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Energy & Environment
Turkey’s gas deal with Azerbaijan fuels hopes in EU
Thursday, May 20, 2010
Turkish Prime Minister Recep Tayyip Erdoğan, on a visit to Azerbaijan Monday (17 May), is due to sign a EU-backed gas deal that is expected to unlock Azeri gas reserves for the West and eventually trim Europe's energy dependence on Russia, the press in the region reports.Precise details of Monday's expected deal are unknown, but it should at least resolve pricing differences over 6 billion cubic metres of gas Azerbaijan currently sells to Turkey, The Moscow Times writes.Azeri ...
PM Boc hoping for quick commissioning of unit 3 and 4 of Cernavoda n-plant
Thursday, May 20, 2010
Prime Minister Emil Boc on Tuesday voice hope that reactors III and IV of the Cernavoda nuclear-power plant (south-eastern Romania) will be commissioned soon and that, in the medium term, Romania will build a second nuclear power plant, the Government's Press Office reports. Boc had a meeting with Director General of the International Atomic Energy Agency (IAEA) Yukiya Amano at the Government headquarters, on Tuesday. As nuclear energy represents an important component of ...
Romania Econ Min Expects EU Answer On Nuke Construction By Fall
Thursday, May 13, 2010
Romania should have an answer from the European Commission regarding its project to build two nuclear reactors at the Cernavoda power plant by September, Economy Minister Adriean Videanu said Friday."We've sent the final documents to the Commission. In September, the project will enter the final straight before the finish line," Videanu said. The minister said Romania should reduce its stake in the company that will build the reactor in Cernavoda, as a "sign of trust" for ...
Petrom’s Q1 profit jumps 60%
Thursday, May 13, 2010
OMV Petrom (BSE:SNP), Romania’s largest company by revenues, said its first-quarter net profit rose 60% to 807.4 million lei (€196.1 million).Q110 results supported by favorable oil price environment and optimized cost management: as the Urals crude price rose by 72% over the same period of last year.Economic downturn reflected in the company’s operational results, as hydrocarbon production was 4% lower than year-ago period and total marketing sales volumes decreased by 22%, while ...
Romania imports 1.44M toe in Q1
Thursday, May 13, 2010
Romania imported 1.44 million tones of oil equivalent crude in the first quarter of 2010, by 155,900 tonnes (19.8 percent) less than in the similar period of 2009, read National Statistics Institute (INS) data. The crude production amounted to 1.019 million toe, during the above mentioned time span, being by 6.1 percent, namely 66,100 tonnes, lower than that of the similar period, last year.The National Prognosis Commission (CNP) expects 4.4 million toe crude to be put out and 7.25 ...
Gas imports, up 306.6 pct in Q1
Thursday, May 13, 2010
Romania imported in the first three months of the year a natural gas quantity of 569,400 tons oil equivalent, a jump of 306.6 percent (383,700 tep) as against the similar period of last year, according to centralized data of the National Statistics Institute (INS).Over the mentioned period the internal natural gas production totalled 2.259 million tep, 5.3 percent (126,500 tep) lower from Jan. - March 2008.The National Prognosis Commission (CNP) estimates that in 2010 ...
Romanian Romgaz Asks For 5% Higher Gas Storage Tariffs
Thursday, May 13, 2010
Romania’s largest gas producer Romgaz Medias asked the country’s energy regulatory authority ANRE to raise gas storage tariffs by around 5% for the 2010-2011 winter, the company’s deputy general manager Lucian Stancu said Monday.Contacted by MEDIAFAX, ANRE representatives said they made no decision yet in this respect, as they are waiting for Romgaz to provide additional documentation. The regulated gas storage tariff accounts for less than 5% of the final price paid by ...
Termoelectrica to file for bankruptcy, after outsourcing viable assets
Thursday, May 13, 2010
Termoelectrica non-profitable assets are to be eliminated and the company is to file for bankruptcy after the viable assets will be incorporated into the new national company, announced on Tuesday Minister of Economy, Trade and Business Environment Adriean Videanu in a press conference.'In the case of Termoelectrica there are assets with potential. We are to seek a solution for Doicesti (thermal power station), but currently I see none. Historical debts burden the activity of ...
Videanu to talk Nabucco on Turkey visit
Thursday, May 13, 2010
The minister of economy and trade, Adriean Videanu said he would meet in Turkey at Istanbul with the Turkish minister of energy and natural resources Taner Yildiz to discuss the Nabucco gas pipeline and the future Romania-Turkey undersea cable.“On Thursday, I will be on a visit to Istanbul where I will meet my Turkish counterpart to discuss the Nabucco gas pipeline, and the development of the subsea cable Constanta – Istanbul, considering that Transelectrica has completed the feasibility ...
Romania Signed Tri-Nation Deal To Create Gas Transport Company
Thursday, May 13, 2010
Romania, Azerbaidjan and Georgia have signed an agreement Wednesday in Tbilisi to create a mixed company that will transport Azeri gas to Europe, through Georgia, the Romanian Economy Ministry said. The company will be established in Bucharest and shareholders will include Romanian gas producer Romgaz Medias, Azeri SOCAR and Georgian GOGC. The project involves the construction of a liquefied gas terminal on the Black Sea coast and the maritime transport of gas in Romania. The company will ...
Itochu and Toshiba, interested in building reactors 3 and 4 at Cernavoda
Thursday, May 6, 2010
Japanese companies Itochu and Toshiba, but also American companies and companies from South Korea are interested in participating in the project to build reactors 3 and 4 at the nuclear power plant based in Cernavoda (southeastern Romania), said Secretary of State with the Ministry of Economy, Trade and Business Environment, Tudor Serban, at the ceremony to re-authorize reactors 1 and 2 of the Cernavoda nuclear power plant. 'Japanese companies Itochu and Toshiba, but also American companies ...
Eni is interested in Romania's projects in the natural gas field, official from Economy Ministry says
Thursday, May 6, 2010
Eni is interested in developing projects in the natural gas field in Romania, including liquefied gas projects, according to Secretary General with the Ministry of Economy, Trade and Business Environment (MECMA), Tudor Serban, who attended the ceremony to re-authorize units 1 and 2 at the Cernavoda nuclear power plant (southeastern Romania). 'Eni became interested in developing natural gas projects in Romania, although it did not come with any official request yet. It has just ...
Romanian Romgaz Should Start Generating Power
Thursday, May 6, 2010
Romania's Economy Minister Adriean Videanu on Thursday said the ministry encourages state-run gas producer Romgaz Medias to start generating electricity."I want to encourage Romgaz to start making electricity, the same as Petrom, to invest together with partners," Videanu told a seminar organized by business daily Ziarul Financiar.Romania's largest oil company OMV Petrom (SNP.RO), controlled by Austria's OMV, has entered the power generation sector, saying it plans to make the transition ...
Romania Should Cut Stake In Upcoming Nuke Reactors
Thursday, May 6, 2010
Romania should reduce its 51% stake in EnergoNuclear, the company that will build two reactors at the Cernavoda nuclear power plant, to improve competitiveness of its power generation sector, Economy Minister Adriean Videanu said last Thursday.The other shareholders of EnergoNuclear are Italy's Enel, Electrabel (a member of French group GDF SUEZ), Czech CEZ and RWE Power Romania, with 9.15% of shares each, as well as Spain's Iberdrola and ArcelorMittal Romania, with 6.2% of shares each."My ...
Economy minister Adriean Videanu: gas imports in Russia comply to market rules? Obviously not
Thursday, May 6, 2010
Gas market liberalization will be made at a steady pace starting this year, Romanian Economy Adriean Videanu declared. He said that if the market would allow it, liberalization would start immediately. Videanu said he supports liberalization of gas prices but before that, the premises need to be created in a commonly agreed time frame. When prompted whether Russia answers to the gas market rules, Videanu replied that it obviously does not. Romanian authorities are compelled, ...
Rompetrol: we cannot pay all debt to the state, there's a possibility to restructure it on 3-4 years
Thursday, May 6, 2010
KazMunaiGaz, the company controlling Rompetrol cannot pay its debts to the Romania state. One of the solutions is to restructure the debt in the next three to four years, Financial Director of Rompetrol Dimitri Grigoriev, quoted by Mediafax said. He underlined that they are currently negotiating with the government. Rompetrol needs to reimburse 2.4 billion lei, representing 0,47% of GDP, a debt since 2003. The debt was included as a budget resource in 2010. The government is expecting, ...
Romania, Croatia interested in Constanta -Trieste Pan-European oil pipeline
Thursday, May 6, 2010
Romania and Croatia reaffirmed their interest in the Constanta (southeastern Romania) - Trieste Pan-European pipeline project; Slovenia and Italy's answer to the project is still pending, Romanian Foreign Minister Teodor Baconschi said on last Friday. The Romanian chief diplomat and his Croatian counterpart Gordan Jandrokovic signed the Protocol amending the Agreement on the mutual protection of investments and the Agreement on the two states' cooperation in education. ...
Economy Minister and IMF to discuss listing companies according to performance criteria
Thursday, May 6, 2010
Minister of Economy, Trade and Business Environment Adriean Videanu and the International Monetary Fund (IMF) officials are discussing the listing on performance criteria of the companies subordinated to the Economy Ministry.'Three companies belonging to the Ministry of Economy, namely the National Pitcoal Company, Termoelectrica and ELCEN have been monitored, all on performance criteria. We have met the performance criteria for the monitored loss making companies, and we always ...
Nuclearelectrica 1st Reactor to be shut down, starting May 8
Thursday, May 6, 2010
The moves for the scheduled shutdown of the Unit 1 of the Nuclearelectrica Nuclear Power Plant in Cernavoda (south-east) begin on this May 7, and the reactor will be desynchronized from the National Energy System, on May 8, Nuclearelectrica release informs.The planned shutdown is expected to last 30 days, while the plant is to carry out activities part in several main programmes such as the mandatory inspections programme, the programme for preventive and corrective maintenance, ...
Electrica company ventures into wind power
Thursday, May 6, 2010
Electrica is the only state-run company heading towards the completion of a wind farm, whereas investments worth up to one billion euros in 'wind mills' are expected this year, Ziarul Financiar daily reads.The rest of the state-owned companies, such as Hidroelectrica and Romgaz, have voiced no concrete intentions so far to invest in this field that proved attractive to the world's energy giants and to local companies.'We have not lost interest in this field, but we have other ...