Govnet

Rottco Consult, one of Romania's largest fuel distributors, filled for insolvency

Romanian firm Rottco Consult, one of the top 10 players in the Romanian fuel distribution market, has initiated the procedures for starting insolvency proceedings. The measure was taken as a result of a complex market situation with a significant negative impact on ensuring the flow of working capital, such as: non-payment and / or delays in payment of debts from debtors plus debtors who entered the procedure insolvency / bankruptcy; delays in prolonging committed credit lines; early repayment of loans, as requested by bank creditors; unilaterally reducing payment times from some suppliers; suspension after the submission of the bidding offer of the acquisition of the majority stake of the company by an investor.

Energy

Deloitte Report: Investments in Black Sea oil and gas sector will bring over 26 billion USD to the state budget

Investments in the Black Sea oil and gas sector will generate revenues of over 26 billion USD to the state budget by 2040, representing an additional 40 billion USD to the country’s GDP. Moreover, the impact on the labor market translates into creating and annually maintaining an average of over 30,000 jobs. These conclusions are based on an independent Deloitte Central Europe report entitled "The contribution of Black Sea oil and gas projects to the development of the Romanian economy", which was performed at the request of the Romanian Black Sea Titleholders Association (RBSTA).

Energy

Tinmar Energy launched energy package offers for residential consumers

Tinmar Energy, the largest electricity and gas supply company with domestic private capital, enters the domestic consumer market with products tailored to residential consumers.

Thus, Tinmar Energy aims to provide electricity and gas supply services to domestic consumers in Romania, with national coverage. It plans to reach 1 million households in the following three years, out of the 7 million existing in Romania.

Energy

EBRD and Transgaz sign financing agreement for the first phase of the Romanian section of BRUA

The Government hails the partnership relation between EBRD and Transgaz, valuable company in the gas industry in Romania. The signing of the loan agreement of BRUA pipeline is a confidence signal sent to investors with respect to business opportunities that Romania is offering, Vice Prime Minister Viorel Stefan stated on Friday, in London, on the signing ceremony of the loan agreement between Transgaz and EBRD, worth 278 million lei (EUR 60 million dedicated to building the Romanian section of the BRUA natural gas pipeline).

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Energy

Important court decision for PV industry obtained by Hategan Attorneys

Hategan Attorneys through the Tax Department won in the first instance at the Timis Court, an important lawsuit against ANAF, DGFP Timis, representing one of the largest developers of renewable energy projects in the West. Thus, the Timis Tribunal decided that several components of the photovoltaic park can not be considered as constructions, thus avoiding the increase of the building tax due. This court judgment could have a major impact on the renewable energy industry.

Energy

ANRM won the Paris Chevron trial and will receive 73 million USD compensations

Oil company Chevron will pay the National Agency for Mineral Resources (ANRM) $ 73,450,000 following the termination of three concession oil concessions without complying with the financial obligations of the Oil Law.

Following the decision of the International Court of Arbitration of the International Chamber of Commerce in Paris (ICC Paris), the most important international commercial arbitration institution, Chevron is obliged to pay ANRM the amount of USD 73,450,000, plus the legal interest rate set at the NBR + 8%, calculated from 23 October 2014 until the date of full payment, as well and the arbitration costs incurred by ANRM.

Energy

Romania's primary energy resources increased by four percent in 2017

The National Institute of Statistics report shows that primary energy resources in Romania increased by 4.0%, between January 1st and November 30, 2017 while those of electricity decreased by 3.2% as compared to the same period of previous year.

Energy

NERO Renewables plans to develop Europe's largest onshore windfarm in Romania

Dutch company NERO Renewables plans to install 362 wind turbines at 3 different sites in South-East Romania, with a total capacity of approximately 1.000 megawatt, generating up to 3 terawatt hour per annum. NERO, which stands for ‘Netherlands – Romania’, plans to developo 3 wind farms in Romania, that will be directly connected to the national high voltage grid and will annually inject 3 terawatt hours (TWh) of renewable energy into the European grid, extractable in any of the EU member states. The project is directly connected to the high voltage grid and, as a result of the Integrated Single Market for Electricity (starting mid 2018), the generated power can be bought by any company in any European country.