ARMAX GAZ MEDIAS ENTERS INSOLVENCY WITH DEBTS WORTH 24 MLN. EURO
On July 3rd, the Sibiu Court admitted Armax Gaz Mediaş’s application for insolvency. The company with a history of 100 years is specialized in the production of gear and equipment for the oil and gas industry. Despite the increase of almost 55% in turnover, at 75,47 million lei, Armax Gaz registered losses last year and failed to reduce its debts.
BREATHING TIME FOR BRM GAS RING, TRANSACTIONS EXPLODE
Romanian Commodities Exchange (BRM) may continue trading natural gas until autumn, when it is expected that OPCOM, the electricity market, will also get the gas ring.
PATRONE, EBRD: WE EXPECT FULL DEMAND FOR THE ENTIRE 100 MLN. EURO ENERGY EFFICIENCY FUND
The European Bank for Reconstruction and Development (EBRD) offered Romania a new energy efficiency facility worth a total of 100 million euro. ”We expect full demand for the energy efficiency fund. Now Banca Transilvania borrowed 40 million euro to finance projects, but we expect soon a second bank to take up 30 million euro more and in the future we can increase the funding to 100 million”, Matteo Patrone, EBRD chief representative for Romania and Bulgaria, told energynomics.ro.
HIDROELECTRICA NEEDS TWO NEW MEMBERS INTO SUPERVISORY BOARD, MANAGEMENT’S SITUATION IS UNCERTAIN
In the context in which the mandates of Hidroelectrica management were not prolonged due to the lack of quorum Friday, June 23rd, the Hidroelectrica Directorate convened the Ordinary General Meeting of Shareholders for July 18th, on the agenda being included the appointment of two provisional members in the Supervisory Board, it is shown in a company document.
KMG AND ROMPETROL: 32 MLN. TONS OF CRUDE THROUGH THE BLACK SEA IN 10 YEARS
The volume of the unloaded crude by KMG International through the offshore terminal in the Black Sea reached over 32 million tons by now, since 2009, when the offshore terminal was put into operation. The construction works of the offshore terminal, located at 8.9 km in the Black Sea waters started in 2007, the total ivestment reached over USD 100 milion.
GIVING UP GAS STORAGE, A RISKY PRICE DEFLATOR
The abandonment of gas storage will be a solution for reduced pressure on prices, but this will happen in the detriment of the energy security, said Florin Tudorache, director of the Gas Ring of the Romanian Commodities Exchange, forenergynomics.ro. “The price is decreasing, but the energy security is questionable. The price will decrease in direct relation with the injection and extraction rates. The problem is what do we do in the winter when we need this gas”, said the quoted source. “But my opinion is that this measure should not be mandatory. Before securing the price, gas has to be secured, as the suppliers and the distributors have also warned”, says Tudorache.
ARISTOTEL JUDE DEFENDS THE KEY PROVISIONS IN THE GEO 64/2016
he Committee for Industries and Services has finalized the Report on the DRAFT of Law on the approval of Government Emergency Ordinance no.64 / 2016, in another new step towards the amendment and completion of the Law on electricity and natural gas no.123 / 2012, in the Chamber, which is the decisional body. The measures proposed by The Committee for Industries and Services have sparked numerous critical comments, synthesized by energynomics.ro in the most extensive press dossier on this topic. In an interview published in the latest issue of energynomics.ro Magazine, Aristotel Jude, State Secretary between December 2015 and January 2017, the one who worked out and promoted, in co-operation with the team of the Ministry of Energy, the Emergency Ordinance 64/2016, answered a few questions we asked him in relation to the Law for the Ordinance approval. In his opinion, at this stage, it is not viable for the natural gas market that all the natural gas transactions should be concluded on the centralized market. At the same time, Aristotel Jude thinks the average price for the natural gas purchase in Romania will be set around RON 65-66 MWh.
TWO ROMANIAN STUDENTS HAVE TAKEN THE FIRST POSITIONS IN THE EURELECTRIC STUDENT AWARD COMPETITION
This year’s EURELECTRIC Student Award went to Maria-Ruxandra Luca, Student at the Faculty of Power Engineering, University Politechnica of Bucharest for the best video creation on the topic of electrification. Ms. Luca’s video entry was on vehicle to grid (V2G) technology. Runner-up was Laura Elena Bejinariu, student at the University Technica “Gheorge Asachi” of Iasi, Romania. Beginning with 2013, the Romanian Polytechnic students, through IRE and supported by companies in the energy sector, participate in the EURELECTRIC Convention & Conference Student Award competition, organized annually in one of the member countries of the European Union.
FLORINA SORA (NAMR): THE DEVELOPMENT OF OFFSHORE RESOURCES IS A PRIORITY FOR THE NAMR
The law under which oil concessions were granted is not specific to the offshore field, so improvements need to be made, said Florina Sora, senior advisor at the National Agency for Mineral Resources (ANRM), at the Energy Strategy Summit 2017, quoted by Agerpres.
CORINA POPESCU: TRANSELECTRICA IS A TRANSITION BRIDGE IN THE REGION
From a European perspective, Transelectrica is a bridge between two different regions as structure and level of development, said Corina Popescu, chairman of the company’s Directorate, at the Energy Strategy Summit 2017.