Importers hike the price of Russian gas in Romania

15/01/2019 09:28 Natural Gas


WIEE, a company that imports Russian natural gas to Romania, notified its customers about a 2% price hike effective January 1, 2019, local reported.

The move came immediately after the Romanian Government levied, by emergency ordinance 114/2018, a 2% turnover tax on the revenues of local energy companies, including the natural gas producers. The tax is not enforceable to natural gas importers.


Romania consumes some 11 billion cubic metres natural gas from domestic production and imports some 1 billion cubic metres each year. But the local reserves are depleting and the production is likely to decrease until the offshore gas starts flowing from the Black Sea.


The regulated natural gas price enforced by the Government under the same ordinance is likely to depress local producers’ incentives and they might reduce output even more than justified by the natural depletion or direct a large part of their production to the electricity production facilities they own. Since households will be supplied from local production at regulated prices, lower domestic supply will impact industrial end-users, which will be delivered a larger share of imported (expensive) natural gas.


Exxon Mobil considers sale of Malaysian offshore assets for up to $3 bln

09/10/2019 14:54:00

U.S. energy giant Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets for up to $3 billion, Bloomberg reported on Wednesday.


Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.


Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.