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Energy & Environment
Romgaz to bid for Exxon’s stake in Neptun Deep within two weeks
Thursday, March 25, 2021
Romania's Government has deferred amending the Offshore Law until local gas producer Romgaz takes over the 50% stake and the leading position in Neptun Deep perimeter from ...
Group Electrica seeks EUR 360 mln financing
Thursday, March 25, 2021
Electrica (EL), the largest Romanian group in the field of energy distribution and supply, has summoned its shareholders on April 28 to approve guarantees for a RON 1 billion (EUR 210 million) loan from the European Investment Bank (EIB) and a RON 750 mln (EUR 153 mln) bridge loan from a consortium formed by Erste Bank and Raiffeisen Bank. The EUR 210 mln loan from the EIB will be contracted by ...
Govt. to help coal and power group CE Oltenia before EC’s approval
Thursday, March 25, 2021
Government will help coal and power complex CE Oltenia (CEO) buy the emission certificates it needs by the end of April, before the European Commission completes its in-dept investigation to evaluate whether the state aid complies with the EU regulations, announced the head of the Competition Council, Bogdan Chiritoiu. He didn't explain how the Government could help CEO before the EC's green light but stressed that "the investigation ...
PM Orban: Exploitation of natural gas in the Black Sea - important for Romania's energy supply
Thursday, March 18, 2021
The Speaker of the Chamber of Deputies, Liberal Ludovic Orban, stated that the exploitation of natural gas in the Black Sea is important for Romania's energy security, mentioning that a fund could be created from the taxes collected from these exploitations to finance major investments.Orban met in Parliament on last Friday with representatives of OMV Petrom to discuss legislative changes in the case of the Black Sea offshore gas exploitation project."Today I ...
Nuclearelectrica proposes slightly lower dividends despite higher profit
Thursday, March 18, 2021
Romanian state-controlled nuclear power producer Nuclearelectrica (SNN) wants to pay dividends worth RON 472 mln (EUR 97 mln) to its shareholders from last year’s net profit. The proposed gross dividend per share is RON 1.565 and the dividend yield is 6.3% based on Monday’s closing price of RON 24.65 per share. The proposed dividend is 5% lower than last year (RON 1.653 per share) although the company’s net ...
Investors to develop 1.4 GWh new wind power capacities in RO within five years
Thursday, March 18, 2021
Investors could pour over EUR 2 billion in Romania over the coming five years to develop 1.4 GW of new wind power capacities in what seems to be the second wave of renewables in the country. Large investors have already approached power grid operator Transelectrica to get approvals for their ...
CE Oltenia seeks long-term contract with aluminum producer Alro
Thursday, March 18, 2021
CE Oltenia, which seeks state aid to restructure its activity and phase out coal use, said that it signed a memorandum of understanding with local aluminum producer Alro to sell electricity after it completes new gas-fired units (in ...
Enel launches voluntary partial public tender offer for Enel Americas’ shares and American depositary shares
Thursday, March 18, 2021
Enel S.p.A. announces that, in the context of the corporate reorganization process aimed at integrating the non-conventional renewable energy business of the Enel Group in Central and South America (excluding Chile) into the listed Chilean subsidiary Enel Américas, it has launched a voluntary partial public tender offer for the acquisition of shares of Enel Américas common stock and American Depositary Shares of the above company up to a maximum overall amount of ...
OMV Petrom confirms it will pay the same dividend as last year
Thursday, March 18, 2021
Oil and gas group OMV Petrom (SNP) will pay a gross dividend of RON 0.031 per share from last year’s net profit and from reported profits from previous years. The dividend yield is 7.6% at Wednesday’s closing price of RON 0.407 per share. The total value of dividends is RON 1.75 bln (EUR 360 mln), the same as last year, despite the 64% drop in the group’s consolidated net profit in 2020, to RON 1.29 bln (EUR 265 ...
COFACE: Diversification is one of the many effects of oil price volatility on Middle Eastern and African oil producers
Thursday, March 18, 2021
* Study on the impact of oil price volatility in the Middle East and Africa The COVID-19 pandemic’s negative impact on global GDP growth and global trade volumes has caused a sharp drop in oil prices in the spring of 2020. This price drop, even if temporary, has affected Middle Eastern and African oil exporters differently, in line with their national output’s dependence on oil, as well as their fiscal strength and international ...
The Minister of Energy has chosen his state secretaries
Thursday, March 18, 2021
Dan Dragan, George Niculescu and Derzsi Akos were appointed state secretaries within the Energy Ministry by a decision of the prime minister. The first two were proposed by the National Liberal Party more than a month ago. Dan Dragan has worked before with minister Virgil Popescu on the team of former Minister of Economy, Energy and Business Environment, in the same position as state secretary. Dan Dragan was ...
Delgaz Grid – investments of over 2.9 bln. lei for the modernization of electricity networks
Thursday, March 18, 2021
Delgaz Grid, part of the E.ON Romania Group, has invested over 2.9 billion lei (682 million euro) since 2005, for the modernization of the electricity distribution system in the six counties in Moldova in which it operates (Bacau, Botosani, Iasi, Neamt, Suceava and Vaslui). One of the company’s priorities is to automate the electricity distribution ...
Agreement on the Connecting Europe Facility, worth €33.7 billion
Thursday, March 18, 2021
The European Parliament and the Council agreed on the Connecting Europe Facility (CEF) proposal, worth €33.7 billion, as part of the next long-term EU budget 2021-2027. The Connecting Europe Facility programme supports investment in Europe’s transport, energy and digital infrastructure networks. It will support the twin green and digital transition, by contributing to the ambitious targets for the European Green Deal and the Digital ...
The deputies adopted the draft for approval of the OUG which amends the Law of Oil
Thursday, March 11, 2021
The Deputies’ chamber adopted on Wednesday the draft law regarding the approval of the emergency ordnance of the government 27/2020 for the amendment and completion of the law of oil 238/2004. The minister of energy Virgil Popescu stated that these amendments of the present document strengthened the national safety, by harmonising a European directive which includes that ‘ the member states can refuse, from reasons of national safety, to allow access ...
Romania has sufficient energy renewable sources, consider 65% of the citizens
Thursday, March 11, 2021
Romania has sufficient energy renewable sources, consider 65% of the citizens, according to a sociological research in the project ‘ Sustainable Romania’ which shows the way in which the public opinion considers the sources of green energy and the way they evaluate access to energy services.The indicators refer to the Objective for Sustainable Development ODD7 ‘ Clean energy and accessible prices’in the National Strategy for ...
KJK Balkan asks buy-back at KazMunayGaz’s RO oil service division
Thursday, March 11, 2021
Finnish investment fund KJK Balkan, which holds 10.7% of Rompetrol Well Services (PTR), the Romanian oil services division of KazMunayGas International (KMGI), proposed a share buy-back program of up to 28 million shares at a maximum price of RON 1.5 per share to reduce the share ...
Nuclearelectrica conditions nuke plant expansion on state support mechanism
Thursday, March 11, 2021
The management of Romanian state-controlled nuclear power producer Nuclearelectrica (SNN) says the Government should set the terms, including the support mechanism, before going ahead with the preliminary investment decision for the EUR 7 billion expansion of the Cernavoda power ...
Nuclearelectrica seeking agreement with Romanian state on financing, support for construction of Cernavoda NPP Units 3 & 4
Thursday, March 11, 2021
Cernavoda nuclear power plant operator Nuclearelectrica (SNN) will make the decision to invest in the construction of NPP Units 3 and 4 provided that it concludes an agreement with the Romanian state establishing the financing method and support mechanisms for this project, states the 'Strategy for the continuation of the Units 3 and 4 project", a document that will be discussed in the General Meeting of the Company's Shareholders scheduled for April 5, ...
Electrica Group – net profit of 388 million lei (+87,5%) in 2020
Thursday, March 11, 2021
Electrica Group obtained a consolidated net profit of 388 million lei in 2020, up by 87.5% (181 million lei) compared to the previous year. The profit before taxes (EBITDA) reached 953 million lei, by 235 million lei higher than in 2019. Increased EBITDA was mainly driven by the evolution of the supply segment against the background of recovering some differences in the power acquisition costs on the regulated supply ...
Gabriela Dan-Unterseth is the new President of the Authority for Regulating the Offshore Oil Operations at the Black Sea – ACROPO
Thursday, March 11, 2021
Gabriela Dan-Unterseth was appointed in the position of president, with the rank of state secretary, of the Black Sea Offshore Oil Regulatory Authority – ACROPO. A graduate of the Geology Faculty in Bucharest, Gabriela Dan-Unterseth has a PhD in France. She worked for 14 years at one of the world’s major marine investigation companies, Fugro, where she has occupied various positions and engaged in ...