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Energy & Environment
Completion of rehabilitation works at Ciunget Hydro Power Plant, a historic moment for Romanian energy sector
Thursday, March 3, 2011
Completion of Ciunget construction works represents a historic moment for the Romanian energy sector, stated on Friday Minister of Economy and Trade Ion Ariton, present in the delivery of the finalized construction at Lotru-Ciunget Hydro Power Plant located in Valcea County Southern country . ''I want to thank everyone who helped to the creation of a work of exception. I refer here to builders, beneficiaries, in a word to those who have made the completion of the Ciunget works a ...
Romanian Econ Min: Nuclear Project Not Dependent On Foreign Partners
Thursday, March 3, 2011
Romania’s planned EUR4 billion nuclear project in Cernavoda will go on with or without new foreign partners, Economy Ministry Ion Ariton said Friday, a few weeks after three key investors have decided to withdraw from the project. "If no other companies join us, we can continue this project on our own, together with state-run companies such as Hidroelectrica, Transelectrica and so on," Ariton told reporters. Romania, through state-owned nuclear energy company Nuclearelectrica, controls 60.1% ...
Romania Signs Oil Exploration Agreements for Eight Blocks
Thursday, March 3, 2011
Romania signed oil exploration agreements with seven companies including Audax Resources Ltd., OAO Lukoil and Vanco International for eight blocks in the country, according to the National Agency for Mineral Resources. The eastern European country completed yesterday the agreements for the onshore and offshore exploration blocks awarded with 12 others last year, the agency said in a statement on its website. Audax, an Australian minerals and gold explorer, Clara Petroleum Ltd., ...
MECMA: European projects for energy security require EU financial support
Thursday, March 3, 2011
The projects of European interest which are not commercially viable but which bring obvious benefits at regional or European level in terms of security of energy supply require major investments that cannot be always ensured by the market, and EU financial support is required in this context, Romanian Minister of Economy Ion Ariton told on Monday the meeting of TTE-Energy Council held in Brussels, according to a release from the Ministry of Economy, Trade and Business Environment (MECMA) . ...
Romanian Econ Min: No Reason For Immediate Gas Price Hikes
Thursday, March 3, 2011
The price of natural gas should not increase during this period, in the opinion of the Ministry of Economy, Trade and Business Environment (MECMA). According to a release of the Ministry, there are not any reasons for the natural gas price paid by the population to increase in the future.MECMA adds that they are permanently monitoring the situation of the natural gas supply, both from the domestic production and from imports. The Ministry also points out that the only institution in Romania ...
Former Termoelectrica manager retained
Thursday, March 3, 2011
The former general manager of Romanian energy company Termoelectrica, Ioan Ungureanu, who now heads the commercial department of the company, was retained by anti-graft prosecutors under charges of abuse in office against public interest on Tuesday.Former Economy minister Varujan Vosganian named Ioan Ungureanu general manager of Termoelectrica in September 2007. He was dismissed by minister Adriean Videanu two years later. Ungureanu served as general manager of Termoelectrica in ...
Bloomberg: Rompetrol group willing to get loan to cover debt to Romania
Thursday, March 3, 2011
The Rompetrol group may issue bonds or get a loan should it reach an agreement with the Romanian government on paying its debt to the Romanian state, Tolegen Boznajov, chairman of the group, said in Almaty, Kazakhstan, on Wednesday, as quoted by Bloomberg. Rompetrol, which is 100 percent controlled by Astana-based KazMunaiGaz National Co., offered in January to pay part of the 515 million euros ($710 million) it owes to Romania and to use the remainder to upgrade its Petromidia refinery. ...
EU-Russia: toward closer ties
Thursday, March 3, 2011
Energy, trade and a new framework for further cooperation dominate discussion at meeting between Commission and Russian government.Ensuring a stable political and economic relationship with Russia is at the core of the EU's policy towards its eastern neighbour and is a key condition for securing stability in the region.The meeting between the Commission and Russia’s government held in Brussels on 24 February was the largest so far in the developing relationship.Oil and gas Russia ...
Transgaz net profit up 23pct in 2010
Thursday, February 24, 2011
National Natural Gas Transport Company Transgaz posted some 86.5 million euros (367.79 million lei) in 2010 net profit, up by more than 23 percent compared to the 2009 net profit of 71.1 million euros (298.63 million lei), according to preliminary financial information sent to the Bucharest Stock Exchange (BVB).Transgaz net turnover stood at 1.312 billion lei, up 10.58 percent from the prior year, when the company conducted 1.187 billion lei worth of business. The company ...
Environment Minister Laszlo Borbely: We need 3 billion euros for sites decontamination
Thursday, February 24, 2011
Romania needs 2.5-3 billion euros in the coming years to decontaminate the over one thousand contaminated sites, money that, for now, it has not, but it intends to get from the European Union (EU), Environment and Forestry Minister Laszlo Borbely told a press conference on Thursday.'According to the first calculations, we would need around 2.5-3 billion euros, at least in the coming period, in order to decontaminate these sites. An analysis is required and we are going to finalize ...
Romania Economy ministry may remain with 51% stake in most important state company Hidroelectrica
Thursday, February 24, 2011
Romanian energy company Hidroelectrica may be listed as early as next year should the strategy establishing two major energy groups, Electra and Hidroenergetica, fail before the end of 2011. Packages of 10-15% of Hidroelectrica shares will be put on offer gradually so that the Romanian state retain a minimum of 51%, Hidroelectrica, general manager Constantin Trihenea has told in an interview. He said all direct contracts concluded by the company with influential people known locally as "the ...
LPG consumption up 12pct a year in Romania
Thursday, February 24, 2011
The LPG (liquefied petroleum gas) consumption has constantly grown in Romania in the last five years, posting a combined rise of 115 percent or an annual growth rate of nearly 12 percent, company Syscom 18 quotes a press release by LPG European Association as saying.'For a range of big LPG refineries and distributors in Romania such as Petrom, Petrom GPL, Rafo Onesti or Butan Gas we have, over time, supplied all the required equipment for the automation of the LPG loading ...
Fuel price is to be adjusted in next few days
Thursday, February 24, 2011
The fuel price will register some adjustments in the next few days in Romania, too, on the grounds of the conflicts in Libya, Petrom general manager Mariana Gheorghe told a press conference.'The conflicts in Libya will have effects. The Petrom price policy is in keeping with the one of the European companies on the fuel market. The two main elements, the international rates and taxes, will determine the fuel price evolution, in the context of each market's competitiveness. We make ...
We continue re-equipping Petrom, OMV Group president says
Thursday, February 24, 2011
Austrian OMV Group president Wolfgang Ruttenstorfer said on Wednesday that the Company's strategy includes the continuation of Petrom's re-equipment, stressing that Petrom's restructuring plan was completed.'Petrom witnessed a positive development. Petrom is a key objective of the Group, and its upgrading plan includes the re-equipment and the automation of the Petrobrazi refinery (north of Bucharest). The investment programme totals 750 million euros. Oltchim also finalized the ...
One billion kilowatts per hour are produced at Portile de Fier in less than two months
Thursday, February 24, 2011
One billion kilowatts per hour were produced from the beginning of this year till Sunday by the Romanian power station of the hydroelectric power plant at Portile de Fier (southern Romania), which is situated at km 942+950 of the Danube River.According to the information supplied by the controller's office of the above-mentioned power plant, the whole production was delivered to the National Grid.The event coincides with the 40th anniversary of hydro aggregate No 3 of the ...
Independent joint stock company to build unit 3 and unit 4 of Cernavoda nuclear-power plant
Thursday, February 24, 2011
An independent joint-stock company will be established to build unit 3 and unit 4 of the Cernavoda nuclear-power plant. The shareholders' structure will include the Romanian Nuclearelectrica National Nuclear Power Corporation (SNN), but none of the stakeholders will become a majority shareholder.Under a draft decision of the Romanian Government concerning the approval of a report on the renegotiation of the Investors' Agreement concerning units 3 and 4 of the Cernavoda ...
Petrom sets world record in shallow horizontal drilling
Thursday, February 17, 2011
Petrom, the largest oil and gas producer in South-Eastern Europe has set a world record in shallow horizontal drilling, as it drilled three horizontal wells at a depth of less than 200 meters at the Suplacu de Barcau oil field, western Romania, the company reports in a press release.The record was certified by Schlumberger Drilling and Measurements.'Supported by significant investments, such records will contribute to sustaining the domestic oil production,' says Johann Pleininger, ...
Romanian Energy Prices Adjusted To Market Rates Shortly
Thursday, February 17, 2011
Romanian government has pledged to adjust to market rates the energy and natural gas prices of existing contracts signed by state-owned companies as soon as possible, according to the country’s draft letter of intent agreed with the International Monetary Fund.Additionally, the authorities will make sure that "new bilateral contracts signed by state-run gas and electricity generators are made transparently and non-discriminately through the energy market OPCOM," the document ...
Romania Delays Romgaz Floating Until 1H 2012
Thursday, February 17, 2011
The Romanian Government has delayed until the spring of 2012 the sale of a 15% stake in natural gas producer Romgaz Medias, according to the country’s draft letter of intent agreed with the International Monetary Fund.Previously, the Government estimated Romgaz would be listed on the Bucharest bourse by December 2011.The document stipulates the Government also plans to sell a 10% stake in dominant oil company OMV Petrom (SNP.RO) and a 15% stake in each of the companies Transgaz (TGN.RO) and ...
Romania May Rethink Entire Energy Strategy
Thursday, February 17, 2011
Romanian government pledged to search an alternative strategy to overhaul its energy system if its current plans to set up two national champions fail to produce the desired results by year-end, according to the country’s draft letter of intent agreed with the International Monetary Fund."If the national champion strategy is not successful by end-2011, we will look for an alternative solution, including selling the majority stakes in some of the energy companies," the government said in ...