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Energy & Environment

Transgaz appoints new director general, CFO

Thursday, August 31, 2017

Romanian gas transmission company Transgaz [BSE:TGN] said on Thursday it named Ion Sterian as director general and Marian Vasile Lupean as chief financial officer (CFO), seenews.com reports. The procedure for the selection of the two officials was carried out by Transgaz's administration board and by its Nomination and Remuneration Advisory Committee, without the assistance of any independent HR consultant, Transgaz said in a statement filed with the ...


Thursday, August 24, 2017

Fondul Proprietatea expresses its strong disapproval and significant concerns regarding the two new points proposed by the Ministry of Energy in the convening notice of Nuclearelectrica’s General Shareholders Meeting scheduled for 24 August 2017, a statement sent to ACTMedia reads. Both amendments are in direct contradiction with corporate governance provisions and are expected to have a negative impact on Nuclearelectrica’s performance, as well as on its share ...

RWEA: Investigations on wholesale electricity price hike should take into account overall market structure

Thursday, August 24, 2017

The Romanian Wind Energy Association (RWEA) believes the recent concern of the Romanian authorities to analyse the causes that led to the hike in wholesale prices of electricity is a normal one, business-review.eu reports. At the same time, it expresses its concern regarding the conclusions expressed, which fail to fully cover market functioning conditions, the association said in a press release.  The association argues that, although the ...

Draft regarding the law of hydro-mineral resources: the annual tax for exploitation activity, 100 euro/ha

Thursday, August 24, 2017


The ministry of economy published in public debate the draft regarding the law of hydro-mineral resources and from the Taxes chapter, tariffs for hydro-mineral resources it is clear that the annual tax for the exploitation activity will be 100 euro/ha. According to the National Agency for Mineral Resources (ANRM) the value of annual tax to be paid depending on the surface where the mining activity take s place and the way of payment are explained in ...

4 years’ space for the coal and gas-fired power units to meet the lower EU emission standards

Thursday, August 24, 2017

The European Commission published on Thursday tighter new standards for the bloc’s most polluting power plants, including many large coal-fired power stations, giving them four years to meet the lower emission standards, energynomics.ro reports. The decision, approved by the member states in April, was published in the Official Journal of the European Union, which means it has officially taken effect. The new standards include tighter rules ...

New EU rules for lower power plant emissions take effect

Thursday, August 24, 2017


The European Commission on Thursday (17 August) published  tighter new standards for the bloc’s most polluting power plants, including many large coal-fired power stations, giving them four years to meet the lower emission standards, euractiv. Com ...

In 2016, 11% of electric power came from wind and 1.32 billion lei gone with the wind

Thursday, August 24, 2017


From 2011 until now, the contribution of the wind sector to the national electricity basket has increased spectacularly to reach 15.79% in March this year (the last month for which we have data from ANRE), energynomics.ro informs. More specifically, the wind sector delivered 2.53 TWh out of a total of 16.06 TWh that went into networks. More and more important in the energy mix, the wind sector remains vulnerable due to the well-known and always put ...

Aleksandrs Popovics (Wood Mackenzie) : Taxation and political instability impede Upstream development of the Black Sea

Thursday, August 24, 2017

Wood Mackenzie has recently published an exhaustive report about the hot upstream projects currently explored in the Black Sea with an interesting mapping of the areas on volume and value of the offshore blocks. GBC has asked Wood MacKenzie, a leader in consulting services for the oil and gas companies, why the Black Sea is a hotspot for business and why an event on the upstream and midstream projects developed regionally is very timely now, when the majors decisions are ...

Upetrom enters insolvency due to losses

Thursday, August 24, 2017

Upetrom 1 Mai, a company owned by Gabriel Comanescu, went into insolvency due to losses, which last year amounted to 4.34 million euros, energynomics.ro informs. The company recorded consecutive losses in the last seven years. PricewaterhouseCoopers Business Recovery Services IPUR has been appointed the company’s legal administrator. Upetrom is a company that manufactures hydrocarbon extraction and construction equipment and last year had a ...

Romania imported 3.317 million toe of crude oil în Q1 of 2017

Thursday, August 17, 2017

 In Q1 of 2017 Romania imported 3.317 million toe of crude oil, by 415,200 toe (11.1 pct) lower than the quantity imported in the same period of 2016, according to data centralized by the National Institute of Statistics (INS). The crude oil production totaled 1.72 million toe, by 4.6 pct (83,100 toe) lower than in January-June 2016. According to the Energy Strategy project, published on the website of the Ministry of Energy, it is ...

Romania's Nuclearelectrica H1 profit soars on higher output, sales

Thursday, August 17, 2017

Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Friday its first-half net profit leapt to 133.7 million lei ($34.2 million/29.2 million euro) from 1.73 million lei in the year-ago period driven by increased electricity output and sales, seenews.com informs. The company's results for the first half of the year were influenced by a 5.5% rise in electricity produced by Cernavoda NPP to 5.06 GWh, given the ...

Romgaz posts rise in H1 net profit on higher gas, electricity sales

Thursday, August 17, 2017


Romanian natural gas producer Romgaz [BSE:SNG] said on Friday its first-half net profit surged 41.1% year-on-year to 868 million lei ($222 million/190 million euro) on the back of higher gas and electricity sales and lower expenses, seenews.com informs. The company’s financial performance was mainly helped by a 25.1% rise in gas sales to 1.79 billion lei in the first half of 2017 and by a 115% year-on-year jump of electricity sales to 264.9 ...

Rompetrol Rafinare invested USD 27 million at a constant level of business in H1 2017  

Thursday, August 17, 2017


  Rompetrol Rafinare, a KMG International group member company, registered a gross consolidated turnover worth USD 1.7 billion in the first half of 2017, a level comparable to that from the same period in 2016, the company said în a statement sent to ACTMedia. EBITDA operational profit amounted to USD 57.5 million, down by 36% compared to the same period in 2016, in the context of a 17% drop in refining margins in H1 2017 ...


Thursday, August 17, 2017

- In  the  first half of 2017, primary energy  resources increased by 2.0%, while  those of electricity ...

OMV Petrom announced that  they will sell, again ores owned in Romania

Thursday, August 17, 2017


OMV Petrom, the oil and gas company initiatied a new round of ore sale, after transferring 19 ‘marginal’ ores on 1 August announced the general manager Mariana Gheorghe, at the same time with sending the financial results to the BVB. ‘On 1 August there was a transfer of 19 marginal ores. In agreement with our strategy of value over volume we initiated a new round of ore sale’ the data sent to BVB ...

KMGI to expand petrol station network in Romania, Bulgaria

Thursday, August 17, 2017

KMG International (KMGI), part of Kazakhstan’s state oil and gas company, KazMunayGaz, plans to open more gas stations in Romania and Bulgaria and is looking for acquisitions in central Europe once its legal problems are resolved, Alexey Golovin, KMGI strategy and corporate development vice president told in an interview for Reuters, capital.ro informs. According to him, the company aims to increase its share of Romania’s petrol station ...

OMV Petrom’s profit, almost three times larger against last year

Thursday, August 17, 2017

The profit registered by OMV Petrom Group has almost tripled in the first half of 2017 against the similar period last year, the group’s report released on Thursday informs, quoted by romaniajournal.ro. Thus, the OMV Petrom profit has reached RON 1.21 billion in H1 against RON 408 million in H1 2016. Mariana Gheorghe, CEO of OMV Petrom S.A. said: “In the first six months of 2017, we converted favourable market ...

EBRD mulls $23.4 mln equity investment in Romania's Black Sea Oil & Gas

Thursday, August 17, 2017

The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is considering a $23.4 million (19.9 million euro) equity investment in Romania-based Black Sea Oil & Gas (BSOG), seenews.com informs. BSOG is the operator of the Romanian offshore Blocks Pelican XIII and Midia XV containing the Ana and Doina gas discoveries. "The project will support the development of the concession, to finalise the commercial ...

Romanian government to increase price of Diesel fuel, gasoline to make up for excise losses

Thursday, August 10, 2017

The Romanian government is planning to increase the price of Diesel fuel and gasoline by a minimum of RON 0.40 per litre in order to compensate excise revenue losses of RON 768 million in the first semester of 2017, business-review.eu reads.   Taxes represent 50-52 percent of the cost of Diesel fuel and gas. The proposed changes are included in a draft ordinance to amend the Tax Code. According to the draft project, the ...

Transgaz participates in the acquisition of the Greek company DESFA

Thursday, August 10, 2017

Romanian Transgaz, the natural gas transmission system operator, has submitted a joint letter of intention together with French GRTgaz for the acquisition of a 66 percent stake in Greek DESFA, the operator of the gas distribution network, according ...

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