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Energy & Environment
Tarnita hydro-electric power station to be accomplished despite high costs, says minister Vosganian
Thursday, August 30, 2007
The Tarnita hydro-electric power station (Cluj county, north-west of Bucharest), a unit intended to balance the national energy system, will be accomplished despite the high costs of the works highlighted by the performed assessments, minister of Economy and Finance Varujan Vosganian told a press conference.According to him, this is a very large project requiring billions of euros, but some investors are interested in getting involved in the project.'Their joining the project would also mean ...
Energy and natural gas tariffs will not outpace this year's inflation target, says Economy minister
Thursday, August 30, 2007
Energy and natural gas tariffs will not grow past this year's inflation target, minister of Economy and Finance Varujan Vosganian told a press conference. The inflation target set by the National Bank of Romania for 2007 is 4 percent, with a margin of one percentage point.According to the minister, the reference price for natural gas dropped 3 - 4 percentage points this year, whereas that of electric energy went up just once - in April - by about five percent, on the background of this ...
Romanian state might give up privatisation plans for last three Electrica branches
Thursday, August 30, 2007
Romanian authorities are considering giving up privatisation plans for the last three energy distribution branches of state-owned Electrica, for strategic reasons, minister of Economy and Finance Varujan Vosganian said on Thursday, August 23, reports Adevarul daily.The last branches left in the state's portfolio are Electrica Muntenia North, Electrica Transylvania North and Electrica Transylvania South.'The Premier commissioned us and the State Assets Capitalization Authority to analyse the ...
MMDD and UNDP to draft Romania's National Strategy for Sustainable Development
Thursday, August 30, 2007
Ministry of Environment and Sustainable Development (MMDD) and the United Nations Development Programme (UNDP) will cooperate in revising Romania's National Strategy for Sustainable Development based on a memorandum approved by the Government, reads a Gov't press release.The approval of the negotiations and the signing of the understanding memorandum between MMDD and the UNDP aim at enacting the European Union's Revised Strategy for Sustainable Development.Taking into account the UNDP ...
Switzerland to contribute to recovery of Bucharest's central heating system
Thursday, August 30, 2007
Switzerland will contribute to the recovery of Bucharest's central heating system with a maximum amount of 11.5 million Swiss francs (CHF), following the Romanian-Swiss Agreement approved by the Executive, reads a release issued by the Romanian Government. Within the project called ‘'Recovery of Bucharest's central heating system'' automation and control equipment is to be set up in 584 substations (thermal points), pumps and converters of frequency in 646 substations in order to provide the ...
Oltchim already considering investments in Petrochemicals Arges
Thursday, August 30, 2007
Oltchim Ramnicu Valcea (OLT) chemical plant on September 5 will start negotiations to take over Petrochemicals Arges, the firm into which Petrom transferred the petrochemical operations of Arpechim Pitesti refinery, which is the main supplier of raw material to Oltchim, daily Ziarul Financiar wrote on Monday. Oltchim representatives maintain that in case an agreement is reached with Petrom on the takeover of Petrochemicals Arges, they are set to invest around 100m euros to boost the ...
Transgaz to be listed on Stock Exchange in February-March 2008, says Minister Varujan Vosganian
Thursday, August 30, 2007
Transgaz company will be listed on the Bucharest Stock Exchange (BVB) in February-March 2008, Minister of Economy and Finance Varujan Vosganian told BVB on Wednesday when attending the first anniversary of the Transelectrica company's presence on the capital market. The official of the Ministry of Economy and Finance said that procedures for lilting Transgaz on the Stock Exchange were in an advanced stage and that in mid-November they would start underwriting as part of the public offer, ...
Transelectrica might launch new public offer for share sales in 2008
Thursday, August 30, 2007
Transelectrica company, which was successfully listed on the Bucharest Stock Exchange (BVB) a year ago, might launch a new public offer for share sales in the first quarter of 2008, managing director of the above-mentioned company Stelian Alexandru Gal told Rompres this Wednesday. He made it clear that they were currently analyzing an increase in the free float of Transelectrica (the amount of shares freely traded on the Stock Exchange), which at present accounts for 10 percent of the share ...
One billion euros in business for energy traders
Thursday, August 30, 2007
Energy traders earned some 1 billion euros last year, double year-on-year, and posted net profits totaling 50 million euros, according to balance sheets published by the Ministry of Finance, and centralized by daily Business Standard. Top energy traders are mostly local companies, but the situation could change once E.ON Germany and CEZ Czech Republic, two of Europe's largest companies in the field, come onto the Romanian market. The two giants bought branches of state-owned energy supplier ...
Standard&Poor’s places Rompetrol under supervision with positive perspective
Thursday, August 30, 2007
Standard&Poor’s placed « B » rating for long term loan of Rompetrol Group NV under supervision with positive perspective, as a result of the agreement signed with the Kazakh KazMunayGas through which they took over 75% of Romepetrol, the rating agency announced on Tuesday. The rating under supervision, with stable perspective comes following the announcement that Rompetrol Holding sells 75% of Rompetrol Group to the KazMunai Gaz company whose financial assessment agency granted “ BBB-“ ...
Reactor 2 in Cernavoda produces 5% of the energy in Romania
Thursday, August 30, 2007
Reactor 2 in Cernavoda reached 50% of capacity and produces at present 5% of the electrical energy production at national level. The reactor, power 700 MW will reach maximum capacity in September. The minister of economy and finances Varujan Vosganian stated at a round table on energy strategy that the rate of nuclear energy in the national production grew last Wednesday from 9- 10% to 15% due to reactor 2 in Cernavoda. “ The structure of energy production on Wednesday 22 August was the ...
The hidden side of Rompetrol sale:Romania gets ahead in EU with Eastern money
Thursday, August 30, 2007
The Rompetrol taking over by KazMunai Gaz is just the beginning of a capital infusion from the East to Romania, especially Russian capital, the final target of investments being the European Union market, economic analysts estimate. Thus, Romania gets a final confirmation for the status of “ bridgehead” for investments from the former URSS space to the European Union. The investment of the Russians from Lukoil, who own more than 25% of the fuels market in Romania and, now the Rompetrol ...
The "deal of the year” :Romanian businessman Dinu Patriciu sells 75% of Rompetrol to Kazakh company KazMunayGaz
Thursday, August 30, 2007
Romanian businessman Dinu Patriciu has sold a 75% stake in the Dutch-based Rompetrol Holding company to Kazakh company KazMunayGaz. The market value of the Rompetrol group was set at 3.616 billion USD, placing the value of the transaction at 2.712 billion USD.Patriciu will be chairman of the board of the company. Rompetrol will be managed jointly by the two shareholders but the Kazakh firm will name the majority of the Rompetrol board members.The contract was signed in Alma Ata on August 24, ...
Solar energy has a low share in domestic energy production
Thursday, August 2, 2007
The solar energy has a low share in the domestic energy production, being used mainly experimentally, the Romanian Agency for Energy Preservation informs.The agency forecast a production of solar energy of 7,500 teo (tones of equivalent oil) in 2010 and 17,000 teo in 2015, most of it used for heating.President of Agency Ioan Silviu Lefter wants to submit to the Parliament a draft law to encourage the producers of renewable energy, by granting VAT exemption or reduction of profit tax.Romania ...
Unit 2 of Cernavoda Nuclear Power Station to start operations not later than October 1
Thursday, August 2, 2007
Unit 2 of Cernavoda Nuclear Power Station (south-east of Bucharest) is to be connected to the National Energy System (SEN) 50-60 days ahead of the start of its commercial exploitation and the deadline is no later than October 1, Director general of Nuclearelectrica Teodor Chirica told Rompres.'After the reactor is filled with nuclear fuel, it will be connected to the power grid, in order to proceed to some production tests. The output is to be increased gradually until the reactor will ...
Six foreign companies interested to produce electricity at Doicesti
Thursday, August 2, 2007
Six foreign firms and consortia submitted until Tuesday the pre-qualifying documents for participating in the building of new capacities for the production of low-polluting electricity at Doicesti (south), along with the state-owned company Termoelectrica, officials of Termoelectrica told Rompres. The firms interested to enter the bid selection are Electrabel (Belgium), Enel (Italy), Gas de France and AES Corp. (USA).Two consortia also want to enter the tender, one made up of Electricite de ...
Centralized system of waste management in value of 4.6 million euros, in Danube Delta
Thursday, August 2, 2007
The Government is to implement a centralized system of collection and management of waste in the Danube Delta, in the value of approximately 4.6 million euros, Chief Commissioner of the National Guard for Environment (GNM) Octavian Popa told Rompres.'The biggest problem the Danube Delta is currently confronted with is the one linked to cleanliness. There, the inhabitants, who lack conditions, because there is no sewage system in the Delta localities’, explained GNM Chief, provoke the ...
Hydro production drops by 20 pct beacuse of drought
Thursday, August 2, 2007
The hydro production dropped in Romania by an average of 20 percent due to the drought in the latest weeks, with the highest fall having been recorded in the Danube's and Olt River's basins, these being also the areas most affected by drought, according to sources in the industry. The filling of the lakes currently stands at 58.16 percent and there was need yet to close one of the hydroplants because of the low levels, with the operating schedule set together with the National Energy ...
Monthly reports on oil imports to be referred to Ministry of Economy and Finance
Thursday, August 2, 2007
Under a draft government resolution that is being subject to public debate, any individual or judicial person performing crude imports and deliveries inside the European Community might be required to report information on these shipments to the General Department for Industrial Policy and Competitiveness of the Ministry of Economy and Finance by the date of 15 of the month following shipment date. The measure refers to individuals or judicial persons who import crude from third countries ...
Sales at Electrica Transilvania Sud dropped by 4% over the first 6 months
Thursday, August 2, 2007
The energy distributor Electrica Transilvania Sud registered during Q1 of 2007 sales 4% below the same period of last year, as a result of the deregulation of the energy market and the reduction of production delivered to companies with debts. The turnover of Electrica Transilvania Sud was, on 30th June, 651.9 million lei ( 195.6 million euros). The company registered, for the first semester, a net profit of 45.7 million lei ( 13.7 million euro), up by 27% as compared to the similar period ...