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Romanian prime minister Marcel Ciolacu (PSD) mocked the possibility of president Klaus Iohannis running for the prime minister seat this autumn in tandem with former prime minister and Liberal Party (PNL) leader Nicolae Ciuca, who has already announced his bid for presidency.  “I have no problem (with Iohannis becoming prime minister – e.n.), but he…

Romanian prime minister Marcel Ciolacu has announced he will sign an agreement with the future European Commission to reduce Romania’s budget deficit to 3% within seven years. This plan involves an annual reduction of 0.74%.  The agreement aims to avoid increasing taxes in the near future.  “I don’t think Romania can afford to have tax…

The Romanian government plans to fund up to 25% of storage capacity for investors in photovoltaic and wind projects through the Modernization Fund.  The initiative aims to enhance energy storage capabilities in Romania, with an estimated need of 4,000 MWh, Economedia.ro reported. Half of this requirement will be met by batteries, while the other half…

Romania leads Central and Eastern Europe in the adoption of fully electric vehicles, according to a Roland Berger study.  “Romania has the highest rate of adoption of purely electric vehicles in Central and Eastern Europe, but there is still significant potential for growth, as it is still below the European and global average,” said Szabolcs…

Hunt Oil Company, an American oil firm, is exiting Romania after 14 years of operations despite significant investments and substantial financial losses, according to Profit.ro.  Hunt Oil has invested over EUR 86 million in two Romanian oil concessions, Adjud and Urziceni Est, far exceeding its initial financial commitment. However, unsuccessful drilling efforts led to the…

Morgan Stanley has maintained its target price of RON 95 for Romanian power producer Hidroelectrica’s shares (BVB: H2O) after a downward revision of the company’s 2024 budget.  The current trading price of Hidroelectrica shares on the Bucharest Stock Exchange is RON 129, significantly above Morgan Stanley’s target.  The company’s revised budget projects a net profit…

Romgaz (BVB: SNG), Romania’s largest natural gas producer and energy supplier, is expanding its services to include electricity and gas distribution to end-consumers, including household customers.  To support this initiative, the company plans to develop an advanced IT system and a dedicated website to manage contractual relationships, billing, and customer communications.  The new platform will…

A Romanian company is working on a project to build and install an electrical energy storage facility with an installed capacity of over 200 MW, according to documents analyzed by Profit.ro.  The installation is designed to have a capacity of 204 MW and will be located in Roșiori village, in Valea Vinului commune, Satu Mare…

American tech giants Microsoft, Amazon, and Google, despite their significant operations in Romania, have reported no profits for 2023, according to data from the Romanian Ministry of Finance compiled by Ziarul Financiar.  The local subsidiaries of the three American groups reported combined revenues of approximately EUR 370 million and losses of EUR 25 million in…

The Start-Up Nation program, which aims to stimulate entrepreneurship in Romania through grants, will continue this year with a budget of over EUR 440 million from European funds, minister of economy, entrepreneurship and tourism, Ştefan-Radu Oprea, said on Tuesday, July 16.  “I think an emergency ordinance will be passed at the first government meeting,” he…