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Energy & Environment

ENEL X ROMANIA INSTALLED A PHOTOVOLTAIC SYSTEM AT LTA MONDIAL EDIBLE OIL FACTORY

Thursday, August 6, 2020

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Enel X Romania, part of Enel X, the advanced energy services division of Enel Group, has installed a photovoltaic panels system on the edible oil factory of LTA Mondial company located in Baia, Tulcea County, which will help the plant to reduce its annual grid energy consumption by almost 8%, as well as to prevent the emissions of about 86 tonnes of greenhouse gases per year, the company informs. The project involved the delivery of a turnkey PV system ...

KMG International (Rompetrol) continues the "Career Ready" internship program

Thursday, August 6, 2020

KMG International (Rompetrol) has launched the 20th edition of the “Career Ready” internship program, aimed at young people who want to pursue a career in the oil and gas industry, the company informs. This year, 55 students and recent graduates were selected to participate in a special edition of the training program. For two months, the youngsters will benefit from the expertise of over 35 mentors, who will use their experience to guide ...

GAZ Romania Trade Unions Federation: BRUA, a project with strategic value for Romania and EU

Thursday, August 6, 2020

The BRUA gas pipeline is a project with strategic value for both Romania and the European Union, say representatives of the GAZ Romania Trade Unions Federation, who totally disapproves of the opinions recently launched in the public space by various people and organizations in reference to its so-called lack of utility."The GAZ Romania Trade Unions Federation, a nationally representative organization that represents the interests of employees in the gas industry - ...

CEZ Group implementing long-term teleworking system in Romania

Thursday, August 6, 2020

 The CEZ Group is implementing a long-term teleworking system in Romania as more than half of the employees of CEZ companies in Romania have been teleworking since the beginning of the state of emergency, the company announced on Friday."Since the beginning of the state of emergency, over 50% of the employees of CEZ companies in Romania have carried out their activity remotely. The proven operational efficiency and the safety priority of CEZ employees and ...

Delayed Coking unit efficiency project, implemented by Rompetrol Rafinare

Thursday, August 6, 2020

Rompetrol Rafinare, a member company of KMG International, has completed a new investment project to increase the degree of crude oil processing and optimize operational flows. With a value of over 1.4 million dollars, the project was recently implemented during the general turnaround of the Petromidia refinery and aimed at installing a new light gas oil recovery system at the fractionation column within the Delayed Coking ...

Romanian gas transporter starts testing Iasi-Chisinau pipeline

Thursday, August 6, 2020

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Romania's natural gas transport system operator Transgaz started the technical tests on the Iasi - Ungheni - Chisinau gas pipeline that would facilitate the exports of Romanian natural gas to ...

C. Ghita, Nuclearelectrica: Romania needs a coherent and integrated plan of investments in new capacities

Thursday, August 6, 2020

Nuclearelectrica will soon initiate a feasibility study to establish concrete data for the development of new electricity generation capacities and to respond to the National Energy Climate Plan (NECP). No truly robust energy system can really work only on the basis of renewable sources, said Cosmin Ghita, the CEO of ...

H. Adrian (Holcim): Green Deal means huge investment needs for cement plants

Thursday, August 6, 2020

Holcim maintained its activity in Romania with no incidents caused by Covid-19. “During this period, our first concern was the safety of our employees,” said Horia Adrian, CEO of Holcim Romania. In terms of business decisions and short-term economic prospects, they are “under the spell of individual and collective responsibility for adapting to a new normal”. In Romania, just as it is the case at the level of the LafargeHolcim ...

OMV Petrom: Fuel consumption will decrease by 10% this year and will not recover in 2021

Thursday, August 6, 2020

Fuel consumption will fall by 10% this year due to the coronavirus pandemic, and demand will not return to pre-pandemic levels earlier than 2022, said Radu Caprau, OMV Petrom’s Downstream Oil director, said on Wednesday. “In the second quarter, the demand for oil products was strongly affected, which will be reflected in year-on-year decreases, even if we see a recovery trend in this period, better than we initially estimated. We believe ...

PwC: The energy demand shock of 2020 is the largest in the last 70 years

Thursday, August 6, 2020

In recent months, the energy sector has suffered a double shock: due to the COVID-19 pandemic and the disruption of the oil market amid falling demand and surplus supply. According to PwC estimates from the “PwC Power Utilities Future of Industries” report, which is based on data from the International Energy Agency for 2020 (IEA), the 2020 energy demand shock is the largest in 70 years. At the same time, global energy demand is expected to fall by 6% this year, ...

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 ...

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