Romgaz Mediaş, the only natural gas producer controlled by the Romanian state, posted an over 70 million-euro net profit in the first three months of the year, a significant rise against the similar period of 2010, although the company's production and sales fell. read more...

IMF talks with the Economy ministry presented a new reorganization formula for the energy sector. Therefore, instead of two energy giants, Electra and Hidroenergetica two smaller companies will be created that will group units in thermal plant industry with the mining industry. read more...

I believe that a solution to increase the efficiency of Termoelectrica, the thermal plant, represents to separate the good actives from the bad ones and transform the new company into a viable one that would offer best quality services, Mihai Tanasescu, member of the IMF board declared in an online meeting with HotNews.ro readers. read more...

MOL Romania announced on Monday its new CEO Kinga Agnes Daradics that will replace Szabolcs Ferencz that lead the oil company as of January 2010. Daradics started her career with MOL in 2003. read more...

Russian natural gas giant Gazprom delivered 2.6 billion cubic meters of gas to Romania in 2010, up 4% on the year, the group said in a report Thursday. read more...

Canadian oil and gas company Sterling Resources on Thursday said it cannot operate in its Black Sea perimeters at the present time, since local authorities are unable or unwilling to issue the required permits. read more...

Romania is about to endorse one of the most generous schemes intended to support investment in green energy, with a report of the World Bank specifying the current legislation in the field is over 50% more generous than the European regulations. read more...

The European Commission made an official request to Romania, Poland and Italy to comply with EU regulations and align their regulated prices for natural gas and energy, a press release of the EC reads. According to it, the Commission decided to send motivated requests to the three member states. If they do not respect the obligations in two months, the Commission can address the Court of Justice. read more...

Romconstruct Top SRL, the company owned by ButanGas Romania and Eco Power Wind SRL, controlled by businessman Emanuel Muntmark finshed two projects that produce green energy of wind mills, Romania’s Economy ministry informs. According to Hotnews.ro information, the park built by Romconstruct Top has a capacity of 25 MW (Silistea Eolian Park) and the one finished by Eco Power Wind has a capacity of 10MW (Mirease Eolian Park). read more...

Azerbaijan state oil company SOCAR plans to expand its foreign gas stations and Romania is one of the first countries on the list, ABC.az reads. Rovnag Abdullaiev, SOCAR president showed that in the last two-three years the company will open 300 gas stations across Romania. read more...

Petrol and diesel oil prices were raised by over 20% in the first two months of this year compared with the similar period of 2010, but oil companies say volumes were down by up to 5%, although pump prices were hiked on six occasions, mainly because of the oil price highs. read more...

The energy sector cannot be modernized as long as state companies are lead by inexperienced people, close to the political, US Ambassador to Bucharest Mark Gitenstein said on Thursday. He said that Romania needs 10 billion dollars to modernize the energy sector. read more...

OMV Petrom (SNP), the biggest company in Romania, could disburse dividends of around 1 billion lei (245 million euros, at the exchange rate of 4.1 lei/euro) from last year's profit, according to a proposal of the company management set to be discussed in the general shareholders meeting (GM) on April 26. read more...

The political crisis in Libya, which prompted Austrian group OMV, Petrom's owner, to suspend hydrocarbon exploration and production operations in the region affected by the conflict, could have a positive effect on the Romanian market. read more...

Eight wind power projects have signed contracts to connect to the grid since the beginning of the year, with a new giant farm receiving the green light after the 600-MW project of the Czechs at CEZ - the investment of Spain's Iberdrola, which, after this stage of approval, can start construction work. read more...

Tarom and Airbus companies, together with a consortium of partners will develop a production and processing network of sustainable biofuel for air transport whose center will be in Romania, a press release of the airline giant reads. Airbus does not offer any details regarding the value of the investment. read more...

The Romanian renewable energy segment should draw investment of at least EUR5 billion in the next period, according to the Foreign Investors Council, or FIC. read more...

Romanian oil company OMV Petrom (SNP.RO) proposes the allocation of only locally made natural gas to household consumers, coupled with the liberalization of gas prices for industrial consumers. read more...

Romanian Foreign Minister Teodor Baconschi on Thursday asked the National Commission for the Control of Nuclear Activities to set up an emergency unit and report in every 12 hours on the situation in Japan. read more...

A Japanese helicopter started on Thursday morning to pour water on reactor 3 of the Fukushima Daiichi plant to cool it down, Jiji news agency reports quoting the National Japanese Defense Agency. This operation is a priority because the smoke cloud is bigger and bigger, the agency reads. read more...