EUR 1 bln, the state contribution
to Petrom capital increase


The Romanian state could participate in the increase of the capital of the oil and gas producer Petrom (SNP), an operation estimated at around EUR 12 bln, governmental sources, quoted by Mediafax, declared on Friday. “The contribution of the Ministry of Economy and of Proprietatea Fund to this operation would total over EUR 400 M, related to everyone’s participation. The money will be allotted for investments in 2010,” the quoted sources say.Mariana Gheorghe, general manager of the oil and gas producer Petrom, has recently declared that she would carry discussions with the representatives of the future Government to convince them to participate in a possible increase of the capital of the company, in view of running investments. “I hope that the future Government will take into account the participation in an increase of Petrom capital. The capital will be increased for investments,” Petrom official said. Besides the increase of the capital, Petrom considers also other solutions to attract funds, namely the financial and banking market and the aligning of the price of gas from the domestic production to that of the imported gas. “For three and a half years we have carried discussions over the liberalization of the price of gas. The liberalization of the price of natural gas has to occur, it is a European demand,” Petrom general manager said. The company announced that the investments will rise to around EUR 1 bln in 2010, most of them being for exploration and production.


Ukraine stops electricity export to Poland and reduces it to Romania


Ukraine has stopped export of electricity to Poland chairman of the board of director of the Korlea Invest Holding AG, Switzerland, Vasyl Danyliv, told according to Kyiv Post, Mediafax informs. He did not specify the date of the export termination. Danyliv also drew attention to the reduction of the export from the Burshtynka thermal power plant island to Hungary, Slovakia, and Romania due to sudden cut in the consumption of electricity in Europe and reduction of its cost in the European markets due to the economic crunch there. In the mean time, Europe’s Energy Community, an organisation seeking to liberalise the sector, provisionally accepted Ukraine as a member on Friday, a move that could help the country modernise its gas transit system. The group, created in 2005 to ensure close cooperation within the EU and neighboring countries, said Ukraine and R. of Moldova would be able to join when and if they make their gas laws compliant with those of the European Union. “The gas crisis at the beginning of this year taught us all clear lessons,” Slavtcho Neykov, director of the Energy Community Secretariat, said in a statement.


E.On Gaz invests RON 11 M
on infrastructure in Moldavia


E.On Gaz Distributie conducted, this year, various infrastructure works in Moldavia, worth a total RON 11 M, Agerpres reports. The company replaced pipes and fittings, with some 30 kilometers of new, more resilient polyethylene pipes, at an investment value of about RON 6.3 M. E.On Gaz Distributie also installed the cathode protection to approximately 53 km of natural gas pipes in the towns of Bacau and Bicaz. This modern technical solution protects steel pipes, makes them safer in operation and significantly extends their life. The value of these investments amounts to RON 400,000. In view of securing natural gas supply at high standards of quality, the investment program enforced by E.On Gaz Distributie in Moldavia also included installing new regulation and measurement stations, along with upgrading a number of existing such stations in the counties of Iasi, Suceava, Neamt and Bacau. The program targeted a number of 45 regulation and measurement stations, upon investments worth some RON 4 M. In addition, the company has under way, in Iasi County, several important projects for expanding with 27.5 km the natural gas distribution grid, by connecting new consumers from the surroundings of Iasi Airport and from the localities of Valea Adanca, Uricani and Horpaz.


Expert Petroleum to invest
USD 20 M in 2010 in oil and gas fields from Romania


The company Expert Petroleum SRL will allot USD 20 M next year for investments in the rehabilitation of the depleted Romanian oil and natural gas fields, declared David Martinon, founding partner and executive manager Expert Petroleum SRL, quoted by the Money Channel TV. David Martinon also said that they do not intend to extend the sector of activity. “For the coming year, the company has two operational priorities. After two years of study and data acquisition, we have just started to re-commission old wells from Moinesti area, and we shall continue to do so, increasing significantly our activity and that of the operational capacities from this region in 2010. The second priority is to bring back under focus an important (from a reserve point of view) and challenging (from the technological point of view) field in Craiova area, bringing new drilling technologies in the country,” David Martinon stressed. Asked what measures were taken on the background of the economic crisis, the executive manager of the company stated that Expert Petroleum SRL was not affected dramatically by the crisis.


EIB and Pirelli financing agreement


The European Investment Bank (EIB) and Pirelli have signed a financing agreement for EUR 50 million last week. According to a press release, the loan will finance an increase in tyre production for cars and light commercial vehicles in Pirelli’s production facility in Slatina, Romania. It will be used within the context of the EUR 250 million in investments previously announced by the Group for its Romanian activities for a three-year period from 2009 to 2011. The new loan consolidates the relationship between Pirelli and the EIB, which in the past has accompagnied the Group’s consistent commitment.


Spyker Cars renews offer for GM’s Saab


Dutch luxury carmarker Spyker Cars NV submitted a new offer to fast-track a buyout of Saab from General Motors, two days after last-ditch talks to rescue the Swedish manufacturer collapsed. GM said on Friday it would start shutting down the loss-making firm after talks with Spyker ended. The move to abandon the 60-year-old Swedish auto brand would eliminate 3,400 jobs in Sweden and drop 1,100 Saab dealers. But Spyker said on Sunday it has submitted a renewed offer including an 11-point proposal addressing each of the issues that arose during the due diligence process. GM Europe was not immediately available for comment.


New car sales in Romania plunge 52.71 pc in the first eleven months


The number of new cars sold in the first eleven months drove down 52.71 percent versus the similar period in the previous year, to 121,931 units, according to data of the Association of Car Producers and Importers (APIA). Romania’s largest automaker Dacia saw sales drop 53 percent compared to the period January-November 2008 and 39.1 percent from November last year. As many as 37,016 Romanian cars were sold in the first eleven months, of which 2,592 in November. Sales of imported cars reduced 52.6 percent year-on-year in the similar period, to 84,915 units. The best selling imported car in the first eleven months was Hyundai, with 10,104 units. It was followed by Volkswagen, with 8,680 units, Renault (8,381), Skoda (8,381) and Ford (7,870).


Octavian Graure, new general manager of Turceni Energy Plant


Turceni Energy Plant has, starting today, a new general manager, Octavian Graure, so far the chief of a department of the plant, Ionel Mantog, economic manager of the company and former personal adviser to minister of economy, Adriean Videanu, declared for Mediafax. According to him, Videanu signed on Friday the order of installation in office of Graure. Graure has been until now director of the Division on budget and accounting of Turceni plant. He will be interim manager of the entity for a period of three months, as Marian Motocu, whose mandate finished on Friday, also did. Graure becomes the fourth general manager of Turceni plant this year, the energy plant being headed previously, in turn, by Ionel Mantog, Eugen Tunaru and Marian Motocu.