OMV Petrom (BVB: SNP), the largest energy company in Romania, no longer buys crude oil from Russia for consumption at the Romanian refinery, company officials told Economica.net. Even if it is going to be more expensive, OMV Petrom will seek to buy crude oil from other sources. By its decision, OMV Petrom follows a trend of an informal ban on Russian oil that will probably soon become formal in Europe - after such a ban was enacted in the United States, United Kingdom, Canada and Australia. While sanctions on Russian natural gas are unlikely at this point because of the economic damage they would cause, Europe could better withstand an embargo on Russian oil. "We have chosen not to process crude oil from Russia. We bring non-Russian crude oil, it may originate from ex-Soviet republics - but not Russia. We also look to North or West Africa [for oil supplies]. We also have the offer of crude oil from Kazakhstan on the table. But all purchases are made through our London office (OMV Trading), which looks at all options for purchases," said Radu Caprau, a member of Petrom's management responsible for refining and marketing. "Russian oil would have been delivered at a discount, but we are not buying. It is our way of sanctioning Russia. It was our decision and that of the OMV group, they are going in the same direction as well," the official explained.
Digi Communications (BVB: DIGI) has signed three loans totaling EUR 167.15 million for the development of telecommunications networks in Romania, Spain, and Portugal, according to a note to investors. The company also announced its net profit more than doubled to EUR 33 million in Q1, from EUR 14.3 million in the same period last year. The […]
CEE’s leading wine producer with operations in Moldova and Romania, Purcari Wineries - BVB: WINE, announced the group’s revenue grew by 11% in Q1 this year, reaching RON 81.6 million. EBITDA rose by 9% y/y to RON 23.1 million in Q1, marking a margin of 28%. The company’s net profit contracted by 15% y/y to […]
The current account (CA) of Romania remained roughly unchanged in nominal terms (EUR 3.95 billion) in the first quarter of the year (Q1) compared to the same period in 2023, according to data published by the National Bank of Romania (BNR). The CA deficit in 12 months to March 2024 (EUR 22.6 billion) remained roughly […]
The industrial output index in Romania contracted by 2.7% y/y in Q1 but improved by 1% q/q (seasonally adjusted) compared to the last quarter of 2023, according to data published by the statistics office INS. Based on March's robust industrial figures and possibly based on the positive quarterly dynamics, but also considering the above-neutral 51.2 […]
NASTY, the new documentary that showcases the life and career of Romanian legend Ilie Năstase, the “bad boy” of tennis, will be released on the Max streaming platform in May. Co-produced for Max by HBO Documentaries Europe and Libra Films, the documentary will be released in 23 countries in the week of the launch of the […]
Symphony of Water/Simfonia Apei, the water, music, and light show at the Urban Fountains in Unirii Square, downtown Bucharest, starts a new season this week. The fifth edition is scheduled to kick off Friday, May 17. The roughly 45-minute shows will have different themes, celebrating local stars from sports, science or art,
