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By Emea Riga
While the Austrians at OMV are exploiting the most cost-effective crude oil resources and sabotaging our off-shore projects, Americans have reported the wrong policy of OMV and are investing in Romania. Romania has oil reserves in excess of one billion barrels, says Spencer Coca, country manager of Mazarine Energy, a company part of American Carlyle, who bought several marginal production fields from OMV Petrom.
"For Romania, there is very good news and we should not forget it. Romania has oil reserves in excess of one billion barrels. If we value this resource, we realize that there is a very high value, and this value is expected to be achieved, and we want to be part of it, "said Mazarine official at a conference.
"We see potential on-shore in Romania. Romania ... Read more »
Date: |2019-02-20|

By Edwig Ban
Today, in Azerbaijan, the fifth Annual Meeting of the Southen Gas Corridor Advisory Council (SGC Advisory Council) takes place. Romgaz SA Romania will reiterate its support for the development of the Southern Corridor project, but taking into account the continuation of the transport infrastructure by completing the Bulgaria-Greece Interconnector and the BRUA Project in the context of developing relations with Azerbaijan and potential partnership with SOCAR.
In this context, Romgaz's General Manager Adrian Volintiru signed the Letter of Intent addressed to the SGC Advisory Council, chaired by Azerbaijan President Ilham Aliyev. Through this official document, Romgaz has expressed an interest in analyzing the opportunity to use the South Corridor infrastructure to ensure security of g ... Read more »
Date: |2019-02-20|

By Constantin Radut
The corvette international tender returns after Constanta Shipyard (SNC) dropped the trial with the government. According to well-informed sources, the Constanta Shipyard (SNC) filed today, on February 18, 2019, with the Constanţa Court of Appeal a request for withdrawal from the court in the administrative and fiscal file that it filed for a GD appeal no. 48/2018, normative act justifying the procurement procedure for the "Multifunctional Corvette" endowment program.
The request for legal action was formulated strictly within the framework of the administrative contentious law, without requesting the suspension of the contested normative act, according to the document submitted by the SNC.
According to the above-mentioned document, SNC's decision to quit the ... Read more »
Date: |2019-02-18|

By Constantin Radut
The Dutch group Damen Shipyards Group, which hoped to win the tender for the construction of the four multifunctional corvettes for the Romanian Naval Forces, led during 2018 a real "beauty" campaign in the Romanian press.
PR articles through which Damen is trying to be seen as the most important shipbuilder in Europe, even in the world.
Many observers have shown that this Damen press campaign also aims at washing the company's image. It was reminded that in the Western press Damen was suspected of involvement in corruption in countries such as Sierra Leone, Ghana, Togo, Libya, Brazil and Chile.
It is certain that the articles paid in the press in Romania represented a lobbying formula.
To defend his case, Damen publishes wi ... Read more »

Date: |2019-02-08|

>>>The MGD Project will have a capacity of 1 BCM per year

By Emea Riga
A release announces the important decision taken by Black Sea Oil & Gas SRL to start the works necessary for the exploitation of natural gas in the Romanian Black Sea territorial waters.
The BSOG decision will be followed by other companies involved in the exploration and exploitation of the Black Sea natural gas.
Here's details of the BSOG decision:
Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners, Petro Ventures Resources SRL (“Petro Ventures”) and Gas Plus International B.V. (“Gas Plus”) are pleased to announce that they ha ... Read more »

Date: |2019-02-07|

By Constantin Radut
The winner of the international tender for the construction of four multifunctional corvettes for the Romanian Naval Forces had to be announced by January 15, 2018. A few days before, the Minister of National Defense announced that the admission procedure of the winner was suspended. Cause? One of the subcontractors, Constanţa Shipyard (SNC), asked the military court to cancel the auction. SNC was a co-partner with Naval Group France. The first term to the military court was on January 16, 2019. The military court postponed the sentence until February 20.
Remind: Romania has assumed, in line with the NATO Strategy, a 2% share of GDP for the armed forces and the endowment of the army with high performance equipment. Over the next fiv ... Read more »

Date: |2019-02-06|

By Jerom Bolt
Amerocap LLC, a US-based investment firm announce expansion of its own private equity investment activity, which identifies stranded assets and emerging trends in the energy and defense sectors. On the company's website, Romania appears as an important objective of the enlargement policy.
The firm currently has active investments in the US, UK, CEE and Latin America. Partnering with Amerocap is the Washington-based strategic advisor the Abraham Group, headed by former US Senator and Secretary of Energy, Spencer Abraham, and by former IEA Vice Chairman Joe McMonigle. Secretary Abraham mentions that “Amerocap remains very focused on special situations where we can combine our access to capital centers in New York and London, with ... Read more »
Date: |2019-02-05|

By Edwig Ban
The Government today approved the extension by 2045 of the oil agreement between state and ExxonMobil and OMV Petrom for the Neptun Deep offshore gas perimeter in the Black Sea by 2045. The agreement signed in 2000 was valid only until 2030.
"At present, the exploration period is underway, during which the owners explored the XIX Neptune perimeter in a responsible manner, involving a high level of investment that significantly exceeded the work programs on this.
The offshore development stage in deep water involves massive investment in sophisticated technology, with a high level of reserves required to justify the economic development of the deposits, with development costs typically reaching up to several billion dollars. it takes a sufficient period to create offshore production infr ... Read more »
Date: |2019-01-30|

By Jerom Bolt
In its winter Outlook of the Major Macroeconomic Indicators 2018 - 2022, the National Strategy and Prognosis Commission maintains its estimation of the growth of Romania's economy this year at 5.5 percent and its forecast for the rate of inflation at the end of 2019 at 2.8%, but changed upwards its exchange rate forecast from 4.62 lei/euro to 4.67 lei/euro.
GDP growth figures for the next years are similar to those in the autumn outlook, at 5.7% in 2020 and then slowing down to 5% in 2021 and 2022.
Estimates of consumption growth were revised slightly upwards to 5.9% in 2019 (as to 5.7% previously), 5.7% in 2020 (from 5.5%), 4.8% in 2021 (from 4.9%) and 4.7% in 2022 (from 4.8%).
On the other hand, investment increase (gross fixed capital formation) projections for the next two years were modified sl ... Read more »
Date: |2019-01-30|

>>> The Bucharest Government opposes the attitude of the Central Bank Governor to delay the adhesion to the Eurozone

By Jerom Bolt
Prime Minister Viorica Dăncilă announced on Wednesday that the Government will assume the adoption of the euro by Romania until 2024. The government will transmit to the European Commission, in the next period, the documents regarding the national currency adoption plan and its substantiation report.
"The adoption of the euro currency is a complex, large-scale project that needs to be thoroughly prepared by engaging specialists, the academia, employer's associations, trade unions, political parties, civil society and, of course, all the relevant institutions in the area. Last year, the committee - which included representatives of these structures - had an int ... Read more »

Date: |2019-01-30|

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