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Energy & Environment
Romania ranks 3rd among the best European countries for value for petrol
Thursday, May 3, 2018
Romania comes in third place as the European country with the best value for petrol, according to Europe’s Fuel Price Index which has combined the average fuel prices for 29 countries in Europe with fuel consumption data to reveal the European country where you can drive the most distance and ...
Energy companies invest too little in cybersecurity
Thursday, May 3, 2018
Amid rising threats, including a recent attack on several U.S. power and natural gas suppliers, energy companies are now spending less than 0.2 percent of their revenue on cybersecurity, at least a third less than financial institutions, according to Precision Analytics LLC and The CAP Group LLC, security consultants that work within the industry quoted by energynomics.ro. Meanwhile, Symantec Corp. says it’s tracking at least 140 groups of hackers actively targeting the energy ...
Renewable power could make hydrogen cheaper than gas, study finds
Thursday, May 3, 2018
Hydrogen prices are set to fall dramatically if enough surplus solar and wind energy can be utilised in the gas’s production, according to a new study which says hydrogen could even become cheaper than natural gas, euractiv.com reports. A major dilemma for European electricity providers and grid operators is how best to integrate intermittent renewables into the current system. Clean power often goes to waste because of inflexibility and insufficient storage ...
Electrica SA has a new Board of Directors and 0.77237 lei gross dividend per share
Thursday, May 3, 2018
The Ordinary General Meeting of Shareholders of Electrica SA, reunited on April 27, 2018, respecting the legal and statutory requirements, has elected, through the cumulative vote method, a new Board of Directors, consisting of seven members, energynomics.ro informs.The term of office for the elected members is 4 years. The confirmation, through this vote, of five of the current members of the Board represents a guarantee of the continuity of vision for the transformation and ...
OMV Petrom increases the investments in 2018 by 58%, to 5.5 billion lei
Thursday, May 3, 2018
The Ordinary General Meeting of Shareholders approved OMV Petrom S.A.’s 2018 investment budget of 5.55 billion lei, up 58% from the 2017 investment (3.52 billion lei). The main destination of the investments is the Upstream segment, for which approximately 4.7 billion lei (84% of the budget) were budgeted, followed by Downstream Oil with an investment budget of 818 million lei for 2018. Shareholders also approved the Director’s proposal to distribute dividends of 0.02 lei ...
KMGI extended a USD 360 million credit line by 2021
Thursday, April 26, 2018
The KMG International Group (KMGI) has amended and extended its USD 360 million multicurrency revolving credit facility on Friday, 20 April 2018. The amended maturity of this loan is 3 years with two 1-year extension options, which the company has the ability to apply for. This loan it was arranged by a syndicate of banks, comprising the following 4 Mandated Lead Arrangers that provided the amount in equal proportions: ING Bank N.V. through ING Bank ...
Romania imports over 1.4 million toe of crude oil, Jan.-Feb., 2018
Thursday, April 26, 2018
In the first two months of 2018, Romania imported 1.453 million tonnes of oil equivalent (toe) of crude oil, up 242.500 toe (20 percent) from the similar period of 2017, according to data centralised by the National Institute of Statistics (INS).Crude oil production amounted to 542,500 toe, down 3.6 percent (20,400 toe) from the previous year.According to the Energy Strategy draft posted on the website of the Ministry of Energy, a halving of ...
Eurostat: Over half of EU’s energy consumption from imports
Thursday, April 26, 2018
In 2016, the European Union (EU) needed to import slightly over half (53.6%) of the energy it consumed. Since 2004, energy dependency in the EU has been above 50% with a highest rate recorded in 2008 (54.5%), Eurostat data show. In 2016, Estonia (6.8%) was the Member State least dependent on imported energy, ahead of Denmark (13.9%), Romania (22.3%), Poland (30.3%), ...
DIY retailer Dedeman buys stake in oil pipe operator
Thursday, April 26, 2018
Dedeman, the biggest do-it-yourself retailer in Romania, continues its strategy to diversify its portfolio and has bought a minority stake in oil pipe operator Conpet Ploiesti. Dedeman’s stake in Conpet is 7.4% and has a market value of some EUR 15.5 million, according to reports on the Bucharest Stock Exchange. Dedeman, a business founded and controlled by local investors Dragos and Adrian Paval, gave up the idea of ...
Restart Partners With Romania’s Largest Energy Producer
Thursday, April 26, 2018
The largest energy producer in Romania, Hidroelectrica SA, has just signed an energy acquisitions contract with blockchain-based platform Restart Energy,icoexaminer.com informs. As their name ...
Transgaz loses bid for Greece’s grid operator
Thursday, April 26, 2018
The consortium led by Spanish company Reganosa, including Romanian state-owned monopoly Transgaz and the European Bank for Reconstruction and Development (EBRD), lost the bid for Greece’s grid operator DESFA, Athens accepting a EUR 535 million offer from the rival consortium led by Italy’s Snam, according to Reuters quoted by business-review.eu. DESFA runs a gas transport network by pipelines of 1,459 km in Greece. The winning bidder ...
Electricity costs expected to drop in Romania after competition body reveals market rigging deal
Thursday, April 26, 2018
Romania’s Competition Council said today that the costs of electricity are expected to drop, as a result of an investigation by the regulatory body, the council’s head Bogdan Chiritoiu said, business-review.eu informs. According to the competition regulator, their investigation showed that several energy companies entered a market rigging deal at the expense of consumers, Chiritoiu argued. The Competition Council launched today ...
Insolvent refinery RAFO Onesti, put up for sale
Thursday, April 26, 2018
The industrial platform of the RAFO Onesti refinery, which has become insolvent again in autumn last year, will be put on sale on April 27, 2018, romaniajournal.ro informs. The starting price is USD 50.57 million. The company has to pay debts of over RON 330 million. The first auction took place on April 13 with a starting price of USD 59.75 million, but no offers were registered, according to e-energia.ro and capital.ro. The ...
Romgaz seeks to withdraw from two blocks in Slovakia, buy stake in another one
Thursday, April 26, 2018
Romanian natural gas producer Romgaz [BSE:SNG] said on Thursday it will seek its shareholders' approval to withdraw from two blocks in Slovakia and to take over an 8.3% stake in Svidnik block after the withdrawal of JKX Oil&Gas, seenews.com informs. Romgaz will ask its shareholders to approve its withdrawal from Snina and Medzilaborce blocks in Slovakia, it said in statement filed to the Bucharest Stock Exchange, ...
Jan.-Feb., 2018, Romania's coal production declines 8.7pct
Thursday, April 26, 2018
Romania's net coal production in the first two months of 2018 totals 753,200 tonnes of oil equivalent (toe), down 8.7 percent (71,400 toe) from the same period last year, according to data centralised by the National Institute of Statistics (INS).In the same period, Romania imported 64,100 tonnes of coal, up 24,800 toe (63.1 percent) from January-February 2017.According to the Energy Strategy project posted on the ministry's website, Romania has ...
Romania’s government could set a minimum guaranteed price for low-carbon energy
Thursday, April 26, 2018
Low-carbon energy producers will receive public money if the price of electricity on the market falls below a certain threshold, but will have to return the difference if the price goes above this level, Doru Visan, secretary of state at the Ministry of Energy, said on Tuesday, quoted by Agerpres, business-review.eu informs ‘The Ministry of Energy is considering promoting a mechanism like contracts for difference. ...
ANRE: It is imperative that Romania decides what to do with the Black Sea gas
Thursday, April 19, 2018
Romania needs to decide urgently if it wants to use the Black Sea gas in the domestic industry or just wants to obtain income from the transit of the natural gas on its territory, the National Regulatory Authority for Energy (ANRE) officials said on Wednesday, romaniajournal.ro informs.. “It is crucial to know how Romania’s economy will look like in 2030 or 2050 and a possible energy strategy relying on this economic vision is needed. Because it’s one thing to have ...
Romania to set a renewable energy target of around 35 pc for 2030
Thursday, April 19, 2018
Romania will assume a renewable energy target of around 35 percent for 2030, but green energy production in new capacities should no longer be subsidized, Doru Visan, state secretary at the Ministry of Energy, stated on Wednesday during a press conference, romaniajournal.ro informs. In his view, green energy generation technologies, especially in the wind energy sector, have evolved a lot lately, so they can withstand in the market without subsidies. “Renewable energy ...
Transgaz starts works at natural gas compressor stations within BRUA
Thursday, April 19, 2018
Director General of Transgaz Ion Stere signed the order to start the works at the natural gas compressor stations in Podisor, Bibesti and Jupa within "the National Gas Transmission System on the Bulgaria-Romania-Hungary-Austria corridor (BRUA) - Phase 1" project, according to a release of the company.According to the release, each station will be equipped with two compressor aggregates (an operational one and another one for spare) and will have the technical capacity to ensure ...
Romanian Rompetrol Rafinare has USD 57 mln investment budget this year
Thursday, April 19, 2018
Rompetrol Rafinare, a Romanian company that operates the biggest oil refinery in the country – Petromidia, plans to invest USD 56.9 million in its local operations this year, romania-insider.com informs. The company will invest USD 44.26 million at the Petromidia refinery, another USD 5.83 million at the Vega refinery in Ploiesti and USD 6.81 million in the petrochemical operations. The company estimates a gross turnover of ...