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Energy & Environment

Romgaz 2019 net profit up 4.55 pct to 1.43 bln lei

Thursday, February 27, 2020

The National Natural Gas Corporation Romgaz reported a 4.55 pct growth in the 2019 preliminary net profit to 1.43 billion lei, and a turnover of 5.08 billion lei, 1.52 percent higher from the year before, shows the annual preliminary consolidated report released by the company.The turnover increase is the effect of several elements that include the 4.4 percent rise in revenues from the sale of natural gas from the company's own production as well as from the ...

ENEL X TEAMS UP WITH THE EUROPEAN COMMISSION AND EIB FOR THE E-MOBILITY REVOLUTION

Thursday, February 27, 2020

The AMBRA-Electrify Europe project reached full financial close through the co-financing provided by Enel X, the European Commission through its Innovation and Networks Executive Agency (INEA) and the European Investment Bank (EIB) The project, which will be completed by 2022, envisages a total investment of 70.75 million euros and will involve the construction of more than 3,000 charging ...

Rompetrol Rafinare invests 4.6mln dollars in modern system for recovering liquefied petroleum gas

Thursday, February 27, 2020

Rompetrol Rafinare has successfully implemented a modern system for recovering liquefied petroleum gas, following an investment of 4.6 million dollars, the company informs. The project ensures an improvement in the production flow and a substantial reduction in the sulfur dioxide emissions."It is a unique project at the level of Romania and it is part of the Group's strategy of continuous modernization of the operational processes at the level of the production ...

State aid: Romania to recover around €13 million from the National Uranium Company

Thursday, February 27, 2020

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The European Commission has found that various Romanian public support measures in favour of the Compania Na?ional? a Uraniului SA ('CNU', the National Uranium Company) are not in line with EU rules on State aid to companies in difficulty. As a result, Romania cannot implement the support measures envisaged in the restructuring plan. It must also recover €13 million of incompatible rescue aid that CNU received in 2016, plus interest. Executive ...

Geotech Investigation in Offshore Midia Gas Development Project

Thursday, February 27, 2020

The Ministry of Economy, Energy and Business Environment (MEEMA) issued a permit on last Friday allowing the offshore geotech drilling on the subsea segment of the future upstream gas pipeline linking the Ana Platform to the shore and to a new onshore gas treatment plant ('GTP') in the Vadu area of Constanta County, according to a release of the institution."The Ministry of Economy, Energy and Business Environment supports the start of the offshore gas ...

IAEA reviews recent developments in Unit 1 of Cernavoda n-power plant refurbishment

Thursday, February 27, 2020

An International Atomic Energy Agency (IAEA) team of experts has completed a review of long term operational safety at the Cernavoda Nuclear Power Plant (NPP) in Romania.The Pre-SALTO (Safety Aspects of Long Term Operation) review mission was requested by the plant's operator, Societatea Nationala Nuclearelectrica SA.According to a press statement released on Friday by Nuclearelectrica, the mission is part of the support provided by IAEA for the ...

Lower transmission tariffs drag down Transgaz 2019 profit

Thursday, February 27, 2020

Romanian gas transmission company Transgaz [BSE:TGN] said on Thursday that its net profit fell by 29% on the year to 349.4 million lei ($79 million/73 million euro) in 2019, due to a drop in transmission tariffs. Operating revenue before balancing and construction activity edged down by an annual 2% to 1.57 billion lei, mainly influenced by lower commodity transmission tariffs, Transgaz said in its 2019 provisional report ...

MEP Basescu: European Green Deal risks pushing ‘two or three countries’ towards EU exit

Thursday, February 27, 2020

The European Green Deal “will definitely create tensions” inside the EU, and risks pushing “two or three countries” to leave the Union altogether, warns former Romanian President Traian Basescu, saying the real priority in Romania is to build new infrastructure like motorways and exploit natural gas resources from the Black Sea. Traian Basescu served for ten years as President of Romania and represented his ...

EurActiv:Romania must not squander EU Green Deal opportunity

Thursday, February 27, 2020

Positioning the country against the EU Green Deal, Romanian politicians appear to be on the wrong side of history and disconnected from the economic reality of energy markets, writes Suzana Carp for euractiv.com. Suzana Carp is Brussels Office Lead at Sandbag, an environmental NGO. Last week’s negotiations on the EU budget for 2021-2027 had everyone on their tip-toes: will the block be able to fill the Brexit gap ...

EIB to allocate more money to clean energy projects, opportunity for Romania

Thursday, February 20, 2020

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The European Investment Bank (EIB) will no longer finance projects on fossil fuel energy production, which means that more money will be directed towards green energy investments, and Romania will benefit from this opportunity, Andrew McDowell, vice president of the institution, told on Thursday a conference on the financing of investments, organized by the EIB in Bucharest.Andrew McDowell was asked by journalists what this means for Romania, as our country relies ...

Oil Terminal – profit almost nine times higher than in 2018

Thursday, February 20, 2020

Oil Terminal, the operator of the Black Sea oil terminal, reported a preliminary net profit of 2.42 million lei for 2019, almost nine times over that of the previous year, of 0.28 million lei, due to an increase in revenues from the provision of services of 15.5%, up to 166.13 million lei, is shown in the report of the company, sent to the Bucharest Stock Exchange (BVB). Personnel expenses rose by 12.2% to 89.06 million lei, while in the category ...

Romgaz eyes 20% stake in Neptun Deep offshore gas project

Thursday, February 20, 2020

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Romanian natural gas producer Romgaz [BSE:SNG] is interested in acquiring a 20% stake in Neptun Deep - the offshore gas project in the Black Sea in which ExxonMobil holds a 50% stake, local media reported on Tuesday. Romgaz have the appetite to acquire 20% of Neptun Deep when Exxon make their final decision on selling, Ziarul Financiar newspaper quoted Romgaz CEO Adrian Volintiru as saying at an energy ...

Exxon “not committed” to exit Neptun Deep project, minister Popescu says

Thursday, February 20, 2020

Officials of U.S. group Exxon have said that they are not committed to leave Romania and are only testing the market, and that is why they have put up for sale their 50% stake in the Neptun Deep offshore gas project developed with OMV Petrom in Romania’s Black Sea - to see if they receive an offer that could determine them to sell, said Romania’s acting minister of economy and energy Virgil Popescu, at Realitatea Plus TV station. Related to ...

A new platform for smarter energy performance contracts is coming to Europe

Thursday, February 20, 2020

* Innovative solutions for building owners and investors through the active control of smart buildings will be tested in Portugal and Belgium A new concept for adding flexibility in the Energy Performance Contracting model is currently being developed at a European level. This approach aims to support building owners and investors by promoting comfort and energy-cost savings through active demand response solutions. Additionally, it will have ...

Nuclearelectrica is ready to develop new reactor on its own

Thursday, February 20, 2020

Romanian state-controlled nuclear company Nuclearelectrica needs between EUR 3 bln and EUR 3.5 bln to develop the third nuclear reactor of the Cernavoda nuclear power plant using own resources and bank loans, but it needs state guarantees to contract the loans, said Theodor Chirica, member of the company’s board and former CEO speaking at an energy ...

EBRD interested in 5% stake in Romania's Hidroelectrica

Thursday, February 20, 2020

The European Bank for Reconstruction and Development (EBRD) is interested in acquiring a 5% stake in state-owned Romanian hydro power producer Hidroelectrica, local media reported on Monday. "We support the listing of the company on the Bucharest Stock Exchange. We have a letter of intent from the EBRD who want to be part of the pre-listing procedure by acquiring a 5% stake," Ziarul Financiar newspaper quoted economy and energy minister Virgil Popescu ...

Transelectrica's 2019 profit at 104.4 ml lei, up 28 pct

Thursday, February 20, 2020

National electricity transmission system operator Transelectrica's net profit stood at 104.4 million lei last year, up 28 percent from the 81.3 million lei registered in 2018, shows a report sent on Friday to the Bucharest Stock Exchange.Transelectrica's total revenues were 2.397 billion lei in 2019, down 11.9 percent from 2.721 billion lei in 2018. At the same time, expenses decreased by 13.3 percent to 2.271 billion lei from 2.620 billion lei in the previous ...

Intero Integrity Services acquires environmental and integrity service provider The Sniffers

Thursday, February 20, 2020

Intero Integrity Services announced it has acquired The Sniffers, a longstanding service provider to the oil & gas industry and specialized in emission monitoring and pipeline integrity services. The 90-employee company The Sniffers, founded in 1991 and headquartered in Belgium, offers emission reduction services such as LDAR and tank emission measurements, energy saving projects for flare- and steam-losses and underground pipeline integrity ...

BSOG to deliver first offshore gas from Romania’s Black Sea in 2021

Thursday, February 20, 2020

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Black Sea Oil and Gas (BSOG), the only company that has already made the final investment decision to exploit an offshore gas perimeter in Romania’s Black Sea, maintains its goal of bringing the first gas to shore in 2021 despite the operations lagging slightly behind schedule. “We are a little late, the project is at 25% [versus 50% planned], but we will start the extraction in 2021,” Mark Beacom, CEO of ...

Climate Action: Commission urges Romania to notify national measures on penalties for infringements of Regulation on fluorinated greenhouse gases

Thursday, February 13, 2020

Today, the European Commission decided to send a reasoned opinion to Romania for failing to adopt measures on penalties for breaches of Regulation (EU) No 517/2014 on fluorinated greenhouse gases. Fluorinated greenhouse ...

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