Economics
May 13, 2014 15:24
Following last year’s performance when OMV Petrom recorded a profit of over 4.82 billion lei – the biggest in history, the first quarter of 2014 has brought a decline in both revenues and profit. The company has today posted the financial results corresponding to Q1 showing sales revenues  of 5.3 billion lei, 9 percent below the value recorded within the same period of 2013, mainly due to lower sales volumes of crude oil, gas and electricity and a lower crude price environment. Net profit has also narrowed, dropping by 19 percent Year-on-Year – from 1.33 billion lei to nearly 1.08 billion lei....more »
May 13, 2014 12:55
The Control Body within the Department of Energy has completed the assessment on the costs incurred by Hidroelectrica for feasibility studies run within 2003 and 2014 period, the Department announces. Conclusions indicate that the total amount spent over the past eight years comes to 15.6 million euro, without including VAT....more »
May 12, 2014 21:09
Last week was a premiere for the biomass and biogas industry which was the center of debates within the ”Biomass, Biogas & Cogeneration Romania 2014 – National Conference”, the first event dedicated exclusively to this renewable energy sector in Romania, organized by GOVNET Conferences....more »
May 07, 2014 14:21
The Hungarian-based oil and gas group today announced the sale-purchase agreement with Eni for 208 filling stations in the Czech Republic, Slovakia and Romania where operates under Agip brand. In the related agreement is also included the takeover of Eni’s wholesale business in all three countries. The transaction is part of MOL’s downstream strategy of increasing retail market presence, country coverage and customer base, as explained in a news release. Completion of the deal is subject to the fulfillment of certain pre-conditions, though, among others obtaining of the necessary antitrust clearances....more »
May 07, 2014 12:40
Emerging Europe Accession Fund (EEAF) has finalized the acquisition of the majority stake, of over 98 percent, in Nextebank, the Romanian subsidiary of MKB Bank Zrt Hungary. The purchase agreement was signed on December 31, 2013 however the closing of the transaction was completed only upon receiving the approval from the National Bank of Romania (BNR), announces a media release....more »
May 06, 2014 16:04
Michelin today announced that its plant in Budapest, Hungary where production includes truck tires sold under the Taurus, Riken and Kormoran brands will terminate operations and will close the next year. The project which has been allocated 39 million euro involves the transfer of production mainly to the company’s facilities in Olsztyn (Poland), Zalau (Romania), Karlsruhe and Homburg (Germany). ...more »
May 06, 2014 14:41
Unirea Shopping Center aims to take this year a loan of up to 70 million euro to support its investment programme. The loan which will be released in tranches is expected to be approved during the Extraordinary General Meeting of Shareholders scheduled for June 5, 2014, according to an informing sent to the Bucharest Stock Exchange....more »
May 06, 2014 10:05
Emon Electric, a regional leader in transport and electric power distribution, industry, electric traction and telecommunication infrastructure, becomes member of Monsson Group after a transaction in which the latter has taken over a majority stake, is announced through a press release....more »
May 05, 2014 16:37
The banking sector shows increasing optimism with regard to the coming period given that a major part of banks forecasts a growing demand for loans in both natural persons and businesses segments, while more than 80 percent of financial institutions anticipate an increase in lending activity as per the “Romanian Banking Barometer” conducted by EY Romania and the Romanian Banking Association (ARB). ...more »
May 05, 2014 13:58
Constantin Nita, the Minister of Economy, said on Saturday, while visiting Targu-Jiu, that the procedures for creating the joint venture between the Oltenia Energy Complex and the Chinese company Huadian will be initiated within six weeks, according to Agerpres....more »
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