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  • The Pentair Thermal Management sales team in Romania has recently received the responsibility to coordinate the sales in the Balkans region, as recognition of its contribution within the company. Valentin Ilie, Regional Sales Manager Balkans Area, Pentair Thermal Management, shared with us the principles of the development strategy and the most important values the company is sharing, as well as the way of getting prepared to face the challenges on the market from tough competition. Petroleum Industry Review: About two years ago Tyco Flow Controls – the upper division of Tyco
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    • INTERVIEW
  • The US was the first country to understand the importance of preserving its own resources and consume the resources of other countries, this being the policy that gives true power to a state. Since 1920 the American administration promoted the Mineral Leasing Act which banned oil exports. Subsequently the ban was reinforced in 1975 by the Energy Policy and Conservation Act and in 1979 by the Export Administration Act. The exploitation of unconventional gas in the US has led to the substantial increase of the gas offer on the US
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  • At the end of the first half of the year many companies active in the oil and gas field have released their financial results. As we announced in one of our former issues, we want to inform you which are players on the market with the highest turnouts, which are the most prosperous and what companies faced difficulties emerging from the current economically troubled period. Rompetrol Rafinare, owned by KMG International, registered in H1 an improvement of 40 percent of the gross turnout and of the net results as against
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  • Although especially targeted by the third wave of sanctions imposed by the US and the EU, the Russian oil and gas industry (the main source of revenues to the state budget) seems not to be very affected. On the contrary, one may say after reading the releases issued by the European and American oil and gas companies that seem equally determined to continue their activity in Russia. At the same time, in the economic field in general, following the retaliation decisions adopted by Russia, it looks like the West is
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  • Oltchim Ramnicu Valcea registered losses of RON 114.51 m in Q1 2014, down 22 percent against the same period last year, when losses amounted to RON 147.49 m, the Bucharest Stock Exchange (BVB) financial report reads. Exploitation losses amounted to RON 108.8 m, while financial losses reached RON 5.7 m. Exploitation revenues reached RON 274.3 m, up against the same period last year of RON 206.98 m, while exploitation expenditures amounted to RON 383.1 m. Oltchim sales of chemical products on the domestic market in H1 2014 represented 31 percent
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  • Romelectro group has received the license for natural gas deliveries from ANRE. Romelectro is currently one of the most important EPC contractors in Romania, covering through its projects the entire chain of energy: from production to transport, distribution and electric power supply. This year, Romelectro and ISPE have opened representations in Chisinau. ISPE and Romelectro have as references the building of 20,000 km of electric lines, over 120 high voltage electric stations and more than 15,000 MW in power stations. They intend to launch new long term sound partnerships on
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OMV Petrom, lower natural gas sales

OMV Petrom natural gas sales dropped by 18 percent to 13.47 TWh during Q1, mainly due to the mild winter and low demand from thermo power stations, an OMV release informs. In Q1 2013 sales had reached 16.38 TWh. Low demand for natural gas has led to lower profit registered by Petrom and EconGas, the Austrian branch of OMV.

EconGas natural gas sales in Q1 have dropped by 23 percent against the same period last year. At group’s level, in Q1 the natural gas sales and transactions operated by OMV dropped 2.9 percent to 131.82 TWh from 135.78 TWh registered during the same period in 2013. Trading activities represented some 71 percent of the natural gas transactions.