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 »

Shares of Elvila SA, a leading furniture producer in Romania, started trading on the Alternative Trading System of Bucharest Stock Exchange (BVB) in the AeRO Premium category as of February 1, 2018, following a technical listing. Technical listing is the process by which a company shares start trading on a stock exchange without the need for any prior public offer, which means that the company's shareholding structure is not affected in any way, and the firm decides to take advantage of being a public company, such as additional visibility, credibility or transparency.  ...more »

The 10th edition of the HR Excellence Awards Gala – one of the most prestigious HR events of the year and the only event that acknowledges and rewards excellence in Human Resources and people management – will take place on April 4th 2018, in Bucharest.  As we seek to recognize not only the large organizations with complex HR processes, but also the projects implemented in smaller companies that have a proven impact in the business, we will reward organizations depending on their size. Thus, we will offer awards for companies with a maximum of 499 employees and companies with over 500 employees...more »

The M&A market in Romania has reached 3.8 billion EUR in 2017, according to public sources and disclosed transactions, an analysis performed by Deloitte Romania has revealed. Overall, by adding all transactions with undisclosed value, the total market adds up to between 4 and 4.6 billion EUR, 15% higher compared to 2016, according to Deloitte estimates.  ...more »

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 »

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 »

The fourth edition of the Awards Gala in Courier and Postal Services gathered in the framework of an elitist event some of the most important national and international companies active in the sector and had as main purpose the merits recognition of all those who have recorded spectacular results and developed successful projects in the last year. ...more »

November at full throttle on Bucharest Stock Exchange , as the shares of two companies got listed and bonds for another two start trading. Shares of Transilvania Broker de Asigurare, a leading insurance brokerage company, began trading on the Main Market of BVB from November 2, 2017. The company sold 625,000 shares or 25% of its equity. The price per share from the offer was RON 15.5 lei, and it amounted to RON 14.4510 per share after applying the 7 percent promotional discount, making the value of the offer exceed RON 9 million. Transilvania Broker became the first insurance brokerage company in Romania to be listed on BVB. ...more »

Local courier company FAN Courier, estimates that this year's turnover will exceed the 131 million euro, up 13.2% over the previous year's results, in line with the company's initial forecasts and the results of the top 11 months of the year. For FAN Courier, 2017 can be characterized as the year with the most value-added services launched. "The rising appetite of the Romanian market for courier services, mainly as a result of the explosion of the e-commerce segment, risks being affected by the legislative and fiscal changes announced for 2018, with a relevant impact on all economic actors - companies and consumers. Against such backgrounds, our estimates of business developments for the next year are more cautious than in previous years. The budget for 2018 will be built taking into account two scenarios - pessimistic, for which we are also preparing for a possible stagnation and a realistic prudent scenario in which we anticipate a 10% increase, "said Adrian Mihai, founder of FAN Courier. ...more »

PeliFilip assisted the British group, Kingfisher PLC, one of the largest European DIY chains present in Romania through the Brico Depot brand, in the acquisition of Praktiker România, which currently operates 26 units and is one of the largest DIY retailers in the country. Last week, the acquisition of Praktiker by the Kingfisher Group was successfully completed. Kingfisher entered the Romanian market in 2013 through the purchase of Bricostore stores, a transaction in which they were assisted as well by the PeliFilip lawyers. With this latest acquisition, the British group is set to strengthen its position in a growing market. ...more »