Electrica Furnizare
ALREADY FIVE YEARS OF DELAY
BURSA 11.04.2017

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  PNL senator intends to call the Secretary General in the Budget and Finances Commission for explanations
     * Mihai Busuioc, the current secretary general of the Government, is being nominated for a seat on the Supervisory Board of Petrom, on behalf of the government
     * PM Grindeanu has met with OMV Petrom officials twice in the last two months
       It's been already five years since Victor Ponta and the PSD government should have raised the state's stake in the biggest Romanian company, OMV Petrom, Florin Cîțu, the vice-president of the Budget an Finance Commission of the Senate wrote on Facebook, alluding to the obligation of raising the company's capital with the plots of land contributed by the state, according to the privatization contract.
     "We are talking about the value of the land, which once incorporated into the company's share capital, would have increased the stake of the Romanian government, meaning ours, in this major company. To say nothing of the dividends that the government should have collected and which would have perhaps allowed us to reduce the social security contributions for companies, which I proposed in the Parliament", Cîțu wrote.
     The Ministry of Energy recently told us that it had reiterated through several addresses the request for OMV Aktiengesellschaft Austria, as buyer and majority shareholder, to do all the due diligences needed for obtaining all the ownership right certificates (CADP) for the plots of land in question owned by Petrom OMV and for which no CADPs have not yet been obtained. in order to perform the second share capital increase at OMV Petrom.
     At the end of last year, the Ministry of Energy, led at the time by Victor Grigorescu, told us that Petrom still has to obtain ownership deeds for 0.78% of the total plots of land and only once it has 100% ownership of them would it be able to perform the share capital increase.
     The issue of the share capital increase of OMV Petrom has also been raised by Dan Paul, the president of the Association of Brokers, who wrote to the Court of Auditors that the Financial Oversight Authority (ASF) could intervene, through the legal means of action it has available, to ask OMV PETROM to proceed with the share capital increase through a contribution in kind with the equivalent value for which the Romanian state has obtained the deeds of ownership.
     Petrom received an ultimatum from the Romanian authorities in 2014, concerning the share capital increase, and the management of the company committed to do the necessary diligences, but the share capital increase was left hanging.
     "BURSA" wrote, in August 2015, that what is at stake is the price for which OMV can preserve its 51% interest in Petrom, because the contribution in kind will be recorded in the account of the Romanian government, thus increasing its stake in the company. Some sources were saying, at the time, that OMV was willing to contribute 12.7 million Euros to the increase of the share capital of "Petrom", according to the market value of the plots of land, calculated at the moment of the operation, while the Romanian government was expecting 50 million Euros.
     Florin Cîțu alleges a deal between OMV and PSD, on that matter, as recently, the government proposed Mihai Busuioc, the current secretary general of the Government, for a new seat on the Supervisory Board of Petrom.
     Florin Cîțu commented: "I see that Dragnea and PSD aren't saying anything about this theft that they are actually concealing themselves (ed. note: the postponing of the increase of the share capital of Petrom with the plots of land). Even more, they have appointed the secretary general of the government on the Supervisory Board of Petrom. Is that legal? Isn't that a conflict of interest?
     I can also give you the explanation. Do you remember Dragnea's visit in Vienna during the electoral campaign? The man met with the Austrian chancellor. Do you get who sponsored the visit? But they did not sponsor the entirety of it. The other sponsor must be sought, without hypocrisy, in the Romanian forests. About those things, Dragnea and the PSD government aren't saying anything.
     I intend to call the secretary general of the government before the Budget and the Finances Commission of the Senate where I am going to ask him why the PSD isn't doing anything to get back that percentage in Petrom, how big has the damage become since the time of the Ponta government, and who answers for all that.
     To the PSD and Dragnea, the multinationals are only good for sponsorships".
     PSD president, Liviu Dragnea, met on November 24th, 2016, with Austrian chancellor, Christian Kern. The PSD leader provided details about his visit in Austria in an interview made by Realitatea TV: "I received the invitation from the chancellor. I sent our program to every embassy and the chancellor wanted to talk about it, he thought it was interesting, especially since he also supports the growth of the middle class, spending the public budget on investments that generate well paying jobs and a stable economic growth, an equitable allocation of the economic growth, which would be felt by citizens in their pockets".
     Aside from the lenience of the government on the matter of the increase of the share capital of Petrom, the company has even more influence with the current government.
     In the last two months, PM Sorin Grindeanu had two official meetings with the delegation of the consortium made up of ExxonMobil and OMV Petrom, as the market expects a new oil royalties law.
     The PM stressed the openness and determination of the government to support the projects for investments in developing new sources for the production of offshore hydrocarbons, in order to ensure Romania's energy security, as well as the competitive and durable exploitation of the energy resources, according to the press release of the government.
     Moreover, the Minister of the Economy, Mihai Tudose met last Wednesday, with the mission of the Romanian Association of Oil Exploration and Production Companies (ROPEPCA) led by Harald Kraft, with which he has discussed the royalties in the oil sector and the methods for approaching the new royalties law. The Minister of the Economy announced that he has agreed that, during the drafting of the law of royalties there would be a dialogue in the interministry group created in the ministry, and ROPEPCA was invited to send in its opinion.
     The new law of royalties is set to replace the current system for the exploitation of oil and gas resources, a system established since back in 2004, when Petrom was privatized. 
 

 
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Aceeasi sectiune (English Section)
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
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Actualitate - vezi toate știrile mai jos.
Politică, 08:24
UPDATE
     * ACTUALIZARE 14:54
     Consiliul Suprem de Apărare a Țării (CSAT) a aprobat, astăzi, participarea țării noastre la inițiativa Uniunii Europene în domeniul apărării, potrivit unui comunicat de presă al Administrației Prezidențiale.
     * ACTUALIZARE 14:50 Ședința CSAT s-a încheiat
     * ACTUALIZARE 14:30 Ședința Consiliului Suprem de Apărare a Țării (CSAT) a început, la Palatul Cotroceni
     ---------
     Consiliul Suprem de Apărare a Țării (CSAT) se va reuni astăzi, începând cu ora 14:00, a anunțat săptămâna trecută purtătorul de cuvânt al președintelui, Mădălina Dobrovolschi, precizând că vor fi discutate aplicarea cooperării structurate permanente (PESCO) și efectele sale asupra României.  detalii
Internaţional, 15:55
REUTERS:
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Bănci-Asigurări, 15:27
DE LA ÎNCEPUTUL ACESTUI AN,
     Fondul Național de Garantare a Creditelor pentru IMM-uri (FNGCIMM) a emis în favoarea beneficiarilor Agenției pentru Finantarea Investițiilor Rurale (AFIR), 1057 de scrisori de garanție pentru restituirea avansului, în valoare totală de 1,85 miliarde de lei de la începutul acestui an și până la 16 octombrie 2017, aproape jumatate din acestea fiind emise în ultimele trei luni.  detalii
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16.10.2017
BURSELE DIN LUME
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     * Avans de 0,26% pentru BET-NG
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     Ședința de tranzacționare de la mijlocul săptămânii a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), cea mai mare depreciere fiind înregistrată de BET-FI.  detalii
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English Section
16.10.2017
EXCLUSIVE
     * "The US and Saudi Arabia - the main sponsors of terrorism in the world"
     * (Interview with His Excellency, Mr. Hamid Moayyer, ambassador of the Republic of Iran in Romania)
       Donald Trump, the United States president, must decide by October 15th whether or not he will certify if Iran has followed the terms of the nuclear agreement signed in 2015 by Iran and six major western powers.  details
12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
     The Bucharest Stock Exchange (BVB), the operator of the Romanian capital market, still stands by the nonsensical claim made by its former CEO Ludwik Sobolewski, that his contract expired on August 21st, but not his mandate.  details
12.10.2017
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
     * Sources: PSD has four names for the head of the ANRE
     * Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.  details
11.10.2017
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
     Mandatory private pension funds which have invested in Digi Communications, the parent company of RCS&RDS, which was indicted on money laundering and offering bribes, have taken this operating risk into account, by offering a lower price in the IPO, Radu Crăciun, member on the Board of Directors of the Romanian Association of Privately Managed Pensions (APAPR).  details
09.10.2017
     President of BURSA Press Group, Florian Goldstein (MAKE), participated, as speaker, on September 26th, at a debate regarding the future of the European Union, in Brussels, at the invitation of Group of the European People's Party.
     The subject of the debate can be synthesized in four questions:
     1. Would it be recommendable for the EU Non-Eurozone States to adopt Euro currency?(...)
     -------------
     Question nr.1 answers given by my fellow citizens are divided, and this summer polemic between the Euro MP Theodor Stolojan and Daniel Daianu (member of the Romanian National Bank Board of Directors) in the financial newspaper BURSA has shaped up the idea we could adopt Euro anytime (given the condition of maintaining the macroeconomic balances), an idea opposed to the one claiming Euro adoption should wait till the convergence criteria would be fulfilled.  details
09.10.2017
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
     * Vasilescu: "There are many crystal ball readers, even in the banking system"
     * UniCredit estimates that the leu will continue to weaken against the Euro to 4.6-4.7, in the first quarter of 2018, and that the policy rate will increase to 2.5%
       UniCredit Bank analysts are issuing a warning that the Romanian government is repeating many of the mistakes that have led to the recession of 2009-2010. The quoted experts are mentioning both the fiscal policy that is risky for the economy, as well as the fact that the leu will significantly weaken in 2018, and the deficit may increase to 3.7%. Among other things, the UniCredit report issued on Friday predicts an EUR/RON exchange rate of 4.7 and a policy rate of 2.5%, for the beginning of next year.  details
05.10.2017
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
     * Ilie Năstase: "If I was Țiriac, I would sue Mugur Isărescu"
       PNL senator Daniel Zamfir, president of the Budget Commission in the Senate, a vocal critic of the banking system, of the NBR and of its governor is adamant about bringing up the activity of the NBR from all angles.  details
03.10.2017
     * The BSE may be taken off the watchlist
     * FTSE only noted improvements when it comes to stock lending, while the liquidity requirement has not yet been met
     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
       The Bucharest Stock Exchange (BSE) remains a frontier market, for at least a year, after, on Friday night, FTSE Russell did not give promote it.  details
02.10.2017
     * Iulian Iancu: "We shouldn't stand out by being silent in Brussels and be forced to give natural gas to the neighboring countries, by taking it away from our industrial consumers"
     * Emil Calotă: "If we do not take action, the natural gas stored by the Romanian producers will remain unused, because there will be far cheaper imported gas available"
       The National Authority for the Regulation of the Energy Market (ANRE) has asked for the reconsideration of gas storage policies in Romania to be made a priority, Emil Calotă, the vice-president of the ANRE recently said, in the debates in the Industry Commission of the Romania Parliament about the Draft Law concerning the approval of the Government Emergency Ordinance no.64/2016 for the amendment and completion of the Law of Electricity and of natural gas no. 123/ 2012.  details
29.09.2017
LUCIAN ANGHEL:
     We can't expect Romania to be upgraded to the emerging market status right now, BSE president Lucian Anghel said yesterday, as FTSE Russell will publish today its annual classification report.  details
28.09.2017
     Central European Media (CME), the owner of Pro TV, is currently in negotiations to sell the four TV stations it still holds in Central and Eastern Europe, according to Echo 24, which quotes several concerned sources.  details
27.09.2017
     The Romanian Commercial Bank (BCR) is saying for the first time, that the sale of the Cemacon was made at a price of 1 Euro, and the lender stressed that this was done to save the company.  details
26.09.2017
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
     * Cappon, Prodan and Sobolewski yesterday had their interviews for the position of CEO of the BSE
     Ludwik Sobolewski is no longer the CEO of the Bucharest Stock Exchange (BVB), Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF) said yesterday. He added that the ASF has conducted an analysis concerning corporate governance at the BSE.  details
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that system for the next issue aimed at individual investors as early as this year, according to market sources.  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of the market operator. In his opinion it would be better for the BSE to remain one of the best frontier markets than joining the emerging market and then be demoted, as he told us in an interview.  details
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