Romanian petroleum logistics company Oil Terminal [BSE:OIL] said it has signed five petroleum product logistics contracts worth a cumulative 290.7 million lei ($60.9 million/58.4 million euro) with top local oil and gas group OMV Petrom [BSE:SNP], fuel distributor Oscar Downstream and the local units of Russia’s Lukoil, Switzerland’s Euronova Energies, and the Netherlands’ Vitol.

Signed on January 1, all contracts have a one-year term with values ranging from 36 million lei to 78 million lei, Oil Terminal said in a report filed with the Bucharest Stock Exchange on Tuesday.

Under the contracts, Oil Terminal will provide transfer, storage, and blending services for crude oil and petroleum products.

Notably, Oil Terminal has signed a 72.2 million lei contract with OMV Petrom and a 78 million lei agreement with Lukoil’s local unit. The contracts include deliveries of crude oil to local crude oil transporter Conpet [BSE:COTE], which will pump the raw material into the two companies’ refineries.

Additionally, Oil Terminal will manage the storage, unloading, and loading of diesel from maritime vessels, river barges, and tankers, along with blending diesel and biodiesel, for local fuel distributor Oscar Downstream under a 68 million lei contract. Two additional deals worth 36.5 million lei and 36 million lei with Swiss oil trader Euronova Energies and the local arm of Dutch energy and commodity trading company Vitol, respectively, involve similar services.

Oil Terminal shares were up 2.12% at 0.1205 lei as at 1001 CET on Friday on the Bucharest Bourse. Conpet saw its shares trade 1.59% higher by 0920 CET while OMV Petrom shares rose 1.34% to 0.7185 lei as at 1009 CET.
Source: Reuters