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Energy & Environment
Romgaz net profit drops by 31 pc in Q1
Thursday, May 7, 2009
Romgaz registered a net profit worth 208.6 million lei in the first quarter of 2009, down by 31 percent from the same time span in 2008, Company data say.Romgaz put out lower results over the first three months of 2009 than during the same time last year, earning a turnover worth 951.8 million lei in the first quarter of 2009, by 11.6 percent less than over Jan.-March last year.Due to the financial hardships the clients are facing, the volume of arrears increased by 35 percent from March ...
Petrom opens office in Brussels
Thursday, May 7, 2009
Petrom opened an office in Brussels, which will ensure an active participation in the process of drawing up European policies and an information flow referring to the policies of the European Union, to the activities of the European Union and the projects that are significant for the company, according to a Petrom release.'It is necessary for us to be present and active in Brussels, considering the fact that much of the legislation referring to our activity is to be debated and ...
Canada continues talks on the sale of another two CANDU reactors
Thursday, May 7, 2009
Minister Stockwell Day is travelling to Romania this week to continue talks on the sale of another two CANDU reactors, with the deal expected to be closed within 12-18 months. AECL and its private sector partners built the Cernavoda Units 1 and 2 reactors for Romania in 1996 and 1997 and both projects were completed on time and on budget. "A fully mobilized and efficient supply chain is critical to the success of a large project such as a nuclear plant construction," says Dr. ...
EU votes to criminalise pollution at sea
Thursday, May 7, 2009
The European Parliament Tuesday (5 May) adopted a new directive that forces EU countries to introduce criminal penalties for maritime pollution, whether caused deliberately or by negligence.At their plenary session in Strasbourg, MEPs adopted the new directive by 588 votes in favour and 42 against, amid three abstentions. The directive introduces compulsory criminal sanctions for serious cases of maritime pollution, and also forces member states to impose stringent penalties for minor ...
NZOG eyes oil and gas exploration in Romania
Thursday, April 30, 2009
New Zealand Oil and Gas is eyeing opportunities in Romania ahead of the expected release of 25,000sq km of oil and gas exploration acreage there this year. NZOG told shareholders in an activities report that Romania, in eastern Europe, was just associated with Transylvania and its infamous inhabitant Count Dracula.It was one of the first oil producing countries in the world and a major oil and gas producer throughout much of the 20th century, with peak production in 1976. When the Romanian ...
Petrolexportimport expects 2.15 mln lei losses this year
Thursday, April 30, 2009
Oil products trader Petroexportimport (PEI) anticipates it will continue on the minus in 2009, with a loss of 2.15 million lei, close to the negative result reported last year, according to the budget plan approved by shareholders, NewsIn informs.The company reported a loss of 2.09 million lei in 2008, which it plans to cover 1.74 million lei from reserves and another 348,000 lei from the profit over the next five years. Petrolexportimport counts on revenues of 116.43 million lei in 2009, ...
Rompetrol Well Services sees annual profit at 5.3 mln euros
Thursday, April 30, 2009
Rompetrol Well Services, the oilfield service division of Rompetrol forecasts a slightly lower profit of 22.7 million lei (5.3 million lei), reads a press release remitted to the Bucharest Stock Exchange. In 2008, the company posted a profit of 24.16 million lei (6.56 million euros), 43% higher than a year earlier. The shareholders of the oil company agreed to pay out a gross dividends of 0.024 leishare and 967,000 designed to the contribution of employees to profit.Rompetrol Well Services ...
Heavy water production not to be fully state-funded, any longer
Thursday, April 30, 2009
Senators passed on Monday Ordinance 302009 amending the Govt Emergency Ordinance 802009, reading that the heavy water that the units 3 and 4 of Cernavoda nuclear electricity power station need to work, will no longer be totally financed by the state budget. Seventy Senators voted in favour and two against the new Ordinance.According the amendments, starting Feb 2009, 16.44 percent (without VAT) of the heavy water production is funded by the Nuclearoelectrica SA National Company, ...
Bio-fuel production to be invested 300M euros in 2010
Thursday, April 30, 2009
The insufficiently developed bio-fuel market requires to be harmonized with the EU laws. The bio-fuel is expected to reach 5.75 percent of the total fuel consumption by 2010, and along with the present agricultural potential they make the Romanian market an attractive destination for investments, the Romania libera daily informs.Romania could attain the EU agreed target to the bio-fuel consumption weight in the total fuel consumption taking into account the existing agricultural ...
Transelelectrica spends 27.43 million euros to retool Mintia power plant
Thursday, April 30, 2009
Transelectrica sealed a 27.43 million euro contract to retool the Mintia high-pressure with a joint venture made up of Siemens Romania, Siemens AG Austria and Smart Romania, reads a press release remitted by the power company to Bucharest Stock Exchange.The agreement signed by the three participants will be fully funded by Transelectrica. The construction works are scheduled to complete within 36 months. By modernizing and retooling the Mintia 220110 Kv power supply plant with cutting edge ...
Petrom eyes annual profit of 1.11 bln lei
Thursday, April 30, 2009
Petrom, Romania’s biggest company said it expected an annual net profit of 1.11 billion lei this year, up slightly from last year and turnover to slide by a third, according to the revenues and expenses budget passed by shareholders.Last year, Petrom reported after-tax profit of 1.02 billion lei (278 million euros), 43% down from a year earlier, following large provisions that triggered 1.296 bln lei loss in fourth quarter 2008. For this year, Petrom expects the turnover to stay in the range ...
Romanian Economy Ministry Changes Transgaz Board, Names New President
Thursday, April 30, 2009
The Romanian Economy Ministry, the majority shareholder of state-owned gas pipeline operator Transgaz (TGN.RO), appointed Tuesday five members of the company’s Board of Directors, and a new board president, namely Victor Alexandru Schmidt, a director in the ministry. The new Transgaz board members, namely Victor Schmidt, Mihai Busuioc, Mihai Albulescu and Ionica Raicu, replaced Nicolae Turdean, Constantin Zidaru, Elena Ianda and Nicolaie Simescu, whose mandates expired. Transgaz's general ...
Bucharest, in race for future EU agency of energy
Thursday, April 30, 2009
Bucharest is, along with other two capital cities in the race for being selected to host the Agency for the Cooperation of the Regulatory Authorities in the field of energy, ACER, a new European authority, that will coordinate the cooperation among the 27 national authorities in the energy sector and will see that their total independence be kept, writes daily Business Standard. The budget for the operation of ACER will come from the EU, and the country to be chosen will be decided ...
Sterling Deems All Charges Against It Are False, Romanian State Is Sole Culpable
Thursday, April 30, 2009
The vice-president of Canada’s Sterling Resources, Stephen Birrell, said this Tuesday that all the accusations against Sterling are false, and the Romanian state is the only culpable by self-annulling the right to benefit from a share of the oil production in the Black Sea."Sterling has never been officially notified on having breached the law. All the charges are false. We were accused of having changed the terms of the deal, from the exploration and production distribution into ...
Greece calls for alternative energy routes :Karamanlis says single strategy is key
Thursday, April 30, 2009
Prime Minister Costas Karamanlis speaks on the first day of the energy conference in Sofia, stressing the importance of a balanced mix of supplies, sources and routes for a successful energy strategy.Karamanlis placed special emphasis on the operation of alternative energy networks in the European Union and on a joint policy that will also rely on environmentally friendly sources.“Greece is willing to participate in any plan that is in this direction and to take full advantage of its ...
Sofia summit participants pledge support for diversification of gas supply routes
Thursday, April 30, 2009
Senior officials from 28 countries adopted a declaration at the end of a two-day energy summit in Sofia, vowing to diversify gas supplies to Europe in order to ensure energy security for all involved. Participants in a two-day natural-gas summit in Sofia wrapped up discussions Saturday (April 25th), pledging support for the implementation of all projects aimed at diversifying supply sources and routes in order to guarantee energy security. A declaration adopted at the end of the ...
Basescu, Mesic voicing support for Constanta-Trieste oil pipeline
Thursday, April 30, 2009
Romanian President Traian Basescu and his Croat counterpart Stjepan Mesic on Wednesday voiced their support for the construction of an oil pipeline from Constanta, in Romania, to Trieste, in Croatia, at a joint news conference in Zagreb, Agerpres correspondent reports.'I would like to say that the heads of state have a duty to create the political and legal conditions for the completion of this project, while its implementation is the business of companies and banks,' said Basescu, who was ...
Nuclearelectrica sells 2.74 mln MWh electricity in 2009, through tenders
Thursday, April 23, 2009
National Energy Company Nuclearelectrica (SNN) concluded 16 contracts for the sale of a quantity of energy of 2.74 million Megawatts per hour in 2009 through the tenders organized via the platform managed by OPCOM, the Centralized Market of Bilateral Contracts (PCCB), according to information released by SNN.The contracts were concluded with suppliers operating on the gross electricity market in Romania, such as Electrica, ENEL Trade, EGL Gas&Power, ELCOMEX, Energy Network, ...
EU stimulus plan to include funds for energy savings
Thursday, April 23, 2009
After weeks of wrangling, EU lawmakers and member-state representatives have struck an agreement on a €5 billion European recovery plan, which will include substantial funding for energy projects considered vital to Europe's security of supply. At their meeting Thursday (16 April), the Czech EU Presidency and the Parliament's negotiators endorsed the list of eligible projects agreed by EU heads of state and government in March.The plan, which initially reserved funds for flagship initiatives ...
Gas price for Romania's population to reduce 3% starting May 1, official says
Thursday, April 23, 2009
The power market regulator ANRE decided to cut prices for the natural gas delivered to Romania's population by 3 percent starting May 1, as operators agreed to start recovering some debts later on, the head of ANRE, Petru Lificiu, told NewsIn. This decision was completed taking into consideration the evolution of international gas price, but the main reason is said to be people's difficult situation this year owing to the economic crisis, according to Lificiu.Premier Emil Boc said on April ...