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Energy & Environment
Dafora shareholders give up dividents for the development of the company
Thursday, April 26, 2007
Dafora Medias SA shareholders, listed on the Rasdaq market, decided at the end of last week to use the profit as financing source for the development of the company, instead of sharing dividends, the company informs in a press release. Dafora SA Medias obtained a net profit of 10.26 million lei, 58% higher than the previous year, on the basis of construction activity. Over 9.68 million lei out of the profit will be used for the development of the company, the shareholders decided, the press ...
AP: Serbia cancels US$400 million (€293 million) deal with Cuprom Romania for copper giant
Thursday, April 26, 2007
According to AP, Serbia canceled a US$400 million (€293 million) contract with Cuprom Romania on Wednesday, saying the company had failed to submit financial guarantees for buying the Balkan republic's copper giant.Cuprom Romania failed to meet a deadline to secure a financial arrangement to buy the Rudarsko Topionicarski Basen Bor, the vast but decrepit mining and processing complex in eastern Serbia, the government's Privatization Agency said.There was no immediate comment from Cuprom.The ...
Oracle Energy starts gas production in Nadlac and prepares for Cozieni
Thursday, April 19, 2007
Leadership of Oracle Energy Canada announced that its operator for projects conducted in Romania, Carpathian Energy, got the final approval from the National Regulatory Authority in Natural Gas Sector (ANRGN) for the production of gas in Nadlac (western Romania), Bursa daily reports .Distrigaz Vest gas supplier inspects and tests the production equipment for starting the activity.Carpathian Energy president Alexandru Popescu told Bursa they have all the necessary approvals for the gas ...
Martifer to inaugurate biodiesel plant in Lehliu Gara
Thursday, April 19, 2007
Prio Biocombustibil, a company belonging to Martifer Group will inaugurate the biodiesel production unit in Lehliu Gara in the first half of this year, said the executive manager of Martifer Group Carlos Martins. With an industrial capacity of 100,000 tonnes due to be reached at the end of the first half year, Martifer will be the first producer of biodiesel in Romania. Martins said that in the next years, the group plans to significantly develop the activities in Romania in the field of ...
As of July, petrol stations to sell diesel fuel with 2 percent biofuel
Thursday, April 19, 2007
As of July, the Petrom petrol stations in Romania will sell diesel fuel mixed with biofuel, Cotidianul daily informs on Thursday.Petrom has signed a contract for biodiesel supply with Prio Biocombustibil, a company of Portuguese group Martifer. The company will supply diesel fuel with a 2 percent content of biodiesel, as July, Petrom announced in a release.Prio Biocombustibil will supply Petrom with a total quantity of some 20,000 tonnes. In 2008, the quantity will amount to 50,000 tonnes. ...
Romanian refinery Petrolsub goes bankrupt
Thursday, April 19, 2007
The Petrolsub SA company, owner of the Petrolsub refinery in Western Romania, was declared bankrupt following a court decision on Thursday. The Bucharest Stock Exchange has been informed that creditors can submit requests to recover debts by April 24, 2007.According to the Prime Transaction company, Petrolsub SA was established in 1990 following the reorganization of the communist-era Crisana Refinery. A significant shareholder in Petrolsub was SC Euro House 2000 SRL, a firm that according ...
Hidroelectrica sells 40 percent of output through direct contracts
Thursday, April 19, 2007
The contracts signed by Hidroelectrica before the energy market became transparent and the contracts that do not expire before January 1, 2008, account for 40 percent of its output and 10-12 percent of the total energy market, Economy and Finance Minister Varujan Vosganian said on Friday in Sinaia (northwest of Bucharest) within a forum on economic development issues.''After January 1, 2008, Hidroelectrica will be the only energy producer to sell electricity through contracts signed before ...
Utility companies fined for breaching consumers' rights
Thursday, April 19, 2007
The National Association for Consumer Protection (ANPC) fined on the same day an electricity distribution company, a natural gas and a water supply company for having breached the consumers' rights, daily Adevarul writes on Friday. The three companies found at fault are electricity distributor Electrica Muntenia South, gas distributor Distrigaz South and water company Apa Nova, that were fined each with 3,000 lei (1 euro = 3.34 lei). On April 11, ANPC fined Electrica Muntenia South for ...
EU seeks stronger energy ties with Black Sea nations
Thursday, April 19, 2007
The Commission, on 11 April, presented plans to forge stronger ties with its energy-rich neighbours around the Black Sea and to bring stability to the conflict-ridden region"We think it is important to put a particular focus on this region," said External Relations Commissioner Benita Ferrero-Waldner, explaining that with the accession of Bulgaria and Romania in January, the EU now has an immediate concern in the area's prosperity, stability and security. The new cooperation initiative will ...
Varujan Vosganian: National energy system functions normally
Thursday, April 19, 2007
The bilateral contracts and the energy traded assured the necessary energy quantity for consumers, the Minister of Economy and Trade Varujan Vosganian was informed by the Operational Unit of the National Energy System.The technological services in the system assured permanently a safety functioning, the ministry informed in a release.'The national energy system functioned and functions normally,' said the Varujan Vosganian at the end of meeting with the representatives of the Operational ...
Hidroelectrica and Romgaz, regional leaders
Thursday, April 19, 2007
Economy and Finance Minister Varujan Vosganian intends to turn a range of companies in the energy sector into important players on the relevant regional market. At the same time, the minister's strategy aims at listing on the capital market some important Romanian operators like Romgaz, Hidroelectrica and Nuclearelectrica.'We want to transform Romgaz and Hidroelectrica into regional economic forces, such as CEZ of the Czech Republic. Romgaz has the power to become an important operator in ...
S&P might improve Transelecrica's rating
Thursday, April 19, 2007
The diminishing of the regulation risks after Romania's EU accession, the change of the tariff policy and the growing financial performances might generate premises for the improvement of Transelectrica's rating according to Standard&Poors. (S&P).The rating granted by the financial evaluation company to Transelectrica for long-term loans is BB plus, with positive perspective.''The progress in the energy field, the reform programme and the revenues from sectorial restructuring can create ...
EBRD to take over minority stakes in Romanian branches of German E.ON
Thursday, April 19, 2007
The European Bank for Reconstruction and Development (EBRD) is to take over the minority share packages in the Romanian branches of the German E.ON gas corporation.The project's goal is to back up and enable technical and operational investment meant to develop the best international practices, including the take-over by E.O.N of the minority stakes and the required restructuring and business improvement measures, EBRD sources say. The EBRD leading board approved a draft for taking over the ...
Project Rosia Montana is not top priority for Romania, says Minister of Environment
Thursday, April 19, 2007
Project Rosia Montana is not a top priority for Romania, the Minister of Environment and Sustainable Development Attila Korodi told Radio France International.'Rosia Montana is a priority project only for the investors, not necessarily for Romania, able to bring positive prospects for the local community,' said Korodi.The Romanian officials currently wait for the investor's answer to the 6,000 questions raised by 10,000 people during the public debates.'The investor must observe all Romanian ...
Minister Vosganian sells all electricity distribution companies
Thursday, April 19, 2007
The last of the electricity distribution and supplying companies held by Electrica, as well as the major energy complexes, will be put up for privatisation starting in the second half of this year, Ziarul Financiar said on Wednesday.'We want to finish privatisation of electricity distribution this year,' stated the Minister of Economy and Finance Varujan Vosganian. Electrica's portfolio currently comprises three electricity distributors: Electrica Muntenia Nord, Electrica Transilvania Sud ...
As many as 80 pc of thermo-power stations in Romania have their warranty period expired
Thursday, April 19, 2007
Some 80 percent of thermo-power groups in Romania were installed over 1970-1980, practically having their warranty period expired.As well, the majority of thermo-power capacities are not equipped with performing installations meant to reduce damaging emissions, thus Nitrogen Oxides (NOx) and Sulfur Dioxide (SO2) emissions exceed the maximum values accepted in the European Union, according to data provided to Rompres by sources inside the Ministry of Economy and Finance.In the past years some ...
Dafora Medias starts drilling works at oil drilling rig Golitza in Bulgaria
Thursday, April 19, 2007
Dafora Medias (central Romania) has recently started the drilling works after successfully carrying out the assembly of an oil drilling rig in Golitza, Bulgaria.The drilling rig is upgraded and has a lifting capacity of 320 tonnes. Dafora's specialists estimate that the works will last for about five months. As regards the costs, the contract is based on daily tariffs depending on the necessary operations, with the overall value standing at approximately 3.5 million dollars. A team of about ...
Energy regulatory authorities to merge
Thursday, April 19, 2007
The two regulatory authorities in the energy field, that is the National Electricity Regulatory Authority and the National Regulatory Authority for Natural Gas, are to merge, according to a decision the Government took on Wednesday.Romanian Prime Minister Calin Popescu-Tariceanu stated on Wednesday, at the end of a meeting of the Executive, that the number of the authorities and agencies under the authority of the Government's Secretariat General (SGG) and of the Prime Minister Chancellery ...
No clue leading to conclusion that national power grid is in danger, says economy minister
Thursday, April 19, 2007
The national power grid is functioning well and there's no clue leading to the conclusion that it is in danger, said the Economy and Finance Minister Varujan Vosganian. According to a release issued by the Economy and Finance Ministry, Minister Vosganian on Wednesday met with representatives of electricity makers, of the system's operators and of energy regulating authorities. Attending the meeting were also representatives of the Foreign Intelligence Service (SIE) and of the Romanian ...
Trangaz lists a package of 10% shares at BVB
Thursday, April 19, 2007
Transgaz announced signing the contract of financial investment services with Raiffeisen Capital&Investment Bucuresti, the company to intermediate the listing on the stock exchange of a package of 10% of the shares of the gas transporter. Transgaz will promote a public bid to sell the shares with a view to listing them on the stock exchange, NewsIn informs. The company will issue and offer a number of shares summing up 10% of the social capital of the company, to result in the case of ...