Argus ploughs ahead on profit and is considering biodiesel

Vasile Leu, General Manager of Argus, said that the value of sales covered production costs.

The Romanian oil market is estimated at 250,000 tons a year, worth €200 mln. Main competitors are Bunge, Argus Constanta, Cargill Romania, Expur Urziceni, Prutul Galati and Ulerom Vaslui.

Vasile Leu targets an increase of 6 percent in turnover in 2008. He said that oil prices will not rise significantly this year, and the devaluation of the leu to the euro does not affect the company because the production base was bought last year.

Argus has a daily processing capacity of 480 tons of sunflower seeds. Most of the production base comes from Romanian crops.

The company invested €1 million in 2007 to manage energy resources and organize programs in keeping with European environment rules. Argus will invest a furher €1 mln to modernize the factory.

Leu says that the company is considering investing in a biodiesel production unit, and Argus shareholders will make a decision in mid-2008.

The company's main shareholders are Financial Investment Society SIF Oltenia and Vasile Leu.