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Energy & Environment

OMV Petrom, net profit drops by 56 pct in first half of the year

Thursday, July 30, 2020

OMV Petrom, the main Romanian oil company, has obtained in the first half of this year a net profit of 867 million RON, by 56 pct less than in the similar period of last year, according to the half-year report sent on Wednesday.Sales income stood at 10.069 billion RON, an 11 pct decrease. The decline of sales comes following the negative evolution of market prices and smaller sales volumes for oil products, the company's representatives ...

OMVPetrom: Black Sea gas can help Romania's economic recovery, yet offshore law delayed

Thursday, July 30, 2020

Black Sea gas can help Romania's post-pandemic economic recovery, but changes to the Offshore Law are delayed, which erodes the economic foundation of this project, said OMV Petrom CEO Christina Verchere in an interview with Agerpres..ExxonMobil and OMV Petrom are equal partners in the Neptun Deep Black Sea offshore project, where a gas deposit evaluated at 42-84 billion cubic meters was found. By comparison, Romania's annual production is 10-11 billion cubic ...

Austria’s OMV wins EUR 59 mln case against Romania in international court

Thursday, July 30, 2020

Austrian’s OMV group, which controls Romanian oil and gas group OMV Petrom, has won a lawsuit against Romania’s Environment Ministry filed at the International Chamber of Commerce in Paris (ICC), according to the group’s quarterly report. The ICC’s Arbitral Tribunal ruled on July 9 that Romania must pay EUR 59 million worth of compensation plus related interest (unspecified amount) to OMV Petrom. The sum represents the value of ...

Gov't to approve this week 1 bln euros for expansion of Romania's gas networks

Thursday, July 30, 2020

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The government will approve this week a 1 billion euro allocation for the expansion of Romania's gas networks, Deputy Prime Minister Raluca Turcan announced on Tuesday. According to the cited official, Romania's current gas connection rate is 32 percent of localities connected, and the central authorities want to raise it to 70 percent."The Orban Government will approve this week one billion euros to increase Romania's mains gas connectivity from the almost ...

Grampet group company buys over industrial platform of RAFO Onesti refinery

Thursday, July 30, 2020

The Roserv Oil company, part of the Grampet group, has acquired the industrial platform of the RAFO Onesti refinery as part of a public tender coordinated by CITR, according to a press statement of the insolvency firm released on Monday.The sale of the asset was completed according to a capitalisation strategy approved by the creditors to RAFO Onesti as part of the insolvency procedure, with the aim of developing the largest logistics centre in ...

Govt., minority shareholder clash over Hidroelectrica’s strategy

Thursday, July 30, 2020

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Romanian economy minister Virgil Popescu slammed Fondul Proprietatea, a minority shareholder in the hydropower company Hidroelectrica, which recommended the Government to stop interfering with the company's management. The Economy Ministry controls 80% of Hidroelectrica, which is the biggest power producer in Romania and the most valuable state company. Fondul Proprietatea, managed by American group Franklin Templeon, holds the remaining ...

FONDUL PROPRIETATEA: THE GOVERNMENT SHOULD REFRAIN FROM GETTING INVOLVED IN THE MANAGEMENT OF THE COMPANYES WHERE IT IS SHAREHOLDER 

Thursday, July 30, 2020

Fondul Proprietatea (hereinafter “The Fund”) reacts to recent declaration of the Minister of Economy, Energy, and Business Environment, according to which Hidroelectrica could supply energy directly to the population for a much lower price, as being an incautious violation of GEO 109/ 2011 on corporate governance in SOEs. The law prohibits direct involvement of the state as a shareholder in the management of the company.  Concerned on ...

Minister of Energy: Fondul Proprietatea wants to prevent Hidroelectrica from delivering energy to population at low prices

Thursday, July 30, 2020

Fondul Proprietatea wants to prevent Hidroelectrica from delivering energy to domestic customers, at low prices, and wants to keep the company captive to big suppliers, the Minister of Economy, Energy and Business Environment Virgil Popescu wrote on Facebook on Thursday."Romanians' interest comes first! I asked Hidroelectrica to communicate the volume of investments made in recent years, when they had high prices for electricity, given that they used this excuse. ...

MRS. VIVIAN NICOLI RESIGNS AS MEMBER OF THE BOARD OF NOMINEES  OF FONDUL PROPRIETATEA 

Thursday, July 30, 2020

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager (the “Investment Manager”) of Fondul Proprietatea SA (the “Fund”), informs that Mrs. Vivian Nicoli has resigned from her positions held within the Fund’s Board of Nominees (the “Board”) and Consultative Committees due to her intention to take on other commitments. The effective date of the resignation is 1 September ...

PM Orban says deals with “Euro-Atlantic partners” for nuke reactors will be signed soon

Thursday, July 30, 2020

Romania is close to signing an agreement with undisclosed "Euro-Atlantic partners" to complete the third and fourth reactors at the Cernavoda nuclear power plant, prime minister Ludovic Orban announced on July 23 as he visited the plant. Romania will invest EUR 8-9 billion to build the two new reactors, which should be ready by 2030, and to reshuffle the first reactor. "As soon ...

Power outages in Romania last twice as long as in Europe

Thursday, July 30, 2020

Every Romanian power consumer was left in the dark, on average, 350 minutes last year. The duration of power outages in Romania is thus double compared to “advanced European countries,” according to a report on the performance indicators of energy distribution operators in 2019, published by the National Energy Regulatory Authority ...

Hidroelectrica: We cannot have low energy price and, at the same time, make investments

Thursday, July 23, 2020

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The price of energy paid by final consumers cannot at the same time be low and also cover the necessary investments in the energy sector, and the difference is at the level of a pack of cigarettes, Bogdan Badea, general manager of Hidroelectrica declared on Tuesday."The free market is the only one that can give a fair price to the consumer and the price that we need to make investments. Do not think that we can have a very low price for energy and we can make ...

Tullip Energy takes over Romanian natural gas perimeter

Thursday, July 23, 2020

Dutch company Tullip Energy Exploration and Development (also known as Lalea Energy) took over the operating license for the Romanian natural gas field Bobocu from Canadian company Claren ...

ANRE: Gas producers, compelled to sell 40% of total on stock exchange

Thursday, July 23, 2020

The regulatory committee of the National Energy Regulatory Authority A(NRE) approved on Friday the orders by which the gas producers are compelled to sell 40% of the total on the stock exchange, according to an authority's release.The measure was taken in the context of the liberalization of the natural gas market for domestic consumers starting with July 1, 2020, in order to ensure continuous equal access for all participants to sources, especially small ...

Vodafone’s European network to go 100% green, including in Romania

Thursday, July 23, 2020

Vodafone has announced that its European network will be powered by 100% renewable electricity no later than July 2021, creating a Green Gigabit Net for customers across 11 markets that will grow sustainably using only power from wind, solar or hydro sources. Vodafone also committed to helping business customers who use its services (like IoT solutions, but also cloud hosting, home working and others) reduce their own carbon emissions by a cumulative ...

R. Oberth, OCNI: A fast decision on Nuclearelectrica’s U3-U4 might reduce costs

Thursday, July 23, 2020

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“I think that the discussions and the planning should start now and looking for various investment models”, said Ron Oberth, president and CEO of the Organization for Canadian Nuclear Industries – OCNI, in a conversation about the Romanian-Canadian collaboration in the nuclear field, ...

ROPECA's S. Birrell: We need free markets, digitization, less bureaucracy

Thursday, July 23, 2020

Romania is one of the four biggest hydrocarbon-producing countries in Europe, said Stephen Birrell, President of ROPEPCA, at the Energy Strategy Summit 2020. ROPEPCA members invested over 5.5 billion euros in Romania between 2014 and 2019 and generated a budget contribution of 11.8 billion euros, said Birrell, stressing that these companies are responsible for 14,000 jobs in the industry. “The International Energy Agency ...

Michal Osladil, IBM: Energy companies in the CEE region increasingly use artificial intelligence

Thursday, July 23, 2020

There are currently a number of disruptive changes in the energy sector, considers Michal Osladil, Energy & Utilities Leader, IBM CEE, referring mainly to the decarbonization process. “Decarbonization is changing the structure of electricity generation, even dramatically, for many companies in the EEC region,” said Michal Osladil at the 2020 Energy Strategy Summit. “Countries in this region, such as Poland or ...

Has the coronavirus killed the oil sands industry?

Thursday, July 23, 2020

The spectacular collapse in oil prices caused by the coronavirus pandemic has brought the costliest – and most polluting – oil projects such as tar sands to a standstill, a development some analysts say could be definitive, euractiv.com reads. Even though oil prices have partly recovered from the April market crash, they have not returned to pre-crisis levels yet and market analysts wonder if they ever ...

Elena Popescu ( Energy Strategy Summit): PNIESC will be subject to strategic environmental assessment before having a final form

Thursday, July 23, 2020

Currently, the Ministry of Economy and Energy (MEEMA) is working to coordinate the National Energy Strategy with the National Energy Climate Plan (NECP), explained at the Energy Strategy Summit Elena Popescu, Director, Transition and Renewable Energy Policy Directorate, MEEMA. “The text of the Energy Strategy had to be revised accordingly. It will be sent to the Ministry of Environment and will be available on the ...

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