BURSA 14.02.2018

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Gigi Dragomir, the president of the ANRM: "We see no reasons why the price of natural gas paid by the end consumers should increase"
     *  ROPEPCA: "The proposal to adapt the royalty for natural gas made in Romania to a virtual foreign number shows a lack of sovereignty"
       The reference price for natural gas extracted from Romania, in order to establish the royalties, will be calculated based on the trading prices of the CEGH Viena hub, the National Agency for Mineral Resources announced on Friday, which issued the Order concerning the approval of the Methodology to set the reference price for natural gas extracted from Romania.
     According to the ANRM, the Order has been sent for publication to the Official Gazette and will come into force starting with the date of its publication in the Official Gazette.
     The Order is the same one that was issued by the ANRM in December, but which never appeared in the Official Gazette, as it got stuck at the government level. PNL senator Daniel Zamfir claimed that the issuing of this order was the reason why former prime-minister Mihai Tudose fired ANRM president Gigi Dragomir. Dragomir was reinstated last month by interim prime-minister Mihai Fifor.
     In a recent debate, Dorinel Ursărescu, advisor with the National Agency for Mineral Resources (ANRM) said that over the last ten years, the Romanian state has lost almost 7 billion lei by failing to update the reference price for natural gas, according to the reports by the Court of Auditors, as he pointed out that unfortunately, the ANRM did not have the willingness to update that price, which remained at its 2008 levels.
     As a matter of fact, the ANRM mentions in its Friday press release, that through the Order for the approval of the methodology for setting the reference price for natural gas extracted in Romania, the National Agency for Mineral Resources is fulfilling the decisions of the Court of Auditors of 2010 and 2015, which were upheld through the decision of the High Court of Cassation and Justice no. 972 of March 4th, 2015: "The Court of Auditors has found that by failing to update the reference price since 2008, the Romanian government has lost approximately 7 billion lei between 2008-2015".
     The Court of Auditors has asked for the updating of the reference price for natural gas extracted in Romania.
     Gigi Dragomir, the president of the National Agency for Mineral Resources said: "We have acknowledged the observations of the natural gas producers concerning the new methodology for calculating the reference price and we are open to carrying out talks concerning the new formula, in order for the reference price to be fair and specific to every operator, depending on the quality of the natural gas that is exploited. We have understood the desire of the domestic producers to have the reference price determined based on the quotations of the Romanian market. Thus, the National Agency for Mineral Resources supports the development of the Romanian natural gas trading market and wants it to become a relevant reference.
     The new reference price does not mean just a doubling of the price of natural gas for end consumers, but also fair terms for producers, as well as for the Romanian state, as the price of natural gas has been liberalized but it is still hovering around the 2008 levels. Given that according to the calculation formula, the new reference price is close to the one that transactions have been made at on the natural gas market over the last few months, we see no reasons for the price of natural gas paid by end consumers to increase".
     On the other hand, the Romanian Association of Oil Exploration and Production Companies (ROPEPCA), reiterated, in a press release, the fact that natural gas producers do not agree to the reference price being pegged to the quotations in Austria.
     So far, Romanian natural gas producers have paid their royalties based on their revenues, which is a basic principle for any tax applied to revenues, ROPEPCA wrote on Sunday.
     The producers added: "It needs to be understood that the much discussed «reference price» does not represent anything else except a minimum base for calculating the royalty, which must be the minimum price that may not be lowered.
     Other public institutions, such as the ANAF take into account the income made from the sale of natural gas for calculating the various other taxes. Why does the ANRM not take into account the same base for calculating the royalty? The proposal to peg the royalty for natural gas produced in Romania to a virtual number from abroad, a number which is far higher than domestic prices, shows a lack of sovereignty and a total indifference to the manner of operation of the natural gas market in Romania".
     ROPEPCA claims that the National Agency for Mineral Resources issued that Order by completely ignoring the opinions expressed by the main domestic leaders in natural gas in the public consultation that took place on February 7, 2018, and instead basing that Order exclusively on the conclusions of a study signed by a university professor of the Oil and Gas University of Ploiești. ROPEPCA is asking the University to announce whether the point of view expressed by the author of the study is also the point of view of the prestigious university itself and whether that point of view is relevant as it completely ignores the expertise of the domestic natural gas producers.
     In the public debate organized by the ANRM, natural gas producers have expressed a position which came naturally, which was also backed by independent individuals, such as university professors or journalists in the field who attended the event.
     Harald Kraft said: "The reference price should be the Romanian market price. We feel that a foreign market does not represent the Romanian market. We have no connection to the Baumgarten hub of Austria. Over there, the natural gas gets bought and sold several times and that is unfair when it comes to the payment of royalties in Romania". A correct approach would be the payment of the royalties based on the market price charged by producers in Romania, not a price charged abroad, says Harald Kraft.
     ROPEPCA reiterates the main arguments presented in public consultations, upon the invitation of the ANRM, and it said that it hopes they would be taken under consideration when establishing the new methodology for setting the reference price for natural gas: "In order to have efficiency and applicability, we think that it is important for the reference price for natural gas to be established based on a market calculation relevant for Romania and which reflects the actual prices charged by the upstream sector in Romania. To that end, we want to draw attention that the version concerning the foreign hubs, which is proposed in the draft order, is not applicable to the current market conditions in Romania. We feel that, the same way it happens in the international practice when the reference price is determined based on stock market indexes, the chosen index needs to be relevant to the sales of domestically produced natural gas.
     Given that (i) Romania currently doesn't export natural gas, meaning it is disconnected from the European realities and that (ii) compared to other markets, the Romanian market is not liquid enough, it can't for the moment relate to the foreign hubs for the trading of natural gas, including CEGH. Also, the prices on the foreign hubs do not reflect the actual earnings of the domestic natural gas producers, which is significantly lower because of the costs for the delivery of natural gas from the reference points to the foreign hubs. As an example, the temporary fluctuations on the Romanian market compared to the European hubs could be 4-5 Euros/Mwh or even greater.
     Moreover, the natural gas producers have the obligation to sell some of their domestic output on the centralized market in Romania, which makes the reference to a foreign hub even less relevant.
     We feel that determining the reference price based on a market index which does not reflect the prices charged for natural gas extracted in Romania, such as the price on the CEGH hub, goes against the Law on Oil no. 238/2004, which stipulates in art. 49 paragraph (2), that "the oil royalty is set as a percentage quota of the value of the gross extracted output". It is worth mentioning that in general, the transactions made on a hub are predominantly made through intermediaries which, often times are selling the product which they previously bought from a producer. In such cases, the quotes used in that manner also include the profit of the intermediaries. We feel that it is unfair for that element to be part of the formula for calculating the reference price.
     Second of all, we feel that using the Day-Ahead Market price as a benchmark is not applicable to the long term contracts, which are subject to other terms and another mechanism for the forming of prices.
     Third of all, mentioning the average superior calorific power at the national level at the value of the previous year as an element used in calculating the reference price could be discriminatory for producers selling weaker gas and which have a revenue based on the low caloric power of the product.
     Not least of all, we want to draw attention to the fact that by communicating a reference price which is tied to a foreign market and which surpasses the level of the domestic market, the ANRM sends a signal to the domestic market which can not be in the interest of consumers".
     In the beginning of the year, our sources told us that some of the employees of the ANRM, the Oil and Gas University, the ROPEPCA Association, as well as producer OMV Petrom would have wanted the reference price to be set based on the prices of the Romanian Commodities Exchange, meaning it would have wanted the producers to pay royalties based on the prices that their transactions were made at.
     According to the sources, in the beginning of November, a simulation along the new formula indicated a value of the reference price of 91.68 lei/MWh (approximately 972 lei/1,000 cubic meters), whereas in December, the main natural gas operators in Romania sold on the Romanian Commodities Exchange at a medium price of 89.38 lei/MWh (948 lei/1,000 cubic meters). 
 

 
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Aceeasi sectiune (English Section)
BECAUSE AN AGREEMENT ON THE PRICE COULDN'T BE REACHED,
Miscellanea
CAUZĂ CARITABILĂ:
     Sara Elena Gabriela Dragan, o fetiță în vârstă de 4 luni și jumătate, din localitatea Voluntari, județul Ilfov, a fost diagnosticată cu Renitoblastom Bilateral (cancer la ochi), o boală foarte gravă, care avansează destul de repede.  click să citești tot articolul
Bănci-Asigurări
     * Dolarul a coborât cu 4,17 bani în fața monedei naționale.
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Bănci-Asigurări
     Indicele ROBOR la 3 luni stagnează la 3,27%, valoarea înregistrată și în sedința precedentă, potrivit datelor publicate de Banca Națională a României (BNR).  click să citești tot articolul
Piaţa de Capital
     Indicii de pe Bursa de Valori București (BVB) au deschis în depreciere ședința de tranzacționare de astăzi.  click să citești tot articolul
Calendarul BURSA 2018
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Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     21.08.2018 
     Prognoza pentru România
     Vremea va fi în general frumoasă și călduroasă în cea mai mare parte a țării, iar indicele de confort termic, temperatură-umezeală (ITU), va atinge și depăși ușor pragul critic de 80 de unități, local în Câmpia de Vest și pe suprafețe mici în Câmpia Română. Cerul va fi variabil, însă după-amiaza și seara gradul de instabilitate atmosferică va fi în creștere și se va manifesta prin înnorări accentuate, averse, descărcări electrice și intensificări de scurtă durată ale vântului, local în zona de deal și munte, pe arii restrânse în sud-sud-vest și cu totul izolat în rest. Punctiform se pot înregistra cantități de apă mai însemnate. Temperaturile maxime vor fi cuprinse între 27 și 35 de grade, iar cele minime între 13 și 23 de grade. Dimineața și noaptea, în depresiunile din estul Transilvaniei, vor fi condiții de ceață.
     Prognoza pentru București
     Vremea va fi în general frumoasă și călduroasă, iar indicele de confort termic, temperatură umezeală (ITU), se va apropia și posibil va atinge pragul critic de 80 de unități. Cerul va fi variabil, cu unele înnorări după-amiaza și seara, când vor crește șansele pentru ploi de scurtă durată și descărcări electrice. Vântul va sufla slab și moderat. Temperatura maximă va fi în jur de 33 de grade, iar cea minimă de 18...20 de grade.
      
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English Section
20.08.2018
THE NATIONAL MINERAL RESOURCES AGENCY, IN A NOTIFICATION TO THE PRIME-MINISTER:
     The Romanian government has lost over 8 billion lei, between 2006-2018, following the failure to update the royalties paid by the oil and gas companies, says Gigi Dragomir, the president of the National Mineral Resources Agency (ANRM), in a report sent to the prime-minister.  click here to read the entire article
15.08.2018
      * (Interview with Radu Grațian Ghețea, President - CEO of CEC Bank)
     In banking there are many risks and that is why banks need to be flexible and have as diverse an exposure as possible, which take the market circumstances at the time into account, says Radu Grațian Ghețea, President and CEO of CEC Bank. He told us, in an interview: "We have to adapt to what is happening in the market and we need to do things in such a way that the economic activity and that of the bank both function properly. If we're going with the idea that we want to eliminate every risk, then we'll just stop doing anything. For instance, we have been and we are a bank which heavily funds agriculture, which also means animal husbandry. A few years ago, our exposure to the aviculture sector was rather significant, and when the avian flu came we had to cover some non-performing loans on that segment. Now that the avian flu is done, we are facing the swine flu. What should we do, stop lending?"
     Reporter: Lately, there have been opinions from some experts who are saying that there is a wave of non-performing loans of the ones taken out by the First Home Program. What is your comment on these statements?  click here to read the entire article
08.08.2018
     * (Interview with Laszlo Diosi, OTP Bank CEO)
     Reporter: How would you describe the banking market, at the present time?
     Laszlo Diosi: Even though there are plenty of challenges, there are also many opportunities for the Romanian banking system. The lessons of the financial-economic crisis have resulted in a better regulated framework, stable, transparent and predictable. The guiding line of the policies developed by the authorities that are qualified, but in particular by those with a regulatory and oversight role has been characterized by a balance between profitability and systemic safety.
     But there is no shortage of challenges. We are talking here about challenges which concern the digitalization of the banking system and the national and international legislation. The entire system needs to align with complex and sometimes confused regulations.
     Recorded by Emilia Olescu  click here to read the entire article
31.07.2018
     * (Interview with Dan Paul, the president of the Association of Brokers)
     The management of the Bucharest Stock Exchange (BVB) needs to find out from brokers whether Romania truly needs a derivatives market, says Dan Paul, the president of the Association of Brokers, who was kind enough to grant BURSA an interview.  click here to read the entire article
27.07.2018
THE DĂNCILĂ GOVERNMENT AFTER SIX MONTHS
     Now we know why prime-minister Dăncilă was in a hurry to announce the activity report for the first six months at the helm of the Romanian government: the nice tale of the hike of pensions and salaries wasn't supposed to be overshadowed by the evolution of budget expenses, whose increase has led the deficit of the consolidated general budget to 1.61% of the GDP, from 0.88% after the first five months of the year.  click here to read the entire article
23.07.2018
BECAUSE AN AGREEMENT ON THE PRICE COULDN'T BE REACHED,
     The public offer started by Vimetco and Conef for a stake of at most 53.77% of the shares of Alro Slatina (Alro) has been unsuccessful, as the issuer announced that due to the unfavorable market conditions, the shareholders, company and underwriters couldn't agree on a price for the volume of 383.79 million shares put up for sale.  click here to read the entire article
23.07.2018
ECONOMIC ANALYST AURELIAN DOCHIA PREDICTS:
     * According to Eurostat, Romania has the biggest governmental deficit in the EU
     The hike of some taxes, in the near future, is unavoidable, according to economic analyst Aurelian Dochia.
     His statement comes as, in the first quarter, the government's deficit has seen an increase over the last quarter of 2017, according to data by the European Statistics Office (Eurostat).  click here to read the entire article
13.07.2018
Russia World Cup
     The final tournament of the World Football Cup will end with a gala representation, the duel between Croatia and France. France, the with the most expensive players in the tournament, has met the expectations, Croatia is the biggest surprise the of the competition.  click here to read the entire article
09.07.2018
FOOTBALL AND MONEY
     Cristiano Ronaldo (33 years old) had several hits over the last few days, even though in the final tournament of the World Championship he failed to exceed expectations, as Portugal was eliminated in the round of eight.  click here to read the entire article
05.07.2018
     The world is intensely preparing for a water crisis, the most important resource for human life. The signs, on a continental and global level, that there is a water problem are increasingly clear.  click here to read the entire article
02.07.2018
     The Bursa Construcțiilor magazine, published by the BURSA press group, has taken the first step in the third decade of existence and has awarded, in this year's Gala, no fewer than 20 awards of excellence, to some of the most important associations in the sector, as well as to companies that have stood out through their activity.  click here to read the entire article
27.06.2018
A VOTE FOR AN UNFORGETTABLE SUMMER
     In the plenum joint meeting of the Chamber of Deputies and the Senate, which will be held today starting at 14:00, will be debated and put up for vote the vote of no-confidence against the government submitted by 152 members of the opposition.
     The document which incriminates the failures of the Dăncilă government has been read in the Parliament on Monday, June 25th.  click here to read the entire article
25.06.2018
     Even without the court ruling rendered in first instance by the High Court of Cassation and Justice in the lawsuit of the fictitious hiring at the Child Protection Department of Teleorman the focus on getting all the institutional levers under the - informal, but all the more important - authority of Liviu Dragnea. But, after his conviction on June 21, this trend will speed up. But only through this kind of concentration of power can the president of the Chamber of Deputies hope to change not only the balance of power - which is already favorable to him, even though nothing is final in politics -, but the legislation based on which he has been sentenced, so that he gets exonerated of any legal responsibility. Or, when the powers of the state are concentrated in the hands of one man, democracy, even though it may be only a façade, moves aside to be replaced by autocracy. And in Romania, the temptation of autocracy, hidden under the veil of illiberalism, is more powerful than it has ever been, after the fall of communism. Could this be just an accident owed to the meteoric apparition of Liviu Dragnea?  click here to read the entire article
19.06.2018
     The Romanian Constitution:
     Art. 80 - The role of the president
     (1) The Romanian president represents the Romanian government and is the guarantor of national independence, unity and territorial integrity.
     (2) The Romanian president must watch for the compliance with the Constitution and the good functioning of the public authorities. For that purpose, the president serves as a mediating entity between the powers of the state, as well as between the state and society.  click here to read the entire article
12.06.2018
     The reunion scheduled today between Donald Trump and Kim Jong-un is taking place in Singapore due to the relative neutrality and the security this city-state provides. Singapore is one of the few countries that still hosts a North-Korean embassy, and many of the deals of the Kim regime were conducted here, according to the foreign press.  click here to read the entire article
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