Press Review - May 3, 2016

05.03.2016 By Gabriela Stan

China Energy Company Limited Buys Rompetrol

China Energy Company Limited (CEFC) has acquired a 51% stake in KazMunaiGaz International (former Rompetrol group), almost nine years after Kazakh state-run oil and gas company KazMunayGas had bought a 75% stake in Rompetrol from businessman Dinu Patriciu.

The transaction is subject to final approval by various European, Chinese and other regulatory authorities and is expected to be completed by October 2016, KMG said in a statement.

The move could postpone even more the $1 billion investment fund undertaken by KMG.

In February 2014, the Romanian government led by Victor Ponta wiped off Rompetrol’s historical debts worth $600 million in exchange for the investment fund undertaken by KMG International. (Evenimentul Zilei)

UniCredit Bank To Pay Dividends Worth Half Of 2015’s Profit

UniCredit Bank, the fifth largest lender on the Romanian market, will pay dividends worth RON111.03 million, representing half of 2015’s net profit, by June 30.

In 2015, the lender reported a net profit of RON 222.05 million, nearly threefold higher compared to 2014.

At the end of 2015, UniCredit Bank had a share capital of RON379.07 million, including 40.76 million shares with a face value of RON9.3 each.

The transaction whereby Italian group UniCredit bought the stake held by businessman Ion Tiriac in Unicredit Tiriac Bank, for over $770 million, was the largest operation on the mergers and acquisitions (M&A) market in Central and Southeast Europe (CSE) in the first half of 2015, according to an EY study. (Adevarul)

PM Dacian Ciolos Revokes Mandate Of Culture Minister Vlad Alexandrescu

Romanian Prime Minister Dacian Ciolos will revoke the mandate of Culture Minister Vlad Alexandrescu on Monday, following the letter sent by the minister to the Group for Social Dialogue.

The announcement came after Alexandrescu revealed, in an open letter sent to the Group for Social Dialogue, that he was directly intimidated by a minister in Ciolos government in relation to the withdrawing of the PhD titles in the case of plagiarizers.

Alexandrescu said that his actions as Culture Minister were disturbing for several groups of interests, mentioning in this respect the issues related to Rosia Montana and Cathedral Plaza.

The Culture Minister announced last Wednesday that he would resign. (Adevarul)

Nissan Recalls Over 3 Million Vehicles

Nissan is recalling over 3 million and a half vehicles for airbag issues, as the front seat occupancy-classification sensor, which determines whether to disable the frontal passenger airbag for an empty seat or for a child or small adult, is defective on several models.

So far, three people have been injured due to this issue.

The vehicles to be checked up are Nissan, Infiniti and Chevrolet manufactured starting with 2012. Most of the vehicles to be recalled are in the USA. Some of the cars will require actual parts replacement while others will require only a module reprogramming. (Puterea)

Weather Authorities Issue Yellow Code Warning For Storms And Snow

Romanian weather authorities on Monday issued a yellow code warning for storms and snow almost countrywide, but especially in mountain areas, between Tuesday, 9:00 hours and Wednesday, 21:00 hours.

Thus, the areas of Oltenia, Muntenia, Dobrogea, the southern half of Moldavia and the Meridional and Eastern Carpathians will be subject to heavy rains and even snows at altitudes of over 1,700 meters.

The yellow code warning is also available for capital Bucharest and for the counties of Arges, Bacau, Bistrita Nasaud, Brasov, Braila, Buzau, Calarasi, Constanta, Covasna, Dambovita, Dolj, Galati, Giurgiu, Gorj, Harghita, Ialomita, Ilfov, Mehedinti, Mures, Neamt, Olt, Prahova, Sibiu, Suceava, Vaslui, Vrancea, Tulcea, Teleorman and Valcea.

Following the yellow code warning, the General Inspectorate for Emergency Situations (IGSU) announced that over 3,000 military firefighters are ready to support the local authorities and population in the areas affected by precipitations. (Adevarul)