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Energy & Environment
Bulgaria to boost energy efficiency, renewables
Thursday, November 26, 2009
Bulgaria plans to boost its power efficiency and support green energy to fight climate change and achieve European Union environment targets, Economy and Energy Minister Traicho Traikov said on Monday (23 November). The centre-right government, which took office in July, was working to set up an energy bourse and make gas and electricity system operators independent to open the power market to newcomers and cut prices for energy consumers."To decrease the greenhouse gases, we need to consume ...
Sterling Resources considers selling offshore exploration concession in Romania
Thursday, November 19, 2009
Calgary-based energy company Sterling Resources considers selling its offshore oil exploration concession in the Black Sea, said Cristian Petrescu, member of industry commission within Deputy Chamber. The information was confirmed by the head of National Agency for Natural Resources (ANRM), Alexandru Patruti.The concession agreement for the oil exploration and farming of the Pelican XIII and Midia XV Blocks is 30 years in duration starting ESPA’s effective date (e.n Exploration and ...
CNH, the sole company to receive subsidies in 2010
Thursday, November 19, 2009
CNH is the sole company to receive subsidies in 2010, of the ten companies monitored by the state under the IMFEU agreement, Tudor Serban, state secretary at the Ministry of Finances said . “We talked to the IMF and EU officials. The only company of the ten under state monitoring, to receive subsidies in 2009 and 2010 is CNH”, said Tudor Serban.Companies under state monitoring are C.N. Cai Ferate CFR, S.N. Transport CFR Calatori, CNH, Termoelectrica, C.N.A.D.N, Metrorex, CFR Marfa, ...
Romania Oil Refineries Market Report
Thursday, November 19, 2009
Romania's crude oil refining sector is the largest in terms of operating capacity in Southeastern Europe. The refining capacity of the country far exceeds its domestic demand for refined petroleum products, with the surplus going for export.Local refineries processed 20.4 million tonnes of crude oil in 2008. Larger refineries seek to improve their profit and refining margins through modernisation. Unable to compete with the refineries of giants as Petrom, Rompetrol and LUKoil, the ...
Business says EU carbon tax proposal premature
Thursday, November 19, 2009
European Commission plans to introduce minimum EU-wide CO2 tax rates could be "counter-productive" at this stage as member states have not had enough time to implement measures to cut emissions from sectors that do not participate in emissions trading, according to European businesses.National measures are more suitable for reducing emissions from sectors that fall outside of the EU's emissions trading scheme (ETS; see EurActiv LinksDossier) than EU-wide carbon taxes, BusinessEurope, an ...
Power firms unveil low-carbon electricity 'choices'
Thursday, November 19, 2009
Europe's electricity companies have published a new report setting out a number of scnearios for shifting Europe's electricity supply towards a carbon-neutral path by 2050.The 'Power Choices' study was presented to MEPs, NGOs and industry groups in the European Parliament this week (10 November) as world leaders gear up for next month's Copenhagen climate summit. However, the report was dismissed by the renewable energy lobby, which said it failed to tackle climate change. It also came under ...
IEA urges low-carbon energy investments
Thursday, November 19, 2009
The world will need to spend an additional $10.5 trillion in the next two decades on energy efficiency and low-carbon energy to avoid runaway climate change, according to the International Energy Agency (IEA).The agency published its annual World Energy Outlook on Tuesday (10 November), detailing what needs to be done to move to a sustainable energy future.With a month to go before the UN climate conference in Copenhagen, the IEA hopes to add momentum to the negotiations that are ...
Petrom unveils investments of 15 million euros in Moldova
Thursday, November 19, 2009
Petrom, a leading oil and gas company, told a recent conference in Bucharest on business opportunities in the Republic of Moldova attended by Moldova's Prime Minister Vladimir Filat and Romanian business people, that it will invest 15 million euros in Moldova in the next five years.The Chamber of Commerce and Industry of Romania reports in a press release that Filat extended an invitation to Romanian business people to come and invest in Moldova. Chairman of the Association of ...
EU Sends Romania Positive Signals On New Danube Power Plants
Thursday, November 19, 2009
Romania received encouraging signals from the European Union authorities and the Danube riverside countries about the country's plans to build new hydro-power plants on the Danube river in joint venture with Bulgaria, hydropower producer Hidroelectrica officials said Tuesday. "We have already talked with Bulgaria on projects downstream from Iron Gates 2, namely at Turnu-Magurele, Macin and Silistra-Calarasi," Hidroelectrica's operation director Dragos Zachia said during the Mediafax Talks ...
Romania Has Oil&Gas Reserves For 15 Years
Thursday, November 19, 2009
Romania still has oil and natural gas reserves for about 15 years, while its coal reserves may ensure domestic consumption for 30 years, the National Mineral Resources Agency ANRM head said Tuesday."The gas reserves are of 185 billion cubic meters, while the oil reserves stand at 74 million metric tons," Alexandru Patruti said during the Mediafax Talks about Energy conference. The combined natural gas output of Romania's state-run gas producer Romgaz and of the country's largest oil ...
Romania To Sell Energy Companies To Finance Investments
Thursday, November 19, 2009
Romania will sell state-owned companies in the energy sector between 2010 and 2011, to get the money it needs for investments in the sector, according to consultancy firm Horvath & Partners."Between 2010 and 2011, the country will face a wave of privatizations to attract funds. (...) Nobody discusses about this issue, but it would come up at one time," Kurt Weber, general manager of Horvath & Partners Romania, said Tuesday. The state companies selloff is a viable and fair source for ...
Aurelian and Europa 'delighted' by Romanian well
Thursday, November 19, 2009
Aurelian Oil and Europa Oil & Gas both improved Tuesday after testing at the Voitinel-1 well in Romania revealed between 50 and 100 billion cubic feet of gas in place. The pair said this estimate does not include any contribution from the 1400 sand, which it thinks is likely to be similarly productive. It will be flow tested in spring 2010 as part of the field appraisal. "We are delighted with these latest test results from the shallower sections after the disappointment of the deeper ...
Russia and EU agree on gas supply alert mechanism
Thursday, November 19, 2009
The European Union and Russia agreed today (16 November) to establish an 'early warning' mechanism to shield Europe from potential energy supply cuts and protect consumers in the event of a repeat of last year's Russia-Ukraine gas dispute. The agreement requires both sides to notify the other of any likely disruption to supplies of oil, natural gas or electricity and to work together to resolve the problem. Third parties would also be allowed to participate, the European Commission ...
Over 5.6 bln cubic meters of natural gas to be drilled from domestic production in Oct-March
Thursday, November 12, 2009
The total amount of natural gas pulled out from the domestic production set for the period October 2009 - March 2010 ups to 5.647 billion cubic meters, according to the Action Plan for Emergency Situations for the 2009-2010 gas year, published by the Ministry of Economy, which follows to be endorsed through a Government Decision.Romgaz will drill about 2.94 billion cubic meters over October 2009 - March 2010, while Petrom will extract 2.57 billion cubic meters.Out of the ...
Electricity output down 6.9pc in 9 months
Thursday, November 12, 2009
Domestic electricity production totaled 17.159 million tonnes oil equivalent in the first nine months of this year, down by 6.9 percent over the same period of the previous year, whereas import outstripped 8.202 million toe down by 35.1 percent, according to figures centralized by the National Statistics Institute. Over January 1-Sept. 30, 2009, resources of primary energy fell by 18.4 percent and those of electricity went down over the same period of the previous year by 12.5 ...
Romanian Nuclearelectrica 9-Mo Net Profit Up 15.4% On Year
Thursday, November 12, 2009
Romanian state-owned nuclear energy producer Nuclearelectrica posted a net profit of 138.1 million lei ($47.8 million) in the first nine months, up 15.4% on the year, on a higher quantity of electricity produced and supplied.Nuclearelectrica's sales were up 6.2% in January to September, at RON1.128 billion, the company said in a statement . In the first nine months of 2008, Nuclearelectrica reported a net profit of RON119.6 million and sales of RON1.062 billion.Nuclearelectrica operates ...
Reuters:Melrose gets approval to develop Bulgarian gas field
Thursday, November 12, 2009
Oil and gas explorer Melrose Resources Plc (MRS.L) on Friday said it got approval from the Bulgarian government to develop the Kavarna gas field, which has estimated reserves of 24 billion cubic feet (bcf). The company, which is trying to accelerate its gas projects in Bulgaria and Romania, expects the Kavarna field to be on stream by July 1, 2010.Melrose also applied with the Bulgarian government for commercialisation of the Kaliakra field reserves of 57 bcf and sees gas ...
Transgaz keeps growing
Thursday, November 12, 2009
Transgaz state-owned natural gas transporter based in Medias (central Romania) scored a net profit worth 189.35 million lei (44.87 million euros), in the first nine months of 2009, by 5.7 percent more than 179.07 million lei (49.2 million euros registered over Jan-Sept 2008, read data Transgaz sent to the Bucharest Stock Exchange (BVB).The drop in the national natural gas consumption that implicitly affected Transgaz's activity amounted to round 20 percent in the first nine months ...
Romanian Petrochemistry Needs State Aid To Revive
Thursday, November 12, 2009
Romania’s petrochemical industry cannot revive without the aids or guarantees granted by the state to Rafo (RAF.RO) refinery and chemical plant Oltchim (OLT.RO), as 2010 will be a difficult year for the companies that need loans, Tuesday said interim Economy Minister Adriean Videanu."2010 will be an important year when the government must treat its state aid policy with utter seriousness," Videanu told a news conference Tuesday.The government plans to grant EUR330 million in ...
Slovakia supports Nabucco project
Thursday, November 12, 2009
Eenergy security is the most important matter cooperation in Europe depends on, a reason for which Slovakia is supporting the Nabucco project, Dagmar Repcekoca, Slovakian Ambassador to Bucharest said Wednesday, at the opening of a economy ministers' meeting of the CEI.In January 2009, following divergences between Russia and Ukraine, gas delivery from Russia to Ukraine was halted. 'The episode could repeat, so we collaborate with several countries, such as Hungary, to diversify routes and ...