Capital Boost at Petrom Romanian oil company Petrom announced a capital boost of 64.3 million RON, (18.3 million euro), up to 5.66 billion RON, according to an informative note addressed to the Bucharest Stock Exchange.
Prosecutors request arrest
of another businessman
High Court prosecutors asked judges today to order the preventive arrest of controversial Romanian businessman Ovidiu Tender. According to the Public Ministry in Bucharest, Tender is charged with economic crimes that allegedly led to a prejudice of 2,700 billion ROL for the Romanian state. An inquiry against him was launched on February 20.
Attack against Visa credit cards A warning from DotCommerce Romania forwarded by Link Magazine draws attention about an attack against VISA credit cards launched at 14:24 Romanian timevia an e-mail. Do not follow the e-mail’s instructions, advises DotCommerce.
Fiscal and budgetary policies remain Romania’s economic problems The fiscal and budgetary policies are Romania’s main economic problems in the country’s EU accession context, said European Commissioner for Economic and Monetary Affairs Joaquín Almunia Friday, at the Information Centre of the European Commission.
Rompetrol head steps down from management position Rompetrol head Dinu Patriciu stepped down from the management positions of all Romanian companies within the oil group. The announcement came after the Court rejected on Friday the prosecutors' request to arrest the Rompetrol chairman charged with financial wrongdoing.
What the newspapers say: February 27, 2006 Newspapers today observe how shady interests may make themselves heard in the two most important judiciary cases of the moment – the one against ex-PM, current House speaker Adrian Nastase and another, against businessman Dinu Patriciu. Meanwhile, President Basescu speaks out about lots of stuff in a rare interview for print media, while the allied parties he led in the 2004 elections are seen as failing to merge in one single political group.
Dinamo Bucharest coach quits team after president's resignation The Spanish coach Esteban Vigo quit Monday the Dinamo Bucharest team following the president's resignation. President and shareholder of Romanian football club Dinamo Giovani Becali resigned this weekend after two players were transferred without his approval.
How Romania lost billions and businessman Patriciu
suited himself a refinery
Lybia boasts everywhere with its oil field in Murzuk, once controlled but now lost by the Romanian state. The field produces twice as much crude as the whole Romanian oil company Petrom.While the Murzuk oil field was the discovery of the Romanian state, it had ceded it to a Spanish company. Meanwhile, Romanian businessman Dinu Patriciu has suited himself a refinery. Prosecutors tried to find a connection, but couldn’t convince judges the investigations had rather proceed with Patriciu behind bars.
Rompetrol elects new board of directors Rompetrol Rafinare, the refinery branch of the Rompetrol group, accepted Dinu Patriciu’s resignation from his position as chairman of the company and elected a new board of directors Saturday. Rompetrol shares remain suspended from trading on Bucharest Stock Exchange until Tuesday. The new managers are Alexandru Nicolcioiu, Nicolae Ionescu and Eric Florin Chis.
Former PM says he is innocent The former PM and current speaker of the House of Deputies Adrian Nastase testified Monday before anti-corruption prosecutors claiming he was not guilty of any of the charges in the Zambaccian case.
Court postpones decision over businessman’s preventive arrest The Bucharest law court ruled, for the second time, a new postponement regarding the Romanian businessman Ovidiu Tender’s preventive arrest request. Tender's lawyers asked for more time to prepare the Defense. A new hearing was set for Thursday, March 2. The businessman is indicted with embezzlement, money laundering, and participation to an organized crime group in the RAFO case.
Prosecutors hear BkP chairman Prosecutors grilled Romanian businessman Marian Iancu on Monday in the same case involving controversial businessman Ovidiu Tender, that allegedly brought a prejudice of 2,700 bln ROL to Romanian state. Marian Iancu is the chairman of Balkan Petroleum (BkP) and owner of the football club Poli Timisoara.
Cosmote reports 10 mln Euros loss The mobile phone company Cosmote Romania recorded a 9.8 mln Euros loss in 2005, according to a press release by OTE – holder of 70 per cent of Cosmote shares.
Govts' resistance hinders energy liberalization in Europe The European states tend to be more protective with their national energy companies. France aims at creating a national energy leader despite accusations of protectionism related to the support granted to the merger of Gaz de France with Suez, according to Irish Finfacts. The Spanish Govt showed reluctance to a German bid and makes effort to keep company under Spanish ownership.
First mall in Romanian city of Bacau Arena City Center is to build a new shopping center worth 20 bln euros in the Romanian city of Bacau, providing spaces for 150 stores, with a total surface of 30,000 sqm. The works will start in March this year and will be concluded before the third trimester of 2007, when the mall is to be inaugurated, writes a Eurisko press release.
Rompetrol Well Services shares go up 8.2% Rompetrol Well Services (PTR) shares closed at 0.2510 RON, up 8.2%, while Rompetrol Refinery (RRC) shares were suspended until Tuesday on BSE market, according to Prime Transaction. The course opened with 0.2550 RON/share.
What the newspapers say: February 28, 2006 Oil, politics and money keep the front pages of Romanian newspapers again on Tuesday. When polls show diminishing trust among Romanians for their top politicians, the media focuses on how leaders in the business and political fields managed to make fortunes. And the muted reverberation the Winter Olympics had in Romania gets a bit louder – and critical to Romanian sports.
12% recovery for Rompetrol stocks Rompetrol stocks registered a significant boost in the first hours on Tuesday after two days of suspension, according to news agencies. The suspention had been requested based on Bucharest Stock Exchange rules when Rompetrol fell dramatically following expectations its boss Dinu Patriciu might be arrested.
Romanian pork consumption lures international producers German meat producer Reinert will open a factory in Romania by the end of 2006, according to The German company hopes to double its production capacity in Romania by 2007.
Logan Break unveiled in Geneva show Romanian car maker Dacia unveiled its new Dacia Logan Break model at the Genera Auto Salon on Tuesday. The car will be put on sale in Romania in october this year and will sell in 5- and 7-seat models. As the launch will occur in October, Dacia would not hope to sell more than several thousand Logan Break cars before the end of the year.


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