Black Sea Oil & Gas together with its co-venture partners, Petro Ventures Resources and Gas Plus International B.V. announced that they have approved the Final Investment Decision to proceed with the $400 million Midia Gas Development Project offshore Black Sea....more »

Fondul Proprietatea expressed its deep concern about the damaging impact on companies and investments in the energy sector, on the energy security of Romania and, ultimately on consumers, if the Order published by the National Authority for Energy Regulation (ANRE) for the approval of the Pricing methodology for electricity sold by producers based on regulated contracts will be passed....more »

The National Regulatory Authority for Energy (ANRE) approved the methodology for setting the regulated tariffs and the energy prices applied to final customers. "By applying the Methodology for setting the regulated tariffs and the prices applie...more »

Oltenia Energy Distribution inaugurates the 110/20 kV transformer power station for the Eastern Industrial Zone of Craiova (ZIEC), the first greenfield project in Oltenia to improve the quality of energy distribution for both domestic and industrial consumers . The project was completed within 17 months and had a total value of 5.52 million euros (CAPEX), from its own sources. ZIEC is the second largest investment in the history of Distributie Oltenia, after the modernization of Craiova Centru station and illustrates the company's mission to become a strong local partner, supporting the development plans of the region. The station was built with the support of the local public authorities: Dolj County Council, Dolj County Prefect Institution, Craiova City Hall and Gherceşti Town Hall....more »

Black Sea Oil & Gas signed a contract with SNTGN Transgaz for the gas transport for the Midia Gas Development Project (“MGD Project”), a project aimed at putting into production the natural gas of XV Midia Block, offshore Black Sea, Romania.  ...more »

The Romanian High Court of Cassation and Justice (HCCJ) suspended by final ruling the Central Tax Commission decision that qualifies, from a fiscal standpoint, the wind turbine tower as a building, thus taxing it as a regular building. Berechet R...more »

The Black Sea Trade and Development Bank (BSTDDB) and Garanti Bank Romania will provide USD 25 million loan to Alum, Tulcea - the sole alumina producer in Romania and one of the largest in Central and Eastern Europe, which is part of ALRO Group. BSTDB’s financing amounts to USD 20 million, while the remaining amount will be provided by Garanti Bank. The funding will be mainly used to continue the Company’s investments aimed at reducing its carbon footprint, which have begun a decade ago....more »

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 »