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Energy & Environment
Competition for Black Sea oil resources
Thursday, May 27, 2010
Big oil companies are interested in winning the concession of several perimeters in the Black Sea, some of them located on the territory won by Romania at the International Court of Justice in The Hague, in a court file against Ukraine, daily Bursa reports. The submission of bids opened on Thursday, and the participants may be announced on Friday. The evaluation of bids lasts nearly a month.Sources with the companies participating in the tender say that the greatest ...
Petrom considering selling exploration assets in Russia
Thursday, May 27, 2010
Petrom is currently considering selling its exploration assets in Russia, Petrom Director General Mariana Gheorghe told a news conference.'We have two options as far as the exploration assets are concerned. In Russia we had positive results, but when it comes to make an investment decision you have to assess the costs versus priorities. Financially speaking, it is better to find a buyer. This is a natural process and we are assessing the opportunities and potentials to decide,' said ...
Petrom plans to build a natural gas deposit in South West Romania
Thursday, May 27, 2010
OMV Petrom plans to build a natural gas deposit in South West Romania, following the Nabucco pipeline project, Gerald Kapes, company representative declared.However, he did not offer any details regarding the moment and the value of the investment. The company is not interested to export natural gases, in the current market conditions. Nabucco plans to diversity Europe's natural gas supplies by gaining access to producers in the Caspian region and Central Asia. ...
Networking energy and natural gas systems of Romania and Moldova, main topic discussed by Videanu and Filat
Thursday, May 27, 2010
Romania and the Republic of Moldova continue to examine the opportunities for networking their electric and natural gas systems, with this having been the main theme of discussion between the Romanian Minister of Economy, Adriean Videanu, and Moldovan Premier, Vlad Filat, on Monday. The meeting addressed such issues related to bilateral relations and prospects of further cooperation. In particular, there were approached such matters related to energy safety in the two countries, ...
Termoelectrica Will Be Liquidated
Thursday, May 27, 2010
Romania’s Economy Ministry will comply with the International Monetary Fund’s requests, so that the viable units of state-run power producer Termoelectrica will be separated from the parent-company that will enter liquidation procedures, minister Adriean Videanu said Tuesday. "We will separate from Termoelectrica all the viable units, namely Braila, Borzesti, Doicesti, Galati and Termoelectrica will enter liquidation," Videanu said. The Government committed to the IMF and the European ...
Dafora begins drilling operations on the fifth well for Aurelian Oil & Gas
Thursday, May 27, 2010
Dafora said it has begun the drilling operations on the fifth well included in the exploration program of UK company Aurelian Oil & Gas.The drilling operations on Climauti 1 location (Suceava county) would cost around 2 million lei and will be executed based on a four-year contract signed in 2008.Dafora is a member of Dafora Group, which includes Dafora SA Medias and Condmag ...
Basescu: We wait for EU approval and then launch tenders for Units 3 and 4 at Cernavoda
Thursday, May 27, 2010
Romania waits for the European Union's approval in order to launch the tenders for the execution of Units 3 and 4 of the Cernavoda plant, President Traian Basescu told a meeting with Italian businessmen on Tuesday. 'Cernavoda Units 3 and 4 represent one of the possible investments to be made by the Italian businessmen in Romania, especially that we are waiting now for the European Union's approval, and subsequently we will launch the tenders for the execution works on the two reactors,' ...
12.84% of OMV Petrom shares might be put up for sale
Thursday, May 27, 2010
The Ministry of Economy, Trade and the Business Environment (MECMA) might put up for sale a package of 6,706,662,427 shares accounting for 11.84 percent of the share capital of SC OMV Petrom, according to a draft resolution published on the MECMA site.According to the substantiation note, the share package that can be put up for sale through mechanisms specific to the capital market was established considering the fact that, with OMV Petrom, from a share package accounting for ...
Electra and Hidroenergetica will invest in Serbia, Albania, Muntenegru and Moldova
Thursday, May 27, 2010
The minister of economy, Adriean Videanu considers that Electra and Hidroenergetica, two energy companies which are to be set up, will be able to develop outside Romania’s borders, in such countries as Serbia, Albania, Muntenegru and Moldova. “ We have already started the evaluation of the respective markets (..) There is a strategy which we have taking into consideration the regional opportunities both as investor and as energy provider” Adriean Videanu said.He also said that after their ...
Minister Videanu : We want partnerships with Siria for the profitable use of gas resources
Thursday, May 27, 2010
The Romanian minister of economy, commerce and business environment wants to create partnerships with Siria to put to value the gas resources, as well as to use the Romanian expertise in projects regarding the distribution of gas resources in the main industrial centres in Siria. The minister of economy Adriean Videanu participated between 19 – 20 May at the works of the 13th Session of the joint governmental commission Romanian-Sirian for economic, technical and scientific cooperation ...
Schneider Electric: Wind energy and electric cars are the main development opportunities
Thursday, May 20, 2010
Schneider Electric Romania, local subsidiary of French group Schneider, which specialises in delivery of energy equipment and services, says that apart from the drive to cut utility bills through energy-efficient products, another two markets provide good growth opportunities in the long run: wind farms and electric cars. Whilst 2010 could see a boom in wind power projects, talks on the future of electric cars are in the early stages in Romania. "Electricite de France (one of the ...
Vladescu wants mandate to negotiate recovery of debt from Rompetrol
Thursday, May 20, 2010
Finance Minister Sebastian Vladescu intends to ask the Government for a firm mandate to negotiate with Rompetrol-KazMunaiGaz to recover the debt in form of bonds worth almost 600 million euros that the company has to repay to the state in September."I don't have a mandate to negotiate yet, but I will ask the Government for such a letter. I want us to collect the money, not discuss rescheduling schemes," Vladescu stated.Although in need of money, the Romanian Government has not ...
Romania's strategic role in CEE energy security under consideration at BSOGS 2010
Thursday, May 20, 2010
Romania's strategic role in ensuring energy security in the Central and Eastern Europe (CEE) was the key theme of the presentation delivered on Wednesday by Minister of Economy, Trade and Business Milieu Adriean Videanu at the Black Sea Second Oil and Gas Summit held in Istanbul. The Romanian Minister of Economy attends the event at the invitation of Turkish Minister of Energy and Natural Resources, Taner Yildiz. The summit is organized by the Association of Turkish ...
Grid Transelectrica profit up 6.6 pct in Q1
Thursday, May 20, 2010
National Electricity Transport Company Transelectrica posted 50.387 million lei in first quarter net profit, up by 6.6 percent on Jan.-March last year, when the profit amounted to 47.256 million lei (1 euro= 4.17 lei), show figures sent the Bucharest Stock Exchange.The national grid's turnover edged up by some 0.7 percent from 691.262 million lei in the first three months of 2009 to 696.031 million lei in the three months of this year.Revenues totalled 732.219 million lei ...
Two Romanian Companies Ask For Insolvency Of Rompetrol Downstream
Thursday, May 20, 2010
Two Romanian companies, Novensys Corporation and Automotive, asked the Bucharest Court to initiate insolvency procedures against Rompetrol Downstream, the fuel distribution division of the Rompetrol group.Novensys Corporation requested the launch of insolvency procedures against Rompetrol Downstream on February 25, and the request to be analyzed on May 19. Rompetrol Downstream representatives told MEDIAFAX the situation is "strictly commercial" as not all aspects have been settled ...
Transgaz’s Q1 profit rises 30%
Thursday, May 20, 2010
Transgaz Medias (ticker: TGN) said its net profit rose 30% in the first quarter, to 189,213 million lei, and total revenues grew 12.1% year-on-year to 456.353 million lei.The natural gas company profit in Jan-Mar 2009 period stood at 145.567 while total revenues at 406,996 million lei.Expenditures in the three-month period through March dropped 2.1% year-on-year, to 229,332 million lei from 234,256 million lei in 2009.The gas transportation company is held by the Ministry of ...
Romgaz’s first-quarter revenues up 22%
Thursday, May 20, 2010
The natural gas supplier Romgaz said its revenues for the first quarter 2010 rose 22% year-on-year to 1.162 billion lei, while net profit dropped 2.3% to 203 million lei.In the same period of last year, Romgaz reported a turnover of 951.8 million lei, and a net profit of 208.6 million lei.“The rise in turnover was driven by the large amount of natural gas supplied from the local production compared to the same period of last year. The 2.3% decline in net profit is attributed to the higher ...
Petrom to get 300,000 boe in additional offshore production by using new technology
Thursday, May 20, 2010
Petrom, the largest oil and gas producer in South-Eastern Europe, has recently concluded a very successful offshore campaign in the Lebada Est and Lebada Vest fields, located on Histria block in the Black Sea, using a pioneer technology in Romania. Following this offshore campaign, additional production of more than 300,000 boe is expected for this year.The additional production will come from two existing wells (LO2 and LO4) and a new well drilled (LV05), the company reports in a ...
Reduction by 34.07 pct of greenhouse gas emissions in Romania, compared to ETS quota
Thursday, May 20, 2010
Last year economic recession had as a consequence the fact that the greenhouse gas emissions taken into account by the European Union Emission Trading System (EU ETS) were reduced in Romania by 34.07 percent compared to the quota of 73.711 million metric tonnes of carbon dioxide equivalents allocated for 2009, reveals a study of the European Commission released on Tuesday.As such, last year, the greenhouse gas emissions in Romania, taken into account by ETS stood at 48.597 million metric ...
RFV plans €25m investment in Romania
Thursday, May 20, 2010
According to BBJ, Hungarian energy-efficiency company RFV plans to make an investment of at least €25 million in Zalau (NW Romania) in the next few years to modernize the city's district-heating system, RFV CEO Ákos Kassai announced on Tuesday. Kassai said the Zalau local council decided on Monday to establish a JV with RFV to carry out the project, noting that the company expects to sign the contract for the investment this summer.RFV, which plans to make investments worth €12 million in ...