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Energy & Environment
Hidroelectrica looking to hire legal consultant for listing
Thursday, February 13, 2020
The state-owned electricity producer Hidroelectrica, the most valuable company still controlled by the state, has launched the selection process for a legal consultant to advise it on the listing ...
Nuclearelectrica estimates for this year a net profit growing by 1% against last year
Thursday, February 6, 2020
The energy producer Nuclearelectrica (SNN) estimates that they will obtain this year a net profit of 549.4 million lei, up by 1% against the preliminary result for last year, of 542.6 million lei, according to the budget draft regarding the income and the expenses of the company.The document will be presented for approval in the General Shareholders Assembly to take place on 5th March.Out of the profit of the company, 383.8 million lei will represent ...
Exxon would not be able to sell its Black Sea stake to anybody, draft ordinance says
Thursday, February 6, 2020
Romanian authorities would be able to use national security reasons to refuse the ceding and execution of exploration, exploitation and development operations of oil fields by entities under the authority of countries outside the EU, a draft emergency ordinance of the Romanian government says. The bill says any transfer made without the approval of the Government is null.The ordinance was introduced on the agenda of the Government session on Tuesday. The ...
Romgaz takes steps to bid for Exxon’s offshore project în Romania
Thursday, February 6, 2020
Romgaz will ask the shareholders’ vote for hiring a legal consultant to advise it in the negotiations for the purchase of the 50% stake ExxonMobil holds in the Neptun Deep offshore gas perimeter in Romania’s Black Sea. The management’s proposal will be discussed in the General Shareholders Meeting on March ...
MOL, Carlyle and Cox Oil reportedly interested in Exxon’s offshore project in Romania
Thursday, February 6, 2020
Romanian oil and gas group OMV Petrom might be interested in taking over the stake of its partner - US group ExxonMobil - in the Neptun Deep offshore gas project in Romania’s Black Sea section. OMV Petrom and ExxonMobil hold 50% of the project each, Exxon also being the operator. OMV Petrom could join Romanian state-controlled Romgaz and Polish state-controlled oil and gas group PGNiG to buy Exxon’s 50% ...
Govt. plans 6GW of new PV and wind farms over next decade
Thursday, February 6, 2020
Romania’s Government aims to increase the country’s consumption of energy from renewable resources to 30.7% of the total consumption by 2030, up from a current share of 23.9%, according to the revised version of ...
Gov't wants to list Hidroelectrica this year
Thursday, February 6, 2020
Romania’s Government wants to list hydropower company Hidroelectrica this year and sell 10-20% of the company’s shares in an initial public offering ...
E.ON, MOL complete Iasi - Targu Mures “electric highway”
Thursday, February 6, 2020
E.ON Energia Romania launched, at the end of January, a new fast charging station for electric vehicles, located at the MOL fuel station in Targu Mures, central Romania, thus completing the "electric highway" on the Iasi-Gheorgheni-Targu Mures route, according to a statement from the company. Similar infrastructure is developed for the Iasi-Bucharest route as well, with charging stations built in Targu Frumos, Roman, Bacau and ...
Transgaz signs MoU on development of natural gas networks in Eastern Europe
Thursday, February 6, 2020
Romania's Transgaz national natural gas transmission corporation signed on January 28 a Memorandum of Understanding (MoU) on the Partnership for the Development of Natural Gas Networks in Eastern Europe (EE-NGP), according to a press statement released on Friday to the Bucharest Stock Exchange (BVB).The memorandum was signed by all the entities that are members of the project.EE-NGP is established by the United States Agency for International ...
Romgaz started to drill deep in the Caragele structure
Thursday, February 6, 2020
The daily production of Romgaz will increase by about 30 per cent, as the company started to drill deep in the Caragele structure, through the 77 Rosetti well, and also as a result of accelerated drilling in the medium deep area of the structure, through the introduction of two new wells, informs the company in a press release .The daily production potential in the deep area of the Caragele structure reaches more than 1,500 barrels oil equivalent.In ...
Enel reportedly in talks for selling minority stakes in its Romanian subsidiaries
Thursday, February 6, 2020
Italian utility group Enel, Europe’s biggest utility group and one of the largest foreign investors in the energy sector in Romania, has started discussions for the sale of minority stakes in its local subsidiaries, according to unofficial sources quoted ...
Competition authorized the acquisition of Panebo Gas by Gaspeco
Thursday, February 6, 2020
The Competition Council authorized the transaction by which the company Gaspeco L&D SA took over Panebo Gaz SRL. Gaspeco L&D SA carries out sales operations of LPG on the following activity segments: charging and LPG distribution in cylinders, bulk LPG distribution, LPG Auto distribution, wholesale LPG marketing. The activity of Panebo Gaz SRL consists in the acquisition, charging and distribution of LPG through its own ...
The Ministry of economy: the extension of the nuclear station in Cernavoda should be done together with companies from the NATO member countries of from the EU
Thursday, January 30, 2020
The minister of economy Virgil Popescu restates his opinion according to which the extension of the nuclear power station in Cernavoda should be done together with companies from NATO or EU member countries, saying that Nuclearelectrica does not have the capacity to build a nuclear reactor, on its own, having in mind the idea that the state has a policy which includes the non –collection of dividends from the company, as it happened last ...
European green deal, climate law to be part of Romania's to do list
Thursday, January 30, 2020
A European green deal and a European climate law will be part of Romania's to do list moving forward, and achieving new goals of the European Union, as established under this package of measures, entails major changes for Romania that deals with the environment, climate change, energy, industry, transport, agriculture, digitisation and the financial sector, Romanian senior official with the Ministry of the Environment, Water and Forestry Iulian Octavian Stana said in Brussels ...
Busoi MEP: EU’s industrial strategy must be ‘in total accordance’ with Green Deal
Thursday, January 30, 2020
This article is part of euractiv.com special report Raw materials in the EU economy. Cristian Busoi, the chair of the European Parliament’s industry and energy committee, says MEPs are eager for a far-reaching strategy from the European Commission. Thierry Breton, the European ...
Head of Oltenia Energy Complex, Sorin Boza, dismissed due to prejudice brought to company
Thursday, January 30, 2020
The Supervisory Board of the Oltenia Energy Complex decided to replace the director general of the company, Sorin Boza, due to the prejudice brought to the company and the fact that he was selected illegally, the Minister of Economy, Energy and the Business Environment, Virgil Popescu said on Tuesday."Yesterday [e.n. - Monday] there was a rather long meeting of the Supervisory Board [CS] of the Oltenia Energy Complex that took all day, and there was a discussion ...
CE Oltenia sells below cost to secure the market share and to keep prices down
Thursday, January 30, 2020
The estimated average selling price of CE Oltenia was higher, in 2019, than the weighted average of bilateral contracts calculated by OPCOM for the entire market. However, the price obtained by the coal-based producer did not fully cover the cost of production including the price of CO2 certificates. That is why, after the over 1 billion lei loss in 2018, CE Oltenia expects “certain losses” in 2019, as well. The financial result for 2019 ...
Investors propose green energy projects to be financed under EU ETS in RO
Thursday, January 30, 2020
Companies active in the production of electricity from renewable sources in Romania have submitted new projects amounting to several billion euros and with a total installed capacity in excess of 1,000 MW to be financed from the European Union’s budget under the so-called “10 d” mechanism - the Modernization Fund. Germany’s WDP has proposed the largest number of big projects, mostly wind farms combined with co-generation plants ...
OMV Petrom puts up for sale its assets in Kazakhstan
Thursday, January 30, 2020
Romanian oil and gas group OMV Petrom has started the process of selling its oil and gas fields in Kazakhstan, the group’s only assets abroad, according to documents consulted ...
EU Green Deal to wipe off 40% of Romania’s installed power capacity
Thursday, January 30, 2020
Romania risk losing 40% of its power generation capacity as a result of the European Union’s decarbonisation program Green Deal and “solutions to substitute this loss are urgently needed”, Romania’s prime minister Ludovic Orban stated in a discussion with representatives of the business ...