The administrator of Romania’s largest oil terminal caps management salaries

OIL Terminal S.A., which manages the oil terminal in the Port of Constanța, announced on Tuesday that it was capping salaries and limiting benefits for management. The measure was taken as a result of new corporate governance rules introduced by Law No. 158/2025.

On Monday, the administrators signed addenda to the mandate contracts to implement the legal provisions. In turn, the general manager and the financial director signed similar addenda on Tuesday. The documents were drawn up in accordance with the decision of the Board of Directors, „within the limits set by the Decision of the Ordinary General Meeting of Shareholders.” The information was officially communicated to the Bucharest Stock Exchange and investors.

The company’s management is required to comply with the new rules imposed by the state, which provide for capping remuneration, eliminating excessive benefits, and linking income to performance indicators.

Law No. 158/2025 applies directly to companies with majority state capital and introduces stricter control over how administrators and directors are paid. Among other things, the law limits or eliminates guaranteed bonuses, special severance payments, and other unjustified additional benefits, such as automatic bonuses.

A new interim administrator was also appointed on Monday. Subsequently, the company’s administrators updated the composition of the advisory committees within the Board of Directors (CA). The changes concern the Audit Committee, the Nomination and Remuneration Committee, the Development and Strategy Committee, and the Risk Management Committee.

One of the most important oil logistics hubs in the Black Sea region

An oil terminal is the last stage in the production chain, used when local consumption and infrastructure are limited. Founded in 1898 under the name „Steaua Română”, OIL Terminal S.A. is one of the most important oil logistics hubs in the Black Sea region. The company ensures the reception, storage, and transit of crude oil and petroleum products for the domestic market and for export, playing a strategic role in Romania’s energy security.

Essential for the operation of refineries and commercial flows of petroleum products, OIL Terminal is a key link between maritime and rail transport and the national pipeline system.

In early December, the Bolojan government approved a list of 17 state-owned companies that will undergo a reform process. The process involves analyzing each company with a view to possible reorganization, mergers, divisions, liquidations, or stock market listings.

Among the companies targeted is OIL Terminal S.A., along with other major state-owned companies such as TAROM, Metrorex, and CFR. The Constanța-based company has been listed on the Bucharest Stock Exchange since 1998.