Romania's Oil Terminal gets state's permit to develop bitumen terminal project with Swiss partner

Romania's state-controlled Oil Terminal (BVB: OIL), the port operator in Constanta Port, received the shareholders' approval to proceed with the bitumen terminal project developed in partnership with Swiss partner Euronova Energies.

The Swiss partner will fully bear the investment costs of the project.

After the completion and commissioning of the bitumen terminal, which will remain the property of Oil Terminal, it will be operated exclusively by Euronova Energies for a period of 10 years, with a guaranteed turnover of 80,000 tonnes per year.

Euronova Energies will recover its investment by applying a 15% fee on Oil Terminal's revenues generated by the new bitumen terminal.

Euronova Energies is part of the Euronova Holding group, controlled and managed by the Swiss Christopher Slaboszewicz and the ex-Yugoslavs Stephane Jovanovic and Nikola Mandic.

In the first half of 2024, Euronova Energies ranked as the main foreign client of the Oil Terminal and the fifth-largest among all clients, with a total value of services purchased of RON 16.5 million (EUR 3.3 million).

(Photo: Dynamoland/ Dreamstime)