Kazakhstan’s national oil company, KazMunaiGas, is considering the possibility of acquiring the Bulgarian oil refinery Lukoil Neftohim Burgas AD, which belongs to the Russian company Lukoil, Kazinform news agency reports, confirming discussions that have already appeared in the press. The Kazakh agency is the first to publish KazMunaiGas’ position on the matter. “JSC NC KazMunaiGas […]
The completion of hydropower plants started before 1989 is one of the priorities of the Ministry of Energy and I am confident that this year we will mark a first and inaugurate the Răstolița hydropower plant, the first completed after more than 34 years, said the relevant minister, Sebastian Burduja. ‘One of the priorities of […]
ACER releases a new tool to simulate price correlations for electricity forward trading with potential virtual hub prices. The ACER’s electricity virtual hub price simulator tool shows correlations between prices in any EU electricity bidding zone and various configurations of a virtual hub price. A virtual hub price is currently in use in the Nordic […]
Kazakhstan’s state-owned company reported a 1.3% increase in oil production in 2024 and is continuing explorations alongside Western oil giants to produce even more. KazMunayGas (KMG) produced 23.8 million tons of oil and condensate in 2024, the press service of the Kazakh president said, as quoted by Interfax. “The KMG Group of Companies produced 23.8 […]
Following new US sanctions on the Russian oil sector, Gazprom Neft will have 45 days to divest its stake in Serbian oil company NIS, Serbian President Aleksandar Vucic said on Friday, as quoted by Reuters. Gazprom Neft is the oil arm of Russian gas giant Gazprom, and has now been sanctioned by the US and […]
The increase in fuel excise duties, which came into effect on January 1, is also having an impact on the European ranking of pump prices. Romania is climbing the price ladder, especially for diesel. While Romania traditionally had the second-lowest price of automotive fuels in the European Union, surpassed only by Bulgaria among the countries […]
The production of electricity and heat is expected to decrease by 2% this year compared to 2024, but will increase in the next three years, according to the 2024-2028 Forecast, autumn version, of the National Commission for Strategy and Forecast, according to Thus, in 2026 the production of electricity and heat is estimated to increase […]
The Romanian state would like to re-become a majority shareholder in Electrica SA and is analyzing ways to do so, Economedia wrote, citing sources. The answer of the Minister of Energy to our question confirms that there is a concern in this regard. The state would like to buy back part of the shares of […]
Norway exported a record amount of natural gas last year and volumes are expected to remain close to that level in the coming years, official data and forecasts published on Thursday showed, Reuters reported, citing Agerpres. After Russia’s invasion of Ukraine in 2022, Norway became Europe’s largest supplier of natural gas, supplying about 30% of […]
The European Commission did not agree with Romania’s proposal that exports of electricity produced from fossil sources in Romania destined for the Republic of Moldova be exempted from paying the related emission certificates, said the Minister of Energy, who actually had this idea. The measure would have made the energy purchased by those across the […]
Energy Minister Sebastian Burduja told the Financial Times (FT) that the takeover of gas and electricity supplier E.ON Energie România by Hungarian state-owned MVM could be blocked on security grounds, following the precedent of Spain, which blocked a deal to take over a railway business by a Hungarian company. “We have seen precedents in Spain […]
The Ministry of Energy announces the adoption in the government meeting of the Decision on the completion of Annex No. 2 to Government Decision No. 900/2017, which allows updating the list of privately owned real estate necessary for the implementation of the public utility work of national interest “Răstolița Hydropower Development”. This project represents a […]
The Azeri-Chirag-Gunashli (ACG) oil field generated revenues of $6.16 billion from the beginning of last year to January 1, 2025, News.az reports. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) recorded a 10.7% decrease in revenues compared to the previous period, News.Az reports. In 2023, the cumulative revenues from the ACG field amounted […]
OMV Petrom, one of the owners of the Neptun Deep block in the Romanian Black Sea, along with state-owned Romgaz, says that the practice of contracting in advance the gas to be extracted is common for such projects. Here is what OMV Petrom said: “OMV Petrom is one of the largest gas suppliers in Romania, […]
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