.9191 % of the votes cast, the establishment of the gross monthly fixed
remuneration for the interim members of the Board of Directors elected according to Article 3
of this resolution, in the amount established in accordance with Resolution no. 12 of
27.04.2023 of the Ordinary General Meeting of Shareholders of OIL TERMINAL S.A., is
approved.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 6 With 99.9191 % of the votes cast, the form of the mandate contract to be concluded with
the interim members of the Board of Directors elected according to Article 3 of this resolution,
in the form proposed by the Ministry of Energy, is approved.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 7 With 99.9191 % of the votes cast, the representative of the Ministry of Energy in the
OGSM is empowered to sign, on behalf and for the account of the Company, the mandate
contracts to be concluded with the interim members of the Board of Directors.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 8 With 99.9191 % of the votes cast, the initiation of the selection procedure for the vacant
positions of member of the Board of Directors is approved, in accordance with the provisions
of Government Emergency Ordinance no. 109/2011 regarding the corporate governance of
public enterprises, as subsequently amended and supplemented. The selection procedure will be
carried out by the Ministry of Energy, in its capacity as the tutelary public authority.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Art. 9 With 99.9191 % of the votes cast, the Chairman of the meeting, the General Director of
the company, is empowered to perform any and all formalities required for the registration and
for ensuring the enforceability against third parties of the resolutions adopted by the OGSM.
The empowered person may delegate the performance of the aforementioned formalities to
other persons.
With a presence of 2,632,394,116 votes, representing 87.83 % of the total voting rights, the
votes cast were recorded as follows:
- 2,630,263,880 votes "for", representing 99.9191 % of the total votes cast;
- 2,130,236 votes "against", representing 0.0809 % of the total votes cast;
- 0 “abstention” votes.
A number of 0 votes were annulled.
Chairman of
the Ordinary General Meeting of Shareholders
of OIL TERMINAL S.A. of 09.04.2025
Cristian Florin GHEORGHE
1 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Dear shareholders, partners and colleagues,
Oil Terminal S.A. operates in a rapidly changing
energy landscape. On the one hand, the pressure
to decarbonise is translang into new regulaons,
investments and expectaons. On the other hand,
the reality of energy security remains immediate
and concrete. In this balance, our role is to
maintain the crical infrastructure of Romania and
the Black Sea region to high standards of safety
and performance.
2025 was a year in which we consolidated our
operaonal base and laid the foundaons for the
next cycle of development. We have strengthened
our logiscal capabilies, increased flexibility
through infrastructure investments, and expanded
our service porolio through long-term
partnerships. The contracts signed and the
commercial results that the market validates our
experse and operaonal discipline.
We have made significant progress in integrang
sustainability into the company’s management.
This report is the second reporng exercise carried
out in accordance with Direcve (EU) 2022/2464,
the CSRD, and the European Sustainability
Reporng Standards (ESRS).
We report fully on greenhouse gas emissions for all three
scopes, labour indicators and governance requirements,
and the informaon is subject to a limited assurance
engagement in accordance with ISAE 3000, Revised.
The direcon is clear and measurable. We invest in
renewable energy projects for self-consumpon, analyse
mechanisms for the direct procurement of green energy,
and systemacally incorporate ESG risks and
opportunies into investment decisions and operaonal
management. We are taking a pragmac approach,
based on concrete investments and measurable
objecves pursued consistently.
What we deliver is built day by day through the work of
our team. Our more than one thousand employees
ensure the safe operaon of a complex system, where
technical discipline and rapid response make all the
difference. Social dialogue and responsible corporate
governance remain essenal components of stability,
and the integraon of non-financial indicators into
management assessment reinforces a comprehensive
performance model that is financial, operaonal and
sustainable.
We look ahead with a sense of responsibility. Oil
Terminal’s role remains essenal to energy security, and
the company’s transformaon is part of this mandate.
We are strengthening our resilience, making smart use of
our assets and building a business model ready for the
future.
We invite you to read this report as an honest account of
how we responsibly manage the present and prepare for
the future of Oil Terminal S.A.
Viorel-Sorin CIUTUREANU
MANAGING DIRECTOR
FOREWORD
1. Basis for the report
1 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
CONTENTS
1. Basis for the report ......................................................................................... 3
1.1 Reporng framework, compliance and scope (ESRS 2 BP-1) ................................................................... 3
1.2 ESG strategy and double materiality approach .................................................................................... 4
1.3 Reporng of greenhouse gas emissions (ESRS E1-6) ............................................................................. 5
1.4 Alignment with the EU Taxonomy and relevance to the financial market (Reg. 2020/852, Reg. 2019/2088) 6
1.5 Sustainability governance and reporng transparency (ESRS 2 GOV-1, GOV-2, GOV-3, GOV-5) .................. 7
1.6 Specific circumstances of reporng (ESRS 2 BP-2) ................................................................................. 7
1.7 Time horizons used in reporng (ESRS 1, paras. 77–79) ......................................................................... 8
1.8 Esmates, uncertaines and prior-period errors (ESRS 1, paras. 88–91) .................................................. 9
2. Company overview ....................................................................................... 12
2.1. Market and compeon (ESRS 2 SBM-1, SBM-2) ............................................................................... 12
2.2. Governance and management structure (ESRS 2 GOV-1, GOV-2, GOV-3) .............................................. 15
3. Double materiality analysis and stakeholder impact ..................................... 18
3.1. Assessment methodology (ESRS 2 IRO-1) .......................................................................................... 19
3.2. Idenficaon and engagement of stakeholders (ESRS 2 SBM-2) .......................................................... 25
3.3. Material impacts, risks and opportunies and their interacon with strategy (ESRS 2 SBM-3) ............... 32
3.4. Impact materiality ......................................................................................................................... 33
3.5. Financial materiality ...................................................................................................................... 38
3.6. The double materiality matrix and the list of material topics .............................................................. 40
4. Environmental impact and climate strategy (E1-E5) ....................................... 43
4.1. Climate context and relevance to the business model ........................................................................ 43
4.2. Carbon footprint and reducon targets ............................................................................................ 44
4.3. Risks related to climate change ....................................................................................................... 50
4.4. Climate adaptaon and transion strategy ...................................................................................... 52
4.5. Polluon and management of hazardous substances (E2) .................................................................. 53
4.6. Biodiversity and ecosystems (E4) ..................................................................................................... 56
4.7. Water and marine resources (E3) .................................................................................................... 58
4.8. Circular economy and waste management (E5)................................................................................. 59
1. Basis for the report
2 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
5. Social responsibility and team development ................................................. 65
5.1. Workforce composion and inclusion .............................................................................................. 66
5.2. Employee welfare, training and safety ............................................................................................. 71
5.3. Workers in the value chain (S2-1 – S2-5) ........................................................................................... 79
5.4. Affected communies (S3-1 – S3-5) .................................................................................................. 81
5.5. Consumers and end users (S4) ......................................................................................................... 82
5.6. Comparave analysis of social indicators 2024 vs 2025 (ESRS 1 §7.1) .................................................. 82
6. Corporate governance and ethical conduct ................................................... 85
6.1. Governance structure and ESG governance (ESRS 2 GOV-1, GOV-2, GOV-3; ESRS G1-1) .......................... 85
6.2. Ethics, compliance and an-corrupon (ESRS G1-1 – G1-6) ................................................................. 90
6.3. Due diligence, risk management and transparency (GOV-4, GOV-5) .................................................... 93
6.4. Comparave summary of governance indicators: 2024 vs 2025 .......................................................... 97
7. The EU Taxonomy and the ESG investment strategy ...................................... 99
7.1. The EU Taxonomy and the SFDR: Guiding sustainable investment decisions ......................................... 99
7.2. Alignment with the EU Taxonomy and sustainable finance ................................................................. 99
7.3 ESG financial performance and future investments .......................................................................... 108
8. Performance indicators and compliance with ESRS ..................................... 112
8.1 Energy and Climate Performance (E1) ............................................................................................. 112
8.2. Social performance (S) ................................................................................................................. 115
8.3 Governance Performance (G) ......................................................................................................... 118
8.4 ESRS Content Index (IRO-2) ............................................................................................................ 121
9. Outlook and future sustainability objecves ............................................... 122
9.1. Strategic direcons and the investment plan (environment and climate transion) ............................ 122
9.2. Corporate governance and social impact objecves ........................................................................ 123
9.3. Maturaon of the CSRD reporng process and future compliance .................................................... 125
1. Basis for the report
3 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
1. Basis for the report
1.1 Reporng framework, compliance and scope (ESRS 2 BP-1)
Oil Terminal S.A. operates as a standalone enty, with no consolidated subsidiaries or branches.
It is a public-interest enty and is listed on the Bucharest Stock Exchange. The majority
shareholder is the Ministry of Energy, which holds 87.7579% of the share capital.
Oil Terminal S.A. falls within the scope of Direcve (EU) 2022/2464 on corporate sustainability
reporng (CSRD) as a large public-interest enty. From the 2024 financial year onwards, the
company prepares its sustainability report based on the principle of double materiality,
presenng both how environmental, social and governance factors influence financial
performance and the impact of its acvies on the environment and society.
The scope of sustainability reporng coincides with the scope of the separate financial
statements. Compared to the previous financial year, the scope of reporng has not changed. The
CSRD requires the use of the European Sustainability Reporng Standards (ESRS), in the version
adopted by Delegated Regulaon (EU) 2023/2772. The applicaon of these standards ensures a
high level of comparability, transparency and credibility of the reported informaon.
Transposion into naonal law was achieved through Order of the Minister of Finance No.
85/2024, which sets out the implementaon metable, the reporng structure and the
obligaons regarding external assurance. The sustainability report constutes a separate secon
of the Directors’ Report and is subject to an external audit for limited assurance, in accordance
with the applicable legal requirements.
In 2025, Oil Terminal S.A. has 1,042 employees, exceeding the threshold of 750 employees set
out in ESRS 1, Appendix C. Consequently, the company cannot apply the temporary exempons
permied in the first reporng years for certain disclosure requirements. The report fully covers
the obligaons set out in the CSRD/ESRS framework, including full reporng of Scope 3 emissions,
BASIS FOR PREPARING THE REPORT
1. Basis for the report
4 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
detailed indicators relang to the company’s own workforce and the extended governance
requirements, right from the first reporng period.
1.2 ESG strategy and double materiality approach
In the 2024 financial year, Oil Terminal S.A. carried out its first double materiality analysis, in
accordance with the requirements of Direcve (EU) 2022/2464 (CSRD) and the European
Sustainability Reporng Standards (ESRS). This iniave was intended to underpin the company’s
strategic approach to sustainability by idenfying relevant issues both from the perspecve of the
impact of its acvies on the environment and society, and from the perspecve of risks and
opportunies with a potenal effect on financial performance.
The process included an analysis of the company’s operaonal context, consultaon with relevant
stakeholders, and an assessment of the impacts, risks and opportunies associated with its
acvies. For each issue analysed, the severity of the impact and the likelihood of risks or
opportunies arising were assessed in order to determine the level of materiality.
The result of the analysis was the definion of a priorised list of material sub-themes, structured
around the Environmental, Social and Governance pillars, which form the basis of the structure
of this report and the strategic direcons adopted by the company.
In the Environmental domain, the topics considered a priority are polluon management (air,
water, soil), reducing greenhouse gas emissions and increasing energy efficiency, as well as the
transion to a circular economy through responsible waste management. Climate change
migaon was assessed as having the highest level of relevance within the analysis.
On the Social front, the company has idenfied employee safety and well-being as priories,
including occupaonal health and safety, adequate working condions, fair remuneraon and
professional development. Equal opportunies, diversity, social dialogue and work-life balance
are also issues of significant relevance to the organisaon.
With regard to Governance, ethics and integrity in business, including the prevenon of
corrupon and bribery, were assessed as fundamental elements. At the same me, responsible
relaonships with partners and supply chain pracces were idenfied as essenal factors for
strengthening corporate governance.
The double materiality analysis carried out in 2024 formed the basis for defining and
strengthening the company’s ESG strategy. In the 2025 financial year, the idenfied priories were
progressively integrated into management processes, performance monitoring mechanisms and
the internal reporng system.
Full details of the assessment process, including the methodology, the materiality matrix,
individual scores and the results of the stakeholder consultaon, are presented in Chapter 3. The
table of reporng requirements covered (IRO-2), resulng from the double materiality analysis,
is also included in Chapter 3, following the methodological descripon.
1. Basis for the report
5 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
1.3 Reporng of greenhouse gas emissions (ESRS E1-6)
The calculaon and reporng of greenhouse gas emissions for the 2025 financial year were
carried out in accordance with the Greenhouse Gas Protocol (GHG Protocol) methodology,
structured around the three internaonally recognised scopes.
The carbon footprint of OIL Terminal S.A. was calculated for the first me in the 2024 financial
year. In 2025, the methodology used remained unchanged in terms of the principles for scoping,
quanfying and classifying emissions, thereby ensuring the comparability of data across financial
years. The data collecon process is structured across three scopes, as follows:
Figure 1.1. GHG Emission Categories by Scope
Direct emissions from sources owned
or controlled by OIL TERMINAL S.A.,
including company vehicles and on-
site fuel combuson processes.
Indirect emissions associated with the
producon of energy purchased and
consumed by OIL TERMINAL S.A.
(electricity, steam, heang and cooling).
Other indirect emissions from the
value chain of OIL TERMINAL S.A.,
including emissions associated with
the supply chain.
Scope
1. Basis for the report
6 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
SCOPE
QUANTITY
(TCO₂E)
DESCRIPTION
SCOPE 1
1,858.74 tCO₂e
Includes direct emissions from sources owned or controlled
by the company, namely staonary, mobile sources associated
with the company’s own fleet and fugive emissions,
including those associated with the use of refrigerants.
SCOPE 2
1,527.85 tCO₂e
Includes indirect emissions generated by the consumpon of
purchased and used in the company’s operaons.
SCOPE 3
2,318.30 tCO₂e
Covers other indirect emissions generated by
acvies in the
value chain, including those associated with purchased goods
and services purchased, upstream transport, waste
management, business travel, employee commung and
capital.
Table 1.1 Structure of greenhouse gas (GHG) emissions by scope
Structuring and reporng emissions across these categories enables the assessment of each
source’s contribuon to the company’s carbon footprint and supports the idenficaon of areas
with reducon potenal. The absolute values of consumpon and emissions, as well as the
comparave trend compared to the previous year, are presented in Chapter 4 of the report.
1.4 Alignment with the EU Taxonomy and relevance to the financial market (Reg. 2020/852,
Reg. 2019/2088)
Oil Terminal S.A. connues its annual assessment of its economic acvies in relaon to the
framework established by Regulaon (EU) 2020/852 on the EU Taxonomy and the applicable
delegated acts. The analysis aims to idenfy eligible acvies and determine the degree of
alignment with the technical selecon criteria, as well as to calculate the relevant indicators for
turnover, capital expenditure (CapEx) and operang expenditure (OpEx).
Given the specific nature of the company’s acvies – the handling, loading, unloading and
storage of crude oil, petroleum products, petrochemicals and chemicals – the turnover relang
to its core business is not eligible under the EU Taxonomy. Consequently, for the 2025 financial
year, the percentage of eligible and aligned turnover is 0%, and eligible operang expenses (OpEx)
are also 0%.
With regard to capital expenditure (CapEx), the assessment for 2025 indicates a percentage of
9.34% of investments aligned with the technical criteria set out in the EU Taxonomy. These reflect
specific projects for modernisaon and improvement of environmental performance, detailed in
Chapter 7. The current operaonal model remains predominantly ineligible from the perspecve
of the economic acvies defined by the Regulaon.
1. Basis for the report
7 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
❗Detailed indicators regarding eligibility and alignment are presented in Chapter 7 of the report.
Although the company does not fall directly within the scope of Regulaon (EU) 2019/2088
(SFDR), the informaon provided is relevant to financial market parcipants, parcularly
regarding greenhouse gas emissions, hazardous waste management and environmental
incidents.
The reporng ensures consistency between the CSRD requirements, the EU Taxonomy framework
and investor expectaons regarding transparency on the company’s sustainability performance.
1.5 Sustainability governance and reporng transparency (ESRS 2 GOV-1, GOV-2, GOV-3, GOV-
5)
Sustainability governance is integrated into the management structure of Oil Terminal S.A., with
the Board of Directors responsible for overseeing the strategy, as well as environmental, social
and governance aspects, including the associated risks and opportunies. ESG aspects are
reviewed periodically at management level and are integrated into the overall risk management
process.
The governance structure and operang regulaons of the Board and the advisory commiees
remain unchanged from the previous financial year.
The internal framework is supported by policies and procedures approved at company level,
including the Code of Ethics and Conduct, the an-bribery and an-corrupon policy,
whistleblowing mechanisms, and policies on conflicts of interest and public interest
whistleblowers. These documents are public and available on the company’s official website, in
accordance with the principles of transparency to which we are commied.
The sustainability reporng process is integrated into the company’s internal control system. The
data is subject to internal verificaon, approved by the management bodies and, from the 2024
financial year onwards, the report is subject to limited assurance at the external assurance level,
in accordance with the applicable CSRD requirements.
1.6 Specific circumstances of reporng (ESRS 2 BP-2)
In accordance with ESRS 2 BP-2, the company discloses the following specific circumstances
affecng the comparability and completeness of the informaon presented in the sustainability
report.
Esmates and approximaons
For certain categories of Scope 3 emissions, parcularly those relang to purchased goods and
services, upstream transport and business travel, the calculaon was based on generic emission
factors in the absence of primary data from suppliers.
1. Basis for the report
8 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Data sources and emission factors
SCOPE
SOURCES
METHOD
SCOPE
1*
DEFRA 2025 emission factors for fuels;
GWP factors according to AR5/AR6 for
refrigerants (R410: GWP = 2.088);
Conversion factors for natural gas
(standard PCS).
Method based on consumpon and
emission factors
SCOPE
OF APPLICATION 2
Emission factor for electricity
from the naonal grid (site-based
method), using the AIB/ISPE factor for the
Romanian energy mix in 2024.
Site-based method
SCOPE
OF APPLICATION 3**
Esmates based on GHG Protocol
categories (Category 1: purchased goods;
Category 6: business travel;
Category 7: employee commung;
Category 13: assets leased downstream).
Category 1: cost-based method;
Category 6: distance-based method;
Category 7: esmate/distance-based method;
Category 13: area-based method
Table 1.2 Structure of greenhouse gas (GHG) emissions
Methodological note:
*Primary data on liquid fuel consumpon (petrol and diesel) have been updated based on accounng
records and supporng documents relang to fuel consumpon, replacing the data used in the inial
version of the carbon footprint calculaon.
** For certain categories within Scope 3, parcularly those relang to purchased goods and services,
upstream transport and business travel, the calculaon was based on generic emission factors, in the
absence of primary data provided by partners. In accordance with recognised GHG Protocol pracces, the
esmated uncertainty of these calculaons is ±30–50%.
❗Full details regarding the emission factors applied, the sources and the calculaon assumpons are presented
in Chapter 4 of the report.
1.7 Time horizons used in reporng (ESRS 1, paras. 77–79)
In accordance with ESRS 1, paragraphs 77–79, the company uses the following me horizons in
assessing sustainability impacts, risks and opportunies:
These me horizons are applied consistently in the analysis of climate risks and in seng emission
reducon targets.
1. Basis for the report
9 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
1.8 Esmates, uncertaines and prior-period errors (ESRS 1, paras. 88–91)
In accordance with ESRS 1, paragraphs 88–91, the company discloses the principles applied
regarding esmates, assumpons and any correcons. The sustainability data presented
inherently involve esmates, parcularly regarding Scope 3 greenhouse gas emissions, esmated
consumpon figures and the emission factors used. The methodologies applied and significant
assumpons are described in Chapter 4 to enable an assessment of the degree of uncertainty.
At the reporng date, no material errors relang to the previous financial year were idenfied
that would require retrospecve adjustments. During the data consolidaon process for the
current financial year, certain primary data on liquid fuel consumpon were updated based on
internal records, which led to a corresponding adjustment of emissions under Scope 1. This
update represents an improvement in data quality and not a correcon of a material error from
the previous period.
Furthermore, for indirect emissions in the value chain (Scope 3), the main methodological
adjustment consists of the transion from the expenditure-based method to the acvity-based
method, as detailed in Secon 4.2.
❗Note: The sustainability due diligence statement (GOV 4) is presented in
Chapter 2, in the secon on corporate governance. The table of reporng requirements
covered (IRO2) is included in Chapter 3, following the double materiality analysis.
Business model and market position (ESRS 2 SBM-1, SBM-2)
The business model exhibits structural dependencies on the national oil transport infrastructure,
the regulatory framework specific to the energy sector, and trends in regional demand, whilst
also being influenced by European policies on the energy transition and the regional geopolitical
context. The business is influenced by structural factors such as:
regional demand trends for petroleum products;
European policies on the energy transition;
environmental compliance requirements;
geopolitical developments in the Black Sea region.
In the short term, the company generates value through the safe and efficient operation of
existing infrastructure. In the medium term, value is sustained through the modernisation of
capacities and the optimisation of operational performance. In the long term, the business model
is progressively adapted to decarbonisation requirements and the structural evolution of the
energy market. ’s key resources include storage and transmission infrastructure, qualified
1. Basis for the report
10 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
personnel, authorisations and operating licences, as well as control and operational safety
systems.
Legal identity and profile of the entity
Oil Terminal S.A. is a public-interest entity, with its registered office in the city of Constanța,
incorporated as a joint-stock company under Law No. 15/1990 and Government Decision No.
1200/1990, and operates under a unitary management system.
The company’s main activity falls under NACE code 5224 (Handling) and consists of providing
services relating to the handling, storage and transfer of crude oil, petroleum products and
petrochemicals, facilitating commercial flows for import, export and transit.
With over 125 years of experience, the company operates one of the largest oil terminals in the
Black Sea region, constituting a strategic hub at the intersection of maritime transport corridors
between Asia, Central Europe and the Middle East. Its client portfolio comprises operators from
the domestic and international energy sector, with recurring commercial relationships.
Oil Terminal S.A. is a publicly owned company within the meaning of Law No. 24/2017 on the
capital market, its shares being admitted to trading on the regulated market administered by the
Bucharest Stock Exchange. Since 5 January 2015, the shares have been traded in the Standard
Category under the stock symbol OIL. The fully subscribed and paid-up share capital is
299,717,713.20 lei, corresponding to 2,997,177,132 registered, indivisible shares with a nominal
value of 0.10 lei per share.
Shareholder structure (GOV-1)
NAME
OF SHAREHOLDER
NUMBER
OF SHARES
TOTAL NOMINAL
VALUE
SHARE
(%)
THE ROMANIAN STATE THROUGH
THE MINISTRY OF ENERGY
2,630,258,255 263,025,825.50 87.75785
INDIVIDUALS
289,
385
,
970
28,
938
,
597
.00
9
.
65528
LEGAL ENTITIES
77,
532
,
907
7
,
753
,
290
.
70
2
.
58686
1. Basis for the report
11 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Table 1.3 Shareholding structure as at 31 December 2025
The Company has entered into a petroleum concession agreement with the Naonal Regulatory
Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide (ANRMPSG) for the
concession of acvies relang to the operaon of reservoirs, pipelines for the transport of crude
oil and petroleum products, pumping staons and other related facilies and equipment,
approved by Government Decision No. 886/2002, for a period of 30 years.
Operational structure and infrastructure (ESRS 2 SBM-1)
The oil terminal operated by Oil Terminal S.A. in the Port of Constanța is the most important
infrastructure of its kind in Romania, with multimodal connectivity: pipelines, the national rail
and road networks, as well as river access via the Danube-Black Sea Canal to Central and Western
Europe.
The infrastructure comprises three storage platforms, with a total capacity of approximately 1.1
million m³:
PLATFORM
LOCATION CAPACITY (M³) STATUS
🧪 NORTH PLATFORM
2 Caraiman Street ~6,000
Decommissioned;
Used for process water treatment
🛳 PORT PLATFORM
Dock 69 ~103,000 Petroleum products and liquid chemicals
🛢 SOUTH PLATFORM
Movila Sara ~968,000 Storage of crude oil and petroleum products
In 2024, a new tank with a capacity of 55,000 m³ was commissioned, the largest built since 1989.
The tanks (1,000–55,000 m³) are metal, cylindrical, above-ground structures equipped with fire
protection and suppression systems. Some of them feature automatic radar-based level and
temperature measurement.
The company operates seven berths (depths 12.5–17 m), allowing vessels of up to 165,000 dwt
to berth, with hydraulic coupling systems (12” and 16”) for loading and unloading operaons. The
infrastructure also includes approx. 30 km of internal railway track (20,000 tonnes/24h), pipelines
with diameters ranging from 100–1,000 mm, pumping staons (300–2,500 m³/h), laboratories for
physical and chemical analysis, and loading facilies for tankers, rail wagons, barges and river
vessels.
2. Company overview
12 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
2. Company overview
2.1. Market and compeon (ESRS 2 SBM-1, SBM-2)
Its posion as the only large-capacity oil terminal in Romania open to third pares gives the
company a key role in supplying the domesc market and neighbouring markets. Market shares
reflect this importance: around 45% of seaborne crude oil imports, over 60% of petroleum
product exports and approximately 2% of fuel oil imports. At regional level, the South Plaorm is
recognised as one of the largest oil terminals in south-eastern Europe.
Chart 2.1 Oil Terminal S.A. market share relave to the total market (%)
The company holds dominant market shares in both crude oil imports for the domesc refining
system and exports of locally produced fuels. Compared to comparable operators in the Black Sea
basin, Oil Terminal S.A. serves a wider range of customers, products and volumes, capitalising on
access via the Danube–Black Sea Canal to river routes to Central and Eastern Europe.
Customer and Partnership Segment (ESRS 2 IRO-1)
The customer base comprises leading naonal oil operators and internaonal petroleum product
traders. The volumes handled are dominated by imports of crude oil desned for local refineries
and diesel, as well as exports of petroleum products and liquid chemicals to third-party markets.
60%
45%
2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Export of petroleum products
Maritime import of crude oil
Import of fuel oil
The position of Oil Terminal S.A.
in key segments of the oil market
COMPANY OVERVIEW
2. Company overview
13 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Figure 2.2 Distribuon
of clients by share of
turnover in 2025
In 2025, the turnover
structure reflects the
maintenance of a solid
commercial base,
supported mainly by
partnerships with
major operators in the
oil sector. The top
three companies, OMV
Petrom (19.9%), Oscar
Downstream (19.7%) and Lukoil Romania (17.0%), collecvely generated 56.6% of the company’s
revenue, confirming Oil Terminal S.A.’s strategic role in the naonal and regional logiscs chain
for crude oil and petroleum products.
The porolio is complemented by partnerships with other key players, such as Socar Petroleum
and MOL Romania Petroleum Products, as well as a diverse customer base (12.8% in the ‘Others’
category), which contributes to the stability of trade flows and strengthens the company’s
posion as a vital energy infrastructure provider in the Black Sea region.
Market trends
Against the backdrop of logistical reconfigurations triggered by the conflict in the Black Sea region
and subsequent adjustments to trade flows, the Port of Constanța has consolidated its role as a
strategic infrastructure at regional level. Following the exceptional levels reached in 2023,
handled volumes continued their positive momentum in 2024 (exceeding 10.2 million tonnes),
supported by the continuation of ‘windfall revenues’, with the 2025 outlook set to mark a
recalibration of regional demand against a backdrop of stabilising trade routes.
For Oil Terminal S.A., these developments were reflected both in
the dynamics of volumes handled and in the revenue structure,
with diesel remaining the main product handled. At the same
time, changes to the tax framework applicable to the oil
sector influenced market structure and the behaviour of
certain international operators, leading to an adjustment
of the contractual base.
19.9
19.7
17
8.8
8.4
6.4
4.9
2.1
12.8
OMV PETROM
OSCAR DOWNSTREAM
LUKOIL ROMANIA
SOCAR PETROLEUM
MOL ROMANIA
PETROLEUM PRODUCTS
VITARO ENERGY
EURONOVA ENERGIES
ALKAGESTA LTD
Others
2. Company overview
14 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
In the medium and long term, the regional context is strengthening Romania’s position as a
strategic energy hub, through the development of gas transport infrastructure and the growing
logistical importance of the Constanța area. These developments go hand in hand with European
decarbonisation targets, which entail a gradual shift in demand for fossil fuels and the need to
adapt energy infrastructure. Within this dual framework, balancing a strategic regional role with
the energy transition, Oil Terminal S.A. is focusing its strategy on operational efficiency, resilience
and long-term adaptability.
The value chain and stakeholders (ESRS 2 SBM-2)
Within the energy value chain, the company acts as an intermediary logistics operator between
petroleum product suppliers and industrial or commercial customers, ensuring the continuity of
import, export and transit flows.
Upstream, relationships are established with providers of technical, maintenance, utility and
transport services, necessary for the operation and maintenance of the infrastructure.
Downstream, the company serves refineries, traders and distributors in the energy sector, both
on the domestic market and on international markets.
The company’s top three suppliers in 2025, according to internal records, were:
NO.
SUPPLIER
FIELD OF ACTIVITY
CAEN CODE
SHARE OF PURCHASES (%)
1
ARGENTA
Metal structures
2511
19.37%
2
SOCUM TRANS
Road freight transport
4941
12.54%
3
TALPAC
Construction works for utility
fluid projects
4221 6.56%
Table 2.1 Structure of the company’s main suppliers in 2025
2. Company overview
15 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The company’s activities may
have an impact on the
environment, the local
community and employee
safety, as well as creating
economic dependencies for
partners in the value chain.
These aspects are assessed as
part of the double materiality
process and are integrated into
the risk management system
(Chapters 3 and 6). Figure 2.3 Share of main suppliers in total procurement
Relevant stakeholders include shareholders, employees, customers, suppliers, regulators and the
local community. The company maintains formal mechanisms for dialogue, reporting and
compliance, and their expectations are taken into account in defining strategic priorities and in
the materiality analysis process. Risks associated with the value chain, including compliance and
operational risks, are monitored within the overall risk management system.
The process for identifying impacts, risks and opportunities (ESRS 2 IRO-1)
The company applies a structured process for identifying and assessing environmental and social
impacts, as well as associated risks and opportunities, based on the principle of double
materiality. The process includes:
the identification of actual and potential impacts at operational level and within the value
chain;
assessment of severity and probability;
assessment of financial implications;
validation of results at executive level.
The analysis is reviewed annually or whenever significant changes occur in the operational or
regulatory context. The methodology and results are presented in Chapter 3.
2.2. Governance and management structure (ESRS 2 GOV-1, GOV-2, GOV-3)
Management’s involvement in sustainability
The company’s management is directly involved in defining and implementing the sustainability
strategy. In 2023, as part of preparations to comply with the new European reporting standards
19.37%
12.54%
6.56%
Top 3 suppliers by share of procurement –
2025
ARGENTA SOCUM TRANS TALPAC Others
2. Company overview
16 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
(ESRS in the context of the CSRD), Oil Terminal S.A. established an internal working group for
sustainability , tasked with ensuring the collection of ESG data and the implementation of the
strategy. Ultimate responsibility lies with the Board of Directors, but the involvement of
executive management has been essential in launching green projects and fostering an
organisational culture focused on sustainability.
Table 2.2 Composion of the governing bodies (GOV-1)
STRUCTURE OF THE BOARD OF DIRECTORS
7 NON
-
EXECUTIVE MEMBERS
TERM OF OFFICE
Valid until 28 April 2027
METHOD OF APPOINTMENT
6 members elected by the AGOA
INTERIM DIRECTOR
1 interim director appointed
TERM OF THE INTERIM MANDATE
Until 15 May 2026 or until the selection procedure is completed
INDEPENDENCE STATUS
All members are independent directors
LEGAL BASIS
Appointed in accordance with Government Emergency Ordinance
109/2011 on corporate governance of public enterprises
Advisory governance committees
The following advisory committees have been established within the Board of Directors:
Responsibilities for monitoring environmental, social and governance performance are assigned
to the Risk Management Committee and are taken seriously at the highest level. The Board
regularly requests reports on environmental and safety matters, and strategic plans include ESG
objectives approved at management level. Further details are provided in Chapter 6.
Management bodies’ expertise in sustainability (ESRS GOV-2)
Members of the Board of Directors (BoD) possess relevant expertise for overseeing sustainability
matters, including experience in corporate governance, strategic management, compliance,
occupational health and safety, and risk management. The Nomination and Remuneration
Committee includes experience in areas related to sustainability within its criteria for selecting
directors.
In 2025, BoD members attended briefing sessions on the ESRS reporting framework and the
implications of the CSRD for the company, organised in conjunction with an external
sustainability consultant. The Risk Management Committee ensures that the Board is regularly
informed about climate, operational and environmental risks, and the Board reviews the progress
of ESG measure implementation on a half-yearly basis. At the reporting date, the company does
not have a formal continuous training programme dedicated to sustainability at Board level, but
is considering the systematic strengthening of expertise in this area.
Nomination and Remuneration Committee Audit Committee
Development and Strategy Committee Risk Management Committee
2. Company overview
17 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Integration of sustainability into remuneration schemes (ESRS GOV-3)
In accordance with the Policy and criteria for the remuneraon of directors and managers on
fixed-term contracts, approved by the AGM No. 13/16.06.2025 and endorsed by Board Decision
No. 68/12.05.2025, the variable component of management remuneraon is directly condional
upon the achievement of strategic and sustainability objecves, assessed by the Total Degree of
Achievement of Key Performance Indicators (GTICP), for which the minimum trigger threshold is
80%.
For execuve directors (on a fixed-term contract), non-financial performance indicators account
for 50% of the annual assessment, comprising operaonal indicators (25%) – which include
customer sasfacon surveys (10%), analysis of service requests (5%), quality of service provided
(5%) and the annual training level of operaonal staff (5%), and governance indicators (25%),
which focus on the level of transparency in reporng (20%) and the effecveness of risk
management (5%). The remaining 50% is represented by financial indicators.
As regards non-execuve directors (members of the Board of Directors), the remuneraon
structure places an even greater emphasis on sustainability and governance: 80% of the
assessment is allocated to non-financial indicators, compared to just 20% for financial indicators.
The operaonal component (20%) focuses on environmental efficiency through technological
diesel consumpon (10%) and the proporon of female senior management (10%). The
remaining 60% is allocated to governance indicators, including corporate transparency (20%),
implementaon of the internal management control system – SCIM (15%), aendance rate at
Board meengs (15%) and monitoring of execuve management performance (10%). The actual
values of the performance indicators will be presented in the Annual Financial Report for the 2025
financial year, in accordance with the approved policy.
Due diligence, risk management and ethics policies (GOV-4, GOV-5)
Risk management and the due diligence process are governed by the Board of Directors. Full
details regarding due diligence mechanisms (GOV-4), risk management (GOV-5) and ethics
policies are set out in full in Chapter 6.
3. Double materiality
analysis and
stakeholder impact
18 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
3. Double materiality analysis and stakeholder impact
This chapter describes the double materiality analysis process carried out by Oil Terminal S.A. for
the 2025 financial year, in accordance with the requirements of the CSRD and the European
Sustainability Reporng Standards (ESRS), in parcular ESRS 1 and ESRS 2 IRO-1. The analysis
integrates the two complementary dimensions of materiality:
The exercise for the year 2025 consisted of reviewing and updang the impacts, risks and
opportunies (IROs) idenfied in the first double materiality exercise carried out for the financial
year 2024, taking into account operaonal developments, relevant legislave changes and
stakeholder feedback collected during the reporng year.
Methodological connuity is ensured by maintaining the principles and assessment criteria
applied in the 2024 Sustainability Report, which was subject to a limited assurance engagement
carried out by the independent auditor Transilvania Audit. Compared to the previous financial
year, the analysis for the 2025 financial year consisted of reviewing and recalibrang the exisng
IROs, without altering the underlying methodological principles. Scores were updated for the
IMPACT MATERIALITY
Assesses the current and potenal effects of
the company’s acvies on the environment,
society and the economy
FINANCIAL MATERIALITY
Assesses the impact of sustainability factors on financial
posion, performance and cash flows
OIL TERMINAL S.A.
ENVIRONMENT
SUSTAINABILITY
CASH
DOUBLE MATERIALITY ANALYSIS AND
STAKEHOLDER IMPACT
3. Double materiality
analysis and
stakeholder impact
19 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
IROs (influenced by legislave developments, parcularly in the areas of climate change and
SEVESO regulaons), as well as for risks associated with the macroeconomic and operaonal
context.
No major ESG issues were removed from the inial long list; the adjustments were limited to
recalibrang the probability and magnitude, based on operaonal data for 2025 and feedback
received from stakeholders.
3.1. Assessment methodology (ESRS 2 IRO-1)
The methodology used in this process is organised into four disnct stages:
STAGE 1: Understanding the organisaonal context and affected stakeholders
Geographical and economic context
OIL Terminal S.A. operates in the city of Constanța, Romania’s main seaport on the Black Sea,
benefing from direct connecons to the naonal rail and road infrastructure, as well as to the
Danube–Black Sea Canal. The company’s strategic locaon enables it to operate as a key logiscs
hub for the import, export and transit of petroleum, chemical and petrochemical products,
serving markets in Europe, Central Asia and the Middle East.
The company operates in the bulk liquid handling industry (CAEN code 5224), acng as an
interface between producers (refineries, chemical companies, energy operators) and marime,
rail or road transport operators. The company possesses the necessary infrastructure for the
recepon, storage, handling and delivery of flammable and hazardous products, such as crude
oil, petrol, diesel, fuel oil and liquid chemicals.
Business model and value chain
OIL Terminal S.A.’s value chain covers both upstream acvies (raw material suppliers, transport)
and downstream acvies (delivery to customers), including the following steps:
Stage
Parties involved
Operations
Supply and entry into the
terminal’s flow
Producers; importers;
maritime carriers; river
carriers; rail carriers; road
operators
Delivery of crude oil and petroleum/chemical products to the
terminal; transport of products by sea, river, rail and road;
introduction of products into the terminal’s operational flow
Receipt and storage of
products
—
Receipt of
products at the terminal; transfer via specialised jetties,
pipelines and pumping stations; storage in large-capacity tanks
equipped with monitoring and protection systems
Dispatch to customers
Customers in Romania
and customers in other
countries
Loading of products onto sea or river vessels; rail and road transport
to customers in Romania and other countries; transhipment
services
3. Double materiality
analysis and
stakeholder impact
20 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Table 3.1 The operaonal chain of Oil Terminal S.A.
Identification and mapping of stakeholders
In accordance with ESRS 1, stakeholders have been classified into two main categories:
👥 📄
Affected stakeholders
Users
of sustainability statements
Definion
Enes or individuals who may be posively or
negavely affected by the company’s acvies
Enes that use the
reported informaon for
decision-making purposes
Examples
Employees, local community, suppliers, customers
Investors, financial instuons, regulatory
authories, NGOs
Following an internal analysis, 10 main categories of stakeholders were idenfied, including:
shareholders and investors, customers and business partners, suppliers, employees and trade
unions, financial instuons and insurers, government authories, the local community and
NGOs, the academic community, the media, and internaonal partners.
Each category was assigned scores regarding the level of influence, degree of impact and
relevance to the company’s acvies. For the assessment of IROs (Impacts, Risks and
Opportunies), key stakeholders (importance score > 3) were priorised.
Stage 2: Idenficaon of actual and potenal impacts, risks and opportunies (IROs)
Idenficaon methodology
In accordance with ESRS recommendaons (including ESRS 1, para. AR16), all relevant topics
within the Environmental (E), Social (S) and Governance (G) spheres were analysed. To ensure the
comprehensiveness of the inial list, mulple sources of informaon were used: the general list
of E-S-G issues from the ESRS; internal due diligence and risk management processes; internal
reporng mechanisms; informaon from partners and market studies; exisng reports and
analyses; consultaons with experts.
The inial (comprehensive) list of IROs
Unlike the inial double materiality analysis exercise carried out in 2024, when the list of impacts,
risks and opportunies (IROs) was built from scratch, the 2025 exercise aimed to review and
update the IROs already idenfied. The update incorporated operaonal and al developments,
Post-
delivery support
and waste management
—
Treatment of oil residues
and
contaminated water; regular
maintenance and cleaning of tanks; management of hazardous
waste generated during operations
Other services
—
Laboratory testing
and
quality control; blending, conditioning and
separation operations; logistical support for import/export
operations
3. Double materiality
analysis and
stakeholder impact
21 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
legislave changes and stakeholder feedback collected throughout the reference year. The
expanded list of impacts, risks and opportunies—whether current or potenal, posive or
negave—remains structured across three dimensions:
🌍 👥 🏛
Environmental (E) Social (S) Governance (G)
greenhouse gas emissions; energy and
resource consumpon; air and water
polluon; risk of spills and contaminaon;
generaon of hazardous waste; impact on
marine and coastal biodiversity
relaonship with the local
community; working condions
and social dialogue; occupaonal
health and safety; diversity and
inclusion; professional training
management structure; ethics and an-
corrupon policies; risk management and
internal control; transparency;
digitalisaon and cybersecurity
Both the negave and posive impacts, as well as the risks and opportunies associated with OIL
Terminal S.A.’s acvies during the 2025 reporng period, were reviewed. The assessment took
into account both the effects of the company’s acvies on the environment and society, and
how these factors may influence the organisaon’s financial performance and compeve
posion.
Validation of the long list of stakeholders
The extended list of IROs underwent a consultaon process with internal stakeholders
(employees, management, operaonal managers) and a sample of external stakeholders, through
interviews and working sessions. Following the feedback received, certain topics were adjusted,
clarified or supplemented to reflect operaonal realies and stakeholder expectaons as
accurately as possible.
Stage 3: Assessment and idenficaon of significant (material) IROs
Once the list was finalised, each IRO was assessed from two complementary perspecves:
🌍 📊
Impact materiality reflects the extent to which
the company’s acvies produce, or may produce,
significant effects on the environment, society and
the economy.
Financial materiality reflects the extent to which the
risks and opportunies associated with sustainability issues
may influence the company’s financial performance, cash
flows, financial posion and value in the short, medium and
long term.
The assessment was carried out using a structured quesonnaire, applying criteria such as the
magnitude of the impact, the likelihood of occurrence, the severity of the consequences, the me
horizon and the degree of influence on financial performance.
3. Double materiality
analysis and
stakeholder impact
22 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Negave/potenally negave impact
Posive/potenally posive impact
Rang scale
(1–4)
Reasoning
Rang scale
(1-4)
Reasoning
Probability
How likely is it to occur (for
potenal impacts)
Current impacts are automacally
given a probability score of 4, as
they are already happening.
Probability
How likely it is to occur
(for potenal impacts)
Current impacts are automacally given
a score of 4 for probability, as
they are already happening.
Magnitude
The severity and
intensity of the impact.
Magnitude
The severity and intensity of the impact.
Scope
How widespread the impact is
(number of people affected,
geographical area, etc.).
Scope
How widespread is the impact
(number of people affected
,
geographical area, etc.).
Irremediable nature
The extent to which the negave
impact can be remedied.
Table 3.2 Impact assessment
To assess the risks and opportunies idenfied during the double materiality process, the
company uses a standardised assessment grid based on two main criteria: the likelihood of
occurrence and the magnitude of the potenal financial impact. The assessment scale allows for
a consistent and comparable quanficaon of exposure, facilitang the priorisaon of IROs
relevant to the decision-making process and the determinaon of material topics.
📌 Assessment scale (1–4)
📖 Descripon
Probability
Indicates the likelihood of the risk or opportunity materialising.
Magnitude/
Financial impact
Reflects the potenal size of the loss (in the case of risks) or the
potenal gain (in the case of opportunies), relave to turnover or to
operang costs.
Table 3.3 Assessment of risks and opportunies
Locaon in the value chain and me horizon
For each IRO, its posion in the value chain has been indicated: upstream, downstream, own
operaons, or across the enre chain. Time horizon: short (0–2 years), medium (2–5 years) or
long (>5 years). This contextual informaon does not contribute to the numerical score, but is
important for understanding the extent and duraon of the effects.
3. Double materiality
analysis and
stakeholder impact
23 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Consolidaon of results and determinaon of the materiality threshold
In accordance with the methodology applied, for each sub-sub-theme (within the meaning of
ESRS 1 AR16), the maximum score corresponding to the idenfied IROs was retained. At the level
of each sub-theme, the maximum score of the sub-sub-themes was considered, and the same
rule was applied at the level of the main themes (E, S, G).
Materiality threshold
On a scale of 1–16, a threshold of 6 was set to classify sub-themes as “material” in terms of impact
or financial effect. Score < 6: the topic is not significant enough to warrant detailed reporng (at
this stage). Score ≥ 6: material topic considered “priority/strategic”. These thresholds may be
adapted according to the company’s strategic context and standard industry pracces. The ESRS
does not prescribe a specific numerical threshold, but requires the company to clearly jusfy its
choices.
Determining the materiality threshold
As part of the double materiality process, impacts are assessed using a standardised formula,
differenated according to whether the impact is potenal or actual. The methodological
approach is aligned with ESRS 1 and ESRS 2 IRO-1 and ensures consistency in the scoring process
through the use of a 1–16 scale, based on a combinaon of probability and severity criteria. The
severity of the impact was determined in accordance with ESRS 1 through a cumulave
assessment of the magnitude, scope and irreversibility of the effect.
Potenal impact
Actual impact
Formula:
Probability (1–4) × max (Magnitude, Scope,
Irreversibility* (1–4)
Range: 1 to 16
Formula:
4 (as it has already occurred) × max (Scale, Magnitude,
Irreversibility* (1–4)
Range: 4 to 16
Table 3.4 Confirmaon of assessment score (1–16)
*Irreversibility applies only to negave impacts.
Stakeholder involvement in scoring and final validaon
In the assessment of IROs (impacts, risks and opportunies) by internal and external stakeholders
(with a score higher than 3 in the assessment), who have agreed on the scores presented above,
in the case of a theme, sub-theme or sub-sub-theme with mulple impacts, risks or opportunies,
priority in scoring will be given to the IRO with the highest value. Furthermore, when determining
financial materiality for a topic, sub-topic or sub-sub-topic, the risk or opportunity with the
3. Double materiality
analysis and
stakeholder impact
24 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
highest value in the assessment will be taken into account. Furthermore, the consultaon on the
themes, sub-themes or sub-sub-themes idenfied as potenally material (by the affected
stakeholders) was also validated with external stakeholders, users of the sustainability reports.
Their assessment strictly involved the perspecve of impact materiality.
Stage 4: Reporng, documenng the process and consulng on the provisions regarding the phased
(phased-in requirements)
Consultaon on the list of phased-in requirements
In the final selecon process for the disclosure requirements (DR) included in the sustainability
report, OIL Terminal S.A. analysed the applicability of the phased-in requirements set out in ESRS
1, including the temporary exempons available during the transion period. Given that the
company has over 750 employees, it specifically assessed whether certain transional
exempons are applicable or not.
In this context, the following were analysed:
the threshold regarding the number of employees and its implicaons for reporng
obligaons;
the possibility of deferring the disclosure of certain informaon (e.g. detailed informaon on
Scope 3 emissions or certain social requirements), where the regulatory framework permits;
the applicaon of general excepons, such as reporng ancipated financial impacts in
qualitave terms only or the temporary deferral of certain sectoral requirements, in
accordance with ESRS 1, App. C.
This analysis ensured a rigorous and jusfied applicaon of the transional provisions, whilst
maintaining an appropriate level of transparency.
Documentaon of the double materiality assessment (DMA) process
In accordance with the requirements of ESRS 2 (in parcular IRO-1, SBM-3 and IRO-2), OIL
Terminal S.A. includes in its sustainability report a detailed descripon of the double materiality
analysis process:
1) the methodology used to idenfy and assess impacts, risks and opportunies (IROs);
2) how the idenfied IROs interact with the strategy, business model and decision-making
process;
3) the jusficaon for not reporng certain disclosure requirements (DRs), in cases where
these have been assessed as immaterial, including the criteria, thresholds and
professional judgement used.
3. Double materiality
analysis and
stakeholder impact
25 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The double materiality analysis enabled the structured mapping of impacts, risks and
opportunies on the environment, society, the economy and the company’s financial
performance. The process facilitated the priorisaon of relevant ESG sub-themes, the alignment
of management’s perspecve with stakeholder expectaons, and the assurance of compliance
with applicable European requirements (CSRD and ESRS).
Through this approach, the company demonstrates a transparent, documented and well-founded
process for idenfying material issues. OIL Terminal S.A. will periodically review and update the
double materiality analysis, in line with legislave, technological and market developments,
integrang the conclusions into the medium- and long-term corporate strategy.
The complete list of impacts, risks and opportunies idenfied and assessed as part of the DMA
2025 exercise is documented internally, including individual scores, their locaon within the value
chain and the me horizon analysed. This documentaon forms the basis for the results
summarised in this chapter and may be made available during assurance or audit processes. For
each ESRS sub-theme, the final score reflects the maximum value recorded at the level of the
relevant IROs, in accordance with the methodological rule described above.
3.2. Idenficaon and engagement of stakeholders (ESRS 2 SBM-2)
Identification and classification of stakeholders
Oil Terminal S.A. has idenfied its stakeholders, taking into account the ESRS definions and the
experse contracted through specialist consultants. In accordance with ESRS 1 (Appendix A,
paragraph 22), stakeholders comprise two main groups:
👥 📑
Affected stakeholders
Users of sustainability statements
Individuals or groups whose interests are or
may be affected by the company’s acvies and business
relaonships (inside-out perspecve).
Primarily investors, creditors and other enes
that use the reporng to assess the company (outside-in
perspecve).
Many categories of stakeholders may belong to both groups. Ten major categories of stakeholders
have been idenfied for the company, listed in the table below. This segmentaon resulted from
internal workshops and document analysis (policies, exisng stakeholder maps) and covers both
internal and external stakeholders, both local and internaonal.
Stakeholder
Category
Specific examples
Oil Terminal S.A.
Influence on the company ESG interests/expectaons
Shareholders
and
investors
- Ministry of Energy (majority
shareholder, ~87.7579%);
Very high: they hold
strategic decision-making
and management power
- Sustainable financial performance and
long-term returns;
3. Double materiality
analysis and
stakeholder impact
26 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Stakeholder
Category
Specific examples
Oil Terminal S.A.
Influence on the company ESG interests/expectaons
-
Minority shareholders
(investment funds, retail investors
in the capital market);
- Potenal investors interested in
the company’s performance.
(AGM, Board); they can
directly influence the
direcon of development
and governance.
At the same me, they are
financially affected by ESG
performance (share value,
dividends).
-
ESG risk management
(to protect the
investment);
- Transparency and compliance in
reporng (alignment with CSRD, ESRS);
- Climate transion strategy
(reducing future risks).
Employees
and trade
unions
- The ~1,042 in-house employees
(operaonal staff at facilies,
technical, commercial and
administrave TESA staff);
- Representave trade unions
(negoate collecve agreements,
working condions and pay).
High: the workforce is
essenal for safe and
efficient operaons; their
morale and engagement
influence producvity.
They can affect the company
through strikes, staff
turnover or performance
levels.
-
Safe and healthy
working condions
(zero accidents);
- Decent wages and benefits, with
workplace safety;
- Opportunies for professional
development and training;
- Social dialogue and respect in the
management-employee relaonship;
- Fair pracces (non-discriminaon,
diversity).
Customers and
business
partners
- Oil companies and refineries
(e.g. Rompetrol, Petrom, etc.,
which use the terminal for the
export/import of crude oil and
petroleum products);
- Chemical/petrochemical traders
(who transit products through the
company’s warehouses);
- Transport and logiscs
companies (marime – port
operators, shipping companies;
rail – CFR Marfă; road – local
hauliers).
Very high:
customers
generate the company’s
revenue, so their sasfacon
and the connuaon of
commercial relaonships are
vital.
They may choose alternave
soluons if the company
fails to perform. Transport
partners ensure the logiscs
chain – effecve
cooperaon with them
influences operaonal
capacity.
- Service quality (prompt operaon, safe
aon of goods);
- Operaonal safety (avoiding incidents
that could affect them – e.g. breakdowns);
- Compliance with environmental and
safety standards (to protect its own ESG
commitments);
- Compeve rates and contractual
stability;
- Transparency and communicaon in
the event of incidents.
3. Double materiality
analysis and
stakeholder impact
27 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Stakeholder
Category
Specific examples
Oil Terminal S.A.
Influence on the company ESG interests/expectaons
Suppliers and
contractors
- Suppliers of technical
equipment (pumps, pipes, IT
equipment, etc.);
- Maintenance and construcon
contractors (firms carrying out
repairs and upgrades to
installaons and infrastructure);
- Support service providers
(security, industrial cleaning,
hazardous waste management,
etc.).
Environment:
they have an
indirect influence – the
mely delivery and quality
of their services affect the
connuity of OT operaons.
A crical supplier (e.g.
electricity) has a major
influence.
Conversely, the TO can
influence them through
requirements (inclusion of
ESG criteria in procurement,
contractual clauses).
- Fair and mely payment of invoices;
- Long-term commercial relaonship,
contractual stability;
- Clear compliance requirements (HSE,
environment) on site;
- For strategic suppliers: collaboraon on ESG
standards (reducing joint environmental
impact, e.g. waste management).
Financial
instuons and
insurers
- Commercial banks and credit
instuons (e.g. for financing
working capital or modernisaon
investments);
- Insurance companies (issuing
liability policies, insurance, etc.);
- Investment funds interested in
energy/port projects (potenal
future financiers).
High: the TO’s ability to
aract financing and obtain
insurance at reasonable
costs depends on its risk
profile, including ESG.
Banks may impose ESG
condions (for responsible
lending), and insurers adjust
premiums based on incident
history and control
measures.
-
Low
-
risk profile:
expects robust HSE
management and governance systems to
minimise the risks of default or insured losses;
- Transparency in reporng ESG performance
(emissions data, incident, ligaon);
- Alignment with internaonal principles and
regulaons (e.g. EU Taxonomy, banking
sustainability standards) to enable the
financing or underwring of the company’s
projects;
- Plans for managing climate risks (parcularly
relevant in the medium-to-long term for
creditors).
Government
and regulatory
authories
- The Government and relevant
ministries (Ministry of Energy –
shareholder, Ministry of the
Environment, Ministry of
Transport, etc.);
- Local and county authories
(Constanța City Council, County
Council, Prefecture);
Very high:
these enes can
directly influence operaons
through the issuance of
authorisaons, licences and
regulaons, as well as
through periodic inspecons.
A construcve relaonship
with the authories ensures
legal and compliance and
- Full legal compliance: requires adherence
to all environmental, labour, safety, and
financial-accounng regulaons;
- Contribuon to public objecves (e.g.
naonal decarbonisaon targets, energy
security, regional development);
3. Double materiality
analysis and
stakeholder impact
28 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Stakeholder
Category
Specific examples
Oil Terminal S.A.
Influence on the company ESG interests/expectaons
-
Regulatory authories:
the
Naonal Agency for Mineral
Resources – Oil and Gas
(ANRMPSG), the Financial
Supervisory Authority (ASF) and
the Bucharest Stock Exchange
(BVB);
- Environmental agencies (ANPM,
Environmental Guard, Romanian
Waters);
- Customs and tax authories.
helps avoid penales.
Furthermore, government
policy (public investment in
infrastructure) has a strategic
impact on the company.
-
Transparency
and
accurate reporng
(submission of required reports, accurate
data on emissions, waste, incidents, etc.);
- Proacve collaboraon: parcipaon in
public consultaons, feedback on policies,
sharing of best pracces within the
industry.
Local
community and
NGOs
- Residents and residents’
associaons in the vicinity of the
terminals (residenal areas in
Constanța, neighbourhoods
bordering the South Port);
- Environmental non-
governmental organisaons
(local and naonal, concerned
with air quality, water quality and
biodiversity (e.g. Greenpeace,
local organisaons);
- Civic and community groups
(urban development iniaves,
local interest groups).
Medium to high:
the local
community is directly affected
by the operaon of the OT
(environment, safety), so it
has a high level of interest.
Although they have no formal
decision-making power, they
can exert influence through
public opinion, media pressure
or by reporng issues to the
authories. They can escalate
problems (e.g. polluon) to
the naonal/internaonal
level, creang reputaonal
risk.
- Environmental and health protecon:
they expect the TO to prevent polluon,
monitor its impact and communicate
environmental data transparently;
- Community safety: measures to prevent
major accidents (conngency plans,
informing the local populaon);
- Social engagement: contribuons to
community development (sponsorships,
educaonal partnerships, job creaon);
- Consultaon and dialogue on decisions
that affect them (investment projects with
local impact, expansions, etc.).
Media
- Local and naonal press
(journalists, economic and
environmental publicaons, news
agencies);
- TV / Radio channels (including
local TV staons in Constanța);
- Online plaorms and social
media (bloggers, Facebook,
Significant (indirect):
the
media shapes public
percepon of Oil Terminal
S.A..
A negave incident can be
blown out of proporon by
the press, damaging the
company’s image and forcing
it to respond.
-
Access to informaon:
expects prompt
and transparent communicaon from the
company, especially in crisis situaons
(incidents, disrupons);
- Issues of public interest: they follow the
company’s developments regarding the
environment (emissions, spills), social issues
(e.g. labour disputes, community iniaves)
and governance (appointments, decisions);
3. Double materiality
analysis and
stakeholder impact
29 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Stakeholder
Category
Specific examples
Oil Terminal S.A.
Influence on the company ESG interests/expectaons
LinkedIn
–
where informaon
about the company appears).
At the same me, media
coverage of posive
achievements (ESG projects,
good financial results) can
improve reputaon and public
support.
-
Credibility:
the company should provide
verifiable data and official posions,
avoiding the concealment of problems (any
inconsistency may be penalised by the
media).
Academic and
research
instuons
- Technical and marime
universies (e.g. Ovidius
University, Constanța Marime
University – potenal partners in
educaonal and research
programmes);
- Energy and environmental
research instutes
(collaboraons on environmental
monitoring and innovaon in
impact-reducon technologies).
Small to medium:
the direct
influence on the company is
limited, but they can provide
valuable know-how.
Collaboraon with the
academic sector can help the
company idenfy innovave
soluons (e.g. for reducing
emissions or improving
efficiency).
Similarly, training specialists
through joint programmes
brings long-term benefits (a
skilled workforce).
- Collaboraon: requires openness on the
part of the company for joint projects
(student placements, access to research
facilies, funding impact studies);
- Knowledge transfer: interest in
operaonal data for use in studies (e.g.
emissions data);
- Support: in implemenng innovaons
resulng from research (pilong new
technologies on an industrial scale).
Internaonal
organisaons
and external
partners
- Commercial partners in the
Black Sea region (other oil
terminals, partner ports, regional
port federaons);
- Relevant internaonal
organisaons (e.g. Internaonal
Marime Organisaon – IMO,
European federaons for
terminals, safety and
environmental standards).
Low to medium:
these actors
do not directly influence the
company’s decisions, but they
create the framework within
which it operates.
E.g.: IMO regulaons on
polluon prevenon or EU
iniaves affect the standards
the company must comply
with.
Regional partners may offer
opportunies for collaboraon
or, conversely, may become
competors.
-
Alignment with internaonal standards:
expect the TO to comply with internaonal
marime convenons , and industrial
environmental and safety standards (to
facilitate cooperaon and the exchange of
goods);
- Regional reputaon: a trustworthy
partner with a solid ESG track record is
preferred in internaonal business
networks;
- Involvement in joint iniaves:
parcipaon in regional and internaonal
projects (e.g. polluon response exercises
in the Black Sea, sectoral conferences).
Table 3.5 Major stakeholder categories
3. Double materiality
analysis and
stakeholder impact
30 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
As can be seen, the level of influence and impact varies from one category to another. Oil Terminal
S.A. has also priorised stakeholders according to their importance to the company’s success and
the extent to which they are affected by the company’s acvies.
The internal analysis revealed, for example, that majority shareholders, key customers, regulatory
authories and employees are stakeholders with crical influence (importance score >3 on a scale
of 1–5), whilst categories such as academia or internaonal partners, although relevant, have a
lesser influence on current decisions (score ≤3).
To reflect these differences, a weighng was applied in the stakeholder consultaon. The voice of
crical groups was given a weighng of ~70%, and that of those with less influence ~30% in
determining materiality, so that the views of those most affected and influenal would
predominate in seng ESG priories, but without neglecng the perspecves of less visible
groups.
Importance
Category
Stakeholder
type
Level of
influence
Level of
impact
Importance/Priority
Score
●●●●●
Shareholders and investors
both
5
5
5
5.00
●●●●●
Government instuons
and
regulatory authories
Users 5 5 5 5.00
●●●●●
Employees and trade unions
users
4
5
5
4.67
●●●●
Financial instuons
and
insurers
both 4 4 4 4.00
●●●
Customers and business
partners
both 4 4 3 3.67
●●●
Local community
and NGOs
both 3 4 3 3.33
●●●
Internaonal organisaons
and external partners
both 3 3 3 3.00
●●●
Media
users
3
2
3
2.67
●●
Suppliers and
subcontractors
both
1
3
2
2.00
●●
Academic and research
users
1
1
2
1.33
Table 3.6 Stakeholder assessment and priorisaon
Rang: 1 – low / 5 – very high. Stakeholders with an average score > 3 were involved in the process
of idenfying, mapping and scoring the IROs. Stakeholders with an average score ≤ 3 were part
of the consultave process to confirm/complete the material topics.
3. Double materiality
analysis and
stakeholder impact
31 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Stakeholder consultation process
The company carried out a structured consultaon process in several stages:
🧩 Stage
🎯 Purpose 👥 Who was involved 🛠 Methods ✅ Result
Gathering
internal
perspecves
Idenfying key ESG
concerns from the
company’s perspecve
and preparing for
external consultaon
Management and staff
(HSE, operaons,
finance)
Workshops, internal
interviews; mapping of
external stakeholders;
preparaon of materials
(quesonnaires,
presentaons)
Inial list of relevant ESG topics;
external stakeholders
mapped; consultaon materials
prepared
Consultaon
with affected
stakeholders
(external)
Gathering external
percepons of impacts
and expectaons
Customers, suppliers,
authories,
community, NGOs; +
investors/Ministry of
Energy/local
government
(interviews)
Online quesonnaire;
qualitave interviews
38 valid responses;
validaon and further exploraon
of external stakeholders’
expectaons
Involvement of
report users
(investors,
creditors)
Validaon of the
financial materiality
dimension for each topic
Instuonal investors,
analysts (and other
users of the reporng)
Dedicated discussions /
targeted meengs (in
parallel with the impact
consultaon)
Validaon of financial materiality
and the relevance of
risks/opportunies by topic
Table 3.7 Stages of the materiality analysis process (ESRS)
The quesonnaire responses were collated, and average scores were calculated for each ESG
topic. Oil Terminal S.A. paid parcular aenon to differences between groups: for example, if
employees rated a topic much higher than investors, the reason was analysed (it may be a crical
issue internally, but perhaps less well known externally). In accordance with the requirements of
ESRS 2 IRO-1, the company documented the methodology (including this 70/30 weighng and
the scoring criteria) and ensured the transparency of the decision-making process – with all
assumpons and thresholds being approved by management. The result was the final (dual)
materiality matrix and the list of material topics menoned in secon 3.1.
Throughout 2025, the main dialogue mechanisms included: general meengs of shareholders
(AGOA on 28(29).04.2025, EGM), regular consultaons with the Free Trade Union of Employees
during collecve bargaining, regular reporng to regulatory authories (APM, ASF, ANR, ISU),
corporate social responsibility projects and public press releases. The results of the stakeholder
consultaons directly informed the process of priorising material topics, with the impacts and
risks idenfied by stakeholders being integrated into the IRO scoring described in secon 3.1.
3. Double materiality
analysis and
stakeholder impact
32 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
In conclusion, Oil Terminal S.A. has implemented an effecve stakeholder engagement process
for the ESG analysis, in accordance with CSRD/ESRS requirements, integrang their views into the
determinaon of double materiality. Strategically, the company will connue this approach on a
regular basis through: (1) sustained and regular dialogue with key stakeholders, (2) increasing the
level of transparency.
By maintaining an acve and trusng relaonship with all stakeholders, Oil Terminal S.A. will be
able to connuously improve its ESG performance, reduce the risks of conflict or non-compliance,
and build broad support for its sustainability strategy.
3.3. Material impacts, risks and opportunies and their interacon with strategy (ESRS 2 SBM-
3)
In accordance with ESRS 2 SBM-3, the company presents how the material topics idenfied
through the DMA analysis influence the business model, strategy, value chain and capital
allocaon.
Interaction with the business model
The business model of Oil Terminal S.A., based on the operaon of crical transit infrastructure
(storage capacity ~1 million m³, 7 marine berths, rail and road connecons), is conngent upon
compliance with environmental regulaons (environmental permits, SEVESO, ISU), the availability
of energy resources and a skilled workforce (1,042 employees). Material themes E1, E2, E3 and
S1 influence operaonal connuity through exposure to rising energy costs, the risk of permit
suspension, restricons on water use and risks of staff unavailability.
Interaction with strategy and capital allocation
The Global Strategy 2026–2035 integrates material issues into the mul-year capital expenditure
(CapEx) plan, including the modernisaon of pumping and lighng facilies (E1), the expansion
of hazardous waste management capacity (E5), the maintenance of SEVESO compliance and the
reducon of polluon risk (E2), investments in connuous professional development (S1), as well
as the strengthening of internal control and an-corrupon mechanisms (G1), relevant to access
to green finance and maintaining the status of a listed issuer on the BVB regulated market.
Effects on the value chain
Upstream, the company is introducing ESG compliance and assessment requirements for
suppliers, including through the Supplier Code of Ethics (21 March 2025) and by monitoring
working condions in ancipaon of the CSDD Direcve (EU) 2024/1760.
At the level of its own operaons, direct exposure relates to energy consumpon (E1), VOC
emissions and polluon risk (E2), water consumpon (E3), coastal biodiversity protecon (E4),
3. Double materiality
analysis and
stakeholder impact
33 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
hazardous waste generaon ( ) (E5), occupaonal health and safety (S1) and impact on the local
community (S3).
Downstream, customers benefit from infrastructure that complies with environmental standards,
whilst the local community may be affected by traffic, noise and risks associated with SEVESO
facilies.
Adaptation and resilience
The company is currently assessing the seng of GHG reducon targets aligned with the Paris
Agreement and monitors its carbon footprint via the Carbon Tool (Build Green) plaorm. Physical
risks associated with climate change are addressed through the modernisaon of port
infrastructure. Developments in the regulatory framework (CSDD 2027, revision of Direcve
2004/35/EC, SEVESO requirements) are monitored with a view to their integraon into the
medium-term investment plan.
The material topics idenfied through the double materiality process are integrated into the
business model and the company’s strategic direcons, influencing operaonal connuity,
regulatory compliance, cost structure and investment decisions. Linking the DMA results to the
risk profile, internal control mechanisms and governance processes ensures the systemac
integraon of sustainability consideraons into the decision-making process and value chain
management, in accordance with the requirements of ESRS 2 SBM-3.
3.4. Impact materiality
Applying the methodology described above, the impacts, risks and opportunies (IROs) relevant
from an ESG perspecve were assessed, both in terms of impact materiality and financial
materiality. Following the analysis and scoring process, the topics deemed significant (material)
were idenfied, which may generate relevant effects on the environment and society and/or may
influence the company’s financial performance, compeve posion and operaonal connuity.
The results of the analysis are presented in the tables below, structured according to the
Environmental (E), Social (S) and Governance (G) dimensions.
The following secon presents the sub-themes within the Environmental (E) dimension assessed
as material from an impact perspecve, together with the main impacts, risks and opportunies
associated with the company’s acvies.
3. Double materiality
analysis and
stakeholder impact
34 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Table 3.8 Impacts, risks and opportunies idenfied as material – Environment (E)
ESRS TOPIC
Sub-theme
Key aspects (impacts, risks and opportunies)
Materiality
perspecve
E1
CLIMATE CHANGE
Climate
change
migaon
Impact: GHG (greenhouse gas) emissions and carbon footprint resulng from the
consumpon of fuels, electricity and petroleum product handling processes. | Risk:
Pressure to implement greener technologies, increased capital expenditure. |
Opportunity: Renewable sources and cogeneraon (reducing dependence on fossil
fuels).
Double
materiality
Adaptaon to
climate
change
Impact: Operaonal disrupons and financial losses caused by extreme weather
events (sea-level rise, storms, floods). | Risk: Exposure to significant financial losses
and penales. | Opportunity: Investment in resilient infrastructure and adaptaon
technologies (reducing operaonal risks).
Financial
material
Energy
efficiency
Impact: High consumpon of energy resources (electricity, gas, liquid fuels) for
pumping, lighng and heang systems. | Risk: Volality in energy prices may
increase operaonal costs. | Opportunity: Modernisaon of facilies, vapour
recovery systems and energy-efficient equipment.
Impact
Material
E2
POLLUTION
Air polluon
Current negave impact: Evaporaon of volale organic compounds (VOCs) and
emissions from fixed sources (chimneys), affecng local air quality. | Risk: Major
polluon incident, damage to relaons with the community and investors, impact
on access to finance. | Opportunity: Digitalisaon and advanced monitoring (IoT
sensors) for rapid response.
Material
financial
Water
polluon
Impact: Long-term industrial storage can have cumulave effects on soil and
groundwater. | Risk: Stricter European standards may lead to addional costs. |
Opportunity: Modern water monitoring and treatment systems, reducing the risk of
polluon.
Material
impact
Soil polluon
Impact: Accidental spills of petroleum products during transport, unloading or
storage. | Risk: Suspension of environmental permits in the event of repeated
incidents. | Opportunity: Spill prevenon systems, biodegradable absorbent
materials and remediaon projects.
Material
financial
Substances of
concern
Impact: Accidental spills and contaminaon of soil and water with hazardous
substances (hydrocarbons, chemicals). | Risk: Stricter regulaons (REACH, SEVESO)
— addional compliance costs. | Opportunity: Replacement of hazardous
substances with safer alternaves.
Material
financial
E3
WATER AND
MARINE
RESOURCES
Water
resources
(Water
consumpon)
Impact: Use of water for washing equipment, generang process steam and
firefighng, with potenal effects on aquac resources. | Risk: Decreased availability
of water resources and increased supply costs. | Opportunity: Water recycling and
reuse technologies.
Material
impact
E4
BIODIVERSITY AND
ECOSYSTEMS
Determining
factors
(Polluon)
Impact: Accidental spills and dredging operaons may affect underwater ecosystems
and species in the Black Sea region. | Risk: Deterioraon of local biodiversity, strict
penales and high remediaon costs. | Opportunity: Offset iniaves, vegetaon
planng, rehabilitaon of coastal ecosystems.
Material
financial
E5 –
CIRCULAR
ECONOMY
Waste
Impact: The generaon of hazardous waste (oil sludge, waste oil, chemical residues)
from our own operaons, requiring temporary storage and proper disposal. |
Current posive impact: Efficient management of waste materials from
modernisaon and repair works. | Risk: Limited storage capacity may lead to
bolenecks and penales.
Material
impact
3. Double materiality
analysis and
stakeholder impact
35 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The following table presents the sub-themes from the Social (S) dimension assessed as material
from an impact perspecve, highlighng the impacts and risks relevant to the workforce and the
community.
ESRS THEME
SUB-THEME
KEY ASPECTS — IMPACTS, RISKS AND OPPORTUNITIES
MATERIALITY
PERSPECTIVE
S1
OWN
WORKFORCE
Working
condions (Safe
workplaces)
Impact: Creaon
and
maintenance of direct
and
indirect jobs
(transport, logiscs, repairs). | Negave and potenal impact:
Inadequate wages may affect staff morale and producvity. | Risk:
Recruitment and retenon of skilled staff, compeon with other
sectors and labour migraon. | Opportunity: Compeve salary
packages, extensive benefits and a safe working environment to foster
employee loyalty.
Material
impact
Equal treatment
and opportunies
(Gender equality)
Impact: Professional development
and
connuous training
,
internal
and external courses to increase producvity and operaonal safety. |
Potenal negave impact: Limited diversity and inclusion in the
workforce. | Risk: Underdevelopment of skills due to a lack of
investment in training. | Opportunity: Educaonal partnerships with
universies and innovaon centres to prepare the next generaon of
professionals.
Material
impact
Table 3.9 Impacts, risks and opportunies idenfied as material – Social (S)
With regard to the Governance (G) dimension, the material sub-themes are presented from an
impact perspecve, with a focus on control mechanisms, ethics and integrity.
ESRS THEME
SUB-THEME
KEY ASPECTS — IMPACTS, RISKS AND OPPORTUNITIES
MATERIALITY
PERSPECTIVE
G1
PROFESSIONAL
CONDUCT
Corporate
culture
Impact: Governance structure and transparency
,
unitary
management system with a non-execuve board, stock exchange
reporng requirements (BVB). Remuneraon policies linked to ESG
indicators. Robust risk management and internal control (audit,
nominaon and remuneraon commiees). | Risk: Non-compliance
with governance standards or cyber vulnerabilies. | Opportunity:
Adopon of best governance pracces, aracng new investors and
favourable financing.
Double
materiality
Corrupon
and bribery
Impact: An
-
corrupon policies and code of ethics
,
integrity
procedures, reporng of irregularies and management of conflicts
of interest. | Risk: The absence of effecve prevenon mechanisms
may expose the company to legal and reputaonal sancons. |
Opportunity: Expansion of an-corrupon policies, cerficaons,
independent audits and dedicated training.
Double
materiality
Table 3.10 Impacts, risks and opportunies idenfied as material – Governance (G)
3. Double materiality
analysis and
stakeholder impact
36 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Results of the double materiality assessment at OIL TERMINAL S.A.
By combining impact and financial materiality, OIL Terminal S.A. has defined the final list of ESG
topics to be reported. In accordance with ESRS 2 IRO-1, the company must document how it
idenfies and assesses IROs and present the results: the topics deemed material and the
raonale for excluding those deemed immaterial. The materiality threshold was established
based on aggregate scores, and topics with a final score > 11 (on the combined scale) were
classified as material. Following consultaon with stakeholders and the calculaon of scores, the
following material issues emerged, grouped under the three ESG pillars:
AREA
ESRS STANDARD MATERIAL SUB-THEME MATERIALITY PERSPECTIVE
ENVIRONMENT (E)
E1 – Climate change Climate change migaon Double materiality
E1 – Climate change Adaptaon to climate change Financial material
E1 – Climate change Energy efficiency Impact material
E2 – Polluon Air polluon Financial material
E2 – Polluon Water polluon Impact material
E2 – Polluon Soil polluon Financial material
E2 – Polluon Substances of concern Financial material
E3 – Water and marine resources Water consumpon Impact material
E4 – Biodiversity and ecosystems Determining factors (Polluon) Financial material
E5 – Circular economy Waste Impact material
SOCIAL (S)
S1 – Own workforce Working condions (Safe jobs) Material impact
S1 – Own workforce Equal treatment Material impact
GOVERNANCE (G)
G1 – Professional conduct Corporate culture Double materiality
G1 – Professional conduct Corrupon and bribery Double materiality
Table 3.11 Key material topics
The topics in Table 3.11 reflect the results of the double materiality analysis for the 2025 financial
year and highlight the ESG areas relevant to the company’s business model, financial
performance and operational continuity. Their distribution across the three pillars is aligned with
the operational profile of Oil Terminal S.A., characterised by energy-intensive industrial activities,
strict environmental regulations and its status as a listed issuer.
3. Double materiality
analysis and
stakeholder impact
37 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Quantitative validation (operational data for the 2025 financial year)
The operational data for the 2025 financial year objectively support the material classification
of environmental issues, through the volumes, consumption and exposures associated with the
company’s activities:
ESRS
THEME
OPERATIONAL
INDICATORS 2025
REPORTED
DATA
CONCLUSION
IMPACT MATERIALITY
E1
CLIMATE
CHANGE
Electricity
consumpon
8,501,300 kWh
Impact score ≥ 6
according to the double materiality
methodology
Natural gas
450,836 m³ (4,539.02 MWh)
Liquid fuels (
petrol
and
diesel
)
233 t
E2
POLLUTION
Refrigerant R410 (GWP 2,088)
84 kg (~175 t CO2e)
Impact score ≥ 6
according to the double materiality
methodology
VOC emissions
Emissions from the handling of
petroleum products
Environmental fines
0 fines in 2025
E3
WATER
RESOURCES
Total water consumpon
(drinking water, industrial water,
groundwater, sewage, Black Sea water)
~325,262 m³
Impact score ≥ 6
according to the double materiality
methodology
Clayton power staon consumpon
5,244 m³
AGA authorisaon
Authorisaon No.
149/02.12.2025 valid unl
02.12.2028
E4
BIODIVERSITY
Operaonal area
~150 ha
Impact score = 8 (≥ 6)
according to the double materiality
methodology
Nature
2000 overlap
0%
Major incidents
0 incidents in the last 10 years
Monitoring
Studies carried out by
GeoEcoMar
Migaon measures
6 measures
E5
CIRCULAR
ECONOMY
Waste management
In accordance with
Government Emergency
Ordinance 92/2021
Impact score ≥ 6
according to the double materiality
methodology
Operaonal
procedure;
Exisng procedure
Prevenon
and
reducon programme
Updated annually
Table 3.12 Correlaon of operaonal indicators with impact scores determined within the DMA
(2025)
3. Double materiality
analysis and
stakeholder impact
38 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
3.5. Financial materiality
Financial materiality reflects how ESG risks and opportunities may influence the financial
performance, cash flows, costs, access to finance and long-term value of Oil Terminal S.A. The
assessment was carried out in accordance with ESRS 1 and ESRS 2 IRO-1, based on the likelihood
of occurrence and the magnitude of the financial impact. The list of material topics underpins
reporting requirements and the integration of sustainability into risk management, investment
planning and corporate governance, in line with the company’s operational profile.
Financial assessment methodology
For each ESG sub-theme identified in the long list of IROs, financial materiality was assessed by
applying the following criteria:
Probability (1–4) – the likelihood that the risk or opportunity will materialise;
Financial magnitude (1–4) – the estimated size of the impact on turnover, operating costs,
capital expenditure (CapEx), access to finance, and asset value.
The financial score was determined by the product of the two variables (range 1–16). The
assessment considered three time horizons: short (0–2 years), medium (2–5 years), long (>5
years). Issues with a score above the materiality threshold established in the DMA methodology
were classified as financially material or doubly material, as appropriate.
The main channels of transmission of ESG financial risk
The analysis identified the following mechanisms through which sustainability factors can
generate significant financial impacts:
Regulatory and
compliance risks
Tightening of the legislative framework regarding industrial emissions, hazardous
substances, SEVESO, REACH;
Additional costs for
upgrading facilities;
Possible fines or suspension of permits.
Physical climate risks
Extreme weather events (storms, rising sea levels);
Potential operational disruptions;
Costs of infrastructure repair and reinforcement.
Energy transition risks
Volatility in energy prices;
The need for investment in energy efficiency
and
low
-
emission technologies;
Possible increase in the cost of capital in the absence of ESG alignment.
Reputational risks
Impact on commercial
relationships;
Impact on ESG ratings and access to finance;
Increase in insurance premiums in the event of environmental incidents.
3. Double materiality
analysis and
stakeholder impact
39 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Financial
opportunities
Reduction in operational costs through energy efficiency;
Access to green finance;
Improved risk profile for investors.
Table 3.13 Main channels through which ESG risks and opportunities affect financial
performance
Assessment results
The financial assessment confirms that the issues with the highest financial exposure are:
Table 3.14 Material issues from a financial materiality perspective
These can have a direct impact on compliance costs, remediation obligations, operational
continuity, access to capital and insurance.
Social issues (S1) were assessed as having a moderate financial impact, being particularly
relevant from the perspective of workforce continuity and the costs associated with sta
turnover, but without major systemic financial exposure in the short term.
Integration into the decision-making process
The results of the financial materiality analysis are integrated into:
the annual budgeng and CapEx planning process;
updang the Corporate Risk Register;
the jusficaon of investments in energy efficiency and modernisaon;
dialogue with investors and financial instuons;
the assessment of management performance through non-financial indicators linked to
ESG risks.
AREA
ESRS STANDARD MATERIAL SUB-THEME MATERIALITY PERSPECTIVE
ENVIRONMENT (E)
E1 – Climate change
Climate change migaon Double materiality
E1 – Climate change
Climate change adaptaon Financial material
E2 – Polluon
Air polluon Financial material
E2 – Polluon
Soil polluon Financial material
E2 – Polluon
Substances of concern Financial material
E4
–
Biodiversity
and
ecosystems
Determining factors (Polluon) Financial material
GOVERNANCE (G)
G1 – Professional conduct
Corporate culture Double materiality
G1 – Professional conduct
Corrupon and bribery Double materiality
3. Double materiality
analysis and
stakeholder impact
40 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Thus, financial materiality represents a strategic management tool, used to strengthen economic
resilience and to ancipate risks associated with the energy transion and the European
regulatory framework.
Risk profile at 31 December 2025 and developments during the 2025 financial year
At 31 December 2025, the company manages a portfolio of 119 risks, distributed across 33
functional units. Their structure reflects a high level of control and monitoring: 104 risks (87.40%)
are classified in the green zone (tolerable, score 1–4), 12 risks (10.08%) in the yellow zone (high
tolerance, score 5–8), and 3 risks (2.52%) in the orange zone (low tolerance, score 9–12). There
are no risks classified in the red zone (intolerable, score 13–25). According to Conclusion Note
No. 59/15.09.2025, as at 30.06.2025 (First Half-Year), the risk profile included 104 tolerable risks,
11 with high tolerance and 4 with low tolerance. During the second half of the year, one risk was
reclassified from the ‘low tolerance’ category to ‘high tolerance’ following a reduction in residual
exposure, resulting in a final structure of 12 high-tolerance risks and 3 low-tolerance risks as at
31 December 2025.
The absence of risks in the intolerable zone confirms the functionality and effectiveness of the
internal management control system. Risks classified in the yellow and orange zones are subject
to continuous monitoring and are the subject of specific control and mitigation measures,
tailored to the level of residual exposure.
3.6. The double materiality matrix and the list of material topics
The dual materiality matrix shows the distribuon of the 14 ESG sub-themes idenfied as
material following the 2025 assessment, ploed against impact materiality (vercal axis, score
1–16) and financial materiality (horizontal axis, score 1–16). The materiality threshold applied is
11 points on the combined assessment scale.
The combined score reflects simultaneous relevance on both the impact and financial axes, with
the assessment being carried out by analysing the posioning within the matrix, rather than by
numerically summing the scores. The distribuon analysis reveals a picture consistent with the
company’s operaonal profile. The themes of governance, corporate culture and corrupon
prevenon are consistently posioned in the double materiality quadrant, with high scores on
both axes, reflecng simultaneous exposure to significant reputaonal and financial risks.
3. Double materiality
analysis and
stakeholder impact
41 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Figure 3.1 Oil Terminal S.A. double materiality matrix for 2025
The environmental domain dominates numerically the list of material issues and exhibits an
asymmetric distribuon. Issues related to climate change and energy efficiency are driven
predominantly by impact materiality, whilst air and soil polluon and biodiversity are driven
mainly by financial risks, fines, remediaon costs and compliance obligaons. Social issues are
anchored on the impact axis, with more moderate financial scores, indicang direct exposure to
the company’s own workforce rather than an immediate financial risk.
Compared to the 2024 DMA exercise, the distribuon of issues across the matrix confirms the
stability of the company’s materiality profile, with score adjustments reflecng legislave and
operaonal developments in the reference year. The matrix is a dynamic tool that will be updated
periodically in line with changes in the business environment, the regulatory framework and
stakeholder expectaons.
0
2
4
6
8
10
12
14
16
0 2 4 6 8 10 12 14 16
Financial Materiality
Materiality Impact
Climate change mitigation
Adaptation to climate change
Energy efficiency
Air pollution
Water pollution
Soil pollution
Substances of concern
Water consumption
Biodiversity (Pollution)
Waste
Safe jobs
Training and skills development
Corporate culture
Corruption and bribery
3. Double materiality
analysis and
stakeholder impact
42 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Reporng requirements relang to materiality standards and their locaon in the report
Standard
Disclosure Requirements DMA result Reporng status
Locaon/
Jusficaon
ESRS 2
BP-1, BP-2, GOV-1–5,
SBM-1–3, IRO-1–2
Mandatory Fully covered Chapters 1–3
ESRS E1
E1
-
1
–
E1
-
9
Dual material
Fully reported
Ch. 4
ESRS E2
E2
-
1
–
E2
-
6
Dual material
Fully reported
Chapter 4
ESRS E3
E3
-
1
–
E3
-
5
Impact material
Reported in full
Chapter 4
ESRS E4
E4
-
1
–
E4
-
6
Impact material
Reported in full
Chapter 4
ESRS E5
E5-1 – E5-6 Impact material Reported in full Chapter 4
ESRS S1
S1
-
1
–
S1
-
17
Impact material
Reported in full
Chapter 5
ESRS S2
S2-1 – S2-5 Impact material
Reported in
accordance with
applicable requirements
and introduced in phases
Chapter 5
ESRS S3
S3-1 – S3-5 Material impact
Reported in accordance with
applicable requirements
Chapter 5
ESRS S4
S4-1 – S4-5 Non-material Not reported
Exclusively
B2B business;
with
no direct interacon with end
(S4 assessed as immaterial
based on DMA).
ESRS G1
G1-1 – G1-6 Double material Fully reported Chapters 2, 6
Table 3.15 Correlaon of the results of the double materiality analysis with the reporng
requirements and their locaon (ESRS 2 IRO-2)
In accordance with ESRS 2 IRO-2, the table above presents the correlaon between the results of
the double materiality analysis and the applicable reporng requirements, indicang the
reporng status, their locaon within the sustainability report, as well as the jusficaon for the
exclusion of standards assessed as immaterial.
4. Environmental impact
and climate strategy
(E1-E5)
43 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
4. Environmental impact and climate strategy (E1-E5)
This chapter presents the performance and management framework for the environmental
aspects of Oil Terminal S.A. for the 2025 financial year, in accordance with ESRS E1–E5 of
Delegated Regulaon (EU) 2023/2772.
Following the double materiality analysis presented in Chapter 3, the themes of climate change,
polluon, water resources, biodiversity and the circular economy were idenfied as material,
both from the perspecve of environmental impact and financial implicaons for the business
model. The results reveal the following hierarchy: E2 – Polluon is the issue with the highest
score (14), followed by E1 – Climate change (12), E3 – Water resources (10), E4 – Biodiversity (8
environmental / 5 financial, classified as parally material) and E5 – Circular economy (7). All
five themes exceed the materiality threshold and are reported in full or in proporon to their
relevance.
For each topic, the relevant policies, acons, targets and performance indicators are presented,
along with an assessment of physical and transion climate risks.
Given the sector’s exposure to climate transion risks and increasing regulatory pressures, the
management of greenhouse gas emissions is a key element of the company’s climate strategy. In
this context, the results of the greenhouse gas emissions inventory and the reducon targets
undertaken are presented below.
4.1. Climate context and relevance to the business model
The handling sector, which includes services such as the receipt, loading and unloading of crude
oil, petroleum products, petrochemicals and chemicals, as well as other liquid products for
import, export and transit, alongside the storage and transit of petroleum products, is directly
exposed to climate transion risks. These are driven by the acceleraon of European
decarbonisaon policies and the profound structural transformaon of the energy system. The
Fit for 55 iniave, the expansion of the EU ETS, the revision of the Industrial Emissions Direcve
(IED) and increased transparency requirements under the CSRD are placing ever-greater pressure
on operators in the energy and logiscs sectors.
ENVIRONMENTAL IMPACT
AND CLIMATE STRATEGY
4. Environmental impact
and climate strategy
(E1-E5)
44 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
These developments influence both compliance costs and the dynamics of demand for petroleum
products in the medium and long term, generang financial and operaonal risks, but also
opportunies associated with infrastructure modernisaon and increased energy efficiency. In
this context, managing greenhouse gas emissions is becoming essenal for maintaining the
compeveness and resilience of the business model.
For Oil Terminal S.A., quanfying and monitoring GHG emissions forms the basis for defining
energy efficiency strategies, the climate transion plan and progressive alignment with European
climate neutrality targets.
4.2. Carbon footprint and reducon targets
The calculaon of greenhouse gas emissions is carried out in accordance with the following
methodological framework:
ELEMENT
REFERENCE
MAIN STANDARD
FOR REPORTING
GHG Protocol – Corporate Accounng and Reporng Standard (rev. 2004)
SCOPE 2 EMISSIONS
GHG Protocol
–
Scope 2 Guidance (2015)
SCOPE 3 EMISSIONS
GHG Protocol
–
Corporate Value Chain Standard (2011)
INTERNATIONAL STANDARD
ISO 14064
-
1:2018
PLATFORM USED
Carbon Tool
EMISSIONS
EMISSION FACTORS
DEFRA 2025 (UK Government GHG Conversion Factors)
GLOBAL
(GWP)
IPCC AR5
TECHNICAL DETAILS
TECHNICAL
Technical Note 4.NT (organisaonal boundaries, data sources, calculaon assumpons)
Table 4.1 Methodological framework for calculang greenhouse gas emissions
For electricity, the emission factor used in the locaon-based method is 0.17972 kg CO2e/kWh,
according to data published by ANRE for 2024, reflecng the naonal energy mix. In the market-
based method, the factor applied is 0.22349 kg CO2e/kWh (residual mix), corresponding to the
energy mix of electricity suppliers (Geca95). Dual reporng, using both locaon-based and
market-based methods, is carried out in accordance with the GHG Protocol Scope 2 Guidance
(2015), to ensure the comparability of results.
It should be noted that the emission factors are for 2024, being the most recent available. They
are due to be updated in July–August 2026.
4. Environmental impact
and climate strategy
(E1-E5)
45 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
4.2.1 Energy consumpon and energy mix
The total energy consumpon of Oil Terminal S.A. in the 2025 financial year comprises three main
sources:
SOURCE TYPE
QUANTITY
CONVERSION MWH
SUPPLIER
Electricity purchased from the grid
8,501,300 kWh
8,501.30
ENGIE
Natural gas for Clayton power stations
419,516 m³
4,425.89
M.D.A. ENERGY
Natural gas for administrative heating
31,320 m³
330.43
M.D.A. ENERGY
Liquid fuels for the company’s own fleet
and
petrol-powered equipment
26,950 kg 334.18 Miscellaneous
Liquid fuels for own fleet
and
diesel powered equipment
223,179 kg 2,640.32 Miscellaneous
TOTAL
16,232.12
Table 4.2 Main sources
The energy consumpon structure indicates a predominant reliance on electricity. The energy
profile reflects the specific nature of storage and transit acvies, in which the electrical
infrastructure and auxiliary systems are the main consumers.
The high share of electricity highlights the importance of energy efficiency measures and the
potenal integraon of renewable sources to reduce Scope 2 emissions.
Figure 4.1 Distribuon of energy consumpon by source
52.38%
29.30%
18.33%
Breakdown of energy consumption by source
Electricity Natural gas Liquid fuels
4. Environmental impact
and climate strategy
(E1-E5)
46 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Total natural gas consumpon in the 2025 financial year was 450,836 m³, equivalent to 4,756.32
MWh (PCI = 10.55 kWh/m³). Of this total, the consumpon aributable to staonary installaons
reported to the Environmental Fund Administraon is 4,539.02 MWh. The difference reflects
consumpon that falls outside the scope of installaons subject to the EFA reporng obligaon
and does not represent a methodological discrepancy, but rather a different definion of the
reporng scope.
The figures are consistent with the primary records and reflect differences in the scope of
reporng, not methodological discrepancies.
As at the reporng date, the company does not generate energy from renewable sources;
however, it has launched an investment project for photovoltaic power plants for self-
consumpon, which is currently at the design and authorisaon stage. In parallel, the possibility
of entering into power purchase agreements (PPAs) for renewable energy is being explored.
In the locaon-based method, the emission factor applied for Scope 2 reflects the structure of
the naonal energy mix, which includes a renewable component (approximately 44% in 2024,
according to AIB/ISPE).
The reducon in Scope 2 emissions will depend both on the implementaon of the company’s
own renewable generaon projects and energy efficiency measures, and on the evoluon of the
naonal energy mix, factors which will influence the decarbonisaon trajectory in the medium
term.
4.2.2 Scope 1, 2 and 3 emissions
The greenhouse gas (GHG) emissions inventory for the period 1 January – 31 December 2025 was
compiled using a specialised carbon footprint calculaon plaorm, in accordance with the GHG
Protocol and ISO 14064-1:2018.
The results are presented in accordance with the requirements of ESRS E1, including relevant
policies, measures implemented, performance indicators and guidelines for seng emission
reducon targets.
The calculaon methodology applied is consistent with that used in the previous financial year,
with no changes recorded regarding organisaonal boundaries, categories included or the
calculaon approach.
The inventory is prepared in accordance with the following methodological frameworks:
GHG Protocol Corporate Accounng and Reporng Standard (rev. 2004)
GHG Protocol Scope 2 Guidance (2015)
GHG Protocol Corporate Value Chain (Scope 3) Standard (2011)
ISO 14064-1:2018
4. Environmental impact
and climate strategy
(E1-E5)
47 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The primary data used comes from accounng records on fuel and energy consumpon,
supporng documents for purchases and services, waste management documents, mesheets
and travel logs, as well as an internal survey on employee commung. In total, 775 records
relang to Scope 1, Scope 2 and relevant Scope 3 categories were processed.
Organisaonal boundaries are defined in accordance with the operaonal control approach set
out in the GHG Protocol.
SCOPE 1
DIRECT EMISSIONS FROM
SOURCES OWNED OR
CONTROLLED BY THE COMPANY
Includes emissions from staonary combuson (natural gas), mobile combuson (own fleet)
and
fugive emissions from refrigeraon equipment. The calculaon is based on actual recorded
consumpon and available technical data for the equipment used, in accordance with the
operaonal control approach set out in the GHG Protocol.
SCOPE 2
INDIRECT EMISSIONS FROM
PURCHASED ENERGY (ELECTRICITY)
Includes emissions associated with purchased
electricity, calculated using locaon
-
based
and
market-based, in accordance with the GHG Protocol Scope 2 Guidance.
Locaon-based emission factor: 0.17972 kg CO₂e/kWh (ANRE 2024, naonal energy mix).
Market-based emission factor: 0.22349 kg CO₂e/kWh (residual mix).
The update of the locaon-based factor compared to the previous year reflects the change in
the naonal energy mix and may affect the comparability of the reported Scope 2 values.
SCOPE 3
OTHER INDIRECT EMISSIONS
ALONG THE VALUE CHAIN
Emissions are calculated using the acvity
-
based approach, based on the internal operaonal
data and relevant emission factors (including DEFRA 2025 for transport and IEA factors for
energy consumpon associated with remote working).
Categories included: purchased goods and services, capital goods, waste generated, fuel and
energy-related acvies (upstream), business travel and employee commung.
Categories not applicable (transport, processing or use of products sold) have been excluded on
jusfied grounds, given the company’s business model.
Table 4.3 Scope and methodological parameters of the GHG inventory
Applying the methodology described above, the company quanfied its Scope 1, Scope 2 and
Scope 3 emissions for the 2025 financial year. The results are presented below, together with a
comparave analysis against the previous year.
CATEGORY
EMISSIONS
(TCO₂E)
PERCENTAGE
SCOPE 1
Fuel burned on site 933,231 50.21%
Combustion of mobile source fuel 763,895 41.10
Refrigeration and air-cooling
equipment
161,616 8.69
4. Environmental impact
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48 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
CATEGORY
EMISSIONS
(TCO₂E)
PERCENTAGE
SCOPE 2
P
urchased electricity
(site-based)
1,527,854 100.00
SCOPE 2
P
urchased electricity
(market-based)
1,899.956 100.00
SCOPE 3
Waste generated
732,252
31.
59
Goods and services purchased
671,
872
28.
98
Fuel and energy
-
related activities
687,276
29.65
Capital goods
158,068
6.82
Employee commuting
54,114
2.33
Business travel
14
,
715
0.63
Table 4.4 Carbon footprint calculaon for 2025 (broken down)
Scope 1 emissions indicate a significant reliance on natural gas combuson, the company’s main
direct source of emissions. The Scope 1 profile reflects the infrastructure-specific nature of the
business, in which heang systems and auxiliary equipment contribute significantly to the
operaonal footprint.
The difference between the Scope 2 values calculated using locaon-based and market-based
methods highlights the absence of energy procurement with guarantees of origin, which leads to
higher exposure in the market-based approach. This difference indicates an immediate potenal
for opmisaon through contractual instruments, such as guarantees of origin or PPAs,
independent of operaonal changes.
At Scope 3 level, the shi from spend-based esmates to an acvity-based approach significantly
improves the accuracy of the inventory and strengthens the robustness of reporng. The high
proporon of emissions in the value chain confirms that a substanal part of the total footprint
is generated outside direct operaonal boundaries, implying the need to integrate climate criteria
into procurement processes and collaboraon with partners.
EMISSIONS CATEGORY
EMISSIONS (TCO₂E)
LOCATION-BASED
EMISSIONS (TCO₂E)
MARKET-BASED
SCOPE 1
1,858,742
1,858,742
SCOPE 2
1,527,854
1,899,956
SCOPE 3
2,318,298
2,318,298
TOTAL FOOTPRINT FOR 2025
5,704,894 6,076,996
Table 4.5 Calculaon of carbon footprint for 2025 – total
4. Environmental impact
and climate strategy
(E1-E5)
49 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The company’s total carbon footprint in 2025 shows a relavely balanced profile between direct
emissions (Scope 1), emissions associated with electricity (Scope 2) and emissions from the value
chain (Scope 3), with no excessive concentraon in any single category.
The high proporon of Scope 3 emissions (approximately 40% of the total) confirms that a
significant part of the climate impact is generated outside the direct operaonal boundaries,
through procurement, waste management and upstream acvies. This structure is specific to
port and logiscs infrastructure operators and highlights the importance of integrang climate
criteria into procurement processes and collaboraon with partners.
The difference between the results obtained using the locaon-based and the market-based
method highlights the influence of contractual energy procurement mechanisms on the total
footprint and indicates the existence of reducon levers that do not depend exclusively on
technological or operaonal changes, but also on energy supply strategy.
GHG capture and storage (E1-7)
Oil Terminal S.A. does not operate or finance carbon dioxide capture, ulisaon or storage (CCUS)
projects. This statement is made in accordance with the requirements of E1-7 §58–59 of ESRS E1.
Internal carbon price (E1-8)
The company does not apply an internal carbon price in its investment decision-making process
at the me of reporng. The possibility of introducing a naonal shadow carbon price mechanism
is under evaluaon and will be integrated into the climate transion plan.
Emissions reduction targets (E1-4)
In the 2025 financial year, Oil Terminal S.A. has not yet adopted formal quantitative targets for
reducing greenhouse gas (GHG) emissions, approved by the Board of Directors. In accordance
with the ‘comply or explain’ principle set out in ESRS E1-4, the absence of approved targets is
justified by the fact that 2025 represents the first full reporting year for GHG emissions, which
allows for the establishment of a robust and comparable baseline year.
The strategic directions presented in the 2024 sustainability report, including the analysis of a
potential indicative reduction range by 2030, have been retained as a preliminary reference.
During 2025, the company moved to the stage of technical and financial substantiation of these
directions, with a view to setting realistic quantitative targets, aligned with the multi-year
investment plan (CapEx 2025–2026 totalling RON 90.341 million).
In the short term (2025–2026), the company is implemenng a package of measures with a direct
impact on Scope 2 emissions: modernising lighng with LED technology, upgrading transformer
4. Environmental impact
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(E1-E5)
50 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
staons and designing photovoltaic power plants for self-consumpon. A budget of RON 8.9
million has been allocated for the environment and energy efficiency category. The results of
these investments will form the basis for establishing the base year and quanfying future
reducons.
In the medium term (2027–2030), the company plans to increase the share of renewable energy
in its own consumpon (including the analysis of PPA contracts), implement a structured
programme to reduce Scope 1 and Scope 2 emissions, and opmise consumpon through
operaonal digitalisaon. Quantave targets will be derived from the actual energy
performance achieved in the period 2025–2026 and will be subject to approval by the Board of
Directors in the 2026 financial year.
With regard to Scope 3, the company is connuing the process of collecng and validang data
from the value chain, with a view to assessing its relevance and progressively incorporang it into
the architecture of future climate targets.
In the long term (post-2030), Oil Terminal S.A. is exploring the diversificaon of energy sources
and the integraon of alternave fuels (biofuels, HVO, SAF, methanol), expanding investment in
low-emission technologies and progressively aligning with the European Union’s climate
neutrality target by 2050.
In the context of the EU ETS, the company is analysing the opportunity to capitalise on the
emission reducons resulng from investments in energy efficiency and renewable energy, to the
extent that the applicable regulatory framework permits the generaon and trading of the
relevant allowances.
The governance framework described in secon GOV-3 provides the mechanism for integrang
future climate targets into the management’s variable remuneraon schemes. Once formally
approved, the emission reducon targets (Scope 1 and Scope 2) will be included in the key
performance indicators (KPIs) associated with management contracts, strengthening the direct
link between climate performance and remuneraon.
4.3. Risks related to climate change
Climate change is a factor of strategic relevance to the company’s operaons, both through its
potenal impact on infrastructure and operaons, and through developments in the regulatory
framework and the energy market. Following the double materiality analysis, the risks associated
with topic E1 were assessed as significant, both in terms of environmental impact and financial
implicaons.
4. Environmental impact
and climate strategy
(E1-E5)
51 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
In this context, the company analyses climate risks across two complementary dimensions:
physical risks and transion risks. These are presented below, together with the main
management measures, which are integrated into the internal risk management system.
🌡 Physical risks
The geographical exposure to the Black Sea entails vulnerabilies associated with rising sea levels
and the intensificaon of extreme weather events (storms, heavy rainfall, coastal flooding). These
can affect port infrastructure and operaons at the operaonal quays. Furthermore, extreme
temperatures can influence the energy consumpon of facilies, whilst heavy rainfall can
overload drainage systems. The planned investments for the modernisaon of the drainage
infrastructure (SP South) help to migate these risks.
♻ Transion risks
Developments in the European regulatory framework, including the expansion of the EU ETS, the
revision of the IED Direcve and mechanisms such as CBAM, may lead to increased compliance
costs and addional pressure on the business model. In the medium to long term, the trend
towards reduced consumpon of petroleum products and rising carbon prices represent strategic
risks for infrastructure operators associated with the energy sector.
The assessment of these risks is integrated into the company’s Risk Register, which comprises 119
risks idenfied as at 31 December 2025 and managed by 33 funconal units (Chapter 6).
According to the extract from the company’s Risk Register as at 31 December 2025, the main risks
classified within the high and low tolerance zones relate to: the risk of non-recovery of amounts
owed by debtors (Legal Department), the risk of delayed salary payments (HR/IT), the cyber
security risk (IT) and the risk regarding the quality of laboratory staff (Laboratory – low tolerance).
Of the total of 119 corporate risks, 110 fall within the ESG sphere and are reflected in the table
used in the sustainability reporng. These cover the three dimensions: approximately 50
environmental, 50 governance and 10 social risks, and are idenfied and assessed by 33
funconal units as part of the double materiality analysis process.
In 2025, the company did not incur any fines or penales for breaches of environmental
legislaon. There is a single ongoing dispute, consisng of an administrave offence complaint
amounng to 2,500 lei.
Applicaon of transional provisions (E1-9)
In accordance with the transional provisions of ESRS 1, Annex C, the company is exercising the
opon to present only a qualitave assessment of the financial impacts of climate risks during
the first three years of CSRD reporng ( ). Quanficaon of the financial impact will be carried
4. Environmental impact
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(E1-E5)
52 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
out subsequently, based on climate scenario analyses aligned with the 1.5 °C and 2 °C targets of
the Paris Agreement.
The reference scenarios used for the qualitave assessment are IEA Net Zero Emissions by 2050
(NZE) for transion risks and IPCC SSP2-4.5 for physical risks. The quantave analysis of financial
impacts will be carried out in accordance with the ESRS metable.
4.4. Climate adaptaon and transion strategy
Oil Terminal S.A. is in the process of developing a structured climate transion plan, which will
include:
short-term (2026–2027), medium-term (2028–2030) and long-term (post-2030) GHG
emission reducon targets;
investments in energy efficiency and renewable energy sources;
assessment of climate scenarios and infrastructure resilience.
The plan will be submied to the Board of Directors for approval in 2026, and the quantave
emission reducon targets will be derived from the results of the energy efficiency measures
implemented.
Environmental policies and actions (E1-2, E1-3)
The energy consumpon management policies implemented by the company comprise three
main pillars. The first pillar focuses on modernising lighng by replacing tradional lighng
fixtures with LED technology across all three plaorms. The second pillar concerns the
modernisaon of the electrical infrastructure, including the refurbishment of transformer
staons and connecon points. The third area covers future projects: the design of photovoltaic
power plants for self-consumpon and the analysis of PPA contracts. These measures are
primarily aimed at reducing Scope 2 emissions and are funded from the investment budget
detailed in the following secon.
Financial resources allocated to environmental actions (E1-3)
For the 2025 financial year, the company’s total capital expenditure (CapEx) amounted to
90,340.72 thousand lei.
In accordance with the assessment carried out under Regulaon (EU) 2020/852 on the EU
Taxonomy, investments aligned with the applicable technical criteria amounted to 8,437.93
thousand lei, represenng 9.34% of total CapEx for 2025. The difference of 81,902.79 thousand
lei (90.66%) represents ineligible or non-aligned investments within the meaning of the EU
Taxonomy.
4. Environmental impact
and climate strategy
(E1-E5)
53 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The aligned investments idenfied for 2025 include:
renewal of wastewater collecon and treatment – 6,049 thousand lei;
upgrades and efficiency improvements to the internal electricity infrastructure –
688,000 lei;
building refurbishments with an impact on energy efficiency – 1,700,000 lei.
PROJECT
INTERVENTION CARRIED OUT
IMPACT
CRYSTAL
SEPARATOR
Modernisaon
and
recommissioning
Improvement of wastewater quality
RAINWATER AND PROCESS WATER DRAINAGE
SYSTEM – SOUTH PLATFORM SECTION
Design and construcon
Rainwater
and
process water management
(direct impact on environmental
performance)
LIGHTING SYSTEM
–
PORT PLATFORM SECTION
Modernisaon of the lighng system
Reducon in electricity consumpon
and
increased operaonal efficiency
MODERNISATION OF TANKS T26S,
T29S AND CONSTRUCTION OF TANK 30P
Modernisaon/construcon
incorporang best technical pracces
(including technical measures to
prevent product losses and retenon
systems)
Increasing operaonal safety, reducing
polluon risks and liming fugive emissions
associated with the operaon of storage
infrastructure
Table 4.6 Main investments with an impact on environmental performance – 2025
These investments contribute to the environmental objecves set out in the EU Taxonomy,
parcularly regarding the sustainable use of water resources, polluon prevenon and energy
efficiency, as detailed in the analysis presented in Chapter 7.
4.5. Polluon and management of hazardous substances (E2)
For a port infrastructure operator specialising in the handling and storage of petroleum and
chemical products, polluon prevenon is an operaonal priority and a central element of risk
management. The acvies carried out involve the use and storage of substances with a potenal
impact on water, air and soil, which jusfies the assessment of topic E2, Polluon, as the most
material in the double materiality analysis.
These risks are managed through an integrated system that combines compliance with applicable
regulaons, investment in prevenon and control infrastructure, regular monitoring of emissions,
and internal emergency response capabilies. The main measures and results relang to this
topic are set out below.
The company is classified as a SEVESO site, upper threshold, in accordance with Law No. 59/2016
on the transposion of the SEVESO III Direcve, and has a P3-type Private Emergency Service,
comprising 88 personnel, ensuring internal capacity to respond to major incidents. The three
4. Environmental impact
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54 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
operational sites hold valid environmental permits. The permits for the Port Platform Section and
the North Platform Section were updated in 2024, and for the South Platform Section, the last
review of the environmental permit was carried out in 2025.
Investments in pollution prevention (E2-2, E2-3)
Polluon risk management is supported by an ongoing programme of investment in prevenon
and control infrastructure. Priority projects include the modernisaon of the Cristal separator to
improve wastewater treatment, the implementaon of the SP South drainage system for the
management of rainwater and process water, and the modernisaon of fire protecon and
perimeter detecon systems. These measures reduce the likelihood of incidents and help
maintain compliance with licensing requirements.
Air monitoring (E2-4)
Air emissions are monitored quarterly by a RENAR-accredited laboratory, and the results for the
fourth quarter of 2025 confirm compliance with the applicable legal limits. Regular monitoring
and independent checks strengthen operaonal control and reduce the risk of non-compliance.
Indicator Measured value Permissible limit Ref. Status
Total VOC
0 ppm
–
–
Compliant
Benzene
0 ppm
10(5) µg/m³
L104/2011
Compliant
Toluene
0 ppm
1,000 µg/m³
WHO
Compliant
Table 4.7 Air quality
Wastewater monitoring (E2-4)
The quality of pre-treated wastewater in gravity separators is monitored monthly, in accordance
with water management permit no. 149/02.12.2025 and standard NTPA 002/2005. The results
for December 2025 are presented in the following table:
Parameter
Unit Range NTPA limit Margin Status
pH
pH units 7.32–7.47 6.5–8.5 - Compliant
SET
mg/l 10.2–12.6 30 58–66 % Compliant
MTS
mg/l 136–146 350 58–61 % Compliant
COD-Cr
mg/l 212–263 500 47–58 % Compliant
BOD5
mg/l 126–172 300 43–58 % Compliant
Sulphides + H₂S
mg/l 0.5–0.6 1 40–50 % Compliant
Petroleum products
mg/l 5.3–6.9 10 31–47 % Compliant
Ammoniacal nitrogen
mg/l 5.1–5.4 30 82–83 % Compliant
Table 4.8 Wastewater quality indicators
4. Environmental impact
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(E1-E5)
55 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
All measured values fall comfortably below the limits set by NTPA 002/2005, with safety margins
ranging from 31% (petroleum products) to 83% (ammoniacal nitrogen), confirming the
effecveness of primary treatment in gravity separators. The wastewater quality indicators are
also relevant to Secon 4.6, as discharge takes place into the port sewerage network.
Soil monitoring (E2-4)
Soil quality is monitored twice a year by the accredited laboratory ALS Life Sciences Romania SRL
(LI 815), with the alert and intervenon thresholds established by Order 756/1997 for less
sensive use:
Parameter
Unit 5 cm 30 cm
Alert
threshold
Intervenon
threshold
Status
Cadmium
mg/kg <0.800 <0.800 5 10 Compliant
Chromium
mg/kg 23.2–38.8 23.3–40.9 300 600 In accordance with
Copper
mg/kg 21.8–36.4 21.0–43.6 250 500 In accordance with
Manganese
mg/kg 502–892 508–770 2,000 4,000 According to
Nickel
mg/kg 26.1–35.3 26.2–35.0 200 500 Compliant
Lead
mg/kg 13.6 – 77.3 13.0–83.6 250 1,000 In accordance with
Zinc
mg/kg 55.4–140 45.1 - 151 700 1,500 According to
PAH
mg/kg 0.216 - 18.4 0.272 - 13.0 25 - According to
TPH
mg/kg 43.1–712 56.7–746 1,000 - According to
Table 4.9 Soil quality indicators
All concentraons are below the alert thresholds. The soil monitoring results are also relevant to
Secon 4.6, as they constute the main tool for indirectly monitoring the impact on biodiversity
at site level.
Substances of concern and of extreme concern (E2-5, E2-6)
As a SEVESO upper-er establishment, the company handles substances and mixtures classified
as hazardous in accordance with Regulaon (EC) No 1272/2008 (CLP). Records of these are
maintained on the basis of the safety data sheets (SDS) provided by manufacturers and are
updated in accordance with the applicable legal requirements. Handling and storage are carried
out in accordance with internal procedures for spill prevenon and emergency response. At the
me of this report, based on the informaon available in the technical documentaon for the
products handled, the company does not manufacture or place on the market any substances
included on the Candidate List published by ECHA pursuant to Arcle 59 of Regulaon (EC) No
1907/2006 (REACH). Where certain components of mixtures are classified as SVHCs, they are
4. Environmental impact
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56 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
managed in accordance with the applicable legal requirements and the environmental permits
held.
In 2025, no safety incidents or events with a significant environmental impact associated with the
handling of hazardous substances were recorded.
Financial effects of pollution (E2-6)
During the period 2025–2026, the company implemented compliance investments with an
impact on the prevenon and management of polluon risks, including the modernisaon of the
wastewater treatment separator and the improvement of rainwater and process water drainage
systems.
In the 2025 financial year, no fines, penales or legal proceedings relang to polluon incidents
were recorded. As at 31 December 2025, no provisions had been made for environmental
liabilies.
4.6. Biodiversity and ecosystems (E4)
Theme E4 (Biodiversity and ecosystems) was assessed as part of the double materiality analysis,
scoring 8 on the impact dimension and 5 on the financial dimension, and was classified as a
parally material theme. The level of materiality reflects the specific nature of the company’s
sites, which are located in the industrial port area, with no overlap with protected natural areas.
Prevention and control framework
Prevenon of impacts on biodiversity is integrated into the investment authorisaon process. All
projects undergo the Environmental Impact Assessment (EIA) procedure, and the competent
authority may request addional biodiversity studies where appropriate. This procedure is the
main mechanism for idenfying and migang potenal impacts prior to project implementaon.
The company does not carry out acvies or operate infrastructure within Natura 2000 protected
areas. The total area owned is approximately 150 ha, all of which is situated within port industrial
zones. Over the last 10 years, there have been no recorded spills or major fires outside the
operaonal premises.
Protection and monitoring measures
The company’s approach is underpinned by its Biodiversity Policy and includes specific measures
to prevent and migate impact, such as applying the EIA procedure for new projects, prevenng
and reducing operaonal impact on flora and fauna, strict compliance with the condions of
environmental permits, and integrang ecosystem protecon requirements into investment
projects.
4. Environmental impact
and climate strategy
(E1-E5)
57 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Impact monitoring is carried out indirectly, through periodic analysis of soil and water quality and
through specialist studies relevant to coastal ecosystems in the vicinity of operaons.
Given its exclusively industrial locaon and the absence of direct interacon with protected
natural areas, the company has not set specific quantave targets for biodiversity. However, the
company is exploring opportunies to make a posive contribuon at a local level, including
acons to improve green spaces and ecological restoraon iniaves in collaboraon with
instuonal partners.
Operaonal area and conversion of the North Plaorm Secon (E4-5)
The company’s three sites are located in the Constanța port area:
SITE AREA STATUS / ROLE
🏭
South Plaorm Secon
~100 ha
Main operaonal plaorm
⚓
Port Plaorm Secon
-
Located within the Port of Constanța
🚫
North Plaorm Secon
~38 ha
Decommissioned for over 10 years
Table 4.10 Area and operaonal use of the company’s sites
The North Plaorm regeneraon project, developed in partnership with Iulius Real Estate,
involves transforming an inacve industrial site of approximately 38 hectares in the centre of
Constanța into an integrated urban complex, as part of an investment esmated at over €800
million. The iniave includes an extensive soil and water bioremediaon process, followed by
the conversion of the area into sustainable urban land, with a posive impact on the environment
and the local community.
Financial effects and dependencies on ecosystem services (E4-2)
Direct financial effects associated with biodiversity are not quanfied, in the absence of
environmental incidents or sites located within protected natural areas. Relevant costs relang
to the protecon of the natural environment are proacvely integrated into EIA procedures and
soil and water monitoring programmes.
From the perspecve of dependence on ecosystem services (ESRS E4-2), the company’s
operaons benefit indirectly from the stability of the coastal zone and natural protecon against
marine erosion, factors which contribute to the integrity of the port infrastructure. The
deterioraon of these ecosystem services could generate addional costs for the protecon or
reinforcement of infrastructure; however, at the me of reporng, the risk is assessed as low.
4. Environmental impact
and climate strategy
(E1-E5)
58 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
4.7. Water and marine resources (E3)
Policies and regulatory framework (E3-1)
Water resource management is carried out on the basis of Water Management Authorisaon No.
149/02.12.2025, valid unl 02.12.2028, which regulates water supply and wastewater dis ly for
all three operaonal secons. Wastewater quality parameters are monitored in accordance with
NTPA 002/2005, and the results confirm compliance with authorised limits. The regulatory
framework ensures control of the volumes abstracted and the quality of discharges, reducing the
risk of impact on natural receptors.
Management and prevention measures (E3-2, E3-3)
The company is implemenng investments aimed at reducing the risk of water polluon and
opmising the infrastructure for the management of process and rainwater. The main projects,
funded from the CapEx budget, include:
Modernisation of the Crystal separator (4.48 million RON allocated in 2025), to improve
the treatment and pre-treatment of wastewater;
Implementation of the drainage system at the South Platform Section (RON 1.425
million budgeted for 2025–2026), designed for the efficient management of rainwater
and process water.
Monthly monitoring of quality indicators confirms that levels consistently remain below
authorised limits, highlighng the effecveness of the technical measures implemented.
Water consumption (E3-4)
Total water consumpon in the 2025 financial year was 325,262.00 m³, distributed among the
three suppliers and the three operaonal secons. Process and drinking water is mainly used for
steam generaon in the company’s own power staons, flushing process pipelines and cleaning
sewerage systems, whilst groundwater and water from the Black Sea is abstracted for fire
protecon water reserves (PSI).
The consumpon profile reflects the industrial nature of the acvity, based on storage and transit,
without involving water-intensive producon processes. No operaonal restricons or incidents
related to resource availability were recorded during the reporng year.
Supplier
Secon
Quanty (m³)
Use
RAJA S.A.
North
48,927.00
Drinking water/process water
RAJA S.A.
South
54,291.00
Drinking water/process water
C.N. APM Constanța
Port (Pier 5)
48,027.00
Drinking water/process water
C.N. APM Constanța
Port
62,894.00
Process water (sewer)
C.N. APM Constanța
Port
42,306.00
Treated water / PSI
4. Environmental impact
and climate strategy
(E1-E5)
59 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Supplier
Secon
Quanty (m³)
Use
ABADL
South
51,482.00
Groundwater (wells) / PSI
ABADL
North
17,335.00
Water from the Black Sea / PSI
TOTAL
325,262.00
Table 4.11 Water consumpon by supplier and secon
Water stress and diversification of sources (E3-5)
According to the WRI Aqueduct analysis, the Constanța area falls into the low-medium water
stress category. Water sources are diversified across three suppliers, which reduces the risk of
dependence on a single operator. The company’s own boreholes (3 wells in the North Plaorm
Secon and South Plaorm Secon) are used strictly for fire protecon (PSI) reserves.
Impact on marine resources
The Port Plaorm Secon (Pier 5) uses seawater exclusively for the water supply systems
associated with the fire-fighng systems (PSI). The discharge of wastewater, pre-treated in gravity
separators, is carried out into the port sewerage network managed by C.N. APMC, with no direct
discharges into the marine environment. No accidental discharges into the sea have been
recorded in the last 10 years, confirming the effecveness of the prevenve measures described
in secon 4.5.
4.8. Circular economy and waste management (E5)
Policies and regulatory framework (E5-1)
Theme E5 (Circular Economy) exceeded the materiality threshold in the double materiality
analysis (score 7), reflecting the relevance of waste management for an industrial infrastructure
operator. The company’s activities are regulated by the applicable national legislative framework
(Government Emergency Ordinance 92/2021, Government Decision 856/2002, Law 132/2010,
Government Decision 1061/2008, Government Emergency Ordinance 5/2015), with the
application of the waste hierarchy: prevention, preparation for reuse, recycling, other recovery
operations and disposal.
The operational model, based on transit and storage, generates waste mainly from maintenance
activities, tank cleaning and infrastructure modernisation, rather than from production
processes.
Circular economy actions (E5-2)
The company implements on-site separate collection and directs waste streams to authorised
operators, prioritising recovery. Waste containing crude oil is recovered for energy (R1) or
through the regeneration of waste oils (R9), whilst metal waste resulting from modernisation
4. Environmental impact
and climate strategy
(E1-E5)
60 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
projects is sent for recycling (R12). Waste electrical and electronic equipment (WEEE) and waste
containing refrigerants are managed by specialist operators, in full compliance with legal
requirements.
An annual waste prevention programme is maintained and constantly updated, and is available
to the public on the company’s website.
Resource flows and lifespan (E5-4)
As the company does not carry out production activities, the consumption of raw materials is
limited to auxiliary materials and equipment intended for infrastructure and maintenance. In
2025, the value of fixed assets acquired was 3.16 million RON, with infrastructure equipment
(60%) and laboratory equipment (28%) predominating.
The useful life of the equipment purchased ranges from 2 to 9 years (mainly 4–6 years), which
implies a controlled replacement cycle and potential for material recovery at the end of its useful
life.
Waste generation and management (E5-5)
In the 2025 financial year, the company generated 19,286.34 tonnes of waste, of which 14,300.19
tonnes were hazardous waste, originang mainly from cleaning, maintenance and petroleum
residue management acvies. The dominant waste stream consists of waste containing crude
oil, which has a significant impact on Scope 3 emissions – Category 5 (732.252 t CO2e).
According to the traceability records for 2025, the recovery rate for waste handed over to
authorised operators was 89.17%, calculated as the rao between the quanes directed
towards recovery operaons (14,090.50 tonnes) and the total quanes handed over (15,802.08
tonnes). Relave to the total waste generated, the recovery rate exceeds 90%, with the
difference represenng temporary stocks in the operaonal flow.
From a circular economy perspecve, the treatment of hazardous waste was carried out through:
R9 operaons (regeneraon of waste oils) – 5,930.98 tonnes, represenng the main form
of reintroducing materials into the economic cycle;
R1/R12 operaons (energy recovery and diversion from landfill) – 4,471.60 tonnes,
applied to heavily contaminated fracons.
Final disposal via D5/D8 operaons remained at a low level, being associated mainly with
municipal waste (1,206.52 tonnes) and contaminated soil resulng from specific intervenons
(504.92 tonnes).
Flow
Waste code
Descripon
Quanty
(t)
Op.
Category
Recovery
13.07.03*
Oily waste / fuels
5,930.98
R9
Hazardous
4. Environmental impact
and climate strategy
(E1-E5)
61 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Flow
Waste code
Descripon
Quanty
(t)
Op.
Category
Recovery
16.07.08*
Waste containing crude oil
4,461.26
R1
Hazardous
Recovery
17.04.05
Iron
and
steel
3,008.36
R12
Non
-
hazardous
Recovery
17.01.07
Construcon and demolion waste
633.92
R12
Non
-
hazardous
Recovery
17.02.04*
Contaminated glass/plasc/wood
10.04
R1
Hazardous
Recovery
15.02.02*
Absorbent materials / filters
0.30
R1
Hazardous
Recovery
Miscellaneous
R12
Other recovered waste (12 minor codes:
concrete 26.33 t; WEEE 14.20 t; paper 2.62
t; HCFC equipment 1.59 t; plasc 0.61 t;
baeries 0.15 t; non-ferrous metals 0.06 t)
45.64 R12 Mixed
Disposal
17.05.03*
Soil
and
stone containing hazardous
substances
504.92 D8 Dangerous
Disposal
20.03.01
Mixed municipal waste
1,206.52
D5
Non
-
hazardous
Table 4.12 Waste streams: recovery versus disposal
Recovery and resource recovery
In 2025, a quantity of 4,471.60 tonnes of heavily contaminated hazardous waste (in particular
codes 16.07.08* and 17.02.04*) was treated via operation R1 (energy recovery). The remainder
is directed towards other authorised management methods (such as R9 for oil regeneration or
R12 for sorting and exchange).
Energy recovery reduces the quantity destined for final disposal and helps alleviate pressure on
landfills, but generates indirect emissions associated with the treatment process. From a circular
economy perspective, increasing the recovery rate represents a pathway to improving material
and climate performance.
Cerficate No.
Date
Waste code
and
type
Quanty (t)
Operaon
Recovery cerficate no. 231
14 March
2025
16.07.08*
-
Waste
containing crude oil
627.78
R1
Recovery cerficate no. 224
17 February
2025
16.07.08*
-
Waste
containing crude oil
637.48
R1
Recovery cerficate no. 254
09/05/2025
16.07.08*
-
Waste
containing crude oil
1,858.90
R1
Interim recovery cerficate
Series CT 13 SAR DP No. 006/1
30 January
2026
16.07.08*
-
Waste
containing crude oil
1,337.10
R1
4. Environmental impact
and climate strategy
(E1-E5)
62 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Cerficate No.
Date
Waste code
and
type
Quanty (t)
Operaon
Interim Recovery Cerficate
Series CT 13 SAR DP No. 008
30 January
2026
17.02.04*
-
Contaminated glass,
plascs or wood
10.04
R1
Intermediate recovery cerficate
Series CT SAR DP No. 05-2
30 January
2026
15.02.02*
-
Absorbent
materials/filters
0.30
R1
TOTAL 2025
4,471.60
R1
Table 4.13 Waste recovery cerficate for waste containing crude oil
In the 2025 financial year, the company generated a total of 19,286.34 tonnes of waste.
According to traceability records, of the quanes actually handed over to waste management
operators in the reference year (15,802.08 tonnes), the company directed 14,090.50 tonnes
towards recovery operaons, thus recording a recovery rate of 89.17%. Only 10.83% of the
quanes handed over were directed towards final disposal operaons (e.g. D5, D8). The high
level of recovery reflects the strict applicaon of the waste hierarchy and the predominant focus
on material and energy recovery.
The proporon of hazardous waste in the total generated is 74.16% (14,302.33 tonnes out of
19,286.34 tonnes), reflecng the operaonal profile of a petroleum product transit and storage
company. Comparave data for the 2024 financial year are not available in an equivalent ESRS
E5 format; 2025 constutes the first full reporng in accordance with this standard.
Traceability of recovered waste streams (ESRS E5-5)
The inclusion in this report of the quanes relang to recovery cerficates (R1) issued at the
end of January 2026 for waste generated and handed over in the 2025 financial year was carried
out in strict compliance with the following reporng and compliance principles:
Accrual basis and the triggering event: In accordance with IAS 1.27–28, transacons and
events are recognised in the financial year in which they occur (the triggering event being the
removal of the waste from Oil Terminal S.A.’s custody and its physical handover to the
operator). The same logic governs the ESRS E5-5 reporng requirements, which require the
faithful reflecon of resource outputs for the reporng year.
Compliance of supporng documents (Legal framework): In accordance with the provisions
of Arcle 16 of Regulaon (EC) No 1013/2006 on shipments of waste, the treatment facility
is required to issue the cerficate of recovery no later than 30 days aer the compleon of
the operaon, and the treatment operaon itself must be completed no later than one
calendar year aer receipt of the waste. Consequently, the issue of cerficates by SC SAR SRL
on 30 January 2026 is fully within the legal meframe for consignments received in 2025.
4. Environmental impact
and climate strategy
(E1-E5)
63 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Concrete evidence of the reference period: The indissoluble link between the reporng year
(2025) and the cerficates issued in 2026 is demonstrated by cerficate CT SAR DP No. 05-
2/30.01.2026, which bears the dual inscripon “30.01.2026/13.02.2025’ (date of issue, and
the reference date of the physical collecon of waste with code 15.02.02 *). This aests that
the documents from January 2026 constute exclusively the post-factum documentaon of
the recovery of the batches relang to the 2025 financial year.
The ‘interim’ nature of the cerficates: The official tle of ‘Interim Recovery Cerficate’
explicitly indicates that the treatment process by incineraon with energy recovery (R1) is
ongoing or has recently been completed for the quanty previously handed over, thereby
confirming the volumes treated, although the final general cerficate is issued upon the
complete conclusion of operaons.
Transparency and the express cut-off clause: The inclusion of all documents available at the
me of draing the report (February 2026) ensures the full traceability of flows required by
Government Emergency Ordinance 92/2021, which is why the tle of Table 4.10 explicitly
states ‘cerficates obtained for the reporng year’, not ‘in’ the reporng year. Cut-off
statement: To prevent any risk of double-counng, Oil Terminal S.A. expressly declares that
the waste volumes substanated by the January 2026 cerficates menoned in this table
constute a definive cut-off threshold for the year 2025 and will no longer be accounted
for or reported in the sustainability report for the 2026 financial year.
The data presented confirms a high level of waste recovery for the 2025 financial year, with a
recovery rate of 89.17% of the quanes actually delivered, as well as significant energy recovery
for waste streams containing crude oil.
The applicaon of the waste hierarchy principle, combined with documentary traceability and
adherence to cut-off principles, ensures accurate and complete reporng in accordance with
ESRS E5 requirements. Increasing the share of recovery and opmising hazardous waste streams
remain priority areas for improving material and climate performance in the coming years.
Indicator
2024 2025 Trends / Methodological notes
E1
–
Climate change (GHG emissions, t CO₂e)
Scope 1
3,091.20 1,858.74
Update of data sources
and
emission factors in accordance with the
DEFRA 2025 dataset.
Scope 2
1,271.06
1,527.85
Updated factor: 0.17972 ANRE 2024 vs. 0.261 AIB/ISPE.
Scope 3
2,826.30 2,318.30
Transion from the
expenditure
-
based method to the acvity
-
based
method
Total emissions
7,188.56 5,704.89
-20.6%; reflects increased accuracy, not exclusively organic reducon
(ESRS 1 §95).
4. Environmental impact
and climate strategy
(E1-E5)
64 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2024 2025 Trends / Methodological notes
E1
–
Energy (MWh)
Total energy
consumpon
23,337 16,232
A 30.4%
reducon in the 2025 financial year compared to 2024, driven
mainly by the decrease in natural gas consumpon at the Clayton
power staons (−59.4%), with a significant impact on the Northern
Power System (−84.4%). Consumpon of electricity and liquid fuels
showed marginal changes (−1.1% and −2.0% respecvely).
E2 – Polluon
Environmental incidents
n/a 0 major
Air, wastewater and soil monitoring compliant
;
one minor dispute (2,500 lei, case 20901/212/2024).
E3
–
Water and marine resources (m³)
Total water
consumpon
n/a 325,262
First year of ESRS E3 reporng
;
89% industrial water recirculated, 11% drinking water.
E5
–
Circular economy (tonnes)
Waste generated
n/a 19,286.34
Of which 14,302.33 tonnes are hazardous. Recovery rate
of 89.17% for quanes actually handed over
Table 4.14 Comparave summary of environmental indicators (2024 vs. 2025)
The 2025 financial year represents the second year of reporting aligned with ESRS requirements
and marks the consolidation of Oil Terminal S.A.’s environmental performance monitoring
framework, through increased data detail and the refinement of the methodologies used. In
accordance with ESRS 1, section 7.1 on comparative information and section 7.4 on changes in
the preparation of sustainability information, the table above summarises the evolution of the
main indicators and explains significant variations.
The variations in GHG emissions between 2024 and 2025 are primarily driven by methodological
updates and improved accuracy of primary data, rather than solely by operational changes. The
differences result from the recalibration of Scope 1 sources using DEFRA 2025 factors, the update
of the electricity emission factor in accordance with ANRE 2024 for Scope 2, and the transition
from a spend-based to an activity-based approach for Scope 3, based on 775 traceable primary
records. In accordance with ESRS 1, paragraph 95, these changes are presented transparently to
ensure comparability and the correct interpretation of the evolution of climate performance.
For the indicators on energy (E1), pollution (E2), water (E3) and the circular economy (E5), 2025
marks the first full reporting under the ESRS framework, so comparative figures for the previous
financial year are not available in an equivalent format. The indicators reported for 2025 form
the baseline for monitoring progress in the coming years. Overall, the analysis in Chapter 4
highlights the maturation of the environmental performance reporting and monitoring system,
through the integration of international standards, primary data and a transparent
methodological approach.
5. Social responsibility
and team development
65 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
5. Social responsibility and team development
This chapter presents social informaon for the 2025 financial year, in accordance with ESRS S1
(Own workforce), ESRS S2 (Workers in the value chain), ESRS S3 (Affected communies) and ESRS
S4 (Consumers and end-users) standards.
Based on the double materiality analysis presented in Chapter 3, the social reporng profile has
been established as follows:
STANDARD
ESRS
IMPACT SCORE
(DMA)
FINANCIAL
MATERIALITY
SCORE
MATERIALITY
LEVEL
COMMENTS
ESRS S1
13 12
Material on
both
dimensions
Clearly exceeds the materiality threshold from both
an impact and a financial materiality perspecve
ESRS S3
7 4
Material from
an impact
perspecve
Material in terms of impact;
below the threshold for financial risks
ESRS S2
5 3
Parally
material
(management
judgement)
Below the standard threshold of 6 on both
dimensions; included as a precauonary measure
(ancipang CSDDD)
ESRS S4
2 2 Immaterial
Low scores on both dimensions;
excluded from reporng (B2B-only profile)
Table 5.1 Social reporng profile
The informaon is structured in an integrated manner, beginning with a presentaon of the
workforce composion and inclusion issues (Secon 5.1), connuing with employee wellbeing,
training and safety (Secon 5.2), workers in the value chain (Secon 5.3) and affected
communies (Secon 5.4).
A comparave analysis of the key social indicators for the 2024 and 2025 financial years is
included in Secon 5.5.
SOCIAL RESPONSIBILITY
AND TEAM DEVELOPMENT
5. Social responsibility
and team development
66 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
5.1. Workforce composion and inclusion
This section presents the structure and dynamics of the workforce for the 2025 financial year,
highlighting the main characteristics regarding contract types, employment stability and changes
in staff numbers. The analysis aims to provide a clear picture of the human resources
configuration and trends compared to the previous year, in the context of the reporting
requirements set out in ESRS S1.
Workforce characteristics (S1-6)
As at 31 December 2025, Oil Terminal S.A. had a total workforce of 1,042 employees, employed
under individual employment contracts.
The stability and quality of jobs are demonstrated by the contractual structure:
CATEGORY
NUMBER OF EMPLOYEES
PERCENTAGE OF TOTAL
FULL
-
TIME
1,040
99.81%
PART
-
TIME
2
0.19
%
PERMANENT
1,031
98.94%
FIXED
-
TERM
11
1.06%
Table 5.2 Structure of employment contracts
The trend in the number of employees reflects a moderate adjustment in staffing levels in 2025
compared with previous years. The trend indicators show limited variation, confirming the
maintenance of a high level of organisational stability.
COMPARISON
TREND INDEX
(2025 VS)
DIFFERENCE IN
HEADCOUNT (PERSONS)
INTERPRETATION
2024
98.2%
-
18
Moderate decrease in staff
2023
99.2
%
-
8
Slight decrease in staff
Table 5.3 Staffing trends at the end of 2025
The structure of staff turnover in 2025 highlights the natural and controlled nature of the
reducon in staff numbers. The majority of terminaons of employment contracts were due to
rerement, with no indicaon of restructuring processes or forced staff adjustments.
ELEMENT
VALUE
TYPE OF
TURNOVER
Natural
and
controlled
MAIN CAUSE OF TERMINATIONS
Retirement
PROPORTION OF RETIREMENTS IN TERMINATIONS (2025)
80%
Table 5.4 Main cause of staff turnover in 2025
5. Social responsibility
and team development
67 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The staff structure reflects the organisaon’s predominantly operaonal profile, with the majority
of employees holding secondary or lower secondary educaon. At the same me, staff with
higher educaon include a significant proporon of management posions.
LEVEL OF EDUCATION
TOTAL NUMBER OF
PEOPLE
INTERNAL
STRUCTURE
PROPORTION OF TOTAL (%)
HIGHER EDUCATION
189
36 management
posions
18.14%
SECONDARY/LOWER SECONDARY
EDUCATION
853
781 skilled staff/ 72
unskilled staff
81.86%
TOTAL
1,042
—
100
%
Table 5.5 Workforce structure by level of educaon (2025)
The average age of staff within the company is 47, and 37% of employees have been with the
company for more than 20 years, indicang a high level of staff retenon, stability and
sasfacon
Age group
Women Men Total
19–35
45 123 168
36–45
63 147 210
46–55
124 264 388
> 56 years
73 203 276
Total
305 737 1,042
Table 5.6 Distribuon of employees by age group and gender – Oil Terminal S.A. as at 31
December 2025
Demographic profile (S1-6)
In terms of age structure, the demographic profile shows a concentration of staff in the 46–55
age group (388 people, representing 37.2% of the total), which reflects workforce stability and a
high level of experience accumulated within the company (the average length of service is also
supported by the fact that 37% of employees have been with the organisation for over 20 years).
The proportion of women in the total workforce remains stable at 29.3% (305 out of 1,042)
Staff turnover
In 2025, there were 23 new hires and 41 terminations of employment contracts. The turnover
rate, calculated as the ratio of departures to the total workforce, is just 3.9%, a level indicating
excellent retention and high organisational stability. The main cause of termination of
5. Social responsibility
and team development
68 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
employment, accounting for an overwhelming 80%, was retirement and expiry of term- s, with
the remainder being terminations by mutual agreement. No collective redundancies took place
during the reporting year
Non-permanent site workers (S1-7)
In addition to its 1,042 employees, the company’s operational model involves the use of workers
from contractors operating on the company’s sites. According to the strict traceability records of
the Occupational Health and Safety and Emergency Department, in 2025 a total of 2,325 non-
employee workers were trained at the OHS office. These workers come from essential support
areas such as: security and safety, industrial cleaning, capital works, specialist maintenance and
hazardous waste management. Access to operational platforms (classified as SEVESO) is strictly
conditional upon prior training in accordance with Law No. 319/2006 on occupational health and
safety and compliance with contractual requirements relating to OHS regulations and the ISO
45001 standard.
The detailed breakdown of the 2,325 non-employee workers, as reported by the Health and
Safety Department, is presented in the following table:
Category of non-permanent workers
Number of persons Percentage of total (%)
Contractors
(construcon/maintenance/investment works)
861 37.04%
Train guards
701 30.15%
Independent inspectors
161 6.93%
Security
167 7.18%
Pupils/students on work placements
7 0.30%
Parcipants in recruitment compeons
15 0.65%
Other
categories
(pest control, ship mooring, ship provisioning, etc.)
413 17.76%
Total
2,325 100
Table 5.7 Structure of non-employees trained in OSH and SU (ESRS S2)
Collective bargaining coverage (S1-8)
The company guarantees employees’ right to organise trade unions, with unionisation standing
at 92% by 2025. The Free Trade Union of Oil Terminal S.A. Employees is the representative
organisation at company level and the main partner in the negotiation and signing of the
Collective Labour Agreement (CLA). This comprehensively regulates individual and collective
relations, including aspects such as: the conclusion, performance and termination of contracts,
health and safety at work, remuneration, working hours and rest periods, social protection
measures and vocational training. In line with the company’s inclusive policy, 100% of employees
5. Social responsibility
and team development
69 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
are covered by the provisions of the Collective Labour Agreement, regardless of their trade
union membership.
Diversity indicators (S1-9)
The company’s diversity policy acvely aims to increase the representaon of women in technical
and management roles. As at 31 December 2025, of the 36 exisng management posions across
the company, 18 are held by women and 18 by men. This represents a 50% level of female
representaon in management, a figure that significantly exceeds the European indicave
threshold of 30% set for the execuve management of companies. The company applies a zero-
tolerance policy towards any form of discriminaon and rigorously monitors reports received
through compliance channels. In the 2025 reporng year, no incidents of discriminaon or
harassment were confirmed.
Compared to the 2024 financial year, when the proporon of women in management roles was
51.35% (19 out of 37 posions), the current level of 50% reflects a minor variaon, driven by a
change in the total number of management posions, with no impact on the gender equality
policy.
Chart 5.1 Comparison of the proporon of women in the total workforce vs. management
posions (2025)
Although the proportion of women in the total workforce reflects the specific nature of the
industry’s operations (29.3%), their representation in management positions reaches 50%,
indicating a perfectly balanced distribution at the decision-making level. The positive difference
of 20.7 percentage points compared to the proportion of the total workforce highlights the
success of internal policies promoting equal opportunities and a proportionally higher presence
of women in management structures
0%
20%
40%
60%
80%
100%
Women Men
Staff composition by
gender
50.00% 50.00%
0%
20%
40%
60%
80%
100%
Women in leadership
roles
Men in leadership roles
Gender representation in
leadership roles
5. Social responsibility
and team development
70 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Fair pay (S1-10)
Oil Terminal S.A. ensures that all employees receive remuneraon above the statutory minimum,
commensurate with the responsibility and complexity of each role. The remuneraon policy is
based on pay scales negoated transparently through the Collecve Labour Agreement,
differenated exclusively on professional criteria.
Salary adequacy is assessed by reference to:
the minimum gross wage for the economy set by Government Decision;
an internal analysis of the salary distribution (ratio between the minimum and median
salary);
correlation with relevant regional living costs.
The minimum entry-level salary significantly exceeds the statutory minimum wage, and the salary
structure ensures financial stability and predictability.
💡In accordance with ESRS requirements, 100% of employees are remunerated with an adequate salary.
The remuneraon is complemented by a comprehensive benefits package, governed by the
Human Resources Policy and the Collecve Labour Agreement, which contributes to a healthy
work-life balance and comprehensive social protecon:
meal vouchers and holiday pay;
voluntary health insurance and optional pension contributions (Pillar III);
profit-sharing;
transport and leisure/treatment benefits;
support for early childhood education;
reimbursement of medical expenses;
reduced working hours for pregnant employees.
Through this approach, the company reinforces its commitment to equity, social sustainability
and responsible human capital governance.
Equal pay for women and men (S1-16)
Oil Terminal S.A. applies the principle of equal pay for work of equal value, in accordance with
national legislation and European standards.
The periodic remuneration analysis, carried out on the basis of aggregated data on gross salary
and job structure, does not indicate significant differences between women and men for work of
equivalent responsibility and complexity.
The pay scales set out in the Collective Labour Agreement are established objectively, based on
levels of competence and experience, without differentiation on the basis of gender.
5. Social responsibility
and team development
71 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The company regularly monitors the salary distribution to prevent the emergence of unjustified
imbalances.
5.2. Employee welfare, training and safety
All Oil Terminal S.A. employees are fully covered by the naonal public social protecon system
(health, pension and unemployment insurance), regardless of the package of addional benefits
and provided for in the collecve labour agreement. In the 2025 financial year, there were no
major (fatal) workplace accidents among employees or contractors.
Policies, actions and targets regarding the company’s own workforce (S1-1–S1-5)
The company has a formalised framework of policies on workforce relations management,
aligned with national legislation (the Labour Code, Law No. 319/2006, the Social Dialogue Law)
and the SR EN ISO 45001:2018 standard on occupational health and safety management systems.
The main processes for identifying and managing impacts on employees include regular
consultation with the trade union, annual performance appraisals, occupational health and
safety risk assessments, and monitoring of staff turnover indicators.
To address any dissatisfaction or negative impacts, the company has established an internal
channel for reporting irregularities (a whistleblowing mechanism, in accordance with Law No.
361/2022), which guarantees confidentiality and protection against retaliation. In 2025, the
following measures were implemented:
AREA
MEASURES
IMPLEMENTATION STATUS
INTENDED IMPACT
OCCUPATIONAL
HEALTH AND SAFETY
Continuation of the
investment
programme to modernise facilities
to reduce OSH risks and improve
working conditions
Ongoing
Reduction of OHS risks and improvement
of working conditions
PROFESSIONAL
DEVELOPMENT
Implementation of the annual
internal and external training plan
Implemented in
accordance with the annual
plan
Provision of internal and external staff
training
OCCUPATIONAL
HEALTH AND SAFETY
Maintaining ISO 45001
certification
Certification maintained
Maintaining the occupational health and
safety management system
GOVERNANCE
AND ETHICS
Implementation of measures from
the Corporate Integrity Plan
100% achieved
Full implementation of corporate
integrity measures
Table 5.8 Measures implemented to strengthen the OSH and integrity framework
For 2026, the company has set the following targets:
5. Social responsibility
and team development
72 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
AREA
OBJECTIVE
TARGET
🛡 OCCUPATIONAL HEALTH
AND SAFETY
Maintaining a zero fatal accident rate
0
fatal accidents
🎓 PROFESSIONAL TRAINING
Increasing the average number of hours
of vocaonal training per employee
Average number of training hours
per employee
🤝 SOCIAL DIALOGUE
Maintaining the trade union membership rate at
over 90%
> 90%
unionisaon rate
🌍
VALUE CHAIN/
ESG
Formalising the supplier assessment process
based on ESG criteria and extending social
clauses in contracts with third pares
(ancipang the requirements of the S2
standard)
Integraon of ESG criteria and social clauses
Table 5.9 Objecves and acon points in the social and labour relaons field
Social protecon and employee benefits (S1-11)
Coverage under the public social protection system is comprehensive: all 1,042 employees
benefit from health insurance, state pension (Pillars I and II), occupational accident insurance and
unemployment insurance, in accordance with national legislation. In addition to these statutory
entitlements, the Human Resources Policy and the Collective Labour Agreement provide for an
extensive package of supplementary benefits, designed to enhance the financial and social well-
being of employees. This includes:
meal vouchers and holiday pay;
employer contribuons to voluntary pensions (Pillar III);
voluntary health insurance;
salary supplements and profit-sharing;
benefits granted on special occasions;
travel allowances and vouchers for rest or treatment;
support for children’s educaon (nursery, kindergarten, aer-school care);
reimbursements for prosthecs and other medical expenses not covered;
reduced working hours for pregnant employees.
These benefits complement the public social security system and contribute to the stability and
attractiveness of the jobs offered by the company.
5. Social responsibility
and team development
73 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
People with disabilities (S1-12)
In accordance with the provisions of ESRS 1, Annex C, para. C5, detailed reporng of data on
persons with disabilies may be deferred in the first reporng period. The collecon and
extended reporng of this data will be carried out from the 2026 financial year onwards.
As at 31 December 2025, Oil Terminal S.A. had 5 employees with disabilies on its books, of whom
2 were part-me (1 employee with a severe disability, 2 employees with a moderate disability, 2
employees with a significant disability), represenng approximately 0.48% of the total workforce
of 1,042 employees. In relaon to the 4% quota spulated by Law No. 448/2006, the company
should ensure the employment of 42 people with disabilies. Given the specific nature of the
business and the working condions specific to the port and industrial sector, the company is
unable to fully meet this quota and pays the mandatory contribuon to the state budget, in
accordance with the applicable legal provisions.
Training and skills development (S1-13)
Investment in the continuous professional development of employees is an integral part of Oil
Terminal S.A.’s strategy, aimed at increasing productivity and operational safety.
In 2025, the company recorded a total of 71,863 hours of professional training (excluding
mandatory OHS training), resulting in an average of 68.97 hours of training per employee (71,863
/ 1,042), exceeding the internal target of 18 hours per employee per year. This cumulative
performance includes both programmes run with external providers and specialised in-house
training.
In accordance with the 2025 Human Resources Policy, 96 courses and programmes for
professional development, specialisation and training were organised with authorised external
providers, totalling 5,147 hours and 262 participants. In addition, vocational qualification
programmes were carried out with external providers for 5 employees, totalling 2,280 hours.
Furthermore, 16,672 hours of specific internal training (excluding OHS) were delivered.
In addition, as part of the “Education and Employment 2021–2027” programme co-funded by the
European Union and run by the company, 286 employees took part in three vocational training
courses, totalling 1,716 hours, and 82 employees took part in two qualification courses, totalling
46,048 hours.
Detailed records from the human resources department (DMA 95 summary) show a total of 358
instances of employee participation in vocational training organised during the year, of which
197 were TESA staff and 161 were manual workers, comprising 121 women and 237 men,
ensuring an equitable distribution of development opportunities (excluding participation in the
EU co-funded programme).
5. Social responsibility
and team development
74 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2023 2024
2025
Number of courses/programmes
94 96
99
Number of parcipants
278 164
548
Total number of training hours
14,334 6,824
6,863
Table 5.10 Development of professional development and training programmes (authorised
external providers) (2023–2025)
In 2025, professional development and specialisaon programmes were predominantly delivered
by authorised external trainers and specialists. Employee parcipaon in these courses aimed to
strengthen and develop professional skills in both cross-cung areas (such as management and
organisaonal communicaon) and in areas specific to their roles, including: human resources,
finance and accounng, health and safety at work, data protecon (GDPR), corporate governance
(ESG) and product quality control, first aid, waste management and the development of
emoonal intelligence.
Indicator
2023 2024
2025
No. of qualified staff
with external suppliers
4 4
87
No. of hours worked by qualified staff
1,512 640
48,328
Table 5.11 Trends in qualified staff and the number of training hours (2023–2025)
In addion to refresher courses, qualificaon courses were conducted in 2025 in accordance with
the Annual Training Plan approved at company level. The programmes were delivered by external
trainers authorised for specific occupaons, such as: archivist, welder and security guard. The
qualificaon cerficates obtained upon passing the exams are issued by the Ministry of Labour
and Social Solidarity and are valid naonwide. These offer employees the opportunity for
professional retraining or to acquire a dual specialisaon, contribung to increased flexibility and
adaptability of the workforce in the long term.
In addion, as part of the EU-co-funded programme, training courses were delivered for general
maintenance and repair mechanics and retail workers.
Indicator
2023 2024 2025
Hours of external training
1,512
640
48,328
Internal training hours (excluding OHS)
n/a
n/a
16,672
Total training hours
15,846*
7,464
71,863
Average hours per employee
n/a
n/a**
68.97
Table 5.12 Evoluon of aggregate vocaonal training indicators (2023–2025)
5. Social responsibility
and team development
75 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
* Methodological note: For the years 2023 and 2024, the total number of training hours includes only courses
organised with external providers. Internal training was not quanfied centrally during that period. From 2025
onwards, the company has implemented a system for the integrated collecon and consolidaon of all types of
training, in accordance with ESRS requirements.
** Note on the indicator: The indicator ‘Average training hours per employee’ was not reported in previous financial
years in accordance with the methodology set out in ESRS S1-13, which requires the inclusion of all forms of training.
The year 2025 represents the baseline year for the future monitoring and comparability of this indicator.
To ensure compliance with the requirements of ESRS S1-13, in 2025 the company included in its
reporting both external training and internal training, as well as industry-specific
authorisation/certification sessions. The data is consolidated through the centralised register of
the Human Resources Department. The quantitative indicators relating to the total volume of
training and the average hours per employee are presented in the table above and represent the
reference year.
Professional authorisations and certifications (S1-13)
A key component of skills development in 2025 was the acquision, renewal and extension of the
professional authorisaons and cerficaons required to carry out the company’s specific
acvies, in strict compliance with legal and sectoral requirements. To ensure operaonal safety
(parcularly at a SEVESO site), the process of authorising and re-authorising personnel involved
formal applicaons to naonal regulatory authories, covering the following crical areas:
AREA
TYPE OF AUTHORISATION
RELEVANT INSTITUTION
💥
Technical equipment in
potenally explosive
atmospheres
Authorisaon of personnel with specific dues and
responsibilies in industrial areas at risk of explosion;
submission of 8 applicaons for the renewal of
authorisaons
INSEMEX
⚡
Energy sector
Authorisaon and re
-
authorisaon of electricians for
Grade I and Grade IIB
ANRE
🚆
Industrial Railways
Sector (CFU)
Assessment
and
re
-
cerficaon of professional
competences for crical roles (RSC-LFI, traffic controllers,
locomove drivers, shunng supervisors, signalmen and
instructors)
ASFR, CENAFER
🏗
Liing and pressure
equipment (ISCIR)
Obtaining and renewing licences for forkli operators,
crane operators, stokers and heang plant operators
ISCIR
🚛
Road and marime
transport
Cerficates for road transport of passengers, goods and
dangerous goods (ADR); courses for restricted radio
operators in the GMDSS-ROC system
ARR, CERONAV
🚨
Emergencies
Specific authorisaon of personnel operang the
company’s internal rescue staon
-
5. Social responsibility
and team development
76 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Table 5.13 Professional authorisaons and cerficaons specific to regulated fields
These measures contribute to maintaining operaonal compliance, reducing technical risks and
ensuring the safe connuity of operaons.
Occupational health and safety (S1-14)
Oil Terminal S.A. operates in accordance with ISO 45001, with the occupaonal health and safety
management system subject to regular surveillance audits. Operaonal risks are managed
through their idenficaon, assessment and connuous monitoring, based on severity and
probability.
The quantave indicators for the years 2024–2025 are presented in the table below. In 2025,
safety performance is confirmed, with only one workplace accident recorded, resulng in 5 days
of temporary incapacity for work. Furthermore, no fatal accidents or confirmed occupaonal
diseases were reported. This development reflects the effecveness of the prevenve measures
implemented and the strengthening of an organisaonal culture focused on workplace safety.
HSE Indicator
2024
2025
Work
-
related deaths
0
0
Work
-
related accidents resulng in temporary
incapacity
1 1
Days of temporary incapacity
10
5
Minor accidents (< 3 days)
0
0
Confirmed occupaonal diseases
0
0
Frequency index (FI)*
0.57
0.58
Injury frequency coefficient**
0.95
0.95
Severity rate***
9.84
4.94
Table 5.14 Occupaonal health and safety indicators (2024–2025)
The company’s medical centre liaises with healthcare and occupaonal health service providers
to monitor employees’ health, including the early detecon of potenal occupaonal illnesses.
The company’s ongoing objecve is to maintain a zero fatal accident rate and to connuously
reduce the number of workplace accidents.
Halving the number of days of temporary incapacity for work recorded in 2025 compared to 2024
confirms the effecveness of the prevenve measures implemented and is reflected in the
improvement of the severity rao for 2025.
5. Social responsibility
and team development
77 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Furthermore, among non-permanent workers (contractors) at Oil Terminal S.A. sites, no
workplace accidents, training non-conformies or refusals of access were recorded during the
2025 financial year.
Work-life balance (S1-15)
Oil Terminal S.A. implements policies designed to support a balance between work and personal
life. The collecve labour agreement provides for facilies for employees with family
responsibilies, including flexible working hours (e.g. reduced working hours for pregnant
employees) and parental leave in accordance with current legislaon. During 2025, 5 employees
took parental leave. The level of retenon and stability offered by the company is demonstrated
by the fact that the return-to-work rate following the end of leave is 100%.
Gender pay gap (S1-16)
Oil Terminal S.A. applies the principle of equal pay for work of equal value, in accordance with
naonal legislaon and European standards. Pay scales are established by the Collecve Labour
Agreement, are transparent internally and are based exclusively on levels of experience,
competence and responsibility.
The data presented is extracted from the internal payroll system and includes all individuals who
received salary income during the reference year. Consequently, the calculaon basis may differ
from the number of acve employees at year-end, as it reflects the full staff turnover during the
financial year, including those who were employed part-me during the year.
Indicator
2024 2025
Total persons included in the analysis
1,087
1,083
Women
310
319
Men
777
764
Proporon of women in total staff
28.50% 29.30%
Table 5.15 Basis of calculaon used for the salary analysis
The differences between the two years are due to natural staff turnover during the financial year.
The gender breakdown indicates a moderate increase in the proporon of women among the
total number of employees analysed. The analysis compares the average level of gross annual pay
for women and men, calculated on the basis of all persons who received salary income during
each financial year. The indicators are determined using the same methodology for both years.
Indicator
2024 2025
Average gross annual salary for women (lei)
127,976 137,081
Average gross annual salary for men (lei)
133,815 140,989
5. Social responsibility
and team development
78 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Percentage difference
(relave to the male average)
4.40% 2.80%
Change from the previous year
-
-
1.60%
Table 5.16 Comparison of average remuneraon by gender (2024–2025)
The table below shows the average remuneraon by occupaonal category, comparing the years
2024 and 2025:
Year
Indicator
Management
TESA
Operaonal staff
Total
2024
No. of women
17
105
195
317
Average gross annual salary
217,554
134,632
130,559
160,915
No. of men
18
91
655
764
Average gross annual salary
227,917
148,192
137,599
171,236
2,025
No. of women
19
101
190
310
Average gross annual salary
213,394
126,099
120,432
153,308
No. of men
20
90
667
777
Average gross
annual salary
229,472
144,974
129,441
167,962
Table 5.17 Average remuneraon by category (2024–2025)
The gender pay gap expresses women’s average pay as a percentage of men’s. In all three
occupaonal categories, this rao increased in 2025 compared with 2024. The most significant
narrowing was recorded in the TESA category (from 87.0% to 90.8%), followed by management
(from 93.0% to 95.5%) and operaonal staff (from 93.0% to 94.9%).
The remaining differences are mainly influenced by the occupaonal structure specific to the
sector, where administrave roles have a higher proporon of women, whilst operaonal field
posions, which include allowances for special condions, are predominantly held by men. These
variaons reflect the distribuon across different types of roles and not pay differences for the
same role.
In 2024, the average pay for women was 93.0% of that for men in management, 87.0% in TESA
and 93.0% among operaonal staff. In 2025, these figures rose to 95.5%, 90.8% and 94.9%
respecvely, indicang a narrowing of the gap in average pay levels between women and men
across all occupaonal categories.
The trend in the indicators shows a narrowing of the gap in average pay levels between women
and men in 2025 compared with the previous year. This trend is influenced by salary adjustments
applied at organisaonal level and by changes in the workforce structure across professional
categories.
In accordance with requirement S1-16 §97(b), the rao of the CEO’s total annual remuneraon
to the median salary of employees is presented below.
Indicator
2024
2025
Total annual remuneraon of the Chief Execuve Officer, of
which:
1,224,938
1,220,508
Fixed allowance
612,000
607,654
5. Social responsibility
and team development
79 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Variable allowance
612,000
612,000
Daily
allowance
938
854
Median employee salary
134,968
143,546
DG remuneraon/median salary rao
9.08
8.50
Table 5.18 Rao of the CEO’s remuneraon to the median employee salary
In 2025, the rao between the CEO’s remuneraon and the median employee salary decreased
compared to the previous year. This trend reflects the fact that the median salary increased at a
faster rate than the change in execuve remuneraon.
The figures are expressed in gross lei per annum and include basic remuneraon and bonuses for
the period worked. Indicators regarding the average remuneraon level are calculated based on
data extracted from the internal payroll system. The classificaon by professional categories
follows the company’s organisaonal structure: management, technical-economic-social-
administrave (TESA) staff, and operaonal staff/workers.
Incidents, complaints and serious impacts in the field of human rights (S1-17)
In 2025, no confirmed incidents of human rights violaons, acts of discriminaon or harassment
relang to the company’s own workforce were recorded.
According to Report No. 300/12.01.2026 on the status of implementaon of the measures in the
2025 Integrity Plan, the degree of implementaon of the measures undertaken was 100%, and
no reports were received via the internal public interest whistleblowing channel.
The company maintains internal reporng and ethical advisory mechanisms, ensuring the
confidenality of reports, their invesgaon in good faith and the protecon of whistleblowers
against retaliaon, in accordance with the applicable legal framework.
5.3. Workers in the value chain (S2-1 – S2-5)
Oil Terminal S.A.’s acvies involve constant interacon with suppliers and subcontractors who
carry out operaons on the company’s industrial plaorms or in direct connecon with them. In
this context, the management of social risks associated with workers in the value chain is a key
element of operaonal governance, parcularly in areas with high exposure to security,
environmental and compliance risks.
The company addresses this issue through a structured contractual and operaonal framework,
geared towards risk prevenon and ensuring compliance with applicable legal and ethical
standards.
Materiality and context (S2-1)
Theme S2 was assessed as part of the double materiality analysis, with scores below the threshold
set for classificaon as material. Given the company’s operaonal specificies and in ancipaon
of the requirements of the Direcve on due diligence in sustainability (CSDDD, applicable from
5. Social responsibility
and team development
80 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
2027), management decided to include this topic in the scope of reporng, based on a prudenal
approach.
The company’s exposure is mainly generated by the acvies of subcontractors operang at high-
risk industrial sites (including SEVESO sites), parcularly in the areas of occupaonal health and
safety, environmental protecon and the transport of dangerous goods.
Management policies and processes (S2-2, S2-3)
The management of social risks associated with workers in the value chain is carried out through
contractual mechanisms and operaonal controls applicable to suppliers and contractors carrying
out acvies on the company’s sites.
All acve contracts include clauses regarding compliance with labour legislaon, occupaonal
health and safety (OHS) standards and environmental regulaons. Suppliers are required to sign
a specific OHS agreement applicable to acvies carried out at Oil Terminal S.A. sites.
Access for third-party workers to operaonal plaorms is condional upon compleon of OHS
training prior to commencing work. The company may carry out documentary checks and on-site
inspecons to monitor compliance with contractual requirements.
Acons and indicators (S2-4)
By 2025, 100% of acve contracts included standard clauses on social and safety requirements. A
total of 2,325 non-employee workers were trained in occupaonal health and safety. A
breakdown of these by type of acvity is presented in the secon ‘Non-employee workers on site
(S1-7)’.
According to the HSE Department’s report, no work-related accidents, reportable incidents or
non-conformies regarding OHS training were recorded among non-employee workers in the
2025 financial year. In the same year, the company collaborated with 320 acve suppliers, with
the total value of purchases amounng to 235,054,269.86 lei excluding VAT.
Supplier category
No. of suppliers
Value in lei excluding VAT
Security
services
1
11,637,449.27 lei
Industrial cleaning
Not
applicable
-
Construcon and
maintenance
39
61,143,378.96 lei
Transport and logiscs
Not applicable
-
Hazardous waste, other
31
733,988.72 lei
Table 5.19 Breakdown of suppliers by category
Of the total number of acve suppliers, 28 submied subcontractor declaraons, represenng
8.75% of the total.
In the year under review, no ESG assessments of suppliers were carried out, no contract
terminaons based on sustainability criteria were recorded, and no explicit social or
environmental clauses are included in the framework agreements. The company is considering
5. Social responsibility
and team development
81 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
the feasibility of introducing sustainability criteria into the supplier selecon and monitoring
process, in the context of applicable reporng requirements.
Targets and monitoring (S2-5)
For 2026, the company aims to strengthen monitoring by:
AREA
PLANNED MEASURE
TARGET
📊
Supplier
assessment
Implementaon of a formal ESG supplier
assessment framework
Integraon of ESG criteria into the assessment process
⚠
Risk
management
Classifying suppliers according to
their social risk level
Priorising monitoring based on risk level
🔍
Due diligence
Conducng an inial due diligence audit
for crical suppliers
Assessing
suppliers’ compliance with applicable
standards
📑
Responsible
procurement
Integrang ESG criteria into selecon
and
contract renewal processes
Strengthening the responsible contract framework
Table 5.20 Planned measures to strengthen social risk management in the value chain (ESRS S2)
Through these measures, the company is transitioning to a structured system for the proactive
assessment and monitoring of social risks in the value chain.
5.4. Affected communies (S3-1 – S3-5)
Oil Terminal S.A.’s operaons take place in the vicinity of urban and residenal areas in the Port
of Constanța and the Agigea community, generang direct and constant interacon with local
communies. Therefore, managing the operaonal impact on the environment and the
populaon is an essenal element of the company’s responsibility, all the more so as the acvity
involves the operaon of a SEVESO-classified site (upper threshold).
Materiality and context (S3-1)
Theme S3 was assessed as material in terms of impact within the double materiality analysis,
reflecng the direct exposure of neighbouring communies to the potenal effects of the storage
and transit of petroleum products.
Idenfied impacts and risks (S3-2)
Potenal impacts include heavy industrial traffic, emissions of volale organic compounds (VOCs),
noise and vibraons, as well as operaonal risks inherent in the handling of hazardous substances.
Impact management and dialogue (S3-3, S3-4)
These impacts are managed through connuous monitoring of emissions in accordance with
environmental permits, compliance with legal noise limits, investment in the modernisaon of
facilies, and the implementaon of major accident prevenon measures specific to the SEVESO
regime.
5. Social responsibility
and team development
82 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The mechanisms for dialogue and informaon provision include the work of the Sustainable
Development Commiee within the Board of Directors and the transparency ensured by the
dedicated secon on the company’s website, (‘SEVESO Public Informaon’), where operaonal
safety measures and procedures in the event of an accident are published. Dialogue with the
community is supported by transparency regarding operaonal safety and through constant
collaboraon with local authories and relevant instuons.
Posive impact and local development (S3-4)
The company contributes to local economic development by maintaining 1,042 direct jobs,
making tax contribuons to local budgets and supporng iniaves in the fields of educaon,
health, culture and sport. In accordance with internal policies, the company provides aid in the
event of disasters, supports children and vulnerable people, invests in the local health and
educaon systems, and supports cultural and sporng iniaves.
Objecves and monitoring (S3-5)
For the year 2026, the company aims to:
AREA
PLANNED MEASURE
TARGET
📬
Complaints
management
Establishment of a structured mechanism for
handling community complaints
Ensuring a formal framework
for handling
complaints
📊
Reporng
and
transparency
Publishing an annual indicator on
community interacons
Increasing transparency regarding the relaonship
with the community
🤝
Social
investment
Establishing a mul
-
year social investment
programme
Mul-year planning of social investments
Table 5.21 Planned measures regarding community relaons (ESRS S3)
Through these iniaves, the company aims to manage its operaonal impact in a balanced
manner and strengthen its relaonship with the local community.
5.5. Consumers and end users (S4)
Theme S4 was assessed as non-material in the double materiality analysis, scoring below the
materiality threshold on both dimensions (impact and financial materiality).
Oil Terminal S.A. operates exclusively on a B2B basis, providing storage and handling services for
petroleum products to corporate clients. The company has no direct commercial relaonship with
consumers or end-users and does not influence product characteriscs at the consumpon stage.
In this context, the reporng requirements under ESRS S4 do not apply for the 2025 financial year.
5.6. Comparave analysis of social indicators 2024 vs 2025 (ESRS 1 §7.1)
This secon summarises the evoluon of the main social indicators between the 2024 and 2025
financial years. The comparave analysis should be interpreted bearing in mind that both
financial years represent stages in the development and maturaon of the sustainability data
5. Social responsibility
and team development
83 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
collecon framework, with 2025 marking an increase in the granularity of the informaon
(parcularly regarding workers in the value chain and training hours).
Indicator
2024
2025
Comments
S1
-
6 Workforce composion
Total number of employees
1,060
1,042
Net decrease of 18 posts, rerements
Proporon of women
29%
29.3
%
Stable
Women in management
51.35%
50
%
Maintaining gender parity
S1
-
7 Non
-
salaried
workers
No. of non
-
salaried workers
n/a*
2,325
First quantave report
Unionisaon rate
93.5%
92%
High, stable
CCM coverage
100%
100%
Full coverage maintained
S1
-
13 Professional training
Refresher courses (external)
96
99
Level maintained
Average hours/employee (total)
Target >18*
68.97
Achievement in 2025 above internal target
S1
-
14 Health
and
safety
Fatalies
0
0
Zero rate maintained
Workplace accidents
1
1
Incidence unchanged from the previous year
Occupaonal illnesses
0
0
Zero incidence maintained
S1
-
15 Parental leave
Return
-
to
-
work rate
n/a
100%
First reporng; 5 beneficiaries
S1
-
17 Human rights
Confirmed incidents
0
0
Zero incidents, zero complaints
Table 5.22 Comparave summary of social indicators – 2024 vs. 2025
For certain indicators, data for 2024 were not collected at the level of detail required by the ESRS.
The year 2025 is the reference year for subsequent monitoring.
The comparave analysis of social indicators for the financial years 2024 and 2025 highlights the
maintenance of organisaonal stability and the strengthening of the social reporng framework.
In 2025, addional indicators were implemented, including for non-employees, and internal data
5. Social responsibility
and team development
84 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
collecon and validaon processes were aligned with the comparability requirements set out in
ESRS 1 §7.1.
From the perspecve of workforce performance (ESRS S1), there was a significant reducon in
work-related accidents resulng in temporary incapacity, whilst the absence of fatal accidents
and confirmed occupaonal diseases was maintained. The average number of training hours
reached 68.97 hours per employee, reflecng the priority given to professional development.
Social governance indicators, including the balanced representaon of women in management
posions and full coverage of employees under the Collecve Labour Agreement, confirm the
existence of a stable and predictable organisaonal framework.
The objecves set for the coming period (ESRS S2 and S3) mark the extension of monitoring
mechanisms to the value chain and the community, through the iniaon of due diligence
processes for crical suppliers and the structuring of a mul-year social investment programme.
Overall, developments in 2024–2025 reflect the consolidaon of the integraon of the social
dimension into the company’s sustainability strategy.
6. Corporate
governance and ethical
conduct
85 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
6. Corporate governance and ethical conduct
This chapter describes the corporate governance framework of Oil Terminal S.A. for the 2025
financial year, in accordance with the requirements of ESRS 2 regarding general governance
informaon (GOV-1 – GOV-5) and with ESRS G1 regarding business conduct.
Oil Terminal S.A. is a public limited company listed on the Bucharest Stock Exchange (cker symbol
OIL), with majority state ownership (87.76% held by the Ministry of Energy), and operates in
accordance with the provisions of Government Emergency Ordinance No. 109/2011 on the
corporate governance of public enterprises.
The informaon is organised into the following secons:
management structure and advisory commiees (6.1),
ethics, compliance and an-corrupon (6.2),
risk management and transparency (6.3),
comparave analysis 2024 vs. 2025 (6.4).
6.1. Governance structure and ESG governance (ESRS 2 GOV-1, GOV-2, GOV-3; ESRS G1-1)
This section describes the company’s governance structure, the functioning of the Board of
Directors and the advisory committees, as well as the framework for determining the
remuneration of the administrative and management bodies. The information is presented in
accordance with the requirements of ESRS 2 regarding the structure, roles and responsibilities of
the governance bodies.
The company is managed under a unitary system, in accordance with Law No. 31/1990 on
companies and Government Emergency Ordinance No. 109/2011 on the corporate governance
of public enterprises. The Board of Directors consists of non-executive directors, appointed by
the General Meeting of Shareholders, and its chairman is elected from among its members by a
resolution of the Board.
Board of Directors (GOV-1)
The Board of Directors consists exclusively of non-execuve directors, appointed by the General
Meeng of Shareholders in accordance with Law No. 31/1990 and Government Emergency
CORPORATE GOVERNANCE
AND ETHICAL CONDUCT
6. Corporate
governance and ethical
conduct
86 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Ordinance No. 109/2011 on corporate governance of public undertakings ( ). There are no
execuve members on the Board.
Execuve management is delegated, in accordance with Arcle 35 of Government Emergency
Ordinance No. 109/2011, to the Chief Execuve Officer and the team of execuve directors, who
coordinate the operaonal departments (operaons, maintenance, development) and the
support departments (finance, legal, human resources).
Nominal structure of the Board of Directors at 31 December 2025
At the end of the 2025 financial year, the Board of Directors consists of 7 members, all of whom
are non-execuve directors, with a majority of independent members in accordance with the BVB
Corporate Governance Code. Their nominal structure and the duraon of their terms of office are
as follows:
SURNAME, FIRST NAME
POSITION ON THE BOARD OF
DIRECTORS
TERM OF
OFFICE
(YEARS)
PERIOD
RAMONA UNGUR
Chair
Non-executive director
4 28 April 2023–27 April 2027
SEBASTIAN-VALENTIN BODU
Non-executive director 4 28 April 2023–27 April 2027
GEORGE TEȘELEANU
Non-executive director 4 28 April 2023–27 April 2027
GEORGE SILVIAN MIȘA
Non-executive director 4 28 April 2023–27 April 2027
CĂLIN-VICTOR DOBRE
Non-executive director 1.4 28 November 2025–27 April 2027
PAUL CONONOV
Non-executive director 1.4 28 November 2025–27 April 2027
MIHAI-
CĂLIN PRECUP
Interim non-executive director 0.5 15 December 2025–15 May 2026
Table 6.1 Nominal structure and term of office of the members of the Board of Directors
The appointments of the members of the Board of Directors, including the interim term, were
approved by resoluons of the General Meeng of Shareholders, published on the company’s
website, in accordance with applicable legislaon.
Detailed informaon regarding the experse, relevant skills and diversity of each director is
presented in the relevant secons of the Directors’ Annual Report.
INDICATOR
2024
2025
NO
. OF
BOARD MEMBERS
7
7
% INDEPENDENT
Majority (>50%)
Majority (>50%)
% WOMEN
14.3% (1 in 7)
14.3% (1 in 7)
NO. OF BOARD MEETINGS
31
37
Table 6.2 Structure of the Board of Directors
6. Corporate
governance and ethical
conduct
87 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The risk management framework integrates sustainability risks into the company’s overall risk
map, with acve monitoring by the Risk Management Commiee and reporng to the Board of
Directors. The due diligence process covers all suppliers via the Subcontractor Declaraon, and
the formalisaon of an integrated ESG assessment procedure is planned for 2026.
Advisory Committees of the Board of Directors (GOV-1, GOV-2)
Four advisory committees operate at Board level, with the role of conducting in-depth analysis
and formulating recommendations, thereby ensuring a clear separation of supervisory and
decision-making functions:
COMMITTEE NAME
MEMBERS
RESPONSIBILITIES
AUDIT COMMITTEE
George Teșeleanu – Chair
Mihai-Călin Precup
George Silvian Mișa
Monitoring the financial
and
non
-
financial reporting process,
the effectiveness of the internal control system, internal and
independent audit activities, as well as compliance with the
applicable legislative framework;
NOMINATION AND
REMUNERATION COMMITTEE
Sebastian-Valentin Bodu – Chair
Paul Cononov
Ramona Ungur
Drafting proposals regarding the remuneration of directors
and managers, the selection of candidates for management
positions and the annual assessment of management
performance
DEVELOPMENT AND STRATEGY
COMMITTEE
George Teșeleanu – Chair
Călin-Victor Dobre
George Silvian Mişa
Analysing development opportunities and making
recommendations on the company’s strategic directions
RISK MANAGEMENT
COMMITTEE
Călin-Victor Dobre – Chair
Sebastian-Valentin Bodu
Paul Cononov
Overseeing the risk management process, including climate
and sustainability risks, and formulating recommendations on
risk policy.
Table 6.3 Structure of funcons
In the 2025 financial year, the four advisory committees held a total of 47 meetings, with full
attendance by members at each meeting:
Audit Committee – 15 meetings;
Nomination and Remuneration Committee – 12 meetings;
Development and Strategy Committee – 12 meetings;
Risk Management Committee – 8 meetings.
The attendance rate was 100% for all committees.
6. Corporate
governance and ethical
conduct
88 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Oversight of ESG matters at Board level (GOV-2)
At the reporng date, the company does not have a commiee dedicated exclusively to ESG
maers. Responsibilies regarding the environment, social issues and governance are exercised
directly at Board level.
The Board ensures the oversight of sustainability issues through:
AREA
RESPONSIBILITY
MANAGEMENT OF ESG RISKS
Analysis of ESG risks
and
opportunies and assessment of their impact
and management on the business model, with the support of the
Risk Management Commiee
SUSTAINABILITY STRATEGY
Approval of the sustainability strategy
and
associated objecves
REGULATORY COMPLIANCE
Integraon of CSRD
and
ESRS requirements into the company’s processes
and official documents
Table 6.4 Responsibilies of the Board of Directors in the area of sustainability
The sustainability report is reviewed and approved by the Board of Directors, and the relevant
indicators are cross-referenced with the audited financial statements to ensure data consistency
and traceability. The reporng process involves gathering informaon from the relevant
funconal departments (Human Resources, Environmental Protecon, Health and Safety,
Finance, Technical), followed by internal validaon.
Monitoring of ESG issues is carried out through regular reporting to the Board, and sustainability
performance is subject to validation by the Audit Committee.
To ensure adequate oversight, Board members receive briefings and training sessions on
developments in the sustainability reporting framework and their implications for the business
model.
The current approach reflects the progressive integration of sustainability aspects into existing
corporate governance mechanisms, with the aim of continuously strengthening the Board of
Directors’ oversight capacity.
Integration of sustainability performance into remuneration systems (GOV-3)
The remuneraon policy for directors and execuves on fixed-term contracts, approved by the
General Meeng of Shareholders, includes fixed and variable components, condional upon the
achievement of key financial and non-financial performance indicators (KPIs).
The remuneraon of the members of the Board of Directors consists of a fixed monthly allowance
and, unl 15 December 2025, an annual variable component granted within the limits set out in
6. Corporate
governance and ethical
conduct
89 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
the remuneraon policy. According to the management plan, 80% of the weighng of the
performance indicators relang to the Board consists of non-financial and governance indicators,
including elements such as the implementaon of the internal management control system
(IMCS), transparency of reporng and risk management.
In the case of execuve directors, including the Chief Execuve Officer, 50% of the variable
component is condional upon non-financial indicators, which include the level of training of
operaonal staff, service quality, compliance with occupaonal health and safety requirements,
as well as the management of operaonal and environmental risks. Through this structure, the
remuneraon system integrates sustainability, operaonal safety and compliance objecves into
the assessment of management performance.
In the 2025 financial year, the remuneraon for members of the Board of Directors amounted to
1,438,371 lei, represenng the gross fixed component. In addion, severance payments totalling
297,594 lei were granted to the three dismissed members, in accordance with Government
Emergency Ordinance No. 109/2011.
The variable component of the remuneraon of the members of the Board of Directors was
eliminated by AGOA Resoluon No. 34/15.12.2025. The figures for the period prior to this
resoluon will be presented in the 2025 Annual Financial Report.
The remuneraon of the Chief Execuve Officer was 1,193,572 lei, and that of the Chief Financial
Officer was 1,170,574 lei; the fixed/variable structure is detailed in the secon on corporate
governance.
Members of the Board of Directors and the execuve management do not benefit from share-
based remuneraon schemes, and no exceponal financial benefits were granted during the
period under review.
Corporate culture and tone at the top (G1-1)
The company promotes an organisational culture founded on integrity, transparency and
accountability. The Code of Ethics and Code of Conduct, applicable to both executive and
administrative management as well as all employees, establish the principles of professional
behaviour and the compliance framework (zero tolerance towards corruption, harassment or
discrimination).
By implementing and applying these instruments, coupled with confidential whistleblowing
mechanisms, the company supports compliance with legislation, best practice standards and the
professional ethical values specific to its sector of activity.
6. Corporate
governance and ethical
conduct
90 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Remuneration of the administrative and management bodies (GOV-3)
The remuneration policy for members of the Board of Directors and directors on fixed-term
contracts is established in accordance with Government Emergency Ordinance No. 109/2011 and
Law No. 24/2017 and is approved by the General Meeting of Shareholders. The Nomination and
Remuneration Committee makes recommendations regarding the structure and level of
remuneration, aiming to align it with financial and non-financial performance indicators,
including sustainability indicators.
The fixed remuneration of each non-executive director is 16,533 lei gross per month,
corresponding to a total of 115,731 lei gross per month for the seven members in office at the
end of the 2025 financial year. The variable component of directors’ remuneration was in place
until 15 December 2025 and was abolished by AGOA Resolution No. 34 of 15 December 2025.
Three members dismissed during 2025 each received 6 severance payments, totalling 297,594
lei. The remuneration of the Chief Executive Officer was set at 51,000 lei gross per month until
15 December 2025, and was adjusted to 42,579 lei gross per month from 16 December 2025, in
accordance with Law No. 158/2025 on capping remuneration at six times the average gross wage
across the economy.
The award of the variable component (where applicable) is conditional upon the Overall Key
Performance Indicator Achievement Rate (OKPIAR), with payment being made only if a minimum
threshold of 80% is reached. The variable component for the 2025 financial year will be presented
in detail in the 2025 Annual Remuneration Report, in accordance with Law No. 24/2017.
6.2. Ethics, compliance and an-corrupon (ESRS G1-1 – G1-6)
This secon presents the ethics and integrity framework applicable at company level, the
mechanisms for prevenng and detecng acts of corrupon, as well as business conduct
pracces. The informaon is reported in accordance with ESRS G1, highlighng the effecveness
of the control mechanisms implemented, as reflected by the absence of integrity incidents.
MECHANISM
EXISTS
COVERAGE
COMMENTS
CODE OF CONDUCT
Yes
100%
employees
The Code of Ethics and Conduct (2023 Edion)
sets out mandatory conduct
and applies to the supply chain as well.
INTEGRITY PLAN
Yes
100%
of operaons
Aligned with the Naonal An
-
Corrupon Strategy (NAC) 2021
–
2025.
For
2025, all 5 measures in the plan have been fully implemented (100%
compleon rate)
WHISTLEBLOWING
Yes
100%
(employees and
third pares)
137 confirmed parcipants in 2025 in programmes incorporang modules
on ethics, instuonal integrity and data protecon.
ANTI-CORRUPTION
TRAINING
Yes
Employees
targeted according
to the plan
137 confirmed parcipaons in 2025 in programmes incorporang modules
on ethics, instuonal integrity and data protecon.
Table 6.5 Integrity mechanisms
6. Corporate
governance and ethical
conduct
91 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Apart from the 137 participations in programmes with an ethics component, in the 2025 financial
year the level of institutional training was as follows: 100% of the active workforce (1,042 out of
1,042 employees) received training on the Code of Ethics.
With regard to anti-corruption policies, the training rate was 98.46% (1,026 out of 1,042
employees). The difference of 1.54% (16 employees) consists exclusively of individuals with
suspended individual employment contracts (sick leave, maternity leave, etc.), according to the
records of the Internal Management Control Department.
The reported training level complies with the requirements of ESRS indicator G1-3 on ethics and
anti-corruption training.
Through these integrated mechanisms – the Code of Conduct, the Integrity Plan, the operational
whistleblowing channel and regular training programmes – the company ensures a coherent
framework for the prevention, detection and management of ethics and compliance risks. The
interdependence of these tools reflects a governance system based on internal control, decision-
making traceability and institutional accountability, aligned with the ESRS G1 requirements on
preventing corruption and ensuring organisational integrity.
Ethics and Integrity Policies (G1-1, G1-3)
Oil Terminal S.A., as a listed company with majority public ownership, applies firm policies on
business ethics, transparency and the prevention of corruption. The Code of Conduct sets out
mandatory standards for employees, members of management and contractual partners,
including rules on professional integrity, the prevention of conflicts of interest and compliance
with the national and European legislative framework on anti-corruption.
The implementation of these policies is supported by formal compliance mechanisms, including
the public interest whistleblowing system, internal integrity plans aligned with the National Anti-
Corruption Strategy, and regular internal audit engagements focused on fraud prevention and
risk management.
In 2025, the internal analysis of corruption risks confirmed that these remained at a controlled
level, and no reports were received via the whistleblowing channel. At the same time, 137
participants in training programmes covering ethics and compliance helped to strengthen the
organisational culture in this area.
This integrity framework helps to foster an organisational environment based on accountability,
transparency and the proactive prevention of compliance risks.
6. Corporate
governance and ethical
conduct
92 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Legal compliance and supervision
The company has rigorous mechanisms in place to monitor compliance with applicable
legislation. The internal audit department reports directly to the Audit Committee and the Board
of Directors, ensuring an independent and objective level of oversight of the effectiveness of the
internal control framework. The company aims to comply with the Bucharest Stock Exchange’s
Corporate Governance Code, meeting the requirements regarding the independence of Board
members, the protection of minority shareholders and the transparency of financial and non-
financial reporting.
Incidents of corruption and bribery (G1-4)
In the 2025 financial year, according to Report No. 261/28.01.2026 on the status of
implementation of the measures in the Integrity Plan, no incidents of corruption or bribery were
confirmed within the company. There were no convictions of the company or its employees for
acts of corruption, financial penalties or litigation relating to breaches of integrity standards.
According to the half-yearly reports on the monitoring of Preventive Measure No. 9 – Protection
of the Whistleblower, drawn up by the Designated Person pursuant to Law No. 361/2022 (reports
dated 3 July 2025 and 12 January 2026), no reports, investigations or confirmed cases of
corruption or bribery were recorded in 2025.
The Integrity Incident Assessment Report, approved by the Director General on 12 January 2026,
confirms the absence of integrity incidents and the implementation of 17 preventive measures.
The preventive aspect is supported by training activities: in 2025, there were 137 instances of
employees participating in programmes that included components on ethics, integrity and
corporate governance. The information presented complies with the requirements of ESRS
indicator G1-4 regarding confirmed incidents of corruption or bribery.
Political influence and lobbying activities (G1-5)
Oil Terminal S.A. does not engage in advocacy, lobbying or direct political influence. In the 2025
financial year, no financial or in-kind contributions were made to political parties, election
campaigns or politically affiliated entities.
As a public enterprise, the company operates within the applicable regulatory framework and
interacts with public authorities solely for the purposes of compliance, reporting and the
fulfilment of legal obligations.
6. Corporate
governance and ethical
conduct
93 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Payment practices (G1-6)
The company applies payment terms in accordance with Law No. 72/2013 and the contractual
provisions agreed with its business partners. Payment terms are monitored through the internal
financial system, and the quantave indicators relang to trade receivables and payables are
reflected in the audited annual financial statements.
Specific indicators regarding the average payment term to suppliers and the balance of
outstanding invoices as at 31 December 2025 are to be extracted from the company’s ERP system
and included in the final report. From the perspecve of commercial relaons and business
conduct, according to the records of the Legal and Ligaon Department, as at 31 December 2025
the company had 11 acve commercial disputes, with a cumulave value of 1,798,995.40 lei,
currently pending before the competent courts.
Relationship with suppliers and standards of conduct (G1-2)
Relaons with suppliers are governed by contractual documents that include firm commitments
regarding compliance with labour legislaon, the prohibion of forced labour or child labour,
compliance with occupaonal health and safety (OHS) standards and environmental regulaons.
To strengthen this framework, the company has formally adopted the Code of Ethics and Supplier
Code of Conduct (approved on 21 March 2025), a document that extends corporate integrity
obligaons across the enre supply chain. In addion, through the Subcontractor Declaraon,
partners undertake to comply with the principles of conduct imposed by the company on
operaonal plaorms.
6.3. Due diligence, risk management and transparency (GOV-4, GOV-5)
This section describes the processes applied by the company to identify and manage risks,
including sustainability risks, assess business partners and ensure transparency in reporting. The
risk management framework is based on the requirements of the Internal Management Control
System (IMCS), regulated by OSGG No. 600/2018, and is governed by the principle of double
materiality.
RISK TYPE
INTEGRATED IN THE REGISTER
MONITORED BY
REVIEW
⚙
Operaonal, financial and
compliance risks (119 risks at
company level)
Yes
(Organisaon-wide Risk Register)
Risk Management Teams
(RMT)/SCIM Monitoring
Commiee/Risk Commiee
Half-yearly/
Annually
🛡
Corrupon and integrity risks
(38 risks, low exposure level)
Yes
(Corrupon Risk Register)
Integrity Working Group (SNA)
/ Monitoring Commiee
Half-yearly
🌍
Environmental,
safety
and
climate (ESG) risks (including
SEVESO risks)
Yes
(Risk Register)
HSE
and
Emergency
Department / Environment
Department
Half-yearly/
Ongoing
Table 6.6 Risk management framework and responsibilies
6. Corporate
governance and ethical
conduct
94 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The assessment of the effectiveness of the risk management system is carried out on a half-yearly
basis by the SCIM Monitoring Committee. The findings are forwarded to the Risk Management
Committee and the Board of Directors, which issue, where appropriate, directives for the revision
of the Control Measures Implementation Plan. This architecture demonstrates a mature due
diligence system, integrating ESG risks into the organisation’s core decision-making processes.
Statement on the sustainability due diligence process (GOV-4)
Oil Terminal S.A. applies a structured due diligence process regarding sustainability issues,
integrated into the overall governance and risk management framework. The process is aligned
with the OECD and UNGP principles and includes the identification, prevention, mitigation,
remediation and monitoring of potential impacts.
STAGE
POLICIES / TOOLS
MEASURES
IMPLEMENTED
COMMENTS
📘
Integration of
policies and
identification
of impacts
Code of Ethics; SEVESO objective
procedures; Integrity Plan; Corporate
Risk Register; Corruption Risk Register;
double materiality analysis
Systemic risk
identification
—
🛡
Prevention
and mitigation
of impacts
SCIM; strict operational safety
procedures; contractual clauses for
suppliers and subcontractors
Verification of relevant
certificates; compliance
with OHS and
environmental
protection
requirements
Establishment of an integrated ESG
assessment procedure for suppliers,
planned for 2026
🚨
Remediation
Public interest alert system; emergency
response plans; regular internal audits
Implementation of
remedial mechanisms
No integrity incidents were
confirmed in 2025
🔁
Monitoring
effectiveness
Review of the Risk Register; internal
audit; external assurance engagements
Regular monitoring
Table 6.7 Sustainability due diligence process
Through this integrated framework, the company ensures the preventive and systemic
management of sustainability risks at operational and strategic levels.
Risk management and reporting transparency (GOV-5)
The company applies a formalised risk management system, aligned with the principles of ISO
31000 and corporate governance requirements. The Risk Register is regularly updated and
consolidated at company level, covering operational, financial, compliance and sustainability
risks. The Risk Management Committee oversees the process and makes recommendations to
6. Corporate
governance and ethical
conduct
95 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
the Board of Directors . The sustainability risks and opportunities identified through the double
materiality analysis are integrated into the decision-making process and strategic planning.
The company fully applies the ESRS standards, in accordance with the CSRD requirements
applicable to listed public-interest entities. The internal reporting process includes cross-
departmental checks to validate data and reconcile it with the financial statements, in order to
ensure the consistency and traceability of information. The sustainability report is approved by
the Board of Directors and is subject to a limited external assurance engagement carried out by
an independent auditor, in accordance with applicable standards.
Due diligence statement (GOV-4)
In accordance with ESRS 2 GOV-4, the company applies a sustainability due diligence process
aligned with the OECD Guidelines for Multinational Enterprises (2023) and the UN Guiding
Principles on Business and Human Rights (UNGP, 2011), structured in four stages.
Stage 1 — Identification of actual and potential adverse impacts
The identification of impacts is integrated into the double materiality analysis (Chapter 3), which
covers the 10 ESRS themes. The process utilises the Risk Register, quantitative operational data
(energy, emissions, waste, water) and regulatory framework requirements (SEVESO,
environmental permits, BVB/ASF obligations). Significant impacts identified include: GHG
emissions (E1), VOC pollution and emissions (E2), water consumption (E3), proximity to sensitive
ecosystems (E4), OHS risks specific to the oil sector (S1) and governance risks associated with the
status of a public enterprise (G1).
Stage 2 — Prevention and mitigation of impacts
Prevention measures are integrated into the Internal Management Control System (IMCS), in
accordance with OSGG 600/2018, through the monitoring of the 119 risks and the
implementation of the associated control measures.
The company applies SEVESO procedures for the prevention of major accidents, supported by a
Private Emergency Response Service (type P3, 88 personnel), procurement procedures with
compliance clauses, as well as the 2025 Integrity Plan (100% implementation rate of SNA
measures). In the environmental field, measures include monitoring energy consumption and
emissions (E1), as well as the management of refrigerants and VOC emissions (E2).
Stage 3 — Remediation
The company has remediation mechanisms in place, including an anonymous reporting system
for illegal acts, internal investigation procedures, civil and professional liability insurance, and
6. Corporate
governance and ethical
conduct
96 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
emergency response plans (SEVESO). In 2025, there were no confirmed cases of corruption or
integrity incidents.
Stage 4 — Monitoring effectiveness
The effectiveness of the due diligence process is assessed through a half-yearly review of the Risk
Register, monitoring of the implementation of the Integrity Plan, periodic internal audits, and
sustainability reporting in accordance with the CSRD, subject to external assurance (ISAE 3000).
The indicators used include the risk profile, the number of integrity incidents, the degree of
implementation of SNA measures, and the evolution of materiality scores. Detailed policies are
set out in Chapter 6.
Risk management and internal control (GOV-5)
Oil Terminal S.A.’s sustainability risk management framework is built on two complementary
levels: the managerial internal control system (SCIM) and the double materiality analysis (DMA)
process.
Level 1 — SCIM (OSGG 600/2018)
The Risk Register, updated every six months and approved by the Monitoring Committee, is the
central tool for identifying, assessing and monitoring operational risks.
As at 31 December 2025, the register comprises 119 risks distributed across 33 functional units,
with a risk profile of 104 Green (tolerable), 12 Yellow (high tolerance), 3 Orange (low tolerance)
and 0 Red (intolerable). The Corruption Risk Register additionally contains 38 risks, all at a low
exposure level. Each risk is associated with a specific treatment strategy and control/intervention
measures set out in the Control Measures Implementation Plan or in the Corruption Risk Register
at the level of Oil Terminal S.A., in accordance with Annex 4 of Government Decision No.
599/2018.
Level 2 — DMA (ESRS 2 IRO1)
The double materiality analysis process translates operational risks into sustainability risks and
opportunities in accordance with the ESRS. The 119 risks in the Risk Register are mapped to the
10 ESRS themes, and the assessment of impact materiality (inside-out) and financial materiality
(outside-in) is carried out through expert judgement, based on the convergence of the
quantitative profile, operational data and contextual analysis. Full traceability of the process is
documented in the double materiality analysis in Chapter 3.
Internal control of the sustainability reporting process
The sustainability reporting process is integrated into the governance framework of Oil Terminal
S.A. and is subject to review and approval by the Board of Directors. ESG issues are regularly
6. Corporate
governance and ethical
conduct
97 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
discussed within management structures to monitor risks, performance and progress against
established objectives. Responsibility for overseeing ESG matters, including the integration of
CSRD requirements into internal processes and official documents, lies with the Board of
Directors.
Data is collected from the relevant functional departments (Human Resources, Environmental
Protection, Health and Safety, Finance, Technical) and is cross-referenced with the audited
financial statements to ensure the consistency and traceability of the reported information. The
2025 Sustainability Report will be subject to a limited assurance engagement in accordance with
ISAE 3000 (Revised), providing an additional level of external validation of the quality and
reliability of the data.
Compliance and Ethics Policies
Oil Terminal S.A. applies strict policies regarding business ethics, transparency and the prevenon
of corrupon. The company has adopted a Code of Conduct that sets clear standards for
employees and management, promong integrity, the prevenon of conflicts of interest and
compliance with applicable legislaon.
As a public company, the company is aligned with the Naonal An-Corrupon Strategy 2021–
2025 and has fully implemented the five prevenve measures set out in this framework.
Mechanisms for the anonymous reporng of unlawful acts (whistleblowing) are in place, as well
as internal procedures for the prevenon and control of bribery and fraud.
Transparency in decision-making is ensured through the publicaon of the resoluons of the
General Meeng of Shareholders and relevant informaon, in accordance with obligaons to the
Bucharest Stock Exchange (BVB) and the Financial Supervisory Authority (ASF). The company
applies the principles of the BVB Corporate Governance Code, including requirements regarding
the independence of Board members and the protecon of minority shareholders’ rights.
Risk management is structured through the Risk Register, which is updated every six months. As
at 31 December 2025, the register contained 119 risks monitored by 33 functional units.
Furthermore, in accordance with the provisions of Government Decision No. 599/2018, the
Corruption Risk Register at Oil Terminal S.A. (in accordance with Annex No. 4 to GD No.
599/2018), as well as the Integrity Plan for the implementation of the National Anti-Corruption
Strategy (NAC), 38 corruption risks are managed, all assessed as having a low level of exposure.
During the period 01.01.2025–31.12.2025, no integrity incidents were recorded, and the number
of confirmed cases of corruption remained at the target level of zero.
6.4. Comparave summary of governance indicators: 2024 vs 2025
This section summarises the evolution of the main governance indicators for the financial years
2024 and 2025, in accordance with the requirements of ESRS 2 and ESRS G1. The comparative
6. Corporate
governance and ethical
conduct
98 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
analysis aims to highlight the continuity of the governance framework, structural changes and
the level of consolidation of ethics, compliance and internal control mechanisms.
The indicators are summarised in Table 6.6, covering the governance structure, corporate
conduct, anti-corruption mechanisms, political influence and relationships with suppliers.
INDICATOR (ESRS REQUIREMENT)
2024
2025
TRENDS AND OBSERVATIONS
GOV
-
1 Governance
structure
Management system
Unitary
Unitary
No change.
Advisory committees such as
4
4
Continuous operation (NR, Audit, Strategies, Risk).
Dedicated ESG Committee
No No
Sustainability responsibilities exercised directly by the
Board.
GOV
-
2 Board reporting on sustainability
Sustainability report approved by the
Board
Yes Yes Governance at the highest level maintained.
GOV
-
3 ESG integration into remuneration
Proportion of non
-
financial indicators
in KPIs
n/a
80% (Board)/
50% (Executive)
Significant formalisation of the alignment of the ESG
strategy with the remuneration system.
G1
-
1 Corporate culture
Code of ethics and conduct
Yes
Yes
Functional tool
,
updated regularly.
Integrity Plan (
SNA
)
Yes
Yes
Measures fully implemented (100% compliance).
G1
-
3 / G1
-
4 Anti
-
corruption
Confirmed incidents of corruption
0
0
Zero incidence successfully maintained.
Whistleblowing reports
0
0
No reports recorded during the reporting period.
G1
-
5 Political influence
Political contributions and financial
lobbying
0 lei 0 lei
Zero contributions, mandatory conduct as a public
enterprise under the Code of Ethics.
G1
-
2 Relationship with
suppliers
Subcontractor declaration (
health and
safety clauses)
Yes Yes Consistently applied to all contractors.
Code of conduct for suppliers
No Yes
Formally approved on 21 March 2025
, extending
ethical requirements throughout the value chain.
Table 6.8 Comparave summary of governance indicators – 2024 vs. 2025
A comparative analysis of governance indicators for the 2024 and 2025 financial years highlights
the structural continuity of the company’s governance framework. The unified governance
system, the four advisory committees, the Code of Conduct and the Integrity Plan have remained
in place, with no structural changes.
The relevant development in the 2025 financial year consists of the expansion of sustainability
reporting in accordance with the full ESRS standards, which entailed an increase in the level of
detail, formalisation and integration of non-financial information into the governance process.
For 2026, the governance objectives aim to strengthen the existing framework by formalising a
dedicated code of conduct for suppliers, assessing the feasibility of establishing a dedicated ESG
committee at Board level, and extending the due diligence process to the supply chain.
7. The EU Taxonomy and
the ESG investment
strategy
99 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
7. The EU Taxonomy and the ESG investment strategy
7.1. The EU Taxonomy and the SFDR: Guiding sustainable investment decisions
The European Union Taxonomy, established by Regulaon (EU) 2020/852, provides a framework
for classifying economic acvies that are environmentally sustainable. It sets out six
environmental objecves:
(1) climate change migaon;
(2) climate change adaptaon;
(3) sustainable use and protecon of water and marine resources;
(4) transion to a circular economy;
(5) polluon prevenon and control;
(6) the protecon and restoraon of biodiversity and ecosystems.
In accordance with the delegated acts adopted for the applicaon of Arcle 8 of the Regulaon
and with the legislave updates applicable from the 2025 financial year, the company assesses its
economic acvies and investments from the perspecve of eligibility and alignment with the
technical criteria established at European level. The assessment aims to idenfy the substanal
contribuon to environmental objecves, compliance with the ‘Do No Significant Harm’ (DNSH)
principle and minimum social safeguards.
In the context of recent simplificaons introduced at European level regarding proporonate
reporng and the applicaon of materiality thresholds, the company applies an approach based
on relevance and proporonality, whilst ensuring the transparency of the informaon reported.
The Sustainable Finance Disclosure Regulaon (SFDR) complements the Taxonomy framework, as
the informaon reported by the company is used by financial market parcipants to fulfil their
own transparency obligaons. In this context, OIL TERMINAL S.A. monitors relevant ESG
indicators, such as greenhouse gas (GHG) emissions, energy efficiency and operaonal safety,
with a view to maintaining access to finance and aligning with European sustainability
requirements.
7.2. Alignment with the EU Taxonomy and sustainable finance
This secon assesses the eligibility and alignment of OIL TERMINAL S.A.’s acvies with the
requirements of the European Union Taxonomy for the 2025 financial year, in accordance with
Regulaon (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the
establishment of a framework to facilitate sustainable investment, as well as Delegated Act (EU)
THE
EU TAXONOMY AND
THE ESG INVESTMENT STRATEGY
7. The EU Taxonomy and
the ESG investment
strategy
100 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
2021/2178 on the informaon to be published pursuant to Arcle 8 of the Regulaon. The
aforemenoned regulatory framework establishes a classificaon system for environmentally
sustainable economic acvies, with the aim of direcng capital flows towards acvies that
contribute to the transion to a sustainable economy.
The assessment of the acvies carried out by OIL TERMINAL S.A. was conducted for each of the
three financial indicators set out in Arcle 8 of Regulaon (EU) 2020/852 (Turnover, CapEx and
OpEx), based on data for the 2025 financial year provided by the company’s representaves. The
analysis aimed to idenfy eligible economic acvies and determine their eligibility and
alignment raos, in accordance with the provisions of Delegated Act (EU) 2021/2178 and
subsequent communicaons from the European Commission regarding the interpretaon and
implementaon of the requirements of the EU Taxonomy Regulaon and related delegated acts.
OIL TERMINAL S.A. has carried out an assessment of its acvies in relaon to the EU Taxonomy,
taking into account the technical criteria applicable for determining a substanal contribuon to
environmental objecves, compliance with the ‘Do No Significant Harm’ (DNSH) and compliance
with the minimum safeguards requirements set out in Arcle 18 of Regulaon (EU) 2020/852.
In this context, the analysis was aligned with the European Sustainability Reporng Standards
(ESRS), in parcular ESRS E1–E5, to reflect the economic, social and environmental impact of the
company’s investments and operaons.
ESRS STANDARD
DESCRIPTION
🌡
ESRS E1
Climate change
Energy
efficiency measures
and
measures to reduce
greenhouse gas emissions are being
implemented by opmising operaonal processes and increasing the share of renewable
sources in energy consumpon.
🏭
ESRS E2
Polluon
Measures
to prevent and control air, water and soil polluon are applied in the course of
operaons.
💧
ESRS E3
Water and marine resources
Measures are implemented for the responsible use of water resources
and
the prevenon
of their polluon.
🌿
ESRS E4
Biodiversity and ecosystems
The impact of its operaons on the environment is analysed, and it collaborates with the
competent authories to prevent polluon and protect ecosystems.
♻
ESRS E5
Circular economy
Consideraon is given to improving waste management
and
idenfying measures to reduce
environmental impact.
Table 7.1: Measures implemented in relaon to ESRS standards E1–E5
With regard to compliance with the minimum safeguards set out in Arcle 18 of Regulaon (EU)
2020/852, the company has taken into account:
7. The EU Taxonomy and
the ESG investment
strategy
101 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The OECD Guidelines for Mulnaonal Enterprises;
The UN Guiding Principles on Business and Human Rights;
The Internaonal Labour Organisaon (ILO) standards on labour protecon and
employees’ rights;
requirements regarding ethics and an-corrupon, including those reflected in the ESRS
G1 framework.
The company’s core business—the handling, transport and storage of petroleum products—is not
included in the list of acvies eligible for the climate objecves set out in the EU Taxonomy,
which is why the turnover relang to this acvity is considered ineligible.
Investments made to modernise infrastructure and increase operaonal efficiency are analysed
individually to determine their eligibility and alignment with the applicable technical criteria.
The assessment for the 2025 financial year includes:
INDICATOR
DESCRIPTION
TURNOVER
Revenue assessment to
idenfy the proporon of acvies that are eligible and aligned with
the EU Taxonomy.
OPERATING EXPENSES (OPEX)
Analysis of operaonal expenditure associated with economic acvies to determine the
eligible and aligned proporon.
CAPITAL EXPENDITURE
(CAPEX)
Assessment of investments made in 2025 to determine the degree of compliance with the
applicable technical criteria and the environmental objecves set out in the EU Taxonomy.
Table 7.2: Assessment indicators under the EU Taxonomy (financial year 2025)
The eligibility and alignment of turnover (CA) and operang expenditure (OpEx) were assessed in
accordance with the applicable provisions of the EU Taxonomy:
a. Assessment of eligibility and alignment for TR
As the company’s main activity is not included in the list of eligible activities set out in the
delegated acts adopted pursuant to Regulation (EU) 2020/852, the turnover relating to this
activity is considered ineligible for the purposes of the EU Taxonomy. Consequently, the
percentage of turnover that is eligible and aligned with the EU Taxonomy for the financial year
2025 is 0%.
b. Assessment of eligibility and alignment for OpEx
The assessment of operating expenses (OpEx) was carried out in accordance with Article 8 of
Regulation (EU) 2020/852 and the applicable delegated acts, by reference to the eligible activities
set out in the EU Taxonomy and the definition of the OpEx indicator established by Delegated Act
(EU) 2021/2178. The analysis aimed to identify the costs included within the scope of the OpEx
KPI and , to correlate these with eligible economic activities within the meaning of the EU
7. The EU Taxonomy and
the ESG investment
strategy
102 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Taxonomy, and, where applicable, to assess alignment with the applicable technical screening
criteria.
ACTIVITY
CONCLUSION ON OPEX ELIGIBILITY
🛢
Crude oil
handling
The company’s main acvity, the handling, transport
and
storage of crude oil and petroleum
products, is not included in the list of eligible acvies set out in the delegated acts adopted pursuant
to Regulaon (EU) 2020/852. Consequently, the operaonal expenses related to this acvity are
considered ineligible.
🏢
Leasing of
movable and
immovable
property
The acvity of leasing movable and immovable property, in the current form
and structure of the
company’s operaons, does not fall within the list of eligible acvies set out in the applicable
delegated acts. The operaonal expenditure relang to this acvity is therefore considered ineligible
for the financial year 2025.
🔧
Miscellaneous
acvies
Miscellaneous acvies are directly related to the company’s main acvity and do not fall within the
list of eligible acvies set out in the applicable delegated acts. The related operang expenses are
considered ineligible.
♻
Sale of by-
products
The sale of residual products is a result of the main operaons
and
does not constute
a disnct
eligible economic acvity within the meaning of the EU Taxonomy. The operaonal expenses
associated with this acvity are considered ineligible.
Table 7.3: Analysis of OpEx eligibility by acvity category
Given that no eligible activities have been identified from the perspective of operational
expenditure, the percentage of eligible OpEx aligned with the EU Taxonomy for the 2025 financial
year is 0%.
Economic acvity
CAEN
code
Eligibility
Taxonomy
Turnover (%)
OpEx Revenue
(%)
OpEx
Associated costs
(%)
Services related to the receipt, loading
and
unloading of crude oil (handling)
5224 No 98.49% 0% 0%
Rental income
6,820
N/A
0.25%
0%
0%
Miscellaneous acvies
-
N/A
0.32%
0%
0%
Sale of residual products
4677
No
0.95%
0%
0%
Other acvies
-
N/A
0.00%
0%
0%
Table 7.4: OpEx 2025 indicators in accordance with the EU Taxonomy
c. Assessment of eligibility and alignment of activities in accordance with the EU
Taxonomy – CapEx
The assessment of the eligibility and alignment of OIL TERMINAL S.A.’s economic acvies for
2025 analyses CapEx investments in accordance with the EU Taxonomy and applicable
regulaons. This determines the extent to which investments contribute to sustainability, the
7. The EU Taxonomy and
the ESG investment
strategy
103 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
reducon of environmental impact , and energy efficiency. The analysis covers infrastructure,
equipment and technologies, verifying compliance with Regulaon (EU) 2020/852 and Delegated
Regulaons 2021/2139 and 2021/2178.
Type of investment
Value (thousand lei)
CapEx (%)
Total investments made in 2025
90
,340
.
72
100
%
Non
-
aligned investments
81,902.79
90.66%
Capital expenditure
8
,437
.
93
9
.
34%
Table 7.5: Eligibility and alignment of investments in 2025 according to the EU Taxonomy –
CapEx
The company’s core business dominates the investments, which focus on modernisaon and
efficiency improvements. As this acvity is not eligible under the EU Taxonomy, most of the
related investments are considered non-aligned.
However, other investments have been idenfied, allowing for the assessment of those compliant
with the standards:
In conclusion, the percentage of CapEx aligned with the EU Taxonomy is 9.34%.
INVESTMENT
DESCRIPTION
💧
Renewal of wastewater
collection and treatment
Aligned
with the EU Taxonomy, as it directly contributes to environmental protection
by
improving treatment processes, reducing water pollution and optimising resource
consumption in the wastewater treatment infrastructure. Furthermore, the modernisation of
the system supports efficiency and sustainability objectives through the implementation of
advanced water filtration and reuse technologies.
⚡
Modernisation and
efficiency improvements
to the internal electricity
infrastructure
Aligned with the EU Taxonomy, as it generates significant reductions in electricity
consumption through the modernisation of the system.
🏢
Building refurbishment
Aligned
with the EU Taxonomy, as it results in a reduction
in primary energy consumption,
either compared to the previous situation or against the estimated reference values for the
last three years, thereby meeting energy efficiency criteria.
Table 7.6: Idenfied aligned investments
Aligned investments
Value
(thousand lei)
CapEx (%)
of aligned investments
CapEx (%)
of total investments
Investments in the renewal of wastewater
collecon and treatment
6,049.46 71.69% 6.69%
Investments in modernisaon
and
efficiency
improvements to the internal electricity
infrastructure
688.28 8.16% 0.76%
Investments in building refurbishments
1,700.21 20.15% 1.88%
Table 7.7: Financial breakdown of CapEx
7. The EU Taxonomy and
the ESG investment
strategy
104 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
d) Assessment of the alignment of investments with the environmental objecves of the
EU Taxonomy
In accordance with Regulaon (EU) 2020/852, OIL TERMINAL S.A.’s investments from 2025
onwards have been assessed against the six European environmental objecves.
Type of aligned
investment
O.1.
Climate
change
migaon
O.2.
Climate
change
adaptaon
O.3.
Sustainable use
of water and
marine resources
O.4.
Circular
economy and
waste reducon
O.5.
Polluon prevenon
and emission control
O.6.
Biodiversity
protecon
Wastewater
discharge
N/A
The acvity
meets the
established
criteria
The acvity
meets the
established
criteria
N/A
The acvity meets
the established
criteria - subject to
condions
The acvity meets
the established
criteria
Modernisaon of
the electricity
infrastructure
N/A
The acvity
meets the
established
criteria
N/A
The acvity
meets the
established
criteria - subject
to condions
The acvity meets
the established
criteria - subject to
condions
The acvity meets
the established
criteria
Buildings
modernisaon
N/A
The acvity
meets the
established
criteria
The acvity
meets the
established
criteria -
condionally
The acvity
meets the
established
criteria -
condionally
The acvity meets
the established
criteria -
condionally
N/A
Table 7.8: Correlaon of investments made with the 6 environmental objecves of the EU Taxonomy
Table 7.9 highlights the alignment of investments made by OIL TERMINAL S.A. with the
environmental objecves of the EU Taxonomy, indicang the number of objecves directly met,
condionally aligned or not applicable. For investments that are aligned with at least one
environmental objecve, we consider this alignment sufficient for compliance with the EU
Taxonomy.
Table 7.9: Number of environmental objecves defined by the EU Taxonomy correlated with
investments
Type of aligned investment
Directly aligned
objecves
Condionally correlated
objecves
Objecves to which it
does not apply
Wastewater discharge
3 1 2
Modernisaon of electricity infrastructure
2 2 2
Modernisaon of buildings
1 3 2
7. The EU Taxonomy and
the ESG investment
strategy
105 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Substanal Contribuon Criteria
The DNSH criteria
Economic acvies Code
Absolute
turnover
Proporon
of
turnover
1 2 3 4 5 6 1 2 3 4 5 6
Minimum
(social)
guarantees
thousand
lei
% % % % % % % Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
A. TAXONOMY –
ELIGIBLE
ACTIVITIES
A.1 Environmentally
eligible acvies (aligned
with the taxonomy)
- - -
Turnover from
environmentally
sustainable acvies
(aligned with the
taxonomy) (A.1)
- - - - - - - -
A.2 Acvies that are
eligible under the
taxonomy but are not
environmentally
sustainable (acvies not
aligned with the
taxonomy)
Turnover from acvies
that are eligible under the
taxonomy but are not
environmentally
sustainable (acvies not
aligned with the
taxonomy) (A.2)
- 0.00
Total (A.1 + A.2)
- 0.00
B. TAXONOMY –
INELIGIBLE ACTIVITIES
Turnover from acvies
that are ineligible under
the taxonomy (B)
401,076
100.00
Total (A + B)
401,076
100.00
Table 7.10. Key performance indicators for the taxonomy – Turnover
7. The EU Taxonomy and
the ESG investment
strategy
106 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Criteria for substanal
contribuon
DNSH criteria
Economic acvies
Cod
e
Absolu
te
CapEx
Proporo
n of
CapEx
1 2
3
4
5 6
1 2 3 4 5 6
Minimum
(social)
guarantees
thousa
nd lei
% % %
%
%
% %
Yes
/No
Yes
/No
Yes
/No
Yes/No Yes/No Yes/No Yes/No
A. TAXONOMY – ELIGIBLE
ACTIVITIES
A.1 Environmentally eligible
acvies (aligned with the
taxonomy)
Yes
Yes
Yes Yes Yes Yes
Investments in the
modernisaon of
wastewater collecon and
treatment
6,049 6.69 100
Yes
Yes
Yes Yes Yes Yes
Investments in
modernisaon and
improving the efficiency of
the internal electricity
infrastructure
688 0.77
100
Yes
Yes
Yes Yes
Yes
Yes
Investments in building
refurbishment
1,700 1.88
100
Yes
Yes
Yes Yes Yes Yes
CapEx related to
environmentally sustainable
acvies (aligned with the
taxonomy) (A.1)
8,438 9.34
100
- - - - -
A.2 Acvies that are
eligible under the taxonomy
but are not environmentally
sustainable (acvies not
aligned with the taxonomy)
CAPEX relang to acvies
that are eligible under the
taxonomy but are not
environmentally sustainable
(acvies not aligned with
the taxonomy) (A.2)
0 0.00
Total (A.1 + A.2)
8,438 9.34
B. TAXONOMY – INELIGIBLE
ACTIVITIES
CapEx relang to acvies
that are ineligible under the
taxonomy (B)
81,903
90.66
Total (A + B)
90,341
100.00
Table 7.11. Key performance indicators for the taxonomy – CapEx
7. The EU Taxonomy and
the ESG investment
strategy
107 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Criteria regarding
substantial
contribution
DNSH criteria
Economic acvies Code
Absolute
OpEx
Proporon
of OpEx
1
2
3
4 5
6
1 2 3 4 5 6
Minimum
(social)
guarantees
thousand
lei
% %
%
%
%
%
%
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
A. TAXONOMY – ELIGIBLE
ACTIVITIES
A.1 Environmentally eligible
acvies (aligned with the
taxonomy)
- - - -
Operang expenditure related to
environmentally sustainable
acvies (aligned with the
taxonomy) (A.1)
- -
- - - - -
A.2 Acvies that are eligible
under the taxonomy but are not
environmentally sustainable
(acvies not aligned with the
taxonomy)
Operang expenditure relang to
acvies eligible under the
taxonomy but not
environmentally sustainable
(acvies not aligned with the
taxonomy) (A.2)
- 0.00
Total (A.1 + A.2)
- 0.00
B. TAXONOMY – INELIGIBLE
ACTIVITIES
Operang expenditure relang to
acvies ineligible under the
taxonomy (B)
361,747
100.00
Total (A + B)
361,747
100
Table 7.12. Key performance indicators of the taxonomy – OpEx
7. The EU Taxonomy and
the ESG investment
strategy
108 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The informaon in the documents accompanying the Emissions Report confirms that the
methodology and criteria applied in assessing greenhouse gas (GHG) emissions for 2025 at OIL
TERMINAL S.A. have been clearly and explicitly detailed. The following relevant aspects are
explicitly specified:
The methodology applied for measuring and reporting emissions is fully compliant with
the GHG Protocol and ISO 14064-1, which ensures the transparency and comparability of
the reported data.
The activities falling within scopes 1, 2 and 3 have been clearly identified and described
in the report, together with a quantitative breakdown of the emissions associated with
each category.
In conclusion, although the company’s core business is not eligible under the EU Taxonomy,
investments in infrastructure modernisaon and resource management demonstrate OIL
TERMINAL S.A.’s commitment to sustainability. Through an opmised investment strategy, the
company can increase its alignment with the European Union’s environmental objecves,
strengthening its posion in the transion towards a sustainable economy.
7.3 ESG financial performance and future investments
Oil Terminal S.A. monitors financial and non-financial indicators to assess ESG performance, in
accordance with ESRS E1. The company reports on climate impacts and risks, including GHG
emissions (Scopes 1, 2 and 3), energy consumpon and plans for the transion to net-zero
emissions. ESG performance is analysed both in terms of environmental impact (emissions
reducon and sustainable resource management) and the alignment of investments with climate
objecves, in accordance with the CSRD’s principle of double materiality.
In recent years, Oil Terminal S.A. has taken strategic steps towards sustainability, aiming to
integrate ESG criteria into investments and capital expenditure. Management seeks to opmise
operaons and ensure operaonal safety, thereby strengthening sustainable financial
performance.
OIL TERMINAL S.A.’s ESG investment plans reflect the company’s commitment to integrating
sustainability principles into the development and optimisation of its infrastructure:
Clearly defined, budgeted and ongoing investments, which represent the connuaon
of projects already aligned with the EU Taxonomy and which contribute to operaonal
efficiency and environmental protecon. These investments are proposed to be carried
out in the period 2026–2027.
Future strategic investments, currently under review, which will be carried out only if
certain economic, operaonal and regulatory condions are met.
Investments currently being implemented are ongoing projects planned for the period 2026–
2027 and represent the connuaon of iniaves started in previous years. These aim to
7. The EU Taxonomy and
the ESG investment
strategy
109 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
modernise infrastructure, opmise operaonal processes and reduce environmental impact as
follows:
a. Drainage of rainwater and process water from the South Plaorm Secon - (construcon
+ fees)
The South Plaorm Secon is not currently connected to a sewerage system, which requires a
detailed analysis and appropriate planning for the management of rainwater and process
water. This situaon poses significant risks both to the environment and to the connuity and
efficiency of operaons.
From a qualitative perspective, the investment contributes directly to meeting two objectives
of the EU Taxonomy:
O.3. Sustainable use of water and marine resources – Implementaon of an efficient
rainwater and process water management system, reducing the risk of groundwater and
surface water polluon.
O.5. Polluon prevenon and emission control – Ensuring compliance with
environmental standards through the collecon and appropriate treatment of industrial
wastewater.
This investment aims to modernise the drainage and wastewater treatment infrastructure, having
a posive impact on the protecon of water resources and the reducon of environmental
contaminaon risks. The investment is a newly proposed one and is not linked to any investment
currently being carried out.
b. Automaon of the enre process line in the 8x50,000 m³ tank farm (construcon)
Upgrading the existing facilities to increase operating speed aims to optimise equipment and
infrastructure to reduce handling times for petroleum products. This will include modernising
pumps, valves and transfer systems so that the operational flow is faster and more efficient.
These improvements will reduce dwell time, optimising the terminal’s operating capacity and
enhancing market competitiveness.
From a qualitative perspective, the investment contributes directly to meeting three objectives
of the EU Taxonomy:
O.1. Climate change migaon – Reducing energy consumpon and opmising processes
through advanced automaon.
O.2. Adaptaon to climate change – Increasing operaonal efficiency and reducing
technological risks associated with extreme environmental condions.
O.5. Polluon prevenon and emission control – Automac monitoring and opmisaon
of processes to reduce accidental spills and industrial emissions.
7. The EU Taxonomy and
the ESG investment
strategy
110 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Through this project, the company is improving operational safety and energy efficiency, thereby
strengthening the transition towards a more sustainable and energy-efficient model. This is a
newly proposed investment and is not linked to any investment currently underway.
The following table summarises how the investments proposed for the period 2026–2027 align
with the environmental objectives defined by the EU Taxonomy.
TYPE OF ALIGNED
INVESTMENT
O.1. Climate
change
migaon
O.2.
Climate
change
adaptaon
O.3.
Sustainable use
of water and
marine
resources
O.4.
Circular
economy
and waste
reducon
O.5.
Polluon
prevenon and
emission control
O.6.
Biodiversity
protecon
Discharge of rainwater and
process water from the
South Plaorm Secon
N/A
The acvity
meets the
established
criteria
The acvity
meets the
established
criteria – subject
to condions
N/A
The acvity
meets the
established
criteria – subject
to condions
The acvity meets
the established
criteria
Automaon of the enre
producon line in the
tank farm
The acvity
meets the
established
criteria
The acvity
meets the
established
criteria
The acvity
meets the
established
criteria –
condionally
N/A
The acvity
meets the
established
criteria
N/A
Table 7.13: Correlaon of proposed investments for 2026–2027 with the six environmental objecves
defined by the EU Taxonomy
♟
FUTURE STRATEGIC INVESTMENTS
In addition to the investments already implemented, OIL TERMINAL S.A. is analysing a number of
strategic projects that have the potential to improve operational performance and support the
company’s transition to a more sustainable model. These investments are not currently included
in the capital expenditure plan and are not mandatory, but they are being considered as part of
a medium- and long-term strategy.
The decision to implement these projects will depend on several factors, including the evolution
of economic conditions, environmental regulations and legislative requirements at European
level, as well as the availability of funding and the development of technologies that can increase
operational efficiency. In this regard, OIL TERMINAL S.A. adopts a prudent approach, analysing
the impact of each project on current operations and assessing how these investments could
contribute to reducing emissions, optimising resource consumption and enhancing the overall
sustainability of operations.
7. The EU Taxonomy and
the ESG investment
strategy
111 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Consequently, these strategic investments are considered optional and will only be implemented
if conditions are favourable and if they are shown to deliver a significant economic, operational
or environmental benefit.
The main areas are:
Table 7.14: Main strategic investment direcons and their contribuon to the EU Taxonomy objecves
The implementaon of investments depends on legal requirements and funding sources, with OIL
TERMINAL S.A. targeng both its own resources and non-repayable external funds. For projects
with a major impact on energy efficiency and modernisaon, the company is exploring access to
European funds and other support mechanisms, such as the Modernisaon Fund and the
Sustainable Development Operaonal Programme. By adopng a balanced financial strategy and
aligning with the EU Taxonomy, OIL TERMINAL S.A. aims to access green finance, improve its ESG
performance and consolidate its posion as a responsible energy operator.
INITIATIVE
DESCRIPTION
☀
Implementaon of
alternave energy
sources
The implementaon of alternave energy sources aims to reduce consumpon and
GHG emissions through the integraon of photovoltaic solar panels and other
renewable technologies. This iniave supports the objecves of the EU Taxonomy for
climate change migaon (O.1) and the transion to a low-carbon economy.
🏭
Expanding soluons to
reduce industrial
emissions
Expanding soluons to reduce industrial emissions includes modern emission capture
and neutralisaon technologies, such as advanced filtraon and monitoring systems.
These measures contribute to polluon prevenon (O.5) and climate change
migaon (O.1).
⚙
Opmising logiscs and
operaonal efficiency
Opmising logiscs and operaonal efficiency involves the digitalisaon and
automaon of processes to reduce resource consumpon and waste. These iniaves
support the circular economy (O.4), the sustainable use of resources (O.3) and
polluon prevenon (O.5), delivering economic and operaonal benefits.
8. Performance
indicators and
compliance with ESRS
112 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
8. Performance indicators and compliance with ESRS
This chapter consolidates, in a concise and structured manner, the main quantave indicators
presented in chapters 4, 5 and 6 of the Sustainability Report for the 2025 financial year. The secon aims
to ensure the transparency, comparability and traceability of the company’s ESG performance, in support
of management’s decision-making process, as well as the independent assessment carried out by the
external auditor and investors.
8.1 Energy and Climate Performance (E1)
This subsecon summarises the indicators relang to greenhouse gas emissions and climate
performance, in accordance with ESRS E1. The figures for the 2024 financial year are included for
comparison purposes, as a baseline year for assessing performance trends.
GHG emissions (E1-6)
Indicator
2024
2025
ESRS ref.
Locaon-based
Scope 1
3,091.20 1,858.74 E1-6
Scope 2
1,480.28 1,527.85 E1-6
Scope 3
2,826.30 2,318.30 E1-6
Total GHG emissions (locaon-based)
7,397.78 5,704.89 E1-6
Market-based
Scope 1
3,091.20 1,858.74 E1-6
Scope 2
1,271.06 1,899.96 E1-6
Scope 3
2,826.30 2,318.30 E1-6
Total GHG emissions (market-based)
7,188.56 6,077.00 E1-6
Table 8.1 Summary environmental performance indicators (financial year 2025)
The figures for 2024 represent the baseline year for the analysis of GHG emissions trends. In 2024,
reporng was carried out predominantly using the locaon-based methodology, in accordance with the
GHG Protocol. In 2025, reporng is carried out separately for the locaon-based and market-based
approaches, using the energy supplier’s residual factor, in accordance with ESRS E1-6.
Scope 3 emissions are reported in full from the 2025 financial year onwards, following the expansion of
the reporng scope in line with CSRD and ESRS requirements.
PERFORMANCE INDICATORS
AND COMPLIANCE WITH ESRS
8. Performance
indicators and
compliance with ESRS
113 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
The differences between the locaon-based and market-based totals are determined exclusively by the
methodology applied for electricity (Scope 2).
Energy consumpon (E1-5)
This subsecon summarises the indicators on energy consumpon, in accordance with ESRS E1-5. The
data reflect the evoluon of energy consumpon and the integraon of climate transion criteria in the
2025 financial year, compared to the 2024 reference year.
Indicator
2024
2025
Ref. ESRS
Total energy consumpon MWh
23,337.00
16,232.12
E1
-
5
Purchased electricity MWh
8,595.76
8,501.30
E1-5
Natural gas MWh
11,704.25
4,756.32
E1-5
Table 8.2 Indicators on energy consumpon and climate transion (ESRS E1)
The energy consumpon data for the 2024 financial year were determined on the basis of suppliers’
primary documents and internal operaonal records, and were subsequently consolidated and validated
by reconciling invoiced volumes with consumpon recorded at operaonal level. Year-on-year variaons
reflect changes in the volumes and types of products handled, without any change in the reporng
scope. Energy conversions and emission factors were applied consistently for the financial years 2024
and 2025.
In the 2025 financial year, there is a reducon in total energy consumpon, driven mainly by the
decrease in natural gas consumpon. The trend in the indicators supports the direcon of opmising
energy efficiency and integrang climate objecves into operaonal planning.
Investments and climate governance (E1-3, E1-4)
This subsecon presents the indicators relang to investments made and the governance framework for
climate objecves, in accordance with ESRS E1-3 and E1-4.
Indicator
2024
2025
Ref. ESRS
Quantave GHG targets approved by the
Board
No
No (definion
and
approval process ongoing)
E1-4
Total CapEx incurred (thousand lei)
67,717.00
90,340.72
E1-3
Percentage of CapEx aligned with the EU
Taxonomy
2.97%
9.34%
E1-3
Aligned CapEx (thousand lei)
2,014.00
8,437.93
E1-3
Table 8.3 Investments made and alignment with the EU Taxonomy (ESRS E1-3, E1-4)
In the 2025 financial year, there is an increase in the proporon of investments aligned with the EU
Taxonomy, indicang a progressive integraon of sustainability criteria into capital decisions. The process
of defining and approving climate targets is currently being consolidated at the governance level.
8. Performance
indicators and
compliance with ESRS
114 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Polluon prevenon and control (E2)
This subsecon summarises the indicators on polluon prevenon and control, in accordance with ESRS
E2.
Indicator
2024 2025 ESRS ref.
Accidental releases into the
environment
- - E2-4
Investments in polluon prevenon
and control (thousand lei)
179.81 6,049.46 E2-2
Table 8.4 Indicators on polluon prevenon and control (ESRS E2)
The absence of environmental incidents and the increase in investment in wastewater collecon and
treatment infrastructure reflect the maintenance of an adequate level of operaonal control and
compliance with applicable regulatory requirements.
Water and water stress (E3)
This subsecon presents indicators on water resource use and the assessment of water stress risk, in
accordance with ESRS E3.
Indicator
2024
2025
Ref. ESRS
Total water consumpon m³
n/a (not disclosed in the
previous reporng period)
325,262.00
E3-4
Water stress in the Constanța area
Medium-low
Medium-low
E3-5
Table 8.5 Indicators on water use and water stress (ESRS E3)
In the 2025 financial year, indicators on water resource use are reported in accordance with ESRS E3-4,
and the level of water stress for the Constanța area is assessed as medium-low. The introducon of
reporng on total water consumpon strengthens the framework for monitoring natural resources.
Waste and recovery (E5)
This subsecon summarises the indicators on waste generaon and management, in accordance with ESRS
E5.
Indicator
2024
2025
ESRS ref.
Total waste generated (tonnes)
24,894.00
19,286.34
E5-5
Hazardous waste recovered R9 tonnes
9,226.00
5,930.98
E5-5
Ulisaon rate %
93.70
89.17
E5-5
Table 8.6 Indicators on waste management and recovery (ESRS E5-5)
8. Performance
indicators and
compliance with ESRS
115 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
In the 2025 financial year, there is a reducon in the total quanty of waste generated compared
to the 2024 reference year. The recovery rate remains at a high level, indicang the connuity of
operaonal pracces for waste management and diversion from disposal. The indicators
consolidated in this chapter reflect the evoluon of the company’s ESG performance in the 2025
financial year and the gradual expansion of the reporng scope in accordance with CSRD and ESRS
requirements. The summary structure of the data ensures year-on-year comparability,
traceability and the underpinning of the decision-making process at management and
governance level.
8.2. Social performance (S)
This subsecon presents the social indicators relang to the company’s own workforce (ESRS S1),
workers in the value chain (S2) and affected communies (S3). Figures for the 2024 financial year
are included for comparison purposes, where available, to assess the evoluon of social
indicators.
Workforce structure and dynamics (ESRS S1-6 – S1-12)
This secon summarises the indicators on workforce structure, workforce stability and
demographic characteriscs, in accordance with ESRS S1.
Indicator
2024 (comparave)
2025
Ref. ESRS
Total number of employees (31.12)
1,060
1,042
S1-6
Permanent contracts
1,054
1,031
S1-6
Staff growth index
101
98.20
S1-6
Proporon of women in total workforce
29%
29.30%
S1-6
Distribuon by age group
graphical presentaon
168 (<35),
598 (36–55),
276 (>56)
S1–6
New hires
-
23
S1-6
Departures (total terminaons)
-
41
S1-6
Turnover rate
-
3.90%
S1-6
Non-permanent workers on site
First reporng
2,325
S1-7
Unionisaon rate
93.50%
92%
S1-8
8. Performance
indicators and
compliance with ESRS
116 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2024 (comparave)
2025
Ref. ESRS
CCM coverage
100%
100%
S1-8
Women in management posions
51.35% (19/37)
50% (18/36)
S1-9
Employees receiving adequate
remuneraon
100%
100
S1-10
Employees with disabilies
-
5
S1-12
Table 8.7 Workforce structure and trends
In the 2025 financial year, there is a slight reducon in the total workforce, mainly due to
rerements. The contractual structure remains stable, with over 99% of contracts being
permanent. The high level of unionisaon and full coverage by a collecve labour agreement
reflect stability and instuonalised social dialogue.
Training and development (ESRS S1-13)
This secon presents indicators on professional training and skills development, in accordance
with ESRS S1-13.
Indicator
2024 2025 Ref. ESRS
Total hours of vocaonal training
7,464* 71,863 S1-13
Average training hours per employee
21 68.97 S1-13
External professional development courses
96 99 S1-13
External training parcipants
164 548 S1-13
Table 8.8 Professional training and skills development
*In 2024, only external training was reported. Internal training is included in full from 2025 onwards.
In 2025, there is a significant increase in the total number of training hours, partly due to the
inclusion of internal training in the centralised reporng system. The average number of hours
per employee indicates the consolidaon of the professional development policy at
organisaonal level.
Occupaonal health and safety (ESRS S1-14 – S1-15)
This subsecon summarises the indicators on occupaonal health and safety, in accordance with
ESRS S1-14 and S1-15.
8. Performance
indicators and
compliance with ESRS
117 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2024
2025
Ref. ESRS
Work-related deaths
0
0
S1-14
Accidents at work
1
1
S1-14
Days of temporary incapacity
10
5
S1-14
Occupaonal diseases
0
0
S1-14
Frequency index (FI)
0.57
0.58
S1-14
Frequency coefficient
0.95
0.95
S1-14
Parental leave (beneficiaries)
0
5.00
S1-15
Table 8.9 Health and safety at work
In the 2025 financial year, there were no fatalies or occupaonal illnesses. The number of
workplace accidents fell significantly compared with the previous year, indicang the
effecveness of prevenon and operaonal control measures.
Pay equity and remuneraon (ESRS S1-16)
This secon presents indicators on pay equity and the remuneraon structure.
Indicator
2024
2025
Ref. ESRS
Average pay gap between women and men
4.40%
2.80%
S1-16
Average pay rao for women/men
95.60%
97.20%
S1-16
CEO remuneraon/median salary rao
9:01
8.5:1
S1-16
Table 8.10 Pay equity indicators
In 2025, there is a reducon in the average pay gap and an improvement in the internal equity
rao. The evoluon of the indicators reflects a trend towards pay convergence across categories.
Human rights and the value chain (ESRS S1-17, S2-1)
This secon summarises the indicators regarding respect for human rights and the management
of relaonships within the value chain, in accordance with ESRS S1-17 and S2-1.
Indicator
2024
2025
Ref. ESRS
Human rights incidents
-
-
S1-17
Suppliers audited for due diligence
Target 2026–2027
Target: top 3
S2-1
Table 8.11 Human rights and supplier due diligence
8. Performance
indicators and
compliance with ESRS
118 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
No human rights incidents were recorded in the 2025 financial year. The supplier assessment
process is currently under development, with the aim of full implementaon in the period 2026–
2027.
The social indicators for the 2025 financial year reflect a high level of organisaonal stability, the
maintenance of occupaonal health and safety standards, and the consolidaon of investment in
human capital development. Developments compared to the base year indicate an improvement
in pay equity indicators and a reducon in the incidence of workplace accidents. The social
governance framework remains integrated into the company’s operaonal mechanisms and
compliance policies.
8.3 Governance Performance (G)
This secon summarises the indicators relang to the governance structure, remuneraon
system, ethics and integrity framework, and risk management mechanisms, in accordance with
ESRS 2 (GOV-1 – GOV-3) and ESRS G1.
Structure of the Board of Directors (GOV-1)
This subsecon presents the structure and characteriscs of the Board of Directors as at 31
December 2025, in accordance with ESRS 2 GOV-1.
Indicator
2024
2025
ESRS Ref.
Number of Board members
7
7
GOV-1
Member status
All non-execuve
All non-execuve
GOV-1
Independent members
Majority (>50%)
Majority (>50%)
GOV-1
Proporon of women on the Board
14.3% (1/7)
14.3% (1/7)
GOV-1
Table 8.12 Structure of the Board of Directors
The structure of the Board of Directors remains stable, with a majority of independent members
and an exclusively non-execuve composion, in accordance with the BVB Corporate Governance
Code.
Remuneraon of the administrave and management bodies (GOV-3)
This secon presents the remuneraon structure of the Board of Directors and execuve
management, in accordance with ESRS 2 GOV-3.
8. Performance
indicators and
compliance with ESRS
119 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2025
Ref. ESRS
Aggregate remuneraon of the Board of Directors
(fixed component) lei
1,438,371
GOV-3
Compensatory allowances lei
297,594
GOV-3
Fixed monthly remuneraon per member (lei)
16,533
GOV-3
Variable component of the Board of Directors
Disconnued on 15 December
2025
GOV-3
Table 8.13 Board remuneraon
Indicator
2025
Ref. ESRS
Fixed remuneraon of the CEO (unl 15
December 2025) lei/month
51,000
GOV-3
Fixed remuneraon for the Chief Execuve
Officer (aer 16 December 2025) lei/month
42,579
GOV-3
Variable component
Max. 12 mes the fixed remuneraon
(condional on GTICP ≥80%)
GOV-3
Table 8.14 Remuneraon of the Chief Execuve Officer
The remuneraon structure is aligned with the policy approved by the AGM, incorporang non-
financial indicators and eliminang the variable component for Board members from 15
December 2025.
Ethics, integrity and compliance (G1-1 – G1-4)
This subsecon summarises the integrity mechanisms, the level of training and compliance
incidents, in accordance with ESRS G1.
Indicator
2024
2025
ESRS Ref.
Ethics Code training coverage
100% (1,060)
100% (1,042)
G1-1
An-corrupon training rate
-
98.46%
G1-3
Parcipants in ethics/compliance programmes
111
137
G1-3
SNA Integrity Plan – progress
100%
100%
G1-3
Corrupon risks idenfied
38
38
G1-3
Table 8.15 Training and integrity mechanisms
8. Performance
indicators and
compliance with ESRS
120 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Indicator
2024
2025
Ref. ESRS
Confirmed corrupon incidents
0
0
G1-4
Whistleblowing reports
0
0
G1-4
Acve ligaon (31.12)
0
11.00
G1-4
Value of disputes (lei)
0
1,798,995
G1-4
Table 8.16 Incidents and compliance
In the 2025 financial year, no incidents of corrupon or reports were recorded through the
whistleblowing mechanisms. The integrity and internal control system remains operaonal, with
a high level of training coverage.
Risk management and supply chain management (GOV-2, G1-2, G1-5)
This secon presents the risk management framework and the relaonship with suppliers, in
accordance with ESRS 2 GOV-2 and ESRS G1.
Indicator
2025
Ref. ESRS
Total number of risks included in the Risk Register
119
GOV-2
Corrupon risks included in the register
38 (low level)
G1-3
Table 8.17 Risk management
Indicator
2025
2024
Ref. ESRS
Lobbying expenditure/polical donaons (lei)
- - G1-5
Supplier Code of Ethics
-
Approved 21 March
2025
G1-2
Table 8.18 Business Conduct and Value Chain
The risk management framework includes sustainability and integrity risks, which are integrated
into the SCIM system and monitored at management level. In 2025, the Supplier Code of Ethics
was formalised, extending standards of conduct to the supply chain.
The indicators for the 2025 financial year confirm the maintenance of a stable governance
structure, a funconal internal control system and an integrity framework with no confirmed
incidents. Sustainability aspects are progressively integrated into the oversight, remuneraon and
risk management mechanisms, in accordance with ESRS requirements.
8. Performance
indicators and
compliance with ESRS
121 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
8.4 ESRS Content Index (IRO-2)
This secon presents the index of compliance with the ESRS standards applicable to the 2025
financial year, including the materiality assessment and references to the relevant secons of the
report, in accordance with ESRS 2 IRO-2.
Table 8.19 ESRS reporng requirements index (IRO-2) – financial year 2025
The index confirms compliance with the relevant ESRS standards for the 2025 financial year and
the alignment of the report’s structure with CSRD requirements. Topics assessed as non-
material are addressed in accordance with applicable requirements and the specific nature of
the business model.
Standard
Topic
Materiality status
(according to the double
materiality analysis)
Report secon
Reporng level
ESRS 2
General informaon and
reporng governance
Mandatory Chapters 1–3 Fully reported
ESRS E1
Climate change Double materiality Ch. 4 Fully reported
ESRS E2
Polluon Dual materiality Chapter 4 Fully reported
ESRS E3
Water and marine resources Material (impact) Chapter 4 Reported in full
ESRS E4
Biodiversity and ecosystems Material (impact) Chapter 4 Fully reported
ESRS E5
Circular economy and waste Material (impact) Chapter 4 Fully reported
ESRS S1
Own workforce Double materiality Chapter 5 Fully reported
ESRS S2
Workers in the value chain
Intangible
(voluntary reporng)
Chapter 5 Voluntarily reported
ESRS S3
Affected communies Material (impact) Chapter 5 Fully reported
ESRS S4
Consumers and end users Non-material (B2B model)
- Not reported
ESRS G1
Business conduct and ethics Double materiality Chapters 2, 6 Fully reported
9. Outlook and future
sustainability objectives
122 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
9. Outlook and future sustainability objecves
This chapter presents the strategic direcons and operaonal objecves for the 2026–2030
period, structured around the three dimensions of sustainability reporng: environmental (E),
social (S) and governance (G). The objecves are based on approved budgets, decisions of the
Board of Directors and the applicable European and naonal regulatory framework. Each
direcon is linked to the quantave indicators presented in Chapter 8, to ensure traceability
between current performance and future strategic priories.
9.1. Strategic direcons and the investment plan (environment and climate transion)
The environmental and climate transion direcons are supported by a mul-annual investment
budget for the period 2025–2026, amounng to RON 156.1 million. Under this programme,
priority projects with an impact on environmental performance include:
Project
Project value
(lei, excluding
VAT)
Timeframe ESRS theme
Expected outcome
in 2026
Jusficaon
Modernisaon
of T26S
Reservoir
14,900,435.43 2025–2026
E2 (main)/
E1 (indirect)
Infrastructure modernisaon,
reducon of polluon risks
and fugive emissions (by
prevenng product losses)
Investment plan 2025–2026;
material theme E2 (Polluon)
Construcon of
30P Tank
12,671,284.77 2025–2026
E2 (primary)/
E1 (indirect)
New infrastructure with
improved technical
standards; reducon of
polluon risks
Investment plan 2025–2026;
material theme E2 (Polluon)
Modernisaon
of T29S
Reservoir
30,534,999.10 2025–2026
E2 (main)/
E1 (indirect)
Reducing polluon risks and
enhancing operaonal safety
Investment Plan 2025–2026;
theme E2 (Polluon)
OUTLOOK AND FUTURE
SUSTAINABILITY OBJECTIVES
9. Outlook and future
sustainability objectives
123 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Table 9.1 Priority investments planned for 2026 (outlook) with environmental impact
The figures are those set out in the 2025–2026 investment plan and are expressed in lei excluding
VAT; the breakdown by year (2025 vs 2026) will be reflected in the budget execuon and related
financial reporng.
These investments support the reducon of polluon risks, the improvement of environmental
infrastructure and the enhancement of operaonal safety, forming the basis for defining climate
targets in the 2026 financial year.
9.2. Corporate governance and social impact objecves
The social and governance objecves for the 2026–2030 period are built upon the performance
achieved in 2025, with a focus on internal equity, health and safety at work, and the maturaon
of due diligence processes within the value chain.
Remuneraon and diversity (ESRS S1)
The objecves aim to maintain the average pay gap at a low level (2.8% in 2025 compared to 4.4%
in 2024) and to increase convergence between professional categories.
The average pay rao between women and men is 97.2% in 2025 (compared to 95.6% in 2024),
and the rao of the CEO’s pay to the median salary is 8.5:1 in 2025 (compared to 9:1 in 2024).
Furthermore, the aim is to maintain the proporon of women in management roles at 50% (18
out of 36 posions in 2025) and to monitor the structure by age group for succession planning.
Occupaonal health and safety (ESRS S1-14)
The objecves include maintaining the level of zero fatalies and zero occupaonal illnesses, as
well as keeping the frequency rate below the 1.0 threshold (accidents per 1 million hours worked;
0.58 in 2025) and the frequency rate at a low level (0.95 accidents per 1,000 employees in 2025).
Project
Project value
(lei, excluding
VAT)
Timeframe ESRS theme
Expected outcome
in 2026
Jusficaon
Bitumen
terminal
Preparatory
phase listed
separately in
the plan
2025–2026
E2 (main)/
E1 (indirect)
Project implementaon in
partnership (following the
preparatory phase)
Investment plan 2025–2026;
implementaon in partnership
9. Outlook and future
sustainability objectives
124 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Training and educaon (ESRS S1-13)
The vocaonal training programme connues (71,863 hours in 2025, an average of 68.97 hours
per employee, exceeding the internal target of 18 hours per year) as do the occupaonal health
and safety training programmes for all staff, including non-permanent workers.
Value chain – supplier due diligence (ESRS S2, phased-in/voluntary reporng)
The aim is to develop and formalise an integrated ESG assessment procedure for suppliers,
planned for 2026, based on the Code of Conduct approved on 21 March 2025, with inial
implementaon for the top 3 crical suppliers (Argenta S.R.L., Socum Trans S.R.L., Tâlpac S.R.L.)
and progressive expansion through assessment grids and the integraon of ESG criteria into the
selecon and contract renewal process.
Corporate governance (ESRS GOV/G1)
The opportunity to establish an ESG commiee at Board level for the integrated oversight of
sustainability objecves and the extension of due diligence across the enre supply chain is being
assessed, in line with the objecves set out in Chapter 6.
AREA
OBJECTIVE FOR
2026
INDICATORS TO BE
MONITORED
BASELINE (2025) JUSTIFICATION
Workforce
Maintaining organisaonal
stability and succession
planning
Total number of employees;
Staff turnover rate; structure
by age group
1,042 employees
Turnover rate
3.9%
Reported results for 2025
Vocaonal
training
Strengthening the training
programme and improving
data traceability
Total number of training
hours;
Average training hours per
employee
71,863 hours
68.97
hours/employee
Reported results for 2025
Health
and safety
at work
Maintaining the reducon
in incidents and focus on
prevenon
Number of workplace
accidents;
Accident frequency per hours
worked;
Number of occupaonal
illnesses
1 accident
Frequency 0.58
0 occupaonal
illnesses
Reported results for 2025
9. Outlook and future
sustainability objectives
125 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
AREA
OBJECTIVE FOR
2026
INDICATORS TO BE
MONITORED
BASELINE (2025) JUSTIFICATION
Remuneraon
and internal
equity
Maintaining the average
pay gap at a low level and
internal convergence
Average gender pay gap;
Gender pay rao;
CEO pay-to-median pay rao
2.8%
97.2%
8.5:1
Reported results for 2025
Integrity and
compliance
Maintenance of the ethics
framework and an-
corrupon training
Code of ethics coverage rate;
Parcipaon in an-
corrupon training;
Number of confirmed
incidents
100%
98.46%
0 incidents
Reported results for 2025
Risk management
Integraon of sustainability
risks into the risk
management cycle
Total number of risks
included in the register;
Number of corrupon risks
monitored
119 risks
38 corrupon
risks
Risk management system in
place
Value chain
Implementaon of
sustainability criteria
assessment for priority
suppliers
Number of suppliers
assessed in the priority
category
Target:
Top 3 strategic
suppliers
Objecve for the assessment
process maturity
Table 9.2 2026 Objecves: Social and Governance
9.3. Maturaon of the CSRD reporng process and future compliance
The 2025 financial year marks the second year of sustainability reporng under the ESRS,
following the inaugural report for 2024. Maturing the reporng process remains a priority, with
objecves structured around three pillars.
Risk governance and ESG integraon in capital allocaon
The integraon of the 110 risks falling within the ESG scope (out of a total of 119 risks idenfied
as at 31 December 2025; approximately 50 environmental, 50 governance and 10 social) into
capital allocaon decisions and the double materiality process is being strengthened.
The low level of exposure for the 38 corrupon risks is maintained, and implementaon of the
SNA Integrity Plan connues (100% compleon in 2024 and 2025). Furthermore, the aim is to
systemacally translate the 119 risks into sustainability impacts, risks and opportunies (IROs),
under the supervision of the Risk Management Commiee.
9. Outlook and future
sustainability objectives
126 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Data collecon and quality
The aim is to move progressively from manual collecon to more automated processes, to reduce
the risk of error and increase year-on-year comparability, in line with ESRS 1.
Future compliance and expansion of the reporng scope
Qualitave monitoring is being extended to non-permanent staff (contractors) – 2,325 people
registered in 2025 – by moving from numerical reporng to the monitoring of specific
occupaonal health and safety indicators. Preparaons are being made to report on the
ancipated financial impact of climate risks (ESRS E1) by linking the Risk Register with financial
projecons and transion scenarios. The results regarding eligibility and alignment with the EU
Taxonomy (Chapter 7) are being integrated into strategic planning, with the aim of progressively
increasing the share of aligned acvies.
AREA
ACTION 2026
EXPECTED OUTCOME
JUSTIFICATION
Data governance
Standardisaon of reporng rules
(0 vs n/a), units of measurement
and reconciliaon of sources
Internal data control
procedure and indicator
verificaon checklist
Improving the consistency and
comparability of reported indicators
Indirect emissions
(value chain)
Improving the quality of data on
indirect emissions and
documenng the assumpons
used
Improving the accuracy and
traceability of climate
reporng
Strengthening the basis for
seng future climate targets
Investments and
alignment
with the Taxonomy
Strengthening the traceability of
projects against European
sustainability criteria
Clear tracking of aligned and
non-aligned projects
Increasing consistency
between
the
investment plan and sustainability
reporng
Risk management
Updang the link between the risk
register and the impact
assessment
Integraon of sustainability
risks into the decision-
making process
Alignment
between
the materiality
analysis and the internal
control system
Value chain
Formalising the assessment of
sustainability criteria for priority
suppliers
Assessment procedure and
first phase of implementaon
Extending corporate responsibility
to the supply chain
Preparaon for
external assurance
Organising the complete data flow
from source to reported indicator
Dossier prepared for the
limited assurance
engagement
Increasing the robustness and
credibility of reporng
Table 9.3 2026 priories for maturing reporng
All the objecves presented in this chapter are based on approved decisions, allocated budgets
and compliance frameworks in force. Progress will be monitored through the annual updang of
the indicators in Chapter 8 and through the transparent reporng of any deviaons.
9. Outlook and future
sustainability objectives
127 I SUSTAINABILITY REPORT OIL TERMINAL S.A.
Oil
Terminal S.A.
Caraiman Street nr. 2, Constanța, 900117, România
T: (+40) 0241-702.600
F: (+40) 0241-694.833
E: oice@oil-terminal.com
LEI Code: 315700QNENQ53MELTT73
Statement of the Board of Directors
of OIL TERMINAL SA Constanţa
The Board of Directors of OIL TERMINAL SA Constanţa hereby declares that it assumes responsibility for
the preparation of the Financial Statements as of and for the financial year ended December 31, 2025.
The Board of Directors of OIL TERMINAL SA Constanţa confirms, regarding the Financial Statements as
of and for the financial year ended December 31, 2025, the following:
a) The accounting policies used in the preparation of the annual Financial Statements are in accordance
with the applicable accounting regulations;
b) The annual Financial Statements provide a fair view of the financial position, financial performance,
and other information regarding the activity carried out;
c) The Company carries out its activity on a going concern basis.
This statement is in accordance with the provisions of Art. 30 of the Accounting Law no. 82/1991,
republished, as subsequently amended and supplemented.
Chairman of the Board of Director,
Ungur Ramona
General Director,
Ciutureanu Viorel-Sorin
Financial Director,
Frangu Adriana
Statement of the responsible persons within
OIL TERMINAL SA Constanţa
The undersigned: Ungur Ramona, as Chairman of the Board of Directors, Ciutureanu Viorel-Sorin, as
General Director and Frangu Adriana, as Financial Director, hereby declare on our own responsibility that, to
the best of our knowledge:
➢ The annual Financial Statements as of and for the financial year ended December 31, 2025,
prepared in accordance with the applicable accounting standards (International Financial Reporting
Standards), provide a fair and true view of the assets, liabilities, financial position, and the profit and
loss account of Oil Terminal SA;
➢ The Board of Directors' Report for the financial year ended December 31, 2025, prepared in
accordance with the provisions of Art. 65 of Law no. 24/2017 on issuers of financial instruments and
market operations, republished, as subsequently amended and supplemented, in conjunction with
the provisions of Art. 126 para. (1) of the Financial Supervisory Authority Regulation no. 5/2018 on
issuers of financial instruments and market operations, Art. 56 of G.E.O. no. 109/2011 on the
corporate governance of public enterprises approved by Law no. 111/2016, as subsequently
amended and supplemented, and the Order of the Ministry of Public Finance no. 2844/2016 for the
approval of Accounting Regulations compliant with International Financial Reporting Standards, as
subsequently amended and supplemented, includes a fair analysis of the development and
performance of Oil Terminal SA, as well as a description of the main risks and uncertainties specific
to the activity carried out.
This statement is provided in accordance with the provisions of Art. 65 para. (2) of Law no. 24/2017 on issuers
of financial instruments and market operations, republished, as subsequently amended and supplemented,
and Art. 223 point A para. (1) letter c) of the Financial Supervisory Authority Regulation no. 5/2018 on issuers
of financial instruments and market operations.
Chairman of the Board of Directors,
Ungur Ramona
General Director,
Ciutureanu Viorel-Sorin
Financial Director,
Frangu Adriana
ANNEX No. 4.3
to instructions
Oil Terminal S.A.
No. 16 / 20.01.2026
General Director,
Ciutureanu Sorin Viorel
REPORT
on the internal managerial control system as of December 31, 2025
Pursuant to the provisions of Art. 4 para. (3) of Government Ordinance no. 119/1999 on internal
managerial control and preventive financial control, republished, as subsequently amended and
supplemented, the undersigned Ciutureanu Sorin Viorel, as General Director of Oil Terminal S.A.,
hereby declare that Oil Terminal S.A. has an internal managerial control system whose design and
implementation allow the management and, as the case may be, the Board of Directors to provide
reasonable assurance that the public funds managed for the purpose of fulfilling general and specific
objectives have been used under conditions of legality, regularity, effectiveness, efficiency, and economy.
This statement is based on a realistic, fair, complete, and reliable assessment of the company’s internal
managerial control system, formulated based on its self-assessment.
The internal managerial control system includes self-control mechanisms, and the implementation of
measures to increase its effectiveness is based on risk assessment.
In this regard, I mention the following:
- The Monitoring Commission is functional;
- The internal managerial control system development program is implemented and updated annually;
- The risk management process is organized and monitored;
- Documented procedures are developed for 100% of the total inventoried procedural activities;
We mention that the process of developing and updating documented procedures is carried out
based on the annually approved internal managerial control system development program of Oil
Terminal S.A.
- The performance monitoring system is established and evaluated for the company's objectives and
activities through performance indicators.
Based on the results of the self-assessment, I appreciate that, as of December 31, 2025, the internal
managerial control system of Oil Terminal S.A. complies with the standards included in the Internal
Managerial Control Code.
From the analysis of the reports on the internal managerial control system transmitted to the. . .----- . . .
. . . . (principal/secondary) authorizing officer by the. . . .----- . . . . . . (secondary and/or tertiary)
authorizing officers, directly subordinated to/coordinated by/under the authority of, it results that:
- ….. (no. ) entities have a compliant system; Not applicable.
- ….. (no. ) entities have a partially compliant system; Not applicable.
- ….. (no. ) entities have a limited partially compliant system; Not applicable.
- ….. (no. ) entities have a non-compliant system. Not applicable.
I specify that the statements included 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 managerial control system held within Oil Terminal S.A.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 1 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
INDEPENDENT AUDITOR’S REPORT
ON FINANCIAL STATEMENTS PREPARED AT 31
st
DECEMBER 2025
BY THE COMPANY OIL TERMINAL S.A.
MARCH 2026
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 2 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 J1991000512136 and tax
identification number RO2410163 that include: the Statement of financial position at
31
st
December 2025, 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:
587,577,275 RON
- Net profit for the financial year:
24,637,109 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 2025, 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 Company, in compliance with the provisions of the Code of Ethics
of Accounting Professionals issued by the International Ethics Standards Board for
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 3 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 2025, point 34 a) - "Provisions for litigation".
6. The company has several files pending before the court, in the number of 112 cases on
31.12.2025 in which it has the capacity of plaintiff/defendant/other party. Of the total
number of cases pending before the courts on 31.12.2025 there were 73 cases, that is 64%
of the total cases with DUMITRESCU SEBASTIAN VALENTIN minority shareholder of OIL
TERMINAL S.A, which is mostly the applicant. At the same time, out of the total of 112 cases
pending before the courts, OIL TERMINAL S. A. has the status of defendant in a number of
68 cases, that is 61% of the total of the court proceedings.
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 2025
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 2025 for the
objectives of investments that qualify 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,
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 4 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
there aren’t indications of depreciation of the actives to require for the constitution of a
provision regarding this aspect.
8. In 2025, the company has been operating in a macroeconomic environment resulting from
a context marked by the continuation of Russian aggression against Ukraine and the conflict
in the Middle East, as well as by the future developments of European economies from the
economic perspectives being subject to the challenges of the energy transition as well as
those coming from the fiscal consolidation process, in the context of the implementation of
the new fiscal governance framework of the EU. The company presents in the Notes to the
financial statements point 37 that compared to the revenues planned through the approved
budget, due to the context generated by the conflict in Ukraine and the Middle East, as well
as the future developments of the European economies from the economic perspectives
finnd subject to the challenges of the energy transition as well as of the fiscal consolidation
process, in the context of the implementation of the new fiscal governance framework of the
EU, on 31.12.2025 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 turnover achieved in 2025 is 401,076,428
RON. Compared to the previous year, an
absolute decrease of 72,913,500 RON was
achieved, thus registering a lower percentage
of 18.18% in the financial year 2025
compared to the financial year 2024.
Our audit procedures made to approach
the significant denaturation risk of
recognising the incomes consisted of the
following:
We have evaluated the operational
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 5 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
In the Notes to the financial statements for
the financial year ended 31.12.2025,
paragraph 1.”General information and main
activities”, item 3 „Revenue from the
provision of services” and item 4 „Income
from the sale of residual products” is
presented the structure of turnover by nature
of revenue according to which the highest
share is represented by revenue from the
provision of services. The total revenues of
406,015 thousand RON are higher by 0.8%
compared to the level approved for 2025 and
lower by 15% compared to 2024.
Operating income recorded an increase of
0.8% compared to the budgeted level, on
account of the revenues from services
rendered that have a share of 98.5% in
turnover, and a decrease of 15% compared
to the level achieved in 2024.
The decrease in revenues from benefits in
2025 compared to the revenues planned by
the approved budget, the provision of
services was based on competitive reasons,
fiscal legislative changes and reasons
independent from the activity of OIL
TERMINAL S.A.
Also, the Company registers in the financial
year 2025 in the turnover: income from the
disposal of goods, income from various
activities, income from the sale of waste
products and the recovery of other waste.
In the Notes to the financial statements at
31.12.2025 point 5 “Other operating income”
is presented the structure of other income
obtained by the Company from the operating
activity consisting of income from the
production of real estate, income from sales
of tangible assets, income from penalties,
other operating income.
Under International Audit Standards, there is
an implicit risk in revenue recognition caused
by the pressure that management may feel
about achieving planned results. For the
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 31.12.2025 and also, we got in some
situations conformations of total
turnovers regarding the services or
goods delivery toward the clients during
the year 2025.
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 documents requested
that we have examined.
We have evaluated the principles of
recognising the incomes in cofnrmoity
with the stipualtions IFRS, in the context
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 6 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
recognition of the revenues from the
provision of services specific to the
Company's business, there is a risk that the
sale will be recognized without accuracy, in
an incorrect financial period, given the
transfer of the risks and benefits associated
with the services or may represent sales for
which the supply did not take place.
The revenue is recognised when the
obligation to execute has been honoured by
transferring control of a product or service to
the customer.
In the Notes to the financial statements in
point 2.20 „Revenue recognition” states that
revenue from the provision of services is
recognised in the period in which it was
provided and in correspondence with the
stage of execution and also, in accordance
with the provisions of IFRS 15, the value of
the transaction price that is allocated to an
obligation to execute is recognised in revenue
as the obligation is fulfilled.
We believe that revenue recognition is a key
audit aspect, precisely for the significant
amounts they record in the situation of the
overall result.
applying IFRS 15 “Incomes from
contracts with clients”.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 7 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
Adjustments for depreciation of the
commercial debts
As presented in the Notes to the financial
statements for the financial year 2025 at
point 2.13 and point 20 „Customers and
accounts assimilated”, the Company registers
on December 31, 2025 adjustments for the
impairment of trade receivables worth
1,398,489 RON, which represents 3.83% of
the total existing customers in the balance at
the end of the year, of 36,475,915 RON.
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
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.
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 2025 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 2025.
We got the situation of the debt history,
we have analysed he depreciated
balances and the correspondence with
the clients, the 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 2025.
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.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 8 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 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.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 9 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 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.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 10 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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.
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 2025, 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:
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 11 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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.
Starting with 2024, for the financial year ended on 31.12.2023, the Oil TERMINAL SA
Company has opted for the publication of non-financial information in a separate report,
according to the provisions of 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, as subsequently amended and supplemented.
The Sustainability Report for 2025, which will be published during the first semester of 2026,
includes both the management policy dedicated to protecting the environment, the safety
and health of employees, as well as the principles underlying the corporate governance of
the company and social responsibility, report which will be developed and published annually
by the OIL TERMINAL SA Company.
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 2025, we are required to report whether we have identified any significant
misstatements in the Directors' Report. We have nothing to report on this matter.
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 2025 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 2025 was issued on 16.03.2026, will be endorsed at the meeting of
the Board of Directors on 25.03.2026 and will be submitted to the A.G.O.A. together with the
financial statements of the financial year ended on 31.12.2025.
(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
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 12 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 6
years, covering the financial years ended at 31
st
December 2020, 31
st
December 2021, 31
st
December 2022, 31
st
December 2023, 31
st
December 2024 and 31
st
December 2025.
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 17.03.2026, 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.
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 2025, 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;
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 13 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
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 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.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr. 18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 14 din 14 17-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
Conclusion
In our opinion, the financial situations in XHTML format for the year ended at 31
st
December
2025 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 2025 is included in “Report on
Financial Statements Audit” section above.
Bucharest, The 17
th
of March 2026
Auditor, Drăgoi Antoanella-Mariyeane,
Registered with CAFR with certificate no. 1842/2007, No. RPE -AF 1842
ASPAAS endorsement no. 147117/2026
On behalf of:
Transilvania Audit & Fiscality S.R.L.
Registered with CAFR with certificate no. 1020/2010, No. RPE -FA1020
ASPAAS endorsement no. 144674/2025
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 1 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
LIMITED ASSURANCE REPORT ON THE SUSTAINABILITY
REPORTING FOR THE FINANCIAL YEAR 2025 PREPARED BY OIL
TERMINAL S.A.
To: the shareholders of OIL TERMINAL S.A.
Limited Assurance Conclusion
We have performed a limited assurance engagement on the Sustainability Report included in the section
Sustainability Report for the year 2025 (128 pages) of the Directors’ Report of the Entity as at 31
December 2025 and for the period from 1 January 2025 to 31 December 2025, prepared by OIL
TERMINAL S.A. (the “Entity”), registered in Romania, having its registered office in Constanța
Municipality, 2 Caraiman Street, Constanța County, registered with the Trade Register under no.
J1991000512136 and tax identification code RO2410163.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the Company’s Sustainability Report as at 31 December 2025 and
for the period from 1 January 2025 to 31 December 2025 is not prepared, in all material respects, in
accordance with the applicable legislative sustainability reporting framework set out in Order of the
Minister of Public Finance no. 2844/2016, Chapter 71 “Sustainability Reporting”, Section 71.1 “Scope and
general provisions” and Section 71.2 “Sustainability Reporting”, including:
• compliance with the European Sustainability Reporting Standards (“ESRS”), including that the
process performed by the Entity to identify the information presented in the sustainability reporting
(the “Process”) is consistent with the description provided in Chapter 3 “Double materiality analysis
and stakeholder impact” of the Sustainability Report for 2025; and
• compliance of the taxonomy disclosures, detailed in Chapter 7 “EU Taxonomy and ESG Investment
Strategy” of the Sustainability Report for 2025 (the “Entity’s Report”), with the reporting
requirements of Article 8 of Regulation (EU) No. 852/2020 (the “Taxonomy Regulation”).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with ISAE 3000 (Revised) “Assurance
Engagements Other than Audits or Reviews of Historical Financial Information”.
Our responsibilities under this standard are further described in the “Auditor’s Responsibilities” section of
our report.
We are independent of the Entity in accordance with the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics Standards
Board for Accountants (IESBA Code), and the other ethical requirements relevant in Romania, including
Law no. 162/2017, as subsequently amended, for our assurance engagement on the Sustainability
Reporting, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 2 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
Our firm applies International Standard on Quality Management 1 and, accordingly, maintains a
comprehensive system of quality management, including documented policies and procedures regarding
compliance with ethical requirements, professional standards, and applicable legal and regulatory
requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Emphasis of Matter
We draw attention to Note 8.1 “Energy and Climate Performance (E1)” in the Sustainability Report for
2025, which presents Oil Terminal S.A.’s performance in reducing CO2 emissions, the specific objectives
established for 2025, the progress achieved compared to previous years, and the initiatives aimed at
improving energy efficiency and the use of renewable energy sources.
Our conclusion is not modified in respect of this matter.
Other Matter – Comparative Information
Our assurance engagement does not extend to information relating to prior periods.
We refer to the alignment with the EU Taxonomy and the SFDR requirements:
The Sustainability Report for 2025 illustrates how Oil Terminal S.A. aligned its reporting practices with
the strict requirements of the EU Taxonomy for sustainable activities and systematically implemented
SFDR indicators in order to enhance transparency regarding its contribution to sustainability objectives.
This indicates that the sustainability report included a comparative section highlighting the transition from
previous reporting requirements to the new requirements, demonstrating the Company’s commitment to
compliance and transparency in sustainability practices. This approach not only emphasizes the progress
achieved, but also how such progress is measured and reported in accordance with the latest standards and
regulations.
Our conclusion is not modified in respect of this matter.
Other Matter
Based on the information contained in the Entity’s Report, we refer to the details relating to recent projects
for expanding the use of renewable energy and improving energy efficiency, such as the implementation of
LED lighting systems and the automation of processes to optimize energy consumption, as mentioned in
Oil Terminal S.A.’s Sustainability Report for 2025. These initiatives demonstrate the Company’s
continuing commitment to operational practices that support long-term sustainability objectives, in
alignment with European standards and current legislative requirements. Thus, this matter shows how the
Company is adopting new technologies to reduce resource consumption and support the transition to a
green economy, representing other relevant matters that highlight the Company’s ongoing efforts in the
field of sustainability.
Responsibilities for the Sustainability Reporting
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 3 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
The Entity’s directors are responsible for the design, implementation, and maintenance of a process for
identifying the information included in the Sustainability Reporting, in accordance with ESRS, as well as
for presenting this process in Note 3.2 Double Materiality Analysis in the Sustainability Reporting for 2025.
This responsibility includes:
▪ understanding the context in which the Entity’s activities and business relationships take place
and developing an understanding of the affected stakeholders;
▪ identifying actual and potential impacts (both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect, or may reasonably be expected to affect,
the entity’s financial position, financial performance, cash flows, access to finance, or cost of
capital over the short, medium, or long term;
▪ assessing whether the identified impacts, risks, and opportunities related to sustainability
matters are material, by selecting and applying appropriate thresholds; and
▪ developing methodologies and making assumptions that are reasonable in the circumstances.
The Entity’s directors are also responsible for preparing the Sustainability Reporting in accordance with
the sustainability reporting framework required by law, including:
▪ compliance with the European Sustainability Reporting Standards (ESRS);
▪ preparing the taxonomy disclosures in the Sustainability Reporting in accordance with Article
8 of Regulation (EU) No. 852/2020 (the “Taxonomy Regulation”);
▪ designing, implementing, and maintaining those internal controls considered necessary to enable
the preparation of the Sustainability Reporting free from material misstatement, whether due to
fraud or error; and
▪ selecting and applying appropriate sustainability reporting methods, as well as making
assumptions and estimates regarding individual sustainability disclosures that are reasonable in
the circumstances.
Those charged with governance are responsible for overseeing the sustainability reporting process.
Inherent Limitations in the Preparation of the Sustainability Reporting
In reporting forward-looking information, in accordance with the European Sustainability Reporting
Standards (ESRS), the Entity’s directors are required to prepare such forward-looking information on the
basis of disclosed assumptions regarding events that may occur in the future and possible future actions of
the
Entity. Actual results are likely to differ because anticipated events do not always occur as expected.
In determining the disclosures included in the Sustainability Reporting, the Entity’s directors interpret
undefined legal terms and other terms. Such undefined legal terms and other terms may be interpreted
differently, including with regard to the legal compliance of such interpretations, and are therefore subject
to uncertainty.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 4 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
● The estimates, approximations and/or forecasts used by the Entity in preparing and presenting the
Sustainability Reporting are subject to significant inherent uncertainty. The extent to which the
Sustainability Reporting contains qualitative, quantitative, objective, subjective, historical and forward-
looking disclosures also involves a significant degree of uncertainty. Management’s selection of different,
but acceptable, estimation, approximation or forecasting techniques could have resulted in materially
different reported values or disclosures. For the avoidance of doubt, the scope of our engagement and our
responsibilities do not include performing procedures necessary to provide assurance on the reliability,
proper compilation or accuracy of forward-looking information.
● Certain indicators reported within the Sustainability Reporting may be subject to inherent
limitations, for example information provided by third parties regarding emissions data within the value
chain.
● Where estimated, approximate and/or forward-looking information is provided by management
regarding value chain information, we may not be able to verify or compare such information in full.
● Where applicable, as described in the disclosures relating to ESRS - E1 Climate Change, the
quantification of greenhouse gas (GHG) emissions is subject to significant inherent measurement
uncertainty due to incomplete scientific knowledge used to determine emission factors and the values used
to combine emissions of different gases. The quantification of greenhouse gases is inevitably subject to
significant uncertainty as a result of both scientific and estimation uncertainty. Estimation uncertainty may
arise from:
i. The inherent uncertainty in quantifying inputs, such as activity data and emission factors, used in
mathematical models to estimate emissions (measurement uncertainty);
ii. The inability of these models to characterize precisely and accurately the relationships between
various inputs and the resulting emissions in all circumstances (model uncertainty); and
iii. The fact that uncertainty may increase as emission quantities with different levels of measurement
and calculation uncertainty are aggregated (aggregation uncertainty).
● The nature of sustainability matters and the absence of consistent external standards allow the
adoption of different, but acceptable, measurement methodologies, which may lead to variation between
entities. The measurement methodologies adopted may also affect the comparability of sustainability
matters reported by different organizations and from one year to another within the same organization, as
methodologies evolve.
Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement so as to obtain limited assurance as to
whether the Sustainability Reporting is free from material misstatement, whether due to fraud or error, and
to issue a limited assurance report that includes our conclusion.
Misstatements may arise from fraud or error and are considered material if they could reasonably be
expected, individually or in the aggregate, to influence the decisions of users taken on the basis of the
Sustainability Reporting as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise
professional judgment and maintain professional skepticism throughout the engagement.
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 5 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
The procedures performed in a limited assurance engagement vary in nature and timing and are less
extensive than those performed in a reasonable assurance engagement. Accordingly, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have been
obtained had a reasonable assurance engagement been performed.
Our responsibilities with respect to the Sustainability Reporting in relation to the Process include:
▪ Obtaining an understanding of the Process, but not for the purpose of expressing a conclusion
on its effectiveness, including the outcome of the Process;
▪ Designing and performing procedures to assess whether the Process is consistent with the
Entity’s description thereof, as presented in the note Double Materiality Analysis in the
Sustainability Reporting for 2025.
Our other responsibilities with respect to the Sustainability Reporting include:
▪ Obtaining an understanding of the entity’s control environment, processes, and information
systems relevant to the preparation of the Sustainability Reporting, but without evaluating the
design of specific control activities, obtaining evidence about their implementation, or testing
their operating effectiveness;
▪ Identifying disclosures in which material misstatements, whether due to fraud or error, are likely
to arise;
▪ Designing and performing procedures in response to disclosures in the Sustainability Reporting
in which material misstatements are likely to arise. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Summary of Work Performed
A limited assurance engagement involves performing procedures to obtain evidence regarding the
Sustainability Reporting.
The nature, timing and extent of procedures selected depend on professional judgment, including
identifying disclosures in which material misstatements, whether due to fraud or error, are likely to arise
in the Sustainability Reporting.
In performing our limited assurance engagement with respect to the Process, we:
● Obtained an understanding of the Process by:
o conducting inquiries to understand the sources of information used by management (for
example, stakeholder agreements, business plans and strategy documents); and
o inspecting/examining the Company’s internal documentation relating to its Process; and
● Assessed whether the evidence obtained as a result of our procedures regarding the Entity’s
Process is consistent with the description of the Process presented in the note Double Materiality
Analysis in the Sustainability Reporting for 2025.
In performing our limited assurance engagement with respect to the Sustainability Reporting, we:
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 6 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
● Obtained an understanding of the Entity’s reporting processes relevant to the preparation of its
Sustainability Reporting;
● Assessed whether material information obtained through the Process for identifying the
information required to be presented in the Sustainability Reporting is included in the
Sustainability Reporting;
● Assessed whether the structure and presentation of the Sustainability Reporting comply with the
European Sustainability Reporting Standards (ESRS);
● Performed interviews with relevant personnel and analytical procedures on selected disclosures
from the Sustainability Reporting in order to verify the coherence and accuracy of the data reported
in the context of the Entity’s sustainability objectives.
● Performed substantive procedures on a sample basis over selected disclosures from the
Sustainability Reporting to test the compliance of the data and information presented with the
European Sustainability Reporting Standards (ESRS).
● Obtained evidence regarding the methods used to make significant estimates and forward-looking
information and how those methods were applied;
● Obtained an understanding of the process for identifying taxonomy-eligible and taxonomy-aligned
economic activities and the related disclosures in the Sustainability Reporting.
● Performed a detailed analysis of the alignment of the entity’s economic activities with the
environmental objectives defined by the EU Taxonomy, verifying their compliance with the
eligibility and alignment criteria stipulated in Regulation (EU) 2020/852 and the related delegated
acts. This analysis includes the evaluation of capital expenditures, operating expenditures and
turnover in the context of the EU Taxonomy criteria.
● Performed additional assessments to ensure the integrity and accuracy of the Sustainability
Reporting, including reviews of internal documentation and audits of relevant processes. These
procedures were intended to verify the consistency of the reported data with internal policy and
applicable regulations, including the evaluation of how sustainability information is collected,
verified and presented.
Restriction on Use
The restrictions on the use of this report are strict and clearly defined. The information presented
is intended exclusively for the internal and external stakeholders of Oil Terminal S.A., such as
investors, regulators and other direct stakeholders, and may not be used or disseminated without
the Company’s explicit permission. The use of such information for other purposes, such as in
commercial contexts without the written consent of Oil Terminal S.A., is strictly prohibited. These
restrictions are imposed in order to protect the integrity and confidentiality of the reported data, in
accordance with the applicable confidentiality and data protection rules.
Bucharest, 18.03.2026
Auditor, Drăgoi Antoanella-Mariyeane,
Registered with CAFR under certificate no. 1842/2007, No. RPE -AF 1842
Sediul social: Piața Presei Libere, Nr. 1,
Corp D1, Et. 6, camera nr.18, Sector 1, București
Cont RO45REVO0000394176803161
Revolut Bank România
Cont Trez RO76TREZ7015069XXX012606
TREZORERIA mun. București, sector 1
J2008014586402
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 7 din 7 18-03-2026
Aviz C.A.F.R. nr. 1020/2010
Aviz C.C.F. nr. 518/2014
Viza A.S.P.A.A.S. nr. 144674/2025
ASPAAS endorsement no. 147117/2026
On behalf of:
Transilvania Audit & Fiscality S.R.L.
Registered with CAFR under authorization no. 1020/2010, No. RPE -FA1020
ASPAAS endorsement no. 144674/2025