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The Effects of Establishing an FSRU Terminal at the Gulf of Saros in Turkey for Balkan Countries
NOVEMBER 2019 B.’ Energy Notes BEN. 30 The Effects of Establishing an FSRU Terminal at the Gulf of Saros in Turkey for Balkan Countries Bihter Gülsoy [email protected] Selin Güngör [email protected] Berna Var [email protected] 1 Sude Yılmaz [email protected] THE EFFECTS OF ESTABLİSHİNG AN FSRU TERMİNAL AT THE GULF OF SAROS İN TURKEY FOR BALKAN COUNTRİES BİHTER GÜLSOY SELİN GÜNGÖR BERNA VAR AND SUDE YILMAZ B.’ Energy Notes BEN. 30 http://berument.bilkent.edu.tr/BEN Bilkent University Faculty of Economic, Administrative and Social Sciences Bilkent 06800, Ankara-Turkey NOVEMBER 2019 2 Central and Eastern European (CEE) countries are almost exclusively dependent on Russian natural gas for their consumption and most of them are seeking new alternatives to strengthen their energy security. New supply alternatives could be the solution to the dominance of the Russian gas. While the reason for the monopolistic status of Russia is providing the lowest prices to Europe, this benefit can be nullified by natural gas interruptions from Russia to these countries. The increasing number of new energy suppliers in the region may lead to an increase in the supply of natural gas, however, this may not eventually further decline in natural gas prices but may help to boost European natural gas supply security. Thus, new energy projects to provide alternatives such as the project in the Gulf of Saros in Turkey can provide an alternative to Russian gas for Balkan countries in the case of a need arises. The unique location Turkey has enables it to become not only a transit country but also with its developing new natural gas supply mechanisms. -
The People's Republic of China Connecting Europe
ADBI Working Paper Series THE PEOPLE’S REPUBLIC OF CHINA CONNECTING EUROPE? Julia Gruebler No. 1178 August 2020 Asian Development Bank Institute Julia Gruebler is an economist at the Vienna Institute for International Economic Studies (wiiw) and a lecturer at the Vienna University of Economics and Business, Vienna, Austria. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. Some working papers may develop into other forms of publication. The Asian Development Bank refers to “China” as the People’s Republic of China. Suggested citation: Gruebler, J. 2020. The People’s Republic of China Connecting Europe? ADBI Working Paper 1178. Tokyo: Asian Development Bank Institute. Available: https://www.adb.org/publications/prc-connecting-europe Please contact the authors for information about this paper. Email: [email protected] The author has greatly benefited from previous work at wiiw, in particular, research conducted together with Robert Stehrer, Scientific Director at wiiw. -
WP 2 Task 2.5-Report
Project: BiG>East (EIE/07/214) Biogas purification and assessment of the natural gas grid in Southern and Eastern Europe Deliverable 2.5 Task 2.5 Mag. Heinz Praßl Ing. Gerhard Agrinz GmbH Emmerich-Assmann-Gasse 6 8430 Leibnitz, Austria Leibnitz, 23.06.2008 Elaborated with input of the BiG>East partners Krasin Georgiev, Denitsa Dimitrova, Biljana Kulisic, Konstantinos Sioulas, Ilze Dzene, Augustin Ofiteru, Mihai Adamescu, Florian Bodescu, Aleks Jan, and Dominik Rutz. With the support of: The sole responsibility for the content of this publication lies with the authors. It does not represent the opinion of the Community. The European Commission is not responsible for any use that may be made of the information contained therein Task 2.5 Report Index Foreword................................................................................................................................... 5 1. Introduction .......................................................................................................................... 6 2. Properties of the natural gas grid ....................................................................................... 6 2.1 Classification according to grid levels .......................................................................................... 6 2.2 Classification according to pressure levels.................................................................................. 7 2.2.1 Low pressure grid .................................................................................................................................... -
Emerging Markets Economics and Business. Contributions of Young Researchers
Emerging Markets Economics and Business. Contributions of Young Researchers Proceedings of the 6th Conference of Doctoral Students in Economic Sciences 2 UNIVERSITY OF ORADEA FACULTY OF ECONOMIC SCIENCES Emerging Markets Economics and Business. Contributions of Young Researchers Proceedings of the 6th Conference of Doctoral Students in Economic Sciences No. 3 - December 2015 Editor-in-Chief: Prof.Dr. Alina Badulescu Oradea University Press 2015 3 Scientific Board: Prof. Dr. Laura Mariana Cismaș – West University of Timișoara, Romania Associate Prof. Dr. Adriana Giurgiu – University of Oradea, Romania Prof. Dr. Dongheng Hao – Shijiazhuang University of Economics, China Prof. Dr. Dezhi Liu – Shijiazhuang University of Economics, China Editorial Board: Prof. Dr. habil. Daniel Bădulescu – University of Oradea, Romania Prof. Dr. Mihai Berinde – University of Oradea, Romania Associate Prof. Dr. Olimpia Ban – University of Oradea, Romania Associate Prof. Dr. Ioana Meșter – University of Oradea, Romania Associate Prof. Dr. Adrian Florea – University of Oradea, Romania Assistant Professor Dr. Dorin Bâc – University of Oradea, Romania Reviewers: Prof. Dr. habil. Daniel Bădulescu – University of Oradea, Romania Prof. Dr. Mihai Berinde – University of Oradea, Romania Associate Prof. Dr. Olimpia Ban – University of Oradea, Romania Associate Prof. Dr. Ioana Meșter – University of Oradea, Romania Associate Prof. Dr. Adrian Florea – University of Oradea, Romania Assistant Professor Dr. Dorin Bâc – University of Oradea, Romania Assistant Professor Dr. Mariana Sehleanu – University of Oradea, Romania Assistant Dr. Diana Perțicaș – University of Oradea, Romania Scientific Assistants: PhD.s. Diana Sava – University of Oradea, Romania PhD.s. Felix-Angel Popescu – University of Oradea, Romania PhD.s. Otilia Cadar – University of Oradea, Romania Emerging Markets Economics and Business. -
Could Shale Gas Become a Reliable Energy Source for Europe and Romania?
Could Shale Gas Become a Reliable Energy Source for Europe and Romania? MARIANA PAPATULICĂ Senior Researcher Institute of World Economy, Romanian Academy Calea 13 Septembrie, no. 13, District 5, Bucharest ROMANIA [email protected] PETRE PRISECARU PhD., Senior Researcher Institute of World Economy, Romanian Academy Calea 13 Septembrie, no. 13, District 5, Bucharest ROMANIA [email protected] Abstract: - While shale gas and oil is a success story in USA and Canada where production has considerably increased in the last five years the situation is quite different in Europe where exploration and production activities are quite low and prospects are not encouraging. Even in the Eastern Europe the first results of exploration are disappointing for the American companies, which have the technical expertise for exploring and extraction shale gas. Due to global warming there is now at the world scale a fierce confrontation between environmentalists and lobbyists of producing companies regarding the negative effects of hydraulic fracturing. Shale gas development in Europe depends more on the coal substitution by gas and on the use of CCS technologies. The collapse of crude oil prices may delay many projects in the field of shale gas and oil, especially in Europe. The prospects of oil gas in Romania are linked to the energy security concept, whose implementation requires diversification of energy supply on some levels. The development of shale gas in order to diversify the energy supply cannot compensate the groundwater pollution and other negative effects, like earthquake. The temporary withdrawal of Chevron from Romania will have some positive effects, allowing to our country a necessary time-out to better substantiate public policies in the field and to producing companies some time required for carrying out new technologies, less polluting and harmful. -
Energy 2017 Fifth Edition
Energy 2017 Fifth Edition Contributing Editors: Geoff rey Picton-Turbervill & Julia Derrick CONTENTS Preface Geoffrey Picton-Turbervill & Julia Derrick, Ashurst LLP General chapter Global Energy Security: New Concerns and Enduring Challenges – Karl V. Hopkins & Melissa Boyle Mahle, Dentons 1 Albania Floran Pustina & Jolita Hoxholli, TashkoPustina – Attorneys 9 Algeria Mohamed Chemloul & Amel Chemloul, Chemloul & Associés 23 Australia Graeme Gamble & Chelsea Herman, Herbert Smith Freehills 31 Belgium Wouter Geldhof, Cedric Degreef & Justine Diepart, Stibbe 39 Benin Jeffrey Gouhizoun & Elias Mahoulé Syné Guidi, OTL Conseils 52 Bolivia Enrique Barrios, Guevara & Gutiérrez S.C. 56 Congo – D.R. Pathy Liongo Bootsi & Michel Tshidibi Kankonde, Emery Mukendi Wafwana & Associates SCP 68 Cyprus Michael Damianos, Michael Damianos & Co LLC 73 Ecuador Daniel Pino Arroba, Jaime Arosemena Coronel & Fernanda Guzmán Amador, Coronel & Pérez 83 Germany Matthias Hirschmann & Alexander Koch, Hogan Lovells International LLP 86 Ghana David Addo-Ashong & Johnnie Klutse, Ashong Benjamin & Associates 96 Ivory Coast Gérard Bohui & Franck Hessemans, Hoegah & Etté Law Firm 108 Japan Takahiro Kobayashi & Shigeki Okatani, Mori Hamada & Matsumoto 112 Kenya John Miles, Nikhil Desai & Rubin Mukkam-Owuor, JMiles & Co. 123 Kosovo Erkand Kola, Rudi Metaj & Irina Kotenko, TashkoPustina – Attorneys 132 Mexico Juan Carlos Serra Campillo & Jorge Eduardo Escobedo Montaño, Basham, Ringe y Correa, S.C. 136 Morocco Kamal Habachi & Houda Habachi, Bakouchi & Habachi – HB Law Firm 147 -
View Annual Report
Annual Report 2016 Annual Report 2016 Contents OMV Petrom Group – at a glance Company 2 Highligths 12 Statement of the Chief Executive Officer 14 OMV Petrom objectives and strategy 20 Sustainability / non-financial statement 26 OMV Petrom shares 29 Business environment Business segments 32 Upstream 38 Downstream Oil 41 Downstream Gas Report of the governing bodies 44 Report of the Supervisory Board 49 Consolidated Directors’ report 60 Corporate governance report 71 Corporate governance statement 83 Declaration of the management 84 Abbreviations and definitions Consolidated financial statements and notes 88 Independent auditor‘s report 97 Consolidated statement of financial position 99 Consolidated income statement 100 Consolidated statement of comprehensive income 101 Consolidated statement of changes in equity 102 Consolidated statement of cash flows 104 Notes to the consolidated financial statements 185 Consolidated report on payments to governments OMV Petrom Group in figures 2016 Note: In this report, “the Company”, “OMV Petrom”, “OMV Petrom Group” and “the Group” are sometimes used for convenience where references are made to OMV Petrom S.A. and its subsidiaries in general. The financials presented in the report are audited and represent OMV Petrom Group’s consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group unless otherwise stated. Figures may not add up due to rounding differences. OMV Petrom Group – at a glance 2014 2015 2016 Sales (RON mn) 1 21,541 18,145 16,247 EBITD (RON mn) 8,145 6,231 -
The Burden of Belonging: Romanian and Bulgarian Foreign Policy in the New Era
Journal of Balkan and Near Eastern Studies, Volume 11, Number 3, September 2009 The burden of belonging: Romanian and Bulgarian foreign policy in the new era RONALD H. LINDEN In the world there are only two tragedies. One is not getting what one wants, and the other is getting it. Oscar Wilde Introduction For all states, joining an international organization extracts a price. There are expectations, demands, conditions, more or less explicitly spelled out, that will apply to those wanting to become part of an ongoing international enterprise. This applies even to powerful countries and is one of the reasons why realist notions of foreign policy have typically included injunctions against alliance membership.1 For smaller countries in particular, such as the former communist countries of Central and East Europe, the path to achieving membership in international organizations has been especially challenging. The literature is vast and growing on EU expectations and conditions applied to the East European states since membership became a possibility in the mid-1990s.2 Virtually all of it focuses on these states’ adaptation of their domestic political and economic structures, changes in laws and processes including, for example, the adoption into domestic law of the 80,000-page acquis communautaire of the EU. The foreign policies of these states have been less frequently examined against the backdrop of their new membership in the international organizations Downloaded By: [Linden, Ronald H.] At: 12:24 17 September 2009 1 In his discussion of the ‘Nine Rules’ of diplomacy, Hans Morgenthau wrote, ‘Never allow a weak ally to make decisions for you. -
Projects Presented Under the EU-China Connectivity Platform
Projects presented under the EU-China Connectivity Platform The attached list is a compilation of transport infrastructure projects presented at Expert Group meetings of the EU-China Connectivity Platform between 2016 and 2019.1 Disclaimer: The TEN-T related projects included in the attached list have been presented by the Member States concerned on a voluntary basis, in order to explore solutions to cover a potential financing gap, without prejudice of the final decision on financing which could be taken. The importance of level playing field among investors and project promoters, of geographically balanced list of projects, reciprocity and compliance with applicable EU rules and standards was recalled during the Expert Group meetings. Projects in China # Project name Location 1 Multi-modal Water and Rail Transport Project for Hubei Province, Yichang City Yangtze River Three Gorges 2 Jiangsu (Suzhou) International Railway Logistics Center Jiangsu Province, Suzhou City 3 Lanzhou New Area Mutilmodal Logistics and Transport Gansu Province, Lanzhou City Infrastructure Project 4 Highway-Railway Multimodal Transport Area of Qianbei Guizhou Province, Modern Logistics New Town Zunyi City 5 Chongqing Fuling Longtou Port Railway Collection and Chengdu in Sichuan Province Distribution Centre 6 Reconstruction and Extension of airport projects: Urumqi Airport Reconstruction and Extension Project Xinjiang Uygur Autonomous Region Xi'an Airport Shenyang Airport 2nd Runway Project Shenyang in Liaoning Province Guangzhou Airport 7 Construction of metro -
BBSPA-Monthly-February-2018.Pdf
15th of February 2018 15th of January 2018 – 15th of February 2018 BBSPA Monthly Bulletin Summary Oil and Gas Prices Spot Prices: Between 15 January 2018 and 15 February 2018 US WTI spot crude oil price fluctuated around $63/bbl; Henry Hub spot gas price decreased from $208/1000 cbm to $95/1000 (GCV at 0C). In Europe, at Central European Gas Hub, the average day ahead gas price was $247/1000 cbm (€18/Mwh, ECB average exchange rate). EU: Russian gas price exported to Europe was quoted to be $200/1000 cbm, while US LNG exports were $280/1000 cbm. Romania: The Agency for Mineral Resources of Romania (NAMR) recently launched a public debate about the methodology of calculating the reference price of natural gas. The royalty on gas production uses a formula, according to which the reference price will be based on the day-ahead prices at CEGH in Austria. The methodology was opposed by The Romanian Petroleum Exploration and Production Companies Association (ROPEPCA). According to the association the reference price should follow the prices in the centralized market in Romania, rather than in CEGH in Austria, where the prices are higher and fluctuate in big ranges. The methodology also should not be applied for long-term supply contracts. According to a report of the Court of Auditors, Romania has lost 7 billion RON because of delays in updating the methodology of calculating the reference gas price, NAMR objected the report, but the High Court for Cassation confirmed the views of the Court of Auditors. Currently the reference price in Romania is RON 495 per 1,000 cubic metres or 106 EUR/1000 cbm, while the day-ahead gas price at CEGH in Austria is 198 EUR/1000 cbm (11.2 Mwh for 1000 cbm). -
Black Sea Oil & Gas Projects, the Total Amount of Financing for Each of the Projects Has Not Been Disclosed
State Capture A case study about natural gas exploitation and transportation in Romania date October 2019 author Laura Nazare editors Ioana Ciută, Alexandru Mustață design and layout Lavinia Vereș print Azero contact bankwatch romania 98 Regina Maria Bd, bloc 119, ap. 10, 040125, Bucharest, Romania 031 438 24 89 [email protected] www.bankwatch.ro This briefing has been produced with the financial assistance of the Open Society Initiative. The contents of this briefing are the sole responsibility of Bankwatch Romania and can under no circumstances be regarded as reflecting the position of the Open Society Initiative. Contents Executive Summary 2 Introduction 6 Description of ongoing projects 10 • BRUA corridor 10 • Expansion of the national system for the transportation 12 of natural gas extracted from the Black Sea • Vadu Gas Terminal 14 • Tuzla Gas Terminal 17 Law amendments for gas exploitation and 18 gas transport projects • Law 185/2016 – BRUA Law 18 • Offshore Gas Law and royalties 20 Practices in applying the legal principles and provisions 22 regarding public consultation and participation in decision making • BRUA 22 • Vadu – T1 Pipeline 23 • Vadu Gas Treatment Plant 24 • Tuzla Gas Terminal 26 Conclusions 28 Recommendations 29 Black Sea Gas & Oil concession, source Radio Free Europe Romania 2 Executive Since its inclusion in the European Union’s Projects of Common Interest list in Octo- Summaryber 2013, the gas pipeline project connecting Bulgaria – Romania – Hungary – Austria (BRUA) is eligible for receiving public funding through the Connecting Europe Facil- ity1. In parallel, the Romanian Government and Parliament put forward once more the old idea of Romania being an important player in the European Gas Market . -
Read the Book
1 Acknowledgments We feel more than obliged to express our sincere gratitude towards all those who contributed for making this book a reality. We are grateful to all the authors who shared their deep knowledge and valuable inputs on the various markets related to the Southern Gas Corridor. Namely, we feel thankful to Mr. Plamen Dimitrov, Dr. Leo Drollas, Mr. Hans- Georg Heinrich, Mr. John Roberts, Dr. Nicolò Sartori, Dr. Simeone Tagliapietra, Dr. Theodoros Tsakiris and Mr. Mehmet Öğütçü. Finally, we are thankful to Mr. Konstantinos Ioannidis, Mr. Christos Zisakis and PhD candidate Mr. Filippos Ioannidis for their valuable assistance and collaboration towards the completion of this book. 2 Contents Contents .......................................................................................................... 3 List of Figures ................................................................................................. 7 List of Tables ................................................................................................ 11 Executive Summary ...................................................................................... 12 1 An overview of the SE European Gas Markets and LNG Prospects ... 16 1.1 Introduction to Natural Gas ......................................................... 16 1.2 LNG Markets and Global Trends ................................................ 19 1.3 European Gas and LNG Markets ................................................ 23 2 The Role of Natural Gas in the EU Decarbonisation Path ..................