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Energy & Environment
Uztel halves profit in Q1
Thursday, May 21, 2009
Uztel oil drilling equipment maker of Ploiesti (60 km north of Bucharest) earned a net profit worth 1.744 million lei in the first quarter of the year, almost half less than in the same time span of 2008, say financial data sent to Bucharest Stock Exchange (BVB).The Company's turnover dropped by 9.4 percent up to 25.0007 million lei and the revenues dropped by 6.83 percent attaining 48.334 million lei. Expenditure registered 46.056 million lei.Uztel officials expect a net ...
Hidroelectrica turnover up in Q1
Thursday, May 21, 2009
Hidroelectrica the cheapest and the biggest local energy supplier earned a turnover worth 571.9 million lei (134 million euros) compared to 531.4 million lei (144 million euros) in the Q1, 2008, which means by 7.6 percent growth at the end of the first quarter of this year than in the same period last year, the Ziarul financiar informs.During the first three months of the year, very few electricity suppliers registered a rise in the delivery to the local market, among them ...
Oil Terminal reports 7.5 times higher profit in Q1
Thursday, May 21, 2009
Oil Terminal reports net profit worth 2.93 million lei (some 0.69 million euros) in Q1 of 2009, up over 7.5 ties as against the same period of the previous year, according to an announcement made by the company. The net turnover reached 33.13 million lei (some 7.790 million euros) in Q1 of 2009, as against 32.89 million lei in the first months of 2008. The Economy Ministry estimates gross profit worth 1.725 million lei (some 0.405 million euros) for Oil Terminal in 2009 and net profit worth ...
Societe Generale plans to fund reactors 3 and 4 from Cernavoda
Thursday, May 21, 2009
French-based Societe Generale and its subsidiary from Romania, BRD-Groupe Societe Generale are interested in financing the construction of reactors 3 and 4 of Cernavoda-based nuclear power plant, said the deputy director of BRD Groupe Societe Generale, Ribiana Crasan. “We will keep monitoring this project. We will attend the negotiations, after Romanian authorities would make public the bid for financing the project”, said Ribiana Crasan, at a press conference on nuclear power. Societe ...
Price of natural gas in Romania cut by 5% starting July 1, premier announces
Thursday, May 21, 2009
The price of natural gas will drop by 5 percent starting with July 1, premier Emil Boc announced after the Cabinet meeting attended by the head of the power market regulator ANRE, after a 3 percent cut on May 1.With the 3 percent price cut in May added to the 5 percent upcoming one the price drop is 8 percent, Boc said.The gas price was last hiked on July 1 2008, when it advanced by 12.5 percent for Distrigaz Sud clients and by 11.6 percent for E.ON Gaz Romania domestic consumers.The lower ...
EC could pump 320 million euros in energy projects in Romania
Thursday, May 21, 2009
European Commission could allocate around 320 million euros in 2009 and 2010 to support projects related to energy interconnections, offshore wind energy and carbon capture and storage, as part of the implementation of the European economic recovery program. Romania is one of the locations on the list. European Commission has launched calls for proposals covering key energy infrastructure projects, such as energy interconnections, offshore wind energy and carbon capture and storage, part of ...
MOL Romania: fuel sales down 5.8 pc in Q1
Thursday, May 21, 2009
The overall fuel volume sold by MOL Romania in Q1, 2009 went down by 5.8 percent compared to the same period of the previous year because of the economic crisis, the company reports. Partially, the decrease explains through the fact that in the first quarter of 2008, MOL Romania's portfolio of products included leaded petrol, Eco Premium, a product which was withdrawn on April 1, 2008. According to MOL, without this shrinkage of the portfolio, the diminution of the first quarter would have ...
President Basescu: Development of power plants, solution for increase in energy independence
Thursday, May 21, 2009
President Traian Basescu said, on Tuesday, when he returned from France, where he visited, among others, the nuclear reactor of the 3rd generation in Flamanville, under construction now, that the development of nuclear plants is a solution for an increase in the level of energy independence.'President Sarkozy and I, we have the same point of view. That the development of power plants is the solution for the increase in the level of energy independence, being, at the same time, a ...
Green energy enhances companies' efficiency
Thursday, May 21, 2009
There is an obvious political will to enhance our responsibility towards the environment. But you can rightfully raise the question: What do you get as business people? Which would be the reasons to make you opt for a greener approach in your business? The answer resides in economic arguments, said the British Ambassador to Bucharest, H.E. Robin Barnett present in the seminar on 'Renewable energy sources: a responsible solution for environment', organized by the Chamber of Commerce and ...
Russia’s Nord Stream pipeline project 'on track'
Thursday, May 21, 2009
The construction phase for the project, which is designed to bring Russian gas directly to Germany via the Baltic Sea, bypassing Ukraine, is due to start in April 2010, EurActiv has learned. Paul Corcoran, the Nord Stream consortium's financial director, told EurActiv that he expected the necessary environmental permits to be delivered in December 2009. The project finance will be put in place in the third quarter of this year, allowing construction to begin in the spring of 2010 as planned, ...
Russian firm seen as hostile bidder for Nabucco
Thursday, May 21, 2009
A Russian oil and gas company considered close to Prime Minister Vladimir Putin has won participation in Hungary's MOL petrochemical group, with the aim of taking over this key member of the Nabucco gas pipeline consortium, experts told EurActiv. Speaking to EurActiv on condition of anonymity, international energy experts deplored the West's "blindness" at what they described as a Kremlin attempt to interfere with EU plans to set up a foreign energy policy. Austria, Germany and Italy were ...
Romania could build a refinery in Turkmenistan
Thursday, May 14, 2009
Turkmenistan is interested to resume relations with Romania and asked our country to start the construction of a refinery on its territory, the secretary of state with the Ministry of Economy Tudor Serban said on Thursday, at a conference staged by Focus Energetic.'Turkmenistan is interested to have a refinery built by Romania. There were no concrete talks and I am reticent regarding our ability to build a refinery anymore', Tudor Serban explained. ...
Energy sector restructuring
Thursday, May 14, 2009
Energy sector is to be restructured again, and some 2,000 jobs will disappear in the upcoming period, most with the National Coal Company (CNH) and the National Lignite Company Oltenia (SNLO, south), announced on Thursday State secretary with the Ministry of Economy (ME) Tudor Serban, on Thursday, on the occasion of the 'Energy Focus' conference.'We have to take restructuring measures with serious social impact, in case sector projects are not implemented. We must layoff people, ...
New nuclear power plant to be located in central Romania
Thursday, May 14, 2009
The new nuclear plant will be located in central Romania, by attracting foreign partners, State Secretary at the Economy Ministry Tudor Serban told a conference on Thursday. 'We have received applications from some of the most important power and gas companies, such as GDF, companies from South Korea, E.ON, Enel, CEZ, Iberdrola, RWE', he added.Serban announced the new nuclear power plant will not use a CANDU technology, as the Cernavoda-based plant does.There were investors who had asked for ...
Romanian Gas Prices May Be Cut In Autumn - Econ Min Official
Thursday, May 14, 2009
Natural gas prices for Romanian consumers might be cut again in autumn, but such a decision should be carefully analyzed, state secretary with the Economy Ministry, Tudor Serban, stated Thursday."Gas prices fell at international level but, even if consumption also dropped, we cannot decrease prices as we would no longer be able to store gas for the winter. Some 22% of the gas is imported, in May and June we have to increase imports, and then, in July-September, there might be a decrease ...
Rompetrol’s Moldovan Unit Fined For “Illegal Profit”
Thursday, May 14, 2009
The Moldova-based unit of Romania’s second-largest oil company Rompetrol Group was fined by the authorities in Kishinev with 20 million Moldovan lei (RON1= MDL0.0003522) for “illegal profit” by exceeding the legal profitability threshold, Moldovan news agency Interlic reported.Thus, according to Moldovan authorities, in 2008, Rompetrol did not register in its records the MDL24.2 million profit. Thus, its profit margin reached 13.97%, as it obtained an illegal profit worth MDL9.87 million ...
Electricity consumption drops 15% in Romania, reaching 2002 level
Thursday, May 14, 2009
The amount of electricity consumed in Romania decreased 15% in 2009, reaching the same level as in 2002, the Economy vice minister, Tudor Serban, announced on Thursday. The main cause is the financial crisis, which led to a significant decrease in the industrial consumption. According to the National Statistics Institute, the first quarter of the year ended with a 12.884 billion KWh consumption, 7.4% less than during the first quarter in 2008. The public illumination recorded an 8.8% growth, ...
Ministry of Economy, due to pay 150m euros to Petrom for its petrochemical division
Thursday, May 14, 2009
Romania’s Economy Ministry will pay the largest company in Romania, Petrom, 150 million euros to take over the petrochemical division Petrochemicals Arges, former Arpechim, government secretary with the ministry, Tudor Serban, said, cited by NewsIn. Petrom imposed the ministry a single condition in handing over Petrochemicals – to pay the debts of 150 million euros Arpechim had to give to state-run chemical producer Oltchim. Petrom set up in June 2007 the division Petrochemicals Arges to ...
EBRD, EIB fund greenfield project in Romania
Thursday, May 14, 2009
The European Bank for Reconstruction and Development (EBRD) and Oil Company Petrom signed on Friday an agreement on building a power station on a 500 million euro investment.The construction costs will be covered by the EBRD and the European Investment Bank (EIB) by 200 million euros each and Petrom by 100 million euros.'The project of the power station located at Brazi meets the profitability criteria of the group Petrom is part of, therefore we anticipate that we'll have 13 ...
Minister Nemirschi and Canadian delegation discuss environment issues
Thursday, May 14, 2009
The climate changes, the assessment procedure of the environmental impact of the Rosia Montana gold mining project (western Romania) and the Sterling project were some of the topics Romania's Minister of Environment Nicolae Nemirschi tackled during a meeting with a Canadian delegation, on last Friday.Canada's Minister of International Trade Stockwell Day headed the Canadian delegation. Also attending was Canada's Ambassador in Bucharest Marta Moszczenska.Nemirschi also approached aspects of ...