Energy
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. more »
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). more »
April 04, 2018 15:15
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. ...more »
February 28, 2018 12:01
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)....more »
February 14, 2018 12:34
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....more »
February 05, 2018 13:05
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....more »
January 15, 2018 15:13
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....more »
December 18, 2017 12:10
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....more »
November 16, 2017 12:25
The Association of Romanian Electricity Suppliers - AFEER organized the 3rd edition of its annual conference on the effects and challenges of the new market liberalization. "The liberalization of the energy market remains a topic of relevance. All of us - market participants, consumers, authorities - we have questions, we are looking for answers. Under the conditions of rising energy prices, switching to a free market for a consumer can become an advantageous option. On the other hand, in the face of new challenges, suppliers are forced to reinvent themselves, to come up with new products and services to keep customers close and to constantly conquer new customers, "said Mr. Ion Lungu, President of AFEER....more »
November 02, 2017 10:50
The Competition Council is willing to accept the exemption of renewable energy and Black Sea gas producers from the stock exchange trading rule said Bogdan Chiriţoiu, the president of the institution in the Energy Transition conference in Bucharest. "The problem that we have in Romania is that the large electricity producers are state-owned and large state-owned companies are suspect of corruption, hence the ban that these companies can make long-term bilateral contracts because we are afraid of what they would do, what would happen to these contracts if we let the big state producers complete them," Chiriţoiu said. ...more »
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