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January 8 (SeeNews) - Romanian petroleum logistics company Oil Terminal [BSE:OIL] said on Monday it inaugurated a 55,000 cum crude oil and diesel reservoir following a 20 million euro ($21.8 million) investment.
The project was financed by a loan from local lender Banca Comerciala Romana (BCR), a unit of Austria's Erste Group Bank [BSE:EBS], a company representative told SeeNews in an e-mailed statement.
Romanian company Argenta was in charge of building the reservoir.
Energy minister Sebastian Burduja said in a social media post on Friday that the new reservoir is located near the Black Sea port of Constanta and is essential in ensuring deliveries of diesel to the markets of Ukraine, Moldova and Romania.
This year, Oil Terminal also plans to modernise two of its existing reservoirs and build a new one at the port of Constanta. The company is also aiming to develop a bitumen terminal, according to Burduja.
Oil Terminal's shares traded flat at 0.1295 lei ($0.0284/0.0201 euro) as at 1031 CET on Monday on the Bucharest Stock Exchange.
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