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By Jerom Bolt
The procedures required for listing on the Bucharest Stock Exchange (BVB)of Hidroelectrica, the largest electricity producer in Romania, are in an advanced phase, and the listing could be in September next year, announced the general manager of the company, Bogdan Badea. "The tenders for legal advice for listing and for the designation of the listing consortium that will handle this procedure are in advanced stages, so that, on a normal calendar, the listing can happen somewhere during September of the following year," he said Badea, at a specialized conference held in Bucharest.
He specified that certain historical investments of the company were the main impediment for listing, and in the next period a tender will be announced to find a legal consultant and a conso ... Read more »

Date: |Yesterday|

By Andra Beltz
The national gas producer, Romgaz, is in talks with giant companies worldwide in the oil sector, along with analyzing the participation in the XI round of tenders for the concession of new perimeters in the Black Sea, said on Monday, Adrian Volintiru, the general manager of the gas producer, in a meeting with the press.
    He was asked by journalists whether Romgaz will participate in the 11th round of tenders, recently initiated by the National Agency for Mineral Resources.
"Onshore it is clear that we will participate, but offshore it is more difficult to make a decision, because we do not have the know-how. We have to be careful, to know exactly if it is worth to go and with whom we go. decision, we will try to identify capabilities. If we participate on the offshore, it will be with so ... Read more »
Date: |2019-08-19|

By Constantin Radut
According to the information received from the Ministry of Labor and from non-governmental organizations, since the beginning of 2019, over 300,000 Romanians working abroad have returned to the country.
It is the first big wave of Romanian emigrants returning to the country after decades in which the attraction of developed countries in western Europe was a real Eldorado for men and women, especially from rural areas and small towns. According to statistics, the number of Romanians emigrated is over 3.5 million people, but at least one million are working abroad illegally, under stress and lack of social assistance and health.
The explanation of the return to the country of origin of an increasing number of Romanians has two explanations.
First, the Govern ... Read more »
Date: |2019-08-04|

By Emea Riga
OMV Petrom estimates investments of 4 billion lei (almost $ 1 billion) for the whole of 2019, 75% going to the Upstream operating and production segment. After the first six months the company reported investments of 1.7 billion lei, according to the financial results published Wednesday on the Bucharest Stock Exchange.
Last year, the company made investments worth 4.29 billion lei, up 44% compared to 2017. 'The value of investments is currently estimated at about 4 billion lei (revised upwards from 3.7 billion lei). Of this amount, about 75% will be directed to Upstream.
Upstream investments in the mentioned period were 1,333 billion lei, compared with 1,441 billion lei in the same period of 2018, while in the Downstream division 356 million lei were invested, of which 275 m ... Read more »
Date: |2019-07-31|

By Jerom Bolt
The Minister of Economy, Niculae Bădălău, today, on the occasion of the ministry's balance sheet for 2019, spoke about the purchase of helicopters for the Romanian Army.
The Romanian official stressed the need for such a purchase and announced a possible agreement with the United States over a five-year period, an agreement that would be concluded by the end of this year.
"The Romanian Army needs attack helicopters. There is a rather profound discussion about attack helicopters with the United States. We have nowhere to do, not just what has happened, but what the Romanian army has in common. We have talks about the new radar. It is very likely that by the end of the year we will have a five-year production agreement with the United States, "Niculae Bădălău said in a presentation of the balance sheet of the ... Read more »
Date: |2019-07-25|

By Edwig Ban
The National Authority for Mineral Resources, ANRM, announced that it offers publicly the concession of exploration, development and oil exploration operations of 28 perimeters within the XIth Auction Round, according to an order of the ANRM President, published on Wednesday.
ANRM also published the list of these perimeters. These are 22 onshore and six offshore, with a total area of approximately 1,000 square kilometers.
According to the order, the interested Romanian or foreign legal persons will submit bids by 15.00 of the 120th working day, starting from the working day immediately following the publication of the announcement on the organization of the round in the Official Journal of the European Union.
The negotiation of the oil agreements starts within 15 days from the date of notification of the ... Read more »
Date: |2019-07-24|

By Andra Beltz
Romania's economic growth will be more than 5% next year, because there is great potential. The government will promote many measures on the economic area and the tax evasion to support the economy, Minister of Public Finance Eugen Teodorovici said on Sunday evening.
'The economic growth next year will be high by 5%. It must be at this level because it exists, but there will be many measures that we will propose this year on the economic area and to reduce tax evasion, etc. This year we went on 5.5% economic growth. (...) Romania's GDP is 1,031 billion lei and increased by 34% compared to 2016, said Teodorovici, who will be the economic growth next year.
However, some intemational organizations have more pessimistic forecasts.
On July 1 ... Read more »

Date: |2019-07-22|

By Edwig Ban
The Ministry of Energy issued on Tuesday to Exxon the authorization to carry out an onshore geotechnical study in Tuzla to build a gas measuring station by the US company, according to a press release issued by the Ministry of Energy.
The site where drills and measurements will be made consists of three plots with a total area of over 200,000 square meters.
The authorization was issued following the request of ExxonMobil Exploration and Production Romania, and the works that the US company will carry out in Tuzla are valued at 2.1 million lei, excluding VAT.
ExxonMobil and OMV Petrom exploit the deep sea Neptune block in the Black Sea, where preliminary results indicated reserves of 42-84 billion cubic meters of gas, but the companies postponed the decis ... Read more »
Date: |2019-07-16|

By Jerom Bolt
ROMAERO S.A. and RAYTHEON (NYSE: RTN) today signed a Memorandum of Understanding that will form the basis for local industry collaboration for the Patriot® program. The memorandum also opens up prospects for ROMAERO to export its production to Patriot systems around the globe.
"RAYTHEON continues to build sustainable partnerships with the Romanian defense industry," said Tom Laliberty, vice president of anti-aircraft and anti-missile defense systems at RAYTHEON's integrated defense division. "This memorandum is an opportunity for ROMAERO to be able to offer production and technical maintenance services for Romania-owned Patriot systems."
Areas where RAYTHEON and ROMAERO could collaborate include: >Manufacture of mechanical parts and subassemblies; >Techn ... Read more »

Date: |2019-07-10|

By Constantin Radut
The contract for the acquisition of multifunctional corvettes for the Romanian Military Navy was assigned to the association Constanţa Shipyard - Naval Group, Defense Minister Gabriel Leş announced on Wednesday.
"I firmly believe that it is a very important moment for the Romanian Navy, which, as I say every time, for almost 30 years have not received new technique. It's the first such program. (...) On Monday, July 1, we received from the Department of Armaments the report by which I was informed, as Minister, about the completion of the specific procedure organized at the level of the department for awarding the framework agreement for the supply of the multifunctional corvette product. According to this announcement, the winning bid was declared by the association between Naval Group ... Read more »
Date: |2019-07-03|

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The Romanian Business Journal
Constantin Radut
Editor in Chief
031726 Bucharest, Romania
+40 725 511 887