Rominservices Therm has a new shareholder

The Rompetrol Group has recently concluded a commercial agreement with C&C Wealth Management, having as object the transfer of the block of shares owned within S.C. Rominservices Therm, the heat-supplying company in Mangalia. The Rompetrol Group, through Rominserv – general contractor and Rompetrol SA owned around  66% of the company’s share capital.

Following this transaction, the new shareholder has assumed the compliance with contract provisions resulting from the partnership with the Local Council in Mangalia, and will also take over the 118 employees of the company.

“Such measure is part of the Rompetrol Group strategy aimed at concentrating its business operations into its core field of activity, and namely refining and distribution of petroleum products. We are truly hopeful that the investments performed by the Group as of 2003 and up to the present day, for rendering more efficient and for restoring the system of production and distribution of household hot water and heat of the Municipality Mangalia, shall continue to be developed by the new shareholder” declared Alexey Golovin, Group Corporate Governance Director.

In order to sustain and complete the domestic hot water and thermal agent supply the company initiated in 2005 a large project for the identification and use of new renewable energy sources. Currently, the company has more than 540 solar boards (approx. 630 sqm) installed in Mangalia, distributed in 2 of the 28 operated thermal stations and that ensure domestic hot water and heat supply for 660 out of a total of 800 allocated flats.

The investments made by Rominservices Therm since 2003 up to now reach approximately USD 2.7 million, nearly double the amount agreed through the lease agreement of USD 1.4 million. This, together with the funds distributed from the state and local budget, contributed to the modernization of the 28 thermal stations and units, the replacement of 83% of the total distribution networks, as well as the mounting of more than 800 thermal power measurement devices for the correct measure of the thermal power consumption in the flats.

In 2003, the company took over from the Local Council of Mangalia a total of 22 thermal stations, thereof 15 have not been modernized for the last 40 years, thus having a productivity of approximately 58%. At the same time, the thermal power distribution networks registered a loss coefficient of approx. 37%. Following these investments and the efforts made by The Rompetrol Group, the current productivity of the thermal stations is of 80,5% and the losses in the distribution networks decreased to 11,2%.

Moreover, starting dcember 2010 the company has in administration 5 thermal stations, thus the total number is of 33.
Rominservices Therm is a public-private partnership created at the end of the year 2002 between Rominserv and Mangalia Local Council. The company is the first  private operator licensed in September 2003 by the National Agency of Communal Services Settlement for production and delivery of thermal power.