July 18, 2008

Romania Involved in Developing Pan-European Oil Pipeline

Romania involved in developing pan-European oil pipeline

BUCHAREST, July 17 (Xinhua) -- Romania, represented by Oil Terminal and Conpet, has signed the memorandum and articles for associating to the company that will develop the pan-European oil pipeline project (PEOP), said a news release sent to the Bucharest Stock Exchange on Thursday.

The other shareholders of the inter-state company are JP Transnafta Pancevo of Serbia and Jadranski Naftovod of Croatia.

Oil Terminal and Conpet are the only companies in Romania specializing in storing and transporting crude oil. Their involvement in this project will result in increasing the crude oil storing and pumping capacity, increased revenues, increase in the price of shares, portfolio of client, benefits generated by the transit fees and creation of jobs.

Serbia, Croatia and Romania agreed recently to set up the company that will build a pipeline to transport crude oil from the Caspian Sea to European markets.

The pan-European oil pipeline, estimated to become operational in 2012, will link Romanian port Constanta to Italian port Trieste.

(c) 2008 Xinhua News Agency - CEIS. Provided by ProQuest Information and Learning. All rights Reserved.