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Energy & Environment
FinMin Georgescu: IMF and EC will be pleased with Hidroelectrica's reorganisation
Thursday, July 12, 2012
Finance Minister Florin Georgescu on last Wednesday said the European Commission and the Internationals Monetary Fund (IMF) will be pleased with the reorganisation of the Hidroelectrica national water power corporation, which is currently undergoing insolvency.'The European Commission and the IMF will be pleased with the conduct of the insolvency, after seeing the actions, and will be sure that a restructured and more efficient ...
EU wants carbon labels to do what they say on the tin
Thursday, July 5, 2012
A European Commission review of carbon dioxide labelling methodologies for commercial products, due later this year, is likely to propose a grading system similar to the EU energy consumption labels for products, goods and services, EurActiv has learned. “This approach could simplify the way in which the information is delivered, without requiring a simplistic approach,” said Joe Hennon, spokesman for Environment ...
Gazprom owned Serbian NIS to open 40 new petrol stations in Romania by year end
Thursday, July 5, 2012
Naftna Industrija Srbije AD (NIS), the Serbian company controlled by the Russian group OAO Gazprom Neft, wants to open 40 new petrol stations in Romania and another 40 in Bulgaria by the end of this year and aims to extend the network to 120 units by 2014, according to the investment plan released by the company. The Serbian company will invest EUR 500 million per year over the next three years and 40 percent of the funds will go to network ...
Hidroelectrica contracts with 'smart guys' to be terminated unless renegotiation meets our terms
Thursday, July 5, 2012
The contracts we have with the 'smart guys' will be terminated unless they meet the terms dictated by Hidroelectrica, the company legal administrator Remus Borza told private TV channel Pro TV on Sunday.'As legal administrator, we declared open to find an amicable solution, I invited them for talks next week. Most of these companies who are still partners of Hidroelectrica showed they were open to attend talks. Of course, we will not be in the ...
Petrom sells its subsidiary Petrom LPG Company to Crimbo Gas International
Thursday, July 5, 2012
Petrom will exit the market of bottling and selling liquid petroleum gas (LPG or propane or autogas) by selling the 99.99 percent participation at its subsidiary Petrom LPG Company to Crimbo Gas International, according to a company release sent on Friday.Petrom will still produce LPG and sell cylinders and auto gas through fuel stations. The company will still supply LPG from its refinery to the aforementioned company and this will provide cylinders and auto gas to OMV Petrom ...
MORE Green Energy at INTERSOLAR, Munich: “120 investors, 22 mandates, 2 transactions in an exhibition which marked the international investors interest for Romanian PV sector”
Thursday, July 5, 2012
More Green Energy, a leading Romanian brokerage and consulting company active on the Renewable Energy market, successfully exhibited and promoted Romania in INTERSOLAR, the world’s largest fair for the Photovoltaic sector, held in Munich, Germany on the ...
MAE and Economy Ministry welcome Nabucco West selection as route to carry gas to Europe
Thursday, July 5, 2012
The Ministry of Foreign Affairs (MAE) and the Ministry of Economy welcome the announcement referring to the Nabucco West project being selected as route to carry natural gas to Central and South-Eastern Europe.'The Ministry of Foreign Affairs and the Ministry of Economy, Trade and the Business Environment welcome, on behalf of Romania's Government, the recent announcement made by the Shah Deniz II Consortium referring to the decision to select the ...
Russian Company Lukoil reaches EUR 2.8 bln worth of business last year in Romania
Thursday, July 5, 2012
The Russian company Lukoil reached last year accumulated business of over EUR 2.8 billion, the combined turnovers of Lukoil Romania, manager of a network of approximately 330 filling stations and the Petrotel-Lukoil refinery company that controls Petrotel Ploiesti. Thus, according to figures from the Trade Register, Lukoil Romania reached last year a turnover of EUR 1.29 billion (RON 5.4 billion), up by 18,7 percent compared to ...
Vulpescu (OPSPI): Hidroelectrica, too good to be sold in pieces
Thursday, June 28, 2012
Head of the Office of State Ownership and Industry Privatization Remus Vulpescu gave assurances to the trade union members who are picketing in front of the Ministry of Economy, that Hidroelectrica will not be sold in pieces and that the intention is to conclude the process of company reorganisation by the end of the year. 'I appeal to the trade unions to support the process of reorganisation because this does not involve redundancies or paycuts. ...
Petrom finish CDU upgrade at Petrobrazi refinery, 100 million euros investment
Thursday, June 28, 2012
Petrom invested about 100 million euros to upgrade the crude oil distillation unit (CDU) at Petrobrazi refinery and the works resumed this week.A company release sent on Wednesday read that the refinery can process the entire internal production of crude oil of Petrom and the investment will allow to increase the percentage of diesel fuel in the products range and to reduce the energy consumption of the refinery.'The refineries in Romania ...
Senate ratifies contract through which Romania receives EIB funding for power plant at Paroseni
Thursday, June 28, 2012
The Senate plenum in the meeting on Tuesday, June 26, unanimously ratified the contract between Romania and the European Investment Bank (EIC) for the funding of the project Paroseni Power Plant (Hunedoara County, western Romania), worth 32,650,000 euros, so that the pollution rate is reduced following the investment.According to the contract, the net value of the project Paroseni Power Plant stands at 65,300,000 euros and the funding is half from the ...
Rovana Plumb: National Register of greenhouse gas emissions to become operational by July
Thursday, June 28, 2012
Environment and Forestry Ministry of Romania (MMP) makes all efforts for the National Register of greenhouse gas emissions to become operational in July, when the hearings will be held in Bonn, Environment and Forestry Minister Rovana Plumb said on Tuesday, in the Environment's Future conference.Minister Rovana Plumb said that one of the MMP priorities was the strategy to adapt to climate changes, which was planned to be completed by the end of ...
Supporting green investments, one of Romania's priorities
Thursday, June 28, 2012
Supporting the green investments and supporting the Republic of Moldova in the Black Sea Region are the actions Romania presented as priorities during the UN Conference on Sustainable Development (Rio+20 Earth Summit), reads a release sent by the Ministry of the Environment and Forestry.'The most important element to develop the green economy is to spot the actions to lead us to green and sustainable economic growth, separated from the unsustainable ...
Romania leaves options open for shale gas development
Thursday, June 28, 2012
Romania’s Senate has overwhelming rejected a motion to ban shale gas exploration and exploitation by hydraulic fracturing, marking an about-face for Prime Minister Victor Ponta’s Social Democrat party (PSD) that introduced the draft law in March. The 21 June vote of 53 to 11 with nine abstentions included came seven weeks after the Ponta government took office. Ponta’s party had proposed the ...
Bulgaria to Start Building Gas Link with Romania August 2012
Thursday, June 28, 2012
Bulgaria will launch the construction of its cross-border gas link with Romania in August, the country's Economy and Energy Minister, Delyan Dobrev, has revealed. The gas interconnector, which will cross the river Danube at Ruse/Giurgiu, is being developed jointly by Bulgartransgaz and its Romanian counterpart Transgaz. Experts have argued that the 25-km gas ...
Enel to Build New Romanian Wind, Hydro Projects, ZF Says
Thursday, June 28, 2012
Enel Green Power SpA (EGPW), a unit of Italian utility Enel SpA (ENEL), plans to add about 202 megawatts of wind-power capacity in Romania in the next four years, Ziarul Financiar reported, citing company officials it didn't identify. The company will also develop 25 megawatts of hydropower plants by 2016, according to the Bucharest-based newspaper. Enel has invested about 400 million euros ($500 million) in wind projects in ...
East Europe Wind Summit 14-15 June InterContinental Bucharest Romania
Thursday, June 28, 2012
Noppen – after successes of Wind Energy Events in India, China and Turkey – organized the East Europe Wind Summit in Bucharest on ...
Bucharest Tribunal approves insolvency request filed by Hidroelectrica
Thursday, June 21, 2012
The Bucharest Tribunal on Wednesday approved the request for insolvency filed by Hidroelectrica, officials of the Ministry of Economy, Trade and the Business Milieu (MECMA) the principal shareholder in the company, confirmed to Agerpres.'I hope the reorganisation will not last more than one or one and a half year. Normally, reorganisations may take up to four years to complete. The company is RON 200 million in debt to suppliers and RON ...
Government decides state-owned shares in Rompetrol Rafinare to pass from MFP to MECMA
Thursday, June 21, 2012
The Government in the meeting on Wednesday decided to pass the state-owned shares in SC Rompetrol Rafinare SA from the administration of the Public Finance Ministry (MFP) in the administration of the Economy, Trade and Business Environment (MECMA), Government Spokesman Andrei Zaharescu announced.'Taking into account that the Public Finance Ministry does not dispose of specialized personnel in the activity area of the company and to efficiently ...
Gov't mandates Transgaz Medias to represent Romania under Nabucco project
Thursday, June 21, 2012
The Government on Wednesday approved a mandate for the Transgaz Medias national natural gas transmission corporation to represent Romania in relation to the Nabucco international gas pipeline project, Government's spokesman Andrei Zaharescu reports.'The Government discussed mandating Transgaz Medias SA to take all the necessary internal measures to represent Romania's interests under the Nabucco international project and approve a work schedule to ...