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). 

Readers' comments    [ add a comment ] 
Trimite părerea ta.
Nume (maxim 50 caractere)
E-mail (optional)
Titlu (maxim 50 caractere)
Prin trimiterea opiniei ne confirmați că ați citit regulamentul de mai sus și că vă asumați prevederile sale !
Aceeasi sectiune (English Section)
Actualitate - vezi toate știrile mai jos.
Miscellanea, 15:55
     Jucatul compulsiv de jocuri video este considerat de-acum o nouă tulburare mentală, anunță astăzi Organizația Mondială a Sănătății, o hotărâre care ar putea să conducă la o stigmatizarea tinerilor, avertizează unii critici, relatează  click să citești tot articolul
Piaţa de Capital, 14:58
     Piața principală a Bursei de Valori București (BVB) a înregistrat, în prima parte a ședinței de tranzacționare de astăzi, o lichiditate de 8,88 milioane lei (1,90 milioane de euro).  click să citești tot articolul
Internaţional, 14:47
     Uniunea Europeană a prelungit cu un an sancțiunile impuse Rusiei din cauza anexării Peninsulei ucrainene Crimeea în 2014, relatează  click să citești tot articolul
Companii-Afaceri, 14:23
     Directorul executiv al companiei germane de automobile Audi, Rupert Stadler, a fost arestat în legătură cu o investigație privind scandalul Dieselgate, relatează  click să citești tot articolul
Politică, 14:16
     Serviciul Român de Informații a publicat astăzi protocolul de cooperare cu Parchetul de pe lângă Înalta Curte de Casație și Justiție și Înalta Curte de Casație și Justiție.  click să citești tot articolul
Calendarul BURSA 2018
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
     * Creșteri pe linie pentru toți indicii bursei
     Volumul consemant în ședința de tranzacționare de vineri a Bursei de Valori București (BVB) a fost de numai 17,7 milioane de lei (3,8 milioane de...  click să citești tot articolul
     Bursele din Europa au scăzut vineri, oprindu-se din avansul generat joi de anunțul Băncii Centrale Europene (BCE) privind încheierea, anul acesta, a programului de achiziții de obligațiuni. Cele...  click să citești tot articolul
     Bursele din Europa au urmat un curs ascendent ieri, după ce Banca Centrală Europeană (BCE) a anunțat că va menține dobânzile la un nivel scăzut încă un an.  click să citești tot articolul
     * Salt de 12,44% pentru SIF Moldova, ca urmare a aprobării programului de răscumpărare de acțiuni la un preț cu mult peste cel din piață
     Volumul consemnat în ședința de tranzacționare de la...  click să citești tot articolul
     Bursele din Europa s-au înscris pe un curs pozitiv ieri, investitorii așteptând decizia de după reuniunea de politică monetară a Federal Reserve din SUA (Fed), care a avut loc în zilele de 12-13...  click să citești tot articolul
     * Volum de doar 27 milioane de lei, jumătate din valoarea medie a anului
     Piața principală a Bursei de Valori București (BVB) a încheiat cea de-a doua zi de tranzacționare a săptămânii în...  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 18 iunie 2018
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
click aici pentru cursurile pieței valutare - istoric
English Section
     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
     "It is a good thing that the public doesn't understand the functioning of our banking and monetary system, because otherwise I think there would be a revolution in the streets by dawn".
     HENRY FORD, founder of the American automotive industry

     Fed up with subsidizing the commercial banks with their own money, the Swiss, mobilized through the "Sovereign Money" initiative, have proposed the organization of a Referendum which will be held on Sunday, June 10th 2018 - is a historical referendum, revolutionary for the banking industry, of international resonance -, by which the initiators want to amend the Constitution, which would impose to the commercial banks to grant loans only within the limits of the bank's money, forbidding them to issue scrip money and ensuring the monopoly of the Confederation (of the Swiss state) on issuance of money free of debt.  click here to read the entire article
     The "pension apocalypse is coming"! The more or less qualified keep talking in the written press, TV and on the radio. The uncertainty is being preserved - deliberately by some, by the government members out of pure stupidity!  click here to read the entire article
     Where there are many entrepreneurs there is creation, where there are many women entrepreneurs there is divine creation, says Gabriela Mihaela Voicilă, state secretary in the Ministry for the Business Environment, Trade and Entrepreneurship (MMACA). In her opinion, entrepreneurship means joy, a better situation, but less time for the family: "Taken together, entrepreneurship means achievements (...) Every one of us needs validation, for having built, having created something".  click here to read the entire article
     * Piperea: "In the Andriciuc case, the EU Court of Justice has not limited its argumentation to the CHF, but expanded it to cover any currency for which the debtors weren't hedged"
     The courts in the country have begun ruling in favor of borrowers and freezing the value of the European currency at the exchange rate valid on the date the loans were originated, in the lawsuits brought against the banks.  click here to read the entire article
     The urge "Mircea, act like you're working!", back in the days of the so-called revolution of December 1989, was brought back recently by a new "director".
     We are talking of course, about the meeting between NBR governor Mugur Isărescu, and a government "delegation" led by chamber of deputies chairman Liviu Dragnea, together with PM Viorica Dăncilă.
     Sources from within the PSD, quoted by, have claimed that, "in the meeting with the NBR governor, Liviu Dragnea seemed to be looking for a way out, and he seems confused, as he didn't expect his decisions to lead to such effects in the economy".  click here to read the entire article
     Liviu Dragnea's insistence in moving the Romanian embassy from Tel Aviv, to Jerusalem, feeds an older, widespread confusion. Much older. Politically, Jerusalem has been divided from the first presence of the Judeans on the lands of the Palestinians, since back in the days of Abraham and Abimelec. "The indivisible Jerusalem" wanted by Benjamin Netanyahu is a spiritual creation.
     Definitely, pilgrims and locals claim that Jerusalem has a geography, meaning that the city would be compatible with the cardinal points and that is why Palestinians, Israelis and people overall, including those of the UN, EU and the US, speak about Eastern Jerusalem and Western Jerusalem, without anybody being surprised that that is happening at the center of the world, where the god of the Judeans began his creation, starting from the very rock from which later Archangel Gabriel raised Mohammed to visit Heaven, the same place of origin where one of the seven angels "and showed me the Holy City, Jerusalem, coming down out of heaven from God." (Apocalypse, 21: 10), where God is one of the same.  click here to read the entire article
     Financial fair play is a concept that comes from the world of soccer. The notion is simple, don't spend more than you earn in a month, or in a year, regardless of what shareholder, mogul or investor enters the business.  click here to read the entire article
     President Klaus Iohannis has announced that he has decided to send to the Constitutional Court the laws on the judicial system, but also to the Venice Commission. The president has issued a call to the CCR not to hurry and to work with the European entity, saying that after the Constitutional Court gets to issue an opinion on the new laws, a new analysis of the laws will be conducted and it will be decided then if a new reexamination of the three laws in the Parliament will be needed.  click here to read the entire article
     The dystopia of 2169 seems to be 151 years away from us, if we were to watch the American sci-fi movie "In Time", in which New Zealand screenwriter, director and producer New Zealand Andrew M. Niccol has imagined a world in which money has been replaced by the lifespan left and each individual over 25 years old (when they stop aging), are wearing a counter on their arm, displaying how much they have left to live; the economic system relies on transactions paid in lifespan - banks, loans, interest rates - the rich are storing billions of years, while the poor only have hours, minutes or seconds left and when their time is up they die suddenly, as if struck by a mace.  click here to read the entire article
     * Bogdan Chirițoiu: "The European Commission will force the future buyer of Sidex Galați to increase the output of steel"
     ArcelorMittal may only sell the Galați metallurgic plant with the explicit agreement of the Romanian state, and the European Commission will ensure that the output of the plant will increase after the transaction, deputy prime-minister Viorel Ștefan said yesterday, in a conference on the issue of major industrial energy consumers.  click here to read the entire article
     * "Iliescu on trial for all the bloodshed!" was one of the powerful slogans of the University Square, as well as "Iliescu - KGB, go back to the USSR!".
     We, who had organized the marathon protest of the century, knew who Ion Iliescu was, as the rest of the Romanian people took a long time to catch on, even Brucan was wrong in his estimate that the much maligned "stupid people" would take two decades to "awake".  click here to read the entire article
     * - The Syrian gas attack did not exist, the American missiles were brought down, then where are the dead coming from?!
     * - It is enough to tell Syrians that they are attacked and killing each other?
     Friday, Syria was attacked by war attacks, in which a warship of the United Nations which operate in the Red Sea (according to the American officials), American B-1 bombers, four British Royal Tornado GR4 aircraft (which fired Storm Shadow missiles) and French Rafale jets.  click here to read the entire article
     New Delhi, March 4th, 2017 - I am in the garden of the Royal Plaza hotel, sitting next to the table of a group of Indians, probably Hindus, two women in colorful saris and two men, all of them in their fifties. They are checking me out, I catch them doing it a few times. A Romanian manea, with heavy Indian influences starts playing from the speakers, I am surprised, I start laughing.  click here to read the entire article
     The Romanian Commercial Bank (BCR) has proposed to shareholders the distribution of dividends of 228.12 million lei, out of the profit of 570 million lei, for last year, this being the first year with such an item on the agenda of the General Shareholder Meeting, after the huge loss of 2014, of 2.6 billion lei, caused by the high provisions and the sale of non-performing loans.  click here to read the entire article