Business Review

Domino-1, the first deepwater exploration well, which was jointly set up by ExxonMobil and OMV Petrom in late 2011, has encountered the first natural gas deposits in the Romanian sector of the Black Sea. However, it is too early to say if the discovery proves to be commercial or not.

Ovidiu Posirca

Romanian Adrem Invest, a company specialized in industrial technical engineering, has changed building plans for the cogeneration plant in Suceava County, increasing its energy efficiency to 90 percent. The plant will be fueled solely by biomass and the whole project cost will increase from EUR 45 million to EUR 70 million.

Ovidiu Posirca

The Romanian subsidiary of GDF Suez entered the renewable segment through the acquisition of a wind project from real estate developer Belrom, in Gemenele locality, Braila County.

Ovidiu Posirca

Romanian president Traian Basescu said this weekend that the Government will try to negotiate with the IMF the  rescheduling of deregulated prices in natural gas and electricity for companies and households through to 2020.

Ovidiu Posirca

State-owned electricity generator and distributor Electrica has cancelled the public auction for wind turbines and will start a new one. The company is trying to acquire wind turbines for the 45 MW Frumusita park, located in Galati County, and for the Chirnogeni park in Constanta County.

Ovidiu Posirca

Investors that are developing projects in the renewable sector, mainly wind, could help Transelectrica take the generated electricity into the system at transport it to end-users. This was one of the pronouncements made this week in a seminar on the green energy legal framework organized by the Italian Chamber of Commerce for Romania.  

Ovidiu Posirca

RBS will provide a multi-currency loan of EUR 55 million, with a 1 year maturity, for two divisions of Rompetrol Group. The deal was signed at end-2011.

Ovidiu Posirca

Wind developer Monsson Group and Vestas will build a new wind farm in Constanta County, called Pantelimon, with an installed capacity of 150 MW. The project totals EUR 250 million and will create 250 new jobs.

Ovidiu Posirca

French Filasa International has acquired three wind farms in Braila County, southeastern Romania, with a total installed capacity of 400 MW, through Eolenvest, the company it controls.

Ovidiu Posirca

The Romanian Competition Council sanctioned 6 oil companies, with a combined fine of EUR 205 million, for removing a cheaper gasoline product from the fuels market. The companies in question are accused of forming a cartel and withdrawing the range of Eco Premium gasoline from the retail segment. This decision follows an investigation that started almost 7 years ago.

Ovidiu Posirca