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Energy & Environment
Petrom: Romania energy sector will not be immune to global crisis
Thursday, November 13, 2008
Romania is not immune in the context of the international financial crisis and much less the energy sector, the CEO of Petrom, Mariana Gheorghe, told the 'Energy in Central and Eastern Europe' Forum on Tuesday. 'In the context of the financial and international economic crisis, the energy issue is critical. Many say Romania is protected. Romania is not immune to the crisis and much less the energy sector', said Mariana Gheorghe. The financial crisis could impact on the ...
180 mln RON in profit for Transgaz in first 9 months
Thursday, November 13, 2008
The National Company for the Natural Gas Transmission 'Transgaz' S.A. Medias posted a net profit of 179.078 million RON on the first nine months of the year, 3.93 percent higher than the one in the similar period of last year, according to data released on Bucharest Stock Exchange (BVB).Gross profit, which stood at 210.625 million RON, was achieved in a proportion of 107.8 percent compared to the program, its level being 14.289 million RON higher on the budgetary ...
Petrom's oil well upgrading project wins Excellence Award
Thursday, November 13, 2008
Petrom's Well Upgrading Project won the Project Management Excellence Award bestowed by Project Management Romania, reads a company release. Project Management Romania is a member of the International Project Management Association – IPMA. The well modernization program is carried out by Petrom's Exploration and Production Division and encompasses 5,000 oil wells. The program is aimed at reducing the frequency of interventions on oil wells, with an expected positive impact on production - ...
Nuclearelectrica: Demand of nuclear energy could fall because of financial crisis
Thursday, November 13, 2008
The international financial crisis, whose impact is felt in Romania, could trigger a rise in the costs with the manpower, and a fall in the demand of nuclear energy, said, on Wednesday, general manager of Nuclearelectrica Teodor Chirica, at a forum on 'Energy in Central and Eastern Europe.''The international financial crisis will affect, somehow, the field of nuclear energy. So, the costs with the manpower will increase, and the demand of energy will decline,' said ...
Report: Only a single European gas market can counter Russia's 'Gazprom diplomacy'
Thursday, November 13, 2008
Building a single European market in natural gas is the most effective strategy for the European Union to counter Russia's divisive energy diplomacy, according to a new report by the European Council on Foreign Relations. The analysis is published a few days prior to the release of the EU Strategic Energy Review and the next EU-Russia summit. It also comes two months before the start of the Czech EU presidency which will work on energy security as one of its priorities. Based on ...
Schroeder: Nabucco project depends on U.S. attitude towards Iran
Thursday, November 13, 2008
The talks on the supply of gas that should be carried by the Nabucco pipeline will be achieved depending on the position the United States will take on Iran, former German Chancellor Gerhard Schroeder said on Wednesday, while attending the forum on Energy in Central and Eastern Europe organized in Bucharest.'The Nabucco project has but one problem: how to ensure the gas to fill the pipelines. Gas from Iran is needed in order to ensure the required fuel. The United States of ...
Romania’s Rompetrol Gas Buys 150 LPG Stations From Local Businessman Cristi Borcea
Thursday, November 6, 2008
Rompetrol Gas, the liquefied petroleum gas (LPG) trading unit of the country’s second-largest oil group Rompetrol, took over, from three companies owned by local businessman Cristi Borcea, 150 LPG stations and the due supply contracts, the company announced Tuesday. “Romania’s Competition Council authorized Rompetrol Gas’s purchase of 150 Liquefied Petroleum Gas stations owned by companies Crimbo Gas 2000, Auto Gaz Trading Constanta and Crimbo Gas International, alongside with the LPG supply ...
S&P affirms Transelectrica rating with negative outlook
Thursday, November 6, 2008
Financial rating company Standard&Poor’s revised downwards the rating outlook of state-owned Transelectrica from ‘positive’ to ‘negative’, due to country rating cut for Romania, and reiterated ‘BB+’ rating for long-term credits in lei and foreign currencies. Romania’s power grid operator Transelectrica is 74% held by the Ministry of Economy and Commerce. “The move comes as a result of recent Romania’s country rating cut and reflects Transelectrica’s vulnerability at a possible harshening of ...
S&P revises Transgaz rating outlook downwards
Thursday, November 6, 2008
Standard & Poor's (S&P) downgraded on Thursday the long-term foreign currency corporate rating of Transgaz Medias (National Company for Natural Gas Transport Transgaz SA) from 'BB+' to 'BBB-' confirming at the same time its 'BBB-' value of the long-term domestic currency corporate rating granted to the natural gas transport company, both with 'Negative' outlook, reads a press release of the rating agency. 'We revised the rating outlook due to the decrease of Romania's rating', Tania Tsoneva, ...
50 mln euros investment in wind turbine park
Thursday, November 6, 2008
Several German businessmen are investing 50 million euros in the construction of a wind turbine park close to Orsova (south), where 25 wind turbines are to be installed, with a total capacity of 35 MW.Manager of Toplet Energy Co. Dinu Buliga, the project's initiator, told AGERPRES on Thursday that the park is to cover a surface of 250 square meters and the wind turbines will be located 4.5 kilometers from Orsova, at an altitude of 380 meters where the wind speed is of minimum 6.5 meters per ...
New structure of largest Romanian energy project
Thursday, November 6, 2008
The energy groups CEZ (Czech Republic), Enel (Italy), RWE (Germany) and Electrabel (Belgium) will hold 9.15 percent of the company to design the reactors 3 and 4 of the Romanian nuclear power plant in Cernavoda (CNC), while the share of Iberdrola (Spain) and ArcelorMittal Romania will reach 6.2 percent. This is the new structure of the largest Romanian energy project agreed upon by the six investors and the Romanian state represented by CNC. The construction of the two nuclear reactors in ...
CEZ Romania: Direct Gas Imports From Gazprom To Strongly Reduce Gas Prices
Thursday, November 6, 2008
Direct natural gas imports might reduce gas prices by a few tens of percents and Romania should negotiate the purchases directly with Russian natural gas monopoly OAO Gazprom, Adrian Borotea, corporate affair manager in CEZ Romania, the local unit of Czech power group CEZ AS, said Friday. "We must try to discuss the gas purchases directly with Gazprom," Borotea said during an energy and environment seminar.Borotea’s view on gas prices is different from the one of Romania’s largest gas ...
Piebalgs wants EU-wide energy regulator
Thursday, November 6, 2008
EU Energy Commissioner Andris Piebalgs has announced his intention to propose a new EU-wide energy regulator, with equal powers to national regulators, and to push for greater independence of national watchdogs. In an interview published by Spanish daily ABC on Sunday, Piebalgs said the lessons learned from the current financial crisis showed that more competition was needed in the energy sector. With only a few giant companies in Europe, governments are obliged to intervene to rescue them ...
Transelectrica, total investment worth two billion euros, until 2020
Thursday, November 6, 2008
The investment programme, including two billion euros worth of investment, by 2020, is aimed at an increase in efficiency and the quality of the transport of electricity, a cut in expenses for exploitation and maintenance, ensuring interconnection conditions, said on Sunday, Nov 2, general manager Transelectrica (the national company of transport of electricity) Stelian Alexandru Gal, on the occasion of 'The Day of Open Gates.''We are placing emphasis on an increase in the security ...
CEO Petrom: Romania must stimulate the development of alternative energy
Thursday, November 6, 2008
Chief Executive Officer of Petrom, Mariana Gheorghe stated at “Environment and Energy” roundtable organized by Business Standard daily, that Romania must stimulate the development of alternative energy, as Romania’s dependence on import is likely to enhance in the future, NewsIn informs.“The global demand of electric energy is likely to increase by 50%. The primary power resources (coal, crude oil and gas) are limited and Romania’s dependence to imports may enhance (to onetwo international ...
Provisions to halve Petrom profit in Q3
Thursday, November 6, 2008
The profit of the National Oil Company Petrom, a Romanian company in the portfolio of Austrian oil group OMV, could suffer an important correction, in Q3, coming to stand under 100 million euros, after it registered a provision worth some 160 million euros, because refinery Arpechim was re-assessed downwards.Estimates of senior analysts, questioned by the Business Standard daily, who are interested in the local bourse, indicate an average profit in Q3, for Petrom, the biggest company listed ...
EDP to build wind farm within two years
Thursday, November 6, 2008
The biggest company in Portugal, utilities company Energias de Portugal (EDP) will operate in Romania within about two years a wind farm of 225 MW, for which it has already obtained all the approvals and authorizations, said Alexandru Teodorescu, managing director at Wind Expert, a consulting company involved in the development of the project. Wind Expert has so far been allotted 8.4 million euros for the construction of the wind farms of 225 MW and will provide consulting services to ...
Loans worth 700 million euro for the energy sector blocked
Thursday, November 6, 2008
The ongoing financial crisis has led to 700 million euro in loans being halted for the energy sectors, although some of the credits were approved several months ago. Major lenders, such as EBRD and UniCredit placed syndicated loans on stand-by, without justifying this to companies involved, Business Standard daily reports on Wednesday.'In the energy field, loans totaling 700 million euro have been placed on stand-by. The Turceni and Rovinari energy complexes and state-owned electricity ...
Standard & Poor's lowers rating for Hidroelectrica
Thursday, November 6, 2008
Standard & Poor's (S&P) revised the ratings for the Romanian company Hidroelectrica, the main hydro energy producer, from "stable" to "negative", because of the possible deterioration of the macroeconomic conditions in Romania. The rating for long term loans of the company remained at BB. Last week, S&P lowered the country rating for Romania's long term loans in convertible currencies from BB plus to BBB minus. As a result, the Romanian Commercial Bank (BCR), owned by Erste, saw its rating ...
Erste : Financial crisis does not affect oil and gas companies from Russia
Thursday, November 6, 2008
Oil and gas companies in Romania are not affected by the financial crisis and it is not likely that they should have difficulties in getting credits for investments because they have solid liquidities and operational performances, Erste analyst Zidon Jakub says.“I estimate that these companies will have solid results in the third quarter, considering that provisions for the rest of the year are still good. The only segment which might be influenced by the crisis to a certain extent is real ...