DOCSLIB.ORG

International Centre for Settlement of Investment Disputes Washington, D.C

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Centre for Settlement of Investment Disputes Washington, D.C INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES WASHINGTON, D.C. In the arbitration proceeding between THE ROMPETROL GROUP N.V. Claimant and ROMANIA Respondent ICSID Case No. ARB/06/3 ___________________________________________ Award ___________________________________________ Members of the Tribunal: Sir Franklin Berman, KCMG, QC, President Mr. Donald Francis Donovan, Esq. The Honourable Marc Lalonde PC, OC, QC Secretary of the Tribunal: Ms. Aurélia Antonietti Representing the Claimant: Representing the Respondent: Mr. Barton Legum Mr. Michael E. Schneider Ms. Ioana Petculescu Dr. Veijo Heiskanen Dentons, Paris Mr. Matthias Scherer Lalive, Geneva and and Mr. George Burn Dentons, London Dr. Victor Tanasescu Ms. Carina Tanasescu Tanasescu & Asociatii, Bucharest and Dr. Crenguta Leaua Mr. Marius Grigorescu Leaua & Asociatii, Bucharest Date of dispatch to the Parties: 6 May 2013 TABLE OF CONTENTS A. PROCEDURAL BACKGROUND ........................................................................ 5 A1. Request for Arbitration and Notice of Registration ................................ 5 A2. Constitution of the Arbitral Tribunal ....................................................... 6 A3. The First Session ..................................................................................... 6 A4. Decision on Jurisdiction and Admissibility ............................................. 6 A5. Written submissions on the Merits .......................................................... 7 A6. Requests for Production of Documents ................................................... 7 A7. Proposal for disqualification of a counsel by the Respondent ................ 8 A8. The Hearing on the Merits ....................................................................... 8 A9. Post-Hearing submissions and correspondence .................................... 10 B. THE FACTUAL BACKGROUND ...................................................................... 12 B1. Privatisation of Rompetrol S.A. ............................................................ 12 B2. Changes in structure and ownership ...................................................... 13 B3. The Underlying Dispute ........................................................................ 13 C. THE ARGUMENTS OF THE PARTIES ............................................................ 14 C1. Claimant’s arguments ............................................................................ 15 C1.A. The Request for Arbitration .................................................................. 15 C1.B. Memorial on the Merits ......................................................................... 20 C1.C. Claimant’s Reply ................................................................................... 24 C2. Respondent’s arguments ........................................................................ 31 C2.A. Respondent’s Answer to the Request for Arbitration ........................... 31 C2.B. The Respondent’s Counter-Memorial (Statement of Defence) ............. 33 C2.C. The Respondent’s Rejoinder ................................................................. 40 D. THE HEARING ................................................................................................... 44 D1. Opening Statements ............................................................................... 44 D1.A. Claimant ................................................................................................ 44 D1.B. Respondent ............................................................................................ 46 D2. Fact Witnesses ....................................................................................... 48 D2.A. Claimant’s Witnesses ............................................................................ 48 D2.B. Respondent’s Witnesses ........................................................................ 52 D3. Expert Witnesses ................................................................................... 53 D3.1. Legal Experts ......................................................................................... 53 2 D3.1.A. Claimant .................................................................................... 53 D3.1.B. Respondent ................................................................................ 54 D3.2. Damages Experts ................................................................................... 56 D3.2.A. Claimant .................................................................................... 57 D3.2.B. Respondent ................................................................................ 58 D4. Closing Statements ................................................................................ 61 D4.A. Claimant ................................................................................................ 61 D4.B. Respondent ............................................................................................ 63 D4.C. The Tribunal .......................................................................................... 65 E. POST-HEARING SUBMISSIONS ..................................................................... 66 E1. Claimant ................................................................................................ 66 E1.A. Claimant’s First Post-Hearing Brief ...................................................... 66 E1.B. Claimant’s Answer to the Respondent’s Post-Hearing Brief ................ 69 E2. Respondent ............................................................................................ 71 E2.A. Respondent’s First Post-Hearing Brief .................................................. 71 E2.B. Respondent’s Answer to Claimant’s First Post-Hearing Brief ............. 75 F. COSTS SUBMISSIONS ...................................................................................... 76 F1. Claimant’s Costs Submissions .............................................................. 76 F2. Respondent’s Costs Submissions .......................................................... 77 G. THE TRIBUNAL’S FINDINGS .......................................................................... 77 Part I: PREMINARY ISSUES ............................................................................. 77 A. The inadmissibility objection ................................................................ 81 B. Local remedies ...................................................................................... 83 C. The European Convention on Human Rights (ECHR) ......................... 85 D. Local law ............................................................................................... 88 E. Burden and standard of proof ................................................................ 90 F. Damage .................................................................................................. 96 H. THE INTERPRETATION AND APPLICATION OF THE BIT ........................ 98 Part II.A: THE FACTUAL EVIDENCE ............................................................ 104 (a) The Rompetrol and Petromidia privatisations ..................................... 104 (b) The Libyan receivable ......................................................................... 106 (c) The Talpes report ................................................................................. 108 (d) The instigation of the criminal investigations (the Talpes report) ...... 110 (e) The alleged procedural irregularities in the criminal investigations ... 120 3 (f) The GPO (DIICOT) prosecutors ......................................................... 125 Part II.B: SPECIFIC FACTUAL ALLEGATIONS ........................................... 132 (g) The attachment of RRC shares ............................................................ 132 (h) The arrest and attempted imprisonment of Messrs. Patriciu and Stephenson ........................................................................................... 134 (i) The PNA and GPO press releases ....................................................... 136 (j) The interception of Mr. Patriciu’s and/or RRC’s telephone conversations ....................................................................................... 138 (k) The requests for information from banks ............................................ 141 (l) The tax controls ................................................................................... 143 Summary ............................................................................................................ 145 I. LOSS AND DAMAGE ...................................................................................... 151 J. DIRECT DAMAGE AND MORAL (REPUTATIONAL) DAMAGE ............. 157 K. OTHER RELIEF ................................................................................................ 160 L. COSTS ................................................................................................................ 161 M. CONCLUSIONS ................................................................................................ 162 4 A. PROCEDURAL BACKGROUND A1. Request for Arbitration and Notice of Registration 1. On 20 December 2005, the International Centre for Settlement of Investment Disputes (“ICSID”) received a request for arbitration dated 14 December 2005 (“the Request”) from The Rompetrol Group N.V. (“TRG” or “the Claimant”) against the Republic of Romania (“Romania” or “the Respondent”). 2. TRG was described in the Request as a company
Load more

Recommended publications
  • Download Report [PDF
    This Annual Report can also be accessed at website: www.meaindia.nic.in Front Cover: Illustration of Central Secretariat buildings from water colour painting by Shri Kashi Nath Das Designed and produced by: CYBERART INFORMATIONS PVT. LTD. Kanu Chambers, 3rd Floor, C-2, Sanwal Nagar, New Delhi 110 049, INDIA Telefax: 26256148/26250700 E mail:[email protected] Contents Introduction 1 Highlights of the Year 2 Synopsis 4 1. Indias Neighbours n Thailand 43 n Morocco 59 n Afghanistan 11 PMs Visit and Agreement for 44 n Palestine 59 n Bangladesh 12 Bilateral FTA n Sudan 60 n Bhutan 14 n Timor Leste 45 n Syria 60 Military Operation in Bhutan 14 n Vietnam 45 n Tunisia 60 by Royal Bhutanese Army China 15 n 3. East Asia 6. Africa (South of Sahara) PMs visit to China, 15 n Japan 46 n Angola 61 22-27 June 2003 n Republic of Korea (ROK) 47 n Botswana 61 n Hongkong 22 n Democratic Peoples Republic 49 n Namibia 61 n Iran 22 of Korea (DPRK) n Zambia 61 President Khatamis Visit and 22 n Mongolia 49 n Mozambique 62 The New Delhi Declaration n Swaziland 62 n Maldives 24 4. Central Asia n South Africa 62 n Myanmar 24 n Azerbaijan 50 n Lesotho 65 n Nepal 27 n Kazakhstan 50 n Zimbabwe 65 Maoist Insurgency in Nepal 27 n Kyrghyzstan 50 n Ethiopia 65 n Pakistan 28 n Tajikistan 51 n Madagascar 65 PMs Initiative at 28 n Turkey 51 n Tanzania 65 Srinagar, 18 April 2003 n Turkmenistan 52 n Zanzibar 66 Indian proposals to Pakistan: 28 n Uzbekistan 52 n Uganda 66 22 October 2003 n Rwanda 66 Ceasefire along the 30 5.
    [Show full text]
  • DECIZIA Nr.375 Din 6 Iulie 2005
    DECIZIA Nr.375 din 6 iulie 2005 referitoare la sesizările de neconstituţionalitate a Legii privind reforma în domeniile proprietăţii şi justiţiei, precum şi unele măsuri adiacente Publicată în Monitorul Oficial nr.591 din 08.07.2005 Curtea Constituţională a fost sesizată, în temeiul dispoziţiilor art.146 lit.a) din Constituţia României şi ale art.15 din Legea nr.47/1992 pentru organizarea şi funcţionarea Curţii Constituţionale, cu privire la neconstituţionalitatea Legii privind reforma în domeniile proprietăţii şi justiţiei, precum şi unele măsuri adiacente, de către un grup de 101 deputaţi şi 39 senatori, după cum urmează: - deputaţi: Viorel Hrebenciuc, Dan Ioan Popescu, Valeriu Ştefan Zgonea, Bogdan Nicolae Niculescu-Duvăz, Constantin Niţă, Constantin Amarie, Petru Andea, Ecaterina Andronescu, Mihai Cristian Apostolache, Nicolae Bădălău, George Băeşu, Nicolae Bănicioiu, Eugen Bejinariu, Dumitru Bentu, Ioan Bivolaru, Răzvan-Petrică Bobeanu, Ovidiu Brânzan, Ioan Buda, Cătălin Ovidiu Buhăianu Obuf, Romeo Gheorghe Leonard Cazan, Ion Călin, Gheorghe Chiper, Filonaş Chiş, Ioan Cindrea, Titus Corlăţean, Gabriela Creţu, Vasile Emilian Cutean, Iosif Dan, Marin Diaconescu, Corneliu Ioan Dida, Vaier Dorneanu, Doina Micşunica Dreţcanu, Cristian Sorin Dumitrescu, Zamfir Dumitrescu, Mihai Dumitru, Ion Dumitru, Mircea Dusa, Monalisa Gălăteanu, Filip Georgescu, Ion Giurescu, Aurel Gubandru, Iulian Iancu, Florin Iordache, Costică Macaleţi, Iulian Claudiu Manda, Eduard-Stelian Martin, Cătălin Lucian Matei, Alexandru Mazăre, Vladimir Alexandru Mănăstireanu,
    [Show full text]
  • Instabilite Du Personnel Gouvernemental Et Continuite Decisionnelle En Roumanie Postcommuniste Ionașcu, Alexandra
    www.ssoar.info Instabilite du personnel gouvernemental et continuite decisionnelle en Roumanie postcommuniste Ionașcu, Alexandra Veröffentlichungsversion / Published Version Zeitschriftenartikel / journal article Empfohlene Zitierung / Suggested Citation: Ionașcu, A. (2006). Instabilite du personnel gouvernemental et continuite decisionnelle en Roumanie postcommuniste. Studia Politica: Romanian Political Science Review, 6(2), 319-356. https://nbn-resolving.org/urn:nbn:de:0168- ssoar-56152-8 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer CC BY-NC-ND Lizenz This document is made available under a CC BY-NC-ND Licence (Namensnennung-Nicht-kommerziell-Keine Bearbeitung) zur (Attribution-Non Comercial-NoDerivatives). For more Information Verfügung gestellt. Nähere Auskünfte zu den CC-Lizenzen finden see: Sie hier: https://creativecommons.org/licenses/by-nc-nd/1.0 https://creativecommons.org/licenses/by-nc-nd/1.0/deed.de Instabilité du personnel gouvernemental 319 Instabilité du personnel gouvernemental et continuité décisionnelle en Roumanie postcommuniste ALEXANDRA IONAŞCU Pour les pays de l’Europe Centrale et de l’Est l’année 1989 marque la fin du communisme et l’écroulement des régimes de «démocratie populaire». Ce change- ment de régime nous pouvons le retrouver avec sa spécificité dans le cas roumain. Comme Daniel Barbu l’observait, la théorie du vide du pouvoir qui a succédé aux événements de 1989 a permis à l’ancienne classe dominante de s’instituer non pas comme une partie dans la négociation, mais comme un arbitre de celle-ci. Pour cette raison on ne pourrait pas parler d’un changement au niveau des élites, mais seulement d’une reconfiguration institutionnelle, car au fond «le macro-change- ment politique a été accompagné par une micro-continuité individuelle»1.
    [Show full text]
  • 5Th QUARTERLY REPORT
    United States Agency for International Development Contract IQC NO.LAGI-00-98-00006-00 Task Order No. 814 5thQUARTERLY REPORT 5 October 1 -December 31,2001 NEXANT, Inc. A Bechtel -Affiliated Company Gas Restructuring and Regulatory Assistance in Romania 5" Quarterly Report - Oct./Dec. 2001 5thQUARTERLY REPORT October 1 -December 3 1,2001 CONTENTS I. Background 11. Summary of Project Activities During the Reporting Period 111. Future Activities IV. In-Country Staff Activities During the Reporting Period V. Deliverables During the Reporting Period VI. Budget Activity Appendix A: Schedule of Events & Deliverables Appendix B: COPPresentation on Focus Areas & Selection of Project Team Members Appendix C: Project Team Appendix D: Review of Legislative and Market Changes Gas Restructuring and Regulatory Assistance in Romania 5" Quarterly Report - Oct./Dec. 2001 1. Background The objective of USAID's Gas Regulatory and Restructuring Assistance Project in Romania (hereinafter referred to as "The Project") is to provide technical assistance to the Romanian Ministry of Industry and Resources ("MoIR"), formerly Ministry of Industry and Trade ("MoIT"), the Romanian National Gas Regulatory Authority ("ANRGN"), and the gas sector companies that, prior to Romanian Governmental Decision No. 334 of April 2000, were part of the Romanian National Gas Company, ROMGAZ SA'. The Project supports USAID's Strategic Objective 1.5: "A more economically sustainable and environmentally sound energy sector." Assistance under The Project is provided in two areas: 1)
    [Show full text]
  • Privatizare La Petrom?
    JOI, 13 FEBRUARIE 2003 ANUL V / NR. 1.059 12 PAGINI PRE}: 10.000 lei Privatizare la Petrom? Sta]i www.zf.ro ABONEAZ~-TE NOU! INSTANT mai \ntåi s` ne concentr`m Acum v` pute]i abona pe loc la Ziarul Financiar pe o lun` de zile! Ministerul Industriilor vrea s` strång` \ntr-o singur` mån` ce a mai r`mas Trimite]i un SMS \n re]eaua Orange cu textul „ZF“ la 6666 [i \n cel mai scurt timp ve]i fi contactat de din petrochimia romåneasc` departamentul abonamente al ZIARULUI FINANCIAR pentru a vi se cere adresa pe care dori]i s` primi]i Lumea abonamentul. Vi se va da totodat` o parol` [i un Dup` aproape 12 ani de nume de user pe baza c`rora ve]i putea accesa integral site-ul www.zf.ro. laude la adresa Puzzle de Stat arat` mai Valoarea abonamentului - 4 USD + TVA - beneficiilor aduse va fi inclus` \n factura de telefon din luna respectiv`. economiei de afacerile Ministerul Industriilor are o idee: s` fac` un bine Dac` trimite]i SMS-ul private mici [i mijlocii, colos, cu vånz`ri de 700 milioane de dolari pån` la data de 25 a anual, din diviziile petrochimice a trei fiec`rei luni ve]i primi statul romån se uita companii. printr-un abonamentul \ncepånd cu data oftånd \n urm`, de \ntåi a lunii |ns`: - una nu-i apar]ine (Petromidia), display urm`toare. \ncercånd s` reg`seasc` - una este \nglodat` \n datorii (Oltchim), Pentru informa]ii suplimentare sinergiile [i avantajele - alta este \n plin proces de privatizare color pute]i suna la 202.18.42 concentr`rilor (SNP Petrom).
    [Show full text]
  • Stenograma Şedinţei Delegaţiei Permanente a Partidului Social Democrat Bucureşti, Sediul Central PSD, 8 Martie 2004
    Stenograma şedinţei Delegaţiei Permanente a Partidului Social Democrat Bucureşti, sediul central PSD, 8 martie 2004 STENOGRAMA şedinţei Delegaţiei Permanente a Partidului Social Democrat Bucureşti, sediul central PSD, 8 martie 2004 Caseta 1B Dl. Adrian Năstase ... de bază, pentru restructurarea de anul trecut. S-au redistribuit anumite sarcini. Atunci am redus numărul de ministere şi au fost destul de multe elemente pozitive care au apărut. Aspectul cel mai important în momentul de faţă, după părerea mea, şi care ne este reproşat este faptul că noi nu urmărim suficient de atent şi de eficient punerea în aplicare a deciziilor şi a legislaţiei. Foarte mulţi ne spun: venim, ne întâlnim la nivel central cu miniştrii, hotărâm anumite lucruri, dar după aceea, la nivelul doi, la nivelul trei sau nu se doreşte sau nu există mecanismele necesare pentru punerea în aplicare a deciziilor; sunt reglementări care sunt uitate, care nu sunt cunoscute. Şi de aceea, dacă aţi observat şi în Raportul de ţară de anul trecut - nu vorbesc de Raportul Comisiei de Politică Externă de anul acesta - dar în Raportul de ţară de anul trecut, principala critică în legătură cu activitatea guvernamentală în România a fost aceea legată de punerea în aplicare, de implementarea deciziilor şi, de asemenea, a acquisului comunitar. Aş vrea împreună să decidem că aceasta reprezintă o prioritate şi de aceea această unitate specială pe care o creăm la nivelul Guvernului trebuie să aibă acest rol deosebit, de a urmări, 1 Stenograma şedinţei Delegaţiei Permanente a Partidului Social Democrat Bucureşti, sediul central PSD, 8 martie 2004 de a veghea ca ceea ce decidem, ceea ce este prins în programele noastre să poată să fie realizat.
    [Show full text]
  • Economics and Politics of Energy in Central Asia and Caucasus
    ECONOMICS AND POLITICS OF ENERGY IN CENTRAL ASIA AND CAUCASUS Editors Nevzat SIMSEK Hayal Ayca SIMSEK ECONOMICS AND POLITICS OF ENERGY IN CENTRAL ASIA AND CAUCASUS Editors Nevzat Simsek Hayal Ayca Simsek ERI Books No: 3 ISBN 978-601-243-741-6 This edition published by Eurasian Research Institute Almali Avdani, Mametova 48, 050004, Almaty, Kazakhstan Phone: +7 (727) 279 97 94 Fax: +7 (727) 279 24 26 www.eurasian-research.org e-mail: [email protected] © Khoca Akhmet Yassawi International Kazakh-Turkish University Eurasian Research Institute (ERI), 2016 (print and electronic) All right reserved. Except for brief quotations in a review, this book, or any part thereof, may not be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means, electronic, mechanical or photocopying, recording or otherwise, without the prior written permission of the publisher. Distributed by Eurasian Research Institute Almali Avdani, Mametova 48, 050004, Almaty, Kazakhstan Typeset in Turkey by Merkez Repro, Ankara Printed and bound in Kazakhstan by Leader Offset Printing, Almaty 1st Edition: April 2016, Almaty The views expressed in the chapters of this book are the author’s own and do To our Beloved Mums, Words are never enough to thank you for all that you do... CONTENT 6 List of tables 7 List of contributors 9 Foreword 10 Preface 11 PART I INTRODUCTION 1. Theoretical Perspectives in Energy Security NEVZAT SIMSEK AND HAYAL AYCA SIMSEK ...................................... 15 PART II ECONOMIC ASPECTS OF ENERGY POLICY IN CENTRAL ASIA AND CAUCASUS 2. Central Asian Regional Energy Initiatives: Challenges and Opportunities FARKHOD AMINJONOV ...........................................................................
    [Show full text]
  • Romania Apr2001
    COUNTRY ASSESSMENT: ROMANIA April 2001 Country Information and Policy Unit CONTENTS I. SCOPE OF DOCUMENT 1.1 - 1.5 II. GEOGRAPHY 2.1 III. HISTORY A. Recent Political History 3.1 - 3.40 B. Economic History 3.41 - 3.48 IV. INSTRUMENTS OF THE STATE A. Political Affairs 4.1 - 4.4 B. The November 2000 Elections 4.5 - 4.10 C. The Right of Citizens to change their Government 4.11 D. The Romanian Constitution 4.12 - 4.13 E. Security Services 4.14 - 4.27 i) Police and Human Rights 4.28 - 4.36 ii) Employment of Police Officers 4.37 - 4.38 iii) Corpul Gardienilor Publici (CGP) 4.39 F. The Judiciary 4.40 - 4.53 G. Legal Rights / Detention 4.54 - 4.65 H. Prisons 4.66 - 4.70 I. Social Welfare 4.71 J. Education 4.72 - 6.79 K. Refugees 4.80 - 4.84 L. Europe and NATO 4.84 - 4.95 V. HUMAN RIGHTS A. A. Actual Practice with regard to Human Rights 5.1 – 5.16 B. B. Women 5.17 – 5.21 C. Children 5.22 – 5.28 D. Homosexuals 5.29 – 5.38 E. People with Disabilities 5.39 – 5.40 F F. Freedom of Religion 5.41 – 5.50 G. G. Jews 5.51 – 5.54 H. H. Jehovah’s Witnesses 5.55 – 5.57 I. I. Main Religions 5.58 – 5.60 J. J. Ethnic Minority Groups (General) 5.61 – 5.73 K. K. Hungarians 5.74 – 5.79 L. L. Roma 5.80 – 5.101 M. Germans 5.102 N.
    [Show full text]
  • S T E N O G R a M a Şedinţei Delegaţiei Permanente a Partidului
    SECRET Exemplar Unic S T E N O G R A M A şedinţei Delegaţiei Permanente a Partidului Social Democrat Sediul PSD Bucureşti, 13 octombrie 2003 Stenograma şedinţei Delegaţiei Permente a Partidului Social Democrat - 13 octombrie 2003 - 1. INFORMARE referitoare la stadiul organizării Referendumului naţional privind revizuirea Constituţiei României ____________________________________________________9 Dl. _____________________________________________________________________________________ 9 Dl. Adrian Năstase ________________________________________________________________________ 9 Dl. Miron Mitrea__________________________________________________________________________ 9 Dl. Adrian Năstase _______________________________________________________________________ 10 Dl. Dan Ioan Popescu _____________________________________________________________________ 12 Dl. Adrian Năstase _______________________________________________________________________ 12 Dl. Miron Mitrea_________________________________________________________________________ 13 Dl. Adrian Năstase _______________________________________________________________________ 13 Dl. Dan Ioan Popescu _____________________________________________________________________ 13 Dl. Adrian Năstase _______________________________________________________________________ 13 D-na Rodica Stănoiu ______________________________________________________________________ 14 Dl. Adrian Năstase _______________________________________________________________________ 14 Dl. Dan Ioan Popescu _____________________________________________________________________
    [Show full text]
  • Rompetrol Rafinare – Petromidia Petromidia Site
    The Rompetrol Group Refining Business Unit Looking into the future Refining Business Unit: Looking into the future CONTENTS Refining Business Unit Role Rompetrol Rafinare – Petromidia Petromidia Site Petromidia Refinery: Status Report Current Status & Achievements Reasons for Investments Petromidia Refinery: Investments Background Package Outlooks REFINING BUSINESS UNIT Role WE ARE PART OF SOMETHING SPECIAL Rompetrol Refining is the core business of The Rompetrol Group. We are processing the highest netback crudes or feedstock available and producing We want to be the most valuable products to be sold by other BUs, part of TRG. efficient, effective and innovative refining system in South Central Europe WE FUNCTION AS A COMPLEX MACHINERY Our BU is comprised of three performance units; Petromidia, Vega and Petrochemicals. WE HAVE CONTINUOUSLY GROWN AND IMPROVED OUR PERFORMANCE We have a responsibility We continue to improve our future by investing in the towards the people, local present. communities and environment WE STRIVE FOR EXCELLENCE We are building high ethics and principles for our business. REFINING BUSINESS UNIT Rompetrol Rafinare - Petromidia PRODUCTS & CAPACITY 100.000 BPSD (5 million t/year). Based on crude oil & products market conditions and analyses of financial indicator, refinery is operated at 3.8-4.2 mln t/y. Produces: LPG, gasoline, jet, gasoil, fuel oil, coke, sulfur. UNIQUE LOCATION Petromidia is the only Romanian refinery located at the Black Sea shore thus having the advantage of being supplied directly through the oil terminal located in the Port of Midia. Fully integrated in environmental layout, with respect for healthy air, water, soil. REFINING BUSINESS UNIT Rompetrol Rafinare - Petromidia PERFORMANCE It has the highest white products yield in the region (84%) and a Nelson Complexity Index of 8.3.
    [Show full text]
  • Monthly June 2021 Bulletin
    15th of June 2021 15th of May 2021 – 15th of June 2021 BBSPA Monthly Bulletin Oil and Gas Prices Oil Price In May 2021 US WTI spot crude oil price was around $65/bbl. Brent crude closed above the psychological $70-a-barrel mark for two consecutive days for the first time in more than two years with oil demand being considered to increase in the next six months and in line with economies re-opening. Rigzone Gas Prices The gas price at the western gas hub recently increased which was referred to the low levels of available gas in the gas storages. Henry Hub average spot gas price in May was €12.0/Mwh. Spot gas prices in the region in May Desfa reference price was €25.2/Mwh Bulgarian Gas Hub price was €21.9/Mwh Romanian Gas Exchange price was €24.0/Mwh Hungarian Gas Exchange price was €24.9/Mwh CEGH spot gas price was €25.5/Mwh Electricity Price Romania The average electricity price on the Romanian spot market for April was 62 EUR/Mwh, more than two times increase compared with one year earlier, when it was 25 EUR/Mwh. Actmedia Carbon Price According to European Energy Exchanges, the use of contracts for difference (CCFDs) to encourage clean technologies in emission intensive industries would undermine Europe’s bbspetroleum.com page 1 15th of June 2021 carbon market and would lead to short- and long-term market distortions reducing the effectiveness of the price signal as an investment driver. Montel Gas Demand, Supply and Trade Bulgaria Bulgargaz said that has explored all possible alternative routes for delivery of gas to Bulgaria and the only such possibility was at the point of connection of the Greek network in the TAP gas pipeline of Nea Mesemvria, which serves mainly the supply of Azeri gas to Greece.
    [Show full text]
  • Governmental Corruption in Romania
    Dr. Michael Hein University of Greifswald Department of Political and Communication Sciences Baderstraße 6/7 17487 Greifswald Germany [email protected] www.michaelhein.de · www.ipk.uni-greifswald.de (Non-)Fighting Governmental Corruption in Post-Socialist Romania The Misuse of Constitutional Rules and the Anti-Corruption Discourse Paper prepared for the 11th Annual International Young Researchers Conference at the Havighurst Center for Russian and Post-Soviet Studies, Miami University, Oxford, Ohio: POSTCOMMUNIST CORRUPTION: CAUSES, MANIFESTATIONS, CONSEQUENCES March 29–March 31, 2012 DRAFT VERSION Please do not quote or distribute without permission. Comments welcome! Abstract When Romania’s accession process to the European Union entered its decisive phase in the middle of the 2000s, the fight against political, especially governmental corruption began to dom- inate the political discourse in this country. However, while a whole series of criminal investiga- tions have been conducted since then, until today no single former or current (prime) minister has been convicted of a corruption crime by the court of final appeal. From 2006 till 2009 the country was instead confronted with a constitutional conflict, in which the vast majority of the political elite continuously fought for being prevented from prosecution and conviction. Al- though the prosecution of corruption crimes seems to yield its first irreversible successes now, the extent of governmental corruption steadily remains high and many politicians steadily react against the enforcement of the law. This paper focuses on the interplay of governmental corruption, constitutional and legal rules and the anticorruption discourse in Romania. In particular, the following line of argument will be presented: The post-socialist political elite in Romania quite naturally use governmental offices for personal purposes against the public good.
    [Show full text]