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Oil & Gas • Electricity • Renewables • Environment

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energyworld No 18 | May-June 2017

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E-MOBILITY & ELECTRIC CARS IN EUROPE

May-June 2017 Price: 3 Euros

EU: COMMITMENT TO EAST-MED PIPELINE PROJECT Drilling in the romanian Black Sea Free gas market in Romania – price hike for households THE TEN BIGGEST OIL AND GAS COMPANIES


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EU: COMMITMENT TO EAST-MED PIPELINE PROJECT

NO ELECTRIC VEHICLES IN SERBIA – THE FUTURE PLANS

BULGARIA: OFF-WHEELS ELECTRICITY

POSSIBLE ROAD BUMPS AHEAD FOR ELECTRIC CARS

EV CARS AND THE EFFECTS ON BULGARIAN SYSTEM

ROMANIA WANTS TO INCREASE NON-POLLUTING CAR SALES

NEW INFRASTRUCTURE FOR ELECTRIC VEHICLES IN GREECE

E-MOBILITY & ELECTRIC VEHICLES IN EUROPE

NEWS IN BRIEF

EDITORIAL

Contents

01 02 03 04 05 06 07 08 09 10


ENERGY DIRECTORY

4 EVS CHANGING THE WAY WE MOVE

THE TEN BIGGEST OIL AND GAS COMPANIES

ALBANIA: SIGNIFICANT INVESTMENTS TO BATE CLIMATE CHANGE

REORGANISATION OF THE WHOLESALE ELECTRICITY MARKET

GREEK DRIVERS TURN TO GAS POWERED VEHICLES

FREE GAS MARKET IN ROMANIA – PRICE HIKE FOR HOUSEHOLDS

MORE TAXES FOR OIL AND GAS SECTOR IN ROMANIA

GLOBAL OIL MARKET IN 2017: CONTANGO OR BACKWARDATION?

DRILLING IN THE ROMANIAN BLACK SEA

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11 12 13 14 15 16 17 18 19 20


Editorial

01 4

E-MOBILITY, THE NEXT GIANT LEAP FOR EUROPE

The EU needs to accelerate its electro-mobility (e-mobility) revolution according to the organisations that will lead it in the coming decade. The diverse group wants EU member states to show much more urgency in their plans to harness the diverse range of technologies needed to make clean electricity the dominant power source for transport, both between and within European cities. A joined-up and accessible network of charging stations, including normal, fast and smart charging, is a necessity if Europeans are to benefit from the huge strides in e-mobility technologies. Nicolas Erb, chairman of the Platform on Electro-mobility, said: “Europe has a huge opportunity to win on so many fronts with e-mobility. For a start, we’ll recover the €1 billion or so a day Europe currently spends on high-polluting oil; we’ll hugely increase access to mobility; we’ll create high-quality jobs and we’ll save countless lives by cutting air pollution. Just look at railways, from trams to high-speed trains, which are already largely electrified and much more energy-efficient than other modes. E-mobility may be a quiet revolution but it’s a crucial one. Besides metros and tramways, there are now more than two million electric vehicles on the world’s roads – so we are at a tipping point – but we need to change-up a gear to really make it happen. And that’s what the 25 organisations that form our platform are calling for today.”

The Platform’s members are also pressing member states for: – More charging stations: Meet fast growing consumer needs by committing to more publicly accessible charging stations. – More flexibility: Encourage innovation by allowing for more flexibility on connector requirements for all car-charging stations and for electric buses. – Simpler permitting and financing: Promote best practice for e-mobility by simplifying permitting procedures and coordinating financial incentives across Europe. – Greater provision for vehicle charging from buildings: Most electric vehicles recharge during the day while a vehicle is parked (e.g. at home or at work). – Increased resources for Connecting Europe Facility: Use the mid-term revision of the European budget (Multi-Annual Financial Framework) to increase the resources for further electrification of all transport modes. Launched at the end of last year, the Platform on Electromobility is the first time such a diverse alliance of industry, operators, infrastructure managers, transport users, cities and civil society organisations has come together around a single vision – the electrification of transport – of achieving numerous, identified benefits: emissions reductions, efficiency gains, better consumer services, job creation and better health.


News in brief

02 6

Romania: OMV Petrom announces change of financial director

Global wind reaches record 486.7 gigawatts in 2016

OMV Petrom, the most valuable local company listed on the Bucharest Stock Exchange, announced the appointment of Stefan Waldner as financial director and member of the company’s management starting July 1, following the resignation of Andreas Matje from that position. Matje, who has been coordinating OMV Petrom’s financial department since January 2013, will return to the OMV headquarters in Vienna. “Andreas Matje and Stefan Waldner will work closely together in order to ensure a smooth transition while supporting OMV Petrom’s Finance team in achieving their business objectives,”according to an OMV Petrom press release. OMV Petrom, which has been part of OMV group since 2004, has been led by Romanian CEO Mariana Gheorghe for more than ten years.

Global wind power in 2016 saw a 12.6 percent increase and reached a record 486.7 gigawatts (GW), according to Global Wind Energy Council’s (GWEC) report. According to the Global Wind Council’s Annual Market Update Report 2016, China led the way with 23.3 GW of new installed capacity. The country now has more than 168 GW of wind power installed, more than the entire European Union members’ wind capacity. Europe had a surprisingly good year with Germany’s record-setting 5.4 GW of installations, bolstered by more than 2 GW of offshore wind; and the U.S. market had a remarkable fourth quarter, ending the year with an 8.2 GW market, much higher than most had expected. In the future, Asia will continue to lead, and Europe will move steadily towards its 2020 targets, although there may be some bumps in the road, the report said. GWEC secretary general Steve Sawyer said: “Wind power is now successfully competing with heavily subsidized incumbents across the globe, building new industries, creating hundreds of thousands of jobs and leading the way towards a clean energy future. We are well into a period of disruptive change, moving away from power systems centered on a few large, polluting plants towards markets increasingly dominated by a range of widely distributed renewable energy sources. We need to get to a zero emissions power system well before 2050 if we are to meet our climate change and development goals.” Steve Sawyer continued: “Offshore wind has had a major price breakthrough in the past year, and looks set to live up to the enormous potential that many have believed in for years. We see the technology continuing to improve and spread beyond its home base in Europe in the next 5-10 years.”


EU Commission appoints director to its DG ENV The European Commission decided on April 26 to appoint Gilles Gantelet to the position of Director for Policy in its department for Environment (DG ENV). Gantelet, a French national, joined the Commission in 1994. His career at the Commission focused on communication policy, including as Spokesperson for former Commissioners Jacques Barrot and Loyola de Palacio. According to the Commission, he covered a variety of other topics, including monitoring and implementation of various programmes and priority policies in different areas such as transport, energy, internal market, industry and environment as well as human resources and regional policy. In 2010, Gantelet became Head of Unit for Communication and Interinstitutional Relations in the department for Energy (DG ENER). Since 2016, he is heading the unit in charge of Sustainable Developments Goals Strategy in the department for Environment. The appointment will take effect on May 1, 2017.

Iran, China sign nuclear plant redesign contract The fate of the Arak reactor was a running theme of nearly two years of negotiations between Iran and United States, China, Russia, Germany, France and England, which resulted in the lifting of economic sanctions against Iran in reward for limits on its nuclear program, of which the West was skeptical. The contract was signed in Iran’s representative office in Vienna between the Atomic Energy Organization of Iran and Chinese companies nearly two weeks after the sides finalized a draft deal in Beijing. China and the U.S. are joint heads of a working group assigned by the nuclear deal to redesign the reactor based on an agreed conceptual design, using fuel enriched up to 3.67 percent, so that it will not produce weapons grade plutonium.The redesign mechanism was agreed upon in a separate document on Nov. 13, 17 and 18 by the foreign ministers of the parties to the deal.

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E-mobility

03 8

E-MOBILITY & ELECTRIC VEHICLES IN EUROPE Last November, the European Commission presented a package of clean energy initiatives with the aim of achieving global leadership in renewable energies and promoting energy efficiency. The package seeks to provide a fair deal for consumers and support the EU’s commitment to cutting CO2 emissions by at least 40 percent by 2030.

The so called “jumbo package” also includes specific measures to support e-mobility, such as promoting the installation of recharging points in new, non-residential buildings. With these measures, there is a commitment to use renewable electricity in transport and to ensure renewable sources and new technologies are integrated and allowed to compete on a level playing field.

A game changer?

It is hoped that these changes will improve the penetration of electric vehicles (EVs) in the transport sector. Figures currently estimate their market share to be well under 1 percent, although analysts predict a potential upsurge that could see this figure as high as 35 percent by 2035. “E-mobility has the potential to be a game changer,” explains Simone Mori, Executive Vice President for European Affairs at Enel. “It can help to deliver a whole range of inter-connected benefits, from cleaner air and less pollution, to greater energy security. But barriers exist and these need to be pulled down if these benefits are to be realized.”

EVs are also supporting the market for renewable energy sources (RES), with car batteries offering new opportunities for grid-connected storage and bringing “prosumers” into the electricity market.

Virtual power plant

A key to this is the continued development of innovative Vehichle2Grid (V2G) technology, which allows managing bi-directional flows between the EV’s battery and the electric grid. By acting as a “virtual power plant,” they can sell the energy back to the grid and help the system operator improve reliability by balancing supply with demand. Enel is currently working on major V2G programs in Denmark and the U.K., with the goal of introducing it to other European cities. There are further wins for both consumers and the environment. Building the market share of EVs means a higher use of electricity in satisfying consumers’ energy needs in transport, which improves energy efficiency by reducing primary energy needs. In fact, evidence shows that in the past decade, as the use of electricity as an energy carrier has grown, the economy’s energy intensity – the ratio between final


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energy consumption and GDP – has decreased, providing the tangible proof of the benefits of electrification. In particular, EVs can be three to four times more energy efficient than conventional cars, therefore they bring greater energy security to Europe by reducing energy imports. With poor air quality currently exposing urban populations to numerous health risks, e-mobility can dramatically reduce air pollution in our cities.

The obstacles

Yet, despite this catalogue of benefits, the public remains skeptical about the EV’s potential, with concerns around the high purchase cost, and also around the so-called “range anxiety”, caused by a mixture of worries around battery capacity and the availability of an accessible charging infrastructure. It’s this second point that Mori fears has led to a “vicious circle”, with the lack of EV sales discouraging service providers from investing in the infrastructure, which in turn perpetuates the problem by discouraging people from buying an EV. Other hurdles include a lack of joinedup thinking on polices around energy,

air quality and the climate at both international and national levels. “Today mobility and power systems are only loosely linked,” says Mori, “despite the high potential for strong synergies between policy action in these areas.” Enel is supporting a number of actions at the European level that could bring forward a fast, mass market roll out of advanced EV technologies. This includes support for the introduction of ambitious targets to develop national recharging infrastructure in the framework of European legislation, aimed at building a truly comprehensive, pan-European network. It’s an area in which Enel is already active, through initiatives such as Electric Vehicle Arteries (EVA+) jointly with carmakers to install 200 fast charging points on highways in Italy and Austria. “There is also a need for more stringent emission standards,” says Mori, “and more transparent, unbiased information on the energy performance of different technologies.” This would help also end the discrepancies between laboratory data and real life measurements, so that EVs aren’t undermined by events similar to

those that recently embroiled diesel cars. Enel also supports new tariff structures that incentivize people to use EVs, while also advocating the removal of excessive and often inappropriate charges from electricity bills. “The growing share of levies and taxes makes the final electricity price excessively high and waters down the consumers’ perception of price variability,” says Mori. “This barrier hinders both the technology shift to the electricity carrier and demand response by consumers.”

Paving the path of decarbonisation “The future is electric,” he adds, “and there is no energy carrier that can decarbonize to the same extent and scale as electricity. Replacing fossil fuel-based systems with electric technologies will provide a pathway to decarbonize and reduce CO2 emissions. So we urge the European Commission to seize this opportunity to reassess the growth potential of e-mobility with legislation that can bring the multiple benefits of EVs to fruition.

Sources: Politico, Bloomberg, Reuters, CleanTechnica


E-mobility Yiannis Pispirigos

04 10

NEW INFRASTRUCTURE FOR ELECTRIC VEHICLES IN GREECE The advantages of electric mobility and the development of its infrastructure in Greece were examined in a workshop organized by the Greek Institute of Electric Vehicles (HELIEV).


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Dr Costas Ageridis, chairman of the Institute, commented that electric cars are the most effective means of combating climate change, as they use energy and natural resources in a more efficient way and they support health protection in urban centers, through the reduction of exhaust gasses and noise.

Charging

Electric mobility is at an early stage of development in Greece, primarily because of the lack of charging infrastructure and the lack of education about the advantages of electric cars. As for the lack of charging options, they can be developed either privately or publicly. International experience has shown that 85% of electric car users charge them in their own residence. Another percentage of users charge their car in the workspace and fewer of them in public spaces. “Therefore, a wide network of public charging points could perhaps remain unused and proved economically unsustainable. However, that small percentage of public charging is a crucial parameter in order to get rid of ‘autonomy anxiety’ related to the use of electric cars”, said Dr Ageridis. Furthermore, he stressed, electric vehicles

can be turned into valuable tools in order to: – Maximize the penetration of renewable energy in the power system. – Flexibly balance the transmission and distribution power networks. – Avoid possible blackouts in the near future through the V2G (vehicle to grid) service, at the request of the transmission operator. – Offer good business practices to providers, through incentives to their clients. – Allow the effective rise of urban mobility models (combined transportation, carpooling etc) for the benefit of citizens and public space.

Attica’s administrative district plans for 120 charging points Speaking in HELIEV’s workshop, which took place as part of the DomotechBuilding Green exhibition, Vicemarshal of Northern Attica, George Karameros, presented proposals for the advancement of “clean” cars in Attica. These proposals, he underlined, are going to be filed soon in the competent ministry, as part of the specialization and completion of the national policy framework for the development of alternative fuels, in order to solve regulatory and technical issues that constrain the use of electric cars in cities.

The advancement of electric mobility, said Mr. Karameros, “is a useful tool for combating negative effects of climate change, for environmentally upgrading urban centers and protecting public health. Our goal is to actively contribute through the targeted installment of 120 charging points in public spaces. Furthermore, our plan includes the encouragement of the private sector to install chargers in private spaces, as well as the gradual replacement of the district authority’s petrol-fuelled cars. The grand plan, added Mr. Karameros, is conducted in cooperation with competent bodies, in order to solve immediate support and management issues. He also noted that as part of the first phase, the following scenarios are examined, either alone or in combination, for charging points in the region: – Use from all citizens in the landplanning area of Attica. – Focus on service use by employees of the public sector. – Use by all citizens with access to key points of the city, such as charging stations, malls, food markets etc. – Comprehensive pilot application in an island municipality of the Attica administrative district.


E-mobility Ada Gavrilescu

05 12

ROMANIA WANTS TO INCREASE NONPOLLUTING CAR SALES Romanian Government offers financial support for the buyers of electric and hybrid cars, as an effort aiming to boost environmentally friendly car sales and to reduce automotive emissions.

This year, Romania doubles its grant for every buyer of an electric car to 10,000 Euros, while the bonus for those who want to buy a hybrid vehicle increases to 4,400 Euros. According to the budget of the Environment Fund, approved by the Government at the end of March, this measure is part of a set of 11 environment programmes financed by the Environment Fund with 840 million lei (184 million Euros). “Through the Environment Fund we want to support those who want to buy electric cars. Last year we offered a sum of nearly 5,000 Euros for those who wanted to buy an electric car. There was not large demand, but some steps have been taken. For 2017 we want to provide 10,000 Euros for each electric vehicle purchased�, said Daniel Constantin, who has been Deputy Prime Minister and the Minister of the Environment until the beginning of April. Last year, the Romanian state offered a subsidy of 20,000 lei (4,400 Euros) for the purchase of an electric vehicle and

5,000 lei (1,100 Euros) to those buying hybrid vehicles. For this year, those who want to buy an electric car will benefit from a bonus of 45,000 lei (10,000 Euros), while the subsidy for purchasing a hybrid vehicle will be 20,000 lei (4,400 Euros). The governmental incentive program for the purchase of non-polluting vehicles has a budget aiming to subsidize the acquisition of about 1,000 electric cars for this year and it is expected to be launched by the end of April.

Little interest for purchasing electric vehicles Even if the Romanian electric vehicle market is continuing to see a strong growth in percentage terms, the interest of Romanians in electric cars is still low. In 2014, the average sales were less than 1 unit per months, while two years ago there were less than 4 electric cars sold every month, a total of 46 electric vehicles being bought in 2015. Last year, the Romanian electric car market had 167 new registrations.


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At end-October 2016, there were 600 electric cars in Romania out of about 6.2 million vehicles, according to the Association of Producers and Importers of Cars. Sales of hybrid vehicles had the same growth in percentage terms over the last two years; 450 Romanians bought a hybrid car in 2015, while last year 1,016 hybrid cars were sold on the Romanian market. The statistics show that Romania still remains in the last places of the EU in terms of purchase of environmentally friendly vehicles, while the top is dominated by countries like Germany, UK or France. People in the industry hope the new incentives will stimulate people to buy electric cars. “Everywhere across the world, electric car sales flourished when the authorities offered financial assistance or facilities to buyers. Norway, the Netherlands or California are only few of these successful examples,” says Alexandru

Seremet, Communication Manager for a company producing electric cars.

High prices and lack of infrastructure According to analysts, the success of electric car sales strongly depends on authorities support, as the prices for a new technology are still high and governmental subsidies should stimulate people to buy this type of cars. Currently, the price of a mid-range electric car can be above 30,000 euros, much more than the average Romanian would be willing to pay, analysts say. The major problems identified by the sales experts are related to the prices and the infrastructure for electric cars. Announcing the new measures, former Environment Minister Daniel Constantin said the government targets the electric car infrastructure as well. “We want a package that would focus on charging stations, too, to be available for both the existing operators and those who want to develop such charging stations. We want to create a system, at least

around the big cities, where electric cars to be increasingly widely used,” said Constantin. According to Environment Fund Administration, there are 55 charging stations for electric cars currently in Romania, of which 22 are in Bucharest. The first recharging point for electric cars in Romania opened in 2011. Even if authorities double the bonus for the purchasing of an electric car as compared to the one offered last year, Romania is still behind other EU countries. Government subsidies for green car sales have existed in the Western states since 2011, while Romanian authorities announced just two years ago a program aiming to create incentives for environmentally friendly car buyers.


E-mobility Ilin Stanev*

06 14

EV CARS AND THE EFFECTS ON BULGARIAN SYSTEM Electric cars will not stop electricity for other consumers, but will cause significant problems for countries like Bulgaria with decaying distribution networks.

Forget about the change of oil in your car. And about all those pesky auto mechanics who look at you condescendingly while explaining where is the chain drive in your engine. No more of that with the electric car. The coming age of electric vehicles (EV) will definitely rock the car maintenance services or fuel retails. But it will also have profound effects on many other sectors, and one of the most affected will be national energy systems which were not designed to meet this new demand.

the shortage argument was seemingly reinforced by a crisis in the Bulgarian energy system that revealed a lack of spare production capacity to meet sudden surge in demand. On the 9th of January, Bulgarian electricity demand almost reached the maximum available production capacity, while some reserve generators failed to be switched on because of the bad weather. The request for emergency supplies from Romania was not met positively and Bulgaria had to cease its electricity export to guarantee its domestic consumption.

The question whether EVs will break the energy grid has been around for more than ten years now and the usual answer is that we should not worry about that for the time being.

What if, instead of a handful of electric cars, on 9th of January there were 100,000, the proponents of new nuclear power plants ask. Would their owners have been forced to ride their bicycles in the snow because there was no electricity for their fancy cars?

For countries like Bulgaria, where electric vehicles are still exotic beasts, this issue should not be raised at all. Nevertheless, the electricity shortage scare, now driven by the inevitable increase of the number of EVs, is already used as an excuse to propose the construction of new traditional coal-fired or nuclear power plants. Only a few months ago

The short answer is no. As it turns out (see the graph for more details), even in peak demand there is enough niche capacity that cannot be utilized. If we assume that the daily intake of 471,000 EVs (a far reaching number, since by the end of 2016 there were only 217 EVs


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in Bulgaria) is around 5,000 MWh, the energy system could provide them with electricity even if it is working in a crisis mode. And this is an extreme example. Except for a few days in the winter, there is abundance of electricity to meet the new demand. The traditional electricity demand – mainly during peak hours in the daytime, forces the energy suppliers to maintain redundant production capacities, which stay idle for the better part of the day. Actually, quite counter-intuitively, the EVs could have a healing effect for the energy system. They could flatten the demand for the electricity and will allow the traditional producers to run close to their maximum production capacities. This will bring more efficiency to the system and lower cost of the electricity supply on wholesale level. In the case of the 9th of January crisis in Bulgaria a significant EV fleet could have helped the system by providing some of the stored electricity in its batteries – 470,000 cars could hold up to 20,000 MWh, enough to help struggling system operators for few hours.

Of course, in order to do that, a complete new electricity pricing structure needs to be introduced. As a number of studies, for example of Cardiff University’s Centre for Automotive Industry Research & Electric Vehicle Centre of Excellence, have shown, drivers tend to recharge their cars in peak moments for the energy system. To avoid overloading the system, a steep rate could be introduced for such moments incentivizing drivers to plug in their cars during off-peak hours. The problems with EVs will be felt much stronger down the electricity supply chain. On average, residential households have a peak demand ranging between 1.8 and 4 kW. This is the base used to design electricity supply networks. However even the most modest in-built car charger draws up to 6kW an hour from the grid. Tesla sells 20 kW chargers and many companies now market 60 to 100 kW charges. As a result few cars could use electricity equivalent to a small quarter or block of apartments and the additional demand might burn out the street-level transformers. Even if most of the cars are charged during the off-peak hours,

this will cause problems, because the transformers would not be able to cool down during the night. To make things even more difficult there is no need for thousands of EVs to roam the streets for such problems to appear. It is enough that couple of EVs owners decide to recharge them at the same time – it could easily overburden local networks. For a country like Bulgaria that eschewed investment in the distribution networks in order to keep retail prices low, this could be a significant problem.

*Ilin Stanev is editor with the Bulgarian newspaper Capital.


E-mobility

07 16

POSSIBLE ROAD BUMPS AHEAD FOR ELECTRIC CARS Electric cars are all the rage of late, but how secure is their future? Tesla is facing the prospect of a strike in Germany - just one problem that could put the brakes on the current darling of the market’s growth.


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2017 has been an excellent year for electric car manufacturers, in particular Tesla, whose value now exceeds that of General Motors. But the launch of the US carmaker’s much ballyhooed Model 3 could be delayed because of a labor dispute at its engineering subsidiary Grohmann in the western German town of Prüm. Workers there are demanding higher wages. “We received an unacceptable offer from the company,” spokesman Patrick Georg of the local metalworkers’ union, told the “Welt am Sonntag” newspaper. “We’ll be examining this week whether strikes are a possibility.”

A key production point

Machinery manufactured at Prüm is crucial to the production of a watershed Tesla vehicle. So industrial action would represent a real wrench in the works. With a price tag of around $35,000 (33,000 euros), the Model 3 has been conceived as Tesla’s entry into the car-buying mainstream. Production is scheduled to commence in July ahead of what is a big autumn for the maverick carmaker. In September, Tesla also

plans to unveil its first pick-up truck.

electric cars is positive.

But not everyone is convinced that success will come automatically. Workers in Prüm also want job guarantees and a “contract ensuring their futures.” Workers’ representatives say they’re concerned because their company, which Tesla only acquired at the start 2017, gave up its other customers to work exclusively for the US carmaker.

Germany, for instance, is known for both its environmental consciousness and love of automotive innovation. Yet while sales here have been steadily improving, electric cars remain very much the exception on the country’s roads. The German government has made 1.2 billion euros ($1.27 billion) available for subsidies of up to 4,000 euros ($4,257) per person for people who buy electric vehicles. But according to the trade publication “Automobilwoche,” through March only around 55 million euros ($58.5 million) of that money had been claimed.

“What if the wager on the electric car doesn’t pay off?” staff council chairman Uwe Herzig asked in conversation with Welt. That’s a question he’s not alone in posing.

Power and price are issues

Tesla stock values have rocketed in recent months, going from $213.69 to $304 (200.75 to 286 euro) in the first three-and-half months of this year, on speculations that electric vehicles represent the medium-term future of transportation. European share values have risen comparably. But Elon Musk’s company hasn’t ever turned an annual profit, and not all of the data concerning

Some experts think subsidies distract attention away from the real issues surrounding what the Germany call “e-cars.” “Charging stations are much more important than these completely superfluous purchase premiums,” Walter Mennekes, CEO of the automotive parts manufacturer Mennekes Elektrotechnik, told Welt. “People today don’t ask what an electric car costs but where they can


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Some critics fear massive hikes in electricity costs, which could create a popular backlash and hinder electric carmakers from the crucial business of cutting costs

fill it up with power. That’s a challenge that needs to be addressed.” There are currently some 7,400 charging stations in Germany serving around 34,000 purely electric cars, according to the joint government and industry organization National Platform for Electromobility (NPE), and that number has been growing steadily. But to service the mainstream, a lot more will be needed. The NPE says that if the target of one million electric vehicles in Germany by 2020 is met, they will require 70,000 charging stations - nearly 10 times the current number. That entails a major infrastructural change, which is not without uncertainty. Some critics fear massive hikes in electricity costs, which could create a popular backlash and hinder electric carmakers from the crucial business of cutting costs.

Making batteries economically efficient The biggest technological issue electric carmakers face is batteries, which restrict vehicles’ range and make them

much more expensive to buy than combustion-engine autos. Much of the faith in the electric car is based on progress made in this area, particularly by Tesla. Battery prices dropped by roughly 80 percent between 2010 and 2016. Both the McKinsey business consultants and the independent think-tank International Energy Agency (IEA) believe that if car batteries can reach an efficiency of $100 (94 euro) per kilowatt hour, they will become cheaper to buy and run than conventional vehicles without subsidies. Musk says Tesla may be able to achieve that by 2020, which is one major reason McKinsey concluded earlier this year that “consumer demand is starting to shift in favor of electrified vehicle and has strong disruption potential.” And if there are massive oil shortages and commensurate price increases by 2022, as the IEA predicts, Tesla and other companies could succeed in revolutionizing the market.


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“Electric cars will come, but I don’t think it’s been decided whether the e-motor will be powered by a battery or by technologies like hydrogen or synthetic fuels.” – Carl Martin Welcker, president of Germany’s Mechanical Engineers Association

A bet with an uncertain outcome But could doesn’t necessarily mean will. In a weekend interview with the “Stuttgarter Zeitung” newspaper, the president of Germany’s Mechanical Engineers Association, Carl Martin Welcker, criticized what he considers the country’s one-sided focus on battery operated cars.

“No one knows whether the battery car will win out or not,” Welcker said. “Electric cars will come, either as hybrids or fully electric vehicles. But I don’t think it’s been decided whether the e-motor will be powered by a battery or by technologies like hydrogen or synthetic fuels. Why are we so sure that the battery, which isn’t one of the most environmentally friendly products in the world, will determine the mobility of the future? We’re no longer looking for the best solution. We’re pumping billions into a transitional technology.” And even if the battery wins the day, it’s unclear whether any particular company like Tesla, despite the stock market hype, can recoup the continually high costs of research and development.

“Tesla isn’t Facebook,” wrote the “Frankfurter Allgemeine Zeitung” newspaper. “Once a social network is there, the costs hardly rise, regardless of whether one million or one billion people use it. This effect is far less pronounced with cars. Every new model demands a similar investment of labor and raw materials. Whether Tesla can shoulder such gigantic investments is still a bet with an uncertain outcome.”

Source: Deutsche Welle


E-mobility Kaloyan Jelev*

08 20

BULGARIA: OFF-WHEELS ELECTRICITY E-Mobility’s current state of play is dangerously close to mission impossible.

While countries like Norway are setting milestones towards electric mobility, cities like London are bringing new levies on the most polluting vehicles and others (think of Paris, Madrid, Athens and Mexico City, to name a few) plan banning diesels from their centers within the next decade, Bulgaria was lately reprimanded by the European Court of Justice over its air pollution. One might be tempted to suggest that the above takes place in different historical times, but no – it all happened within a period of months. Moreover, it happened mostly on the same continent, as well as within a community of shared values on top of everything. And yes – those consequences are being well deserved. Countries like the brexiting UK (alone with the reluctant Scotland) have firmly committed themselves to vehicle electrification targets and clear frameworks of their respective national strategies. Bulgaria’s own achievements are brought down to two awkward-looking initiatives; a National EV encouragement action plan 2012-2014 and the last year’s debatable

initiative to finance the EVs and PHEVs use in the Bulgarian administration through the National’s Trust EcoFund (NTEF) financing instrument. With such ‘ideas’ in mind, Bulgaria’s state of play is looking utterly simple; according to EAFO (European Alternative Fuels Observatory) the country’s battery electric vehicle market share hasn’t changed in 2016 – it’s well within the 0,04% range. Worse still, with the plug-in hybrids – their market share shrunk from 0,03 to 0,02% in 2016. Those figures blend quite well with the poorest EU nation’s vehicle park structural dynamics. As seen in the infographic, the average age of Bulgaria’s vehicle park is rising with alarming pace; within the last 7 years the share of vehicles aged above 20 years is showing steady growth – clear indication that nothing positive is going on. EVs by themselves are not conceivable outside the complete automotive ecosystem’s context. They are an integral part of a process that is being nonexistent here in Bulgaria yet – E-Mobility.


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Hence the situation; while far from being the sole reason for the country’s poor air quality, the Bulgarian vehicle park is positioned well within the short-listed culprits. Having in mind that Bulgaria is among the very few European countries with no age/emission bans on the vehicle import, and given the nature of our the local car taxing system (botched ‘80s version regulation with put-up EV tax exemption) the lack of political will becomes evident - even for the most superficial observer. As decades pass by, the state administration did everything it could to deprive itself of its experts, so the missing political will is stamped by the outright lack of expertise. No wonder after almost three decades of ignoring the quality of the county’s automobilization car park, Bulgaria created an uninhabitable automotive ecosystem that is also resistant to modernization (Litex Motors’s, which assembled Chinese Great Wall cars, recent bankruptcy is part of the same causal connection). The country positioned itself as the European automotive waste bin with all the

thinkable negative socio-economic consequences. Evidently, the state of the Bulgarian vehicle park is of no importance, while the sectors that should be exerting the highest pressure for change in the status quo are having a hard time consolidating themselves around a common vision, and the prevailing mentality is not stirring up initiative. Consequently, the EV penetration in Bulgaria is flat low and negligible. Being extremely dependable not just on incentives, but on the charging infrastructure’s deployment, Bulgaria’s small electric fleet enjoys a network of 22 publicly accessible charging stations, with only 4 of them being high power (fast charging) ones. To sum up, when thinking about the state of play of Bulgarian electric vehicles, society needs to completely rethink its fundamental approach to mobility in the first place. Electricity is expected to become an integral part of the future automotive propulsion systems, but the generational change in technology is shaping up to be a

complex public effort, mostly due to the interconnectedness of the social systems and their various implications. For instance, building up the conventional charging infrastructure to its current state alone took over a century. Society needs to be well aware that public relations do move on wheels and the state of those wheels is directly affecting their quality. Therefore, the Bulgarian approach to electric mobility lacks three of its key components – mentality, expertise and pace. For now, the electricity is being kept firmly off the wheels of the Bulgarian motorization. Without a change, the country’s automotive electrification is moving dangerously close to becoming an impossible mission.

*Kaloyan Jelev is a Bulgarian automotive blogger and business consultant. He is member of the Bulgarian EV cluster and had experience working for the local dealerships of GM/Opel/Chevrolet, Peugeot & VW.


E-mobility Interview of Slavko Vujovic to Vladimir Spasic

09 22

NO ELECTRIC VEHICLES IN SERBIA – THE FUTURE PLANS Currently there are no electric vehicles registered in Serbia, but, by the end of the year, there might be a Serbian model ready for mass production. The prototype was created by the IEEG company in cooperation with domestic universities, foreign investors and the German IFAS institute. Slavko Vujovic, the founder and partner in the IEEG company, spoke for Energyworld magazine on obstacles preventing the registration of electric vehicles and on the status of their project.

What is the current status of the electric vehicle sector in Serbia? Current situation is that we do not have any registered electric vehicles, but have 33 hybrid ones. There are some in garages, my company has a few, but they cannot be registered. It is an issue of compliance of customs and other regulations related to creating conditions for the registration of such vehicles, and this is the subject of cooperation between us and, primarily, the Road Traffic Safety Agency. What is the main problem? The Law on Vehicle Registration. This regulation recognizes EURO 6 at the top standard. A team was formed consisting our experts, representatives of universities, the Industrial Council for Development and the Chamber of Commerce of Serbia that has helped us a lot. The regulations must be amended. This is an issue of the bureaucratic nature of our system, but the decision makers must also state that such regulations must be amended in accordance with European standards. Is there a political will to do so? I think that now there is a will to resolve

this. So far, the state was not involved. The awareness in related systems and institutions was on a very low level and there was no personnel to execute. The team formed has produced a goal of preparing regulations by the end of the year. Afterwards, the Road Traffic Safety Agency could accept the registration of electric vehicles. What about infrastructure? There are no filling stations at this moment. We are planning and performing technical analysis for the filling stations on the corridor and in large cities. Who would finance this? The investment is not a risky one, as our administration would interpret it. There is my company and different funds, such as the fund developing the feasibility study of the infrastructure development. The investment is profitable, sustainable and long term. There are different green funds. But, national strategy for the development of traffic and electric energy infrastructure for electric traffic is lacking, this is the responsibility of the Ministries of Energy, Transport


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and Environment. To be honest, these Ministries currently show interest in speeding up the whole issue. Serbia is one of the few countries without subsidies for electric vehicles? Yes. Everybody in the region has them. Slovenia is on the Austrian level already, from four to seven thousand euro per vehicle. Funds for subsidies are secured from the environmental taxes. Here, the problem is that this tax is not collected properly, for example, it is not collected for EURO 3 vehicles, but is collected for EURO 6 vehicles. This only proves the

poor functioning of the administration. Subsidies would not present additional burden to the budget, they would be provided by better collection of taxes from polluters. Otherwise, in ten years from now, Serbia will be a landfill of European waste vehicles. There are countries that will prohibit registration of fossil fuel vehicles by 2020. Are there any imposed international obligations for Serbia to develop electric vehicles? No. But there probably will be once the Chapter 27 Environment Protection,

First Filling Station in Belgrade You are executing a study on infrastructure and test filling stations? We are working with the Institute for Environmental Industry of Serbia, Faculty of Electric Engineering and the Chamber of Commerce of Serbia. We are negotiating with the City of Belgrade to install the first filling stations. We are cooperating

with the Electric Power Industry of Serbia, they are very important for the technical support since they have to plan their network in accordance with the future energy consumption and management. They are also interested in the project. The study shall define details of a filling station, that is, the pilot project that is applicable anywhere in the country.

is opened. This includes a series of standards related to electric mobility. Serbia will have to execute certain studies based on which electric vehicle goals will be set. There are also global

Immeasurable Savings You are executing a study on infrastructure and test filling stations? To what extent the electric vehicles would be profitable in Serbia? Calculation of manufacturers is clear, they see their interest in the development of electric vehicles. Here, I drive a car consuming ten liters per one hundred kilometers, and I would consume one tenth of the value in electricity. At first, the car is more expensive, but there are many models, especially in the segment of small city cars, where the price is almost the same. Maintenance is much cheaper with electric vehicles. Of course, there is the issue of environment preservation, that is priceless for a healthy living and noise reduction.


Slavko Vujovic

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conventions, such as Kyoto Protocol and the Paris Agreement, which we are signatories of, that indirectly include the development of this type of vehicles. Tell us more about your project. I have been in the auto industry for many years. I was a Renault dealer for the former Yugoslavia countries. After 2000, I started thinking about the production, and then, in 2006 we produced a prototype of the utility vehicle that won the innovation and new technology award at the Auto Fair. Foreign partners came along, we cooperated with Iveco, and a company from China proposed the production of the electric vehicle based on our model. This cooperation was not a success and there we lost two or three years, this company from Shanghai did not have quality batteries. But, we

Three Vehicles Redone Three electric vehicles were made so far in Serbia? Yes, the batteries were installed on the chassis of fossil fuel vehicles. This is not a big issue, basically. This is a model that is applied in neighbouring countries, there are auto shops that can redo your vehicles so it runs on electric energy. This is only the beginning, people are more prone to buying a new electric vehicle.

decided to continue the development of the electric vehicle, since we evaluated this is the future. We started developing our own battery with the Faculty of Physics and Chemistry of the Belgrade University and the Faculty of Electric Engineering of the University of Novi Sad. We cooperate with German IFAS as well, the institute for electric vehicle development, one of the leading German institutes that is under the wing of the Ministry of Energy. With Germans, we are working on the financing project development from the “Horizon 2020” program of the European Commission for further development and production of electric vehicles. By the way, we have developed an electric motor, with an optional adjustment of energy transfer from the motor to the wheels related to different requirements, primarily to urban micro vehicles, which is our main goal, the vehicles for public and utility green transport. How much progress did you make? We have done a lot, we have invested a lot in development. In order to develop a car, in addition to adopting international standards, up to ten million Euros is the cost of reaching a prototype. We have done more, for we have developed a motor as well. I hope that we will be able to join domestic ambitious and innovative companies in one project in Serbia that can be a new project of the auto industry.

Who is backing this project? “Beoinvest” is our partner from England, it is an international investment fund financing infrastructure and ecology, and IEEG, domestic company. It is a private capital. How far are you from the mass production of electric vehicles? Both close and far. We have produced a car. It is a prototype that is tested in cooperation with our experts and the Institute. I think that by the end of the year we will have a mass production prototype. We are already identifying our public companies and potential buyers, what sort of vehicle they require, these are marketing preparations based on which we will produce. But, our main target is the foreign market. We have potential partners in Germany for which we would manufacture urban vehicles. All components passing tests competitive to international standards and experience provide us with a chance to develop the production for foreign markets, to be competitive. Regardless of the situation in Serbia we will pursue production and sales on the markets where this is already in place.


Geopoliitics of energy Yiannis Pispirigos

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EU: COMMITMENT TO EAST-MED PIPELINE PROJECT Cyprus, together with Israel, Greece and Italy lent their support in April to pressing on with the proposed East Med pipeline that aims to transfer Israeli and Cypriot gas to mainland Europe.

In Tel Aviv, the respective energy ministers of the four countries signed a joint declaration, committing to support the application for obtaining EU funding for the project under the Connecting European Facility programme. The parties also pledged to enhance their cooperation by forming a quadrilateral working group “with the aim to monitor and support the development of the East Med and to identify terms of a necessary intergovernmental agreement to expedite project realisation”.

Canete: With Commission’s support “This is an ambitious project which, as the Commission, we clearly support, as it will have a high value in terms of security of supply and diversification targets,” European Climate and Energy Commissioner, Miguel Arias Canete, said.

also a future producer, will continue to support feasible export options, such as the East Med project and a direct subsea pipeline from Cyprus’ exclusive economic zone (EEZ) to Egypt. Yuval Steinitz, Israel’s energy minister, said the concerned parties have set a target of 2025 for completion of the project. Neighbouring Israel, mulling its gas export options, has been in talks with Ankara for a pipeline running from the massive Leviathan prospect to the southern shores of Turkey. The pipeline would have to cross through Cyprus’ EEZ.

Canete added he believed the project will “meet all relevant requirements” to make financial commitment possible.

At the same time, Cyprus, Israel, Greece and Italy have been discussing a subsea pipeline bringing eastern Mediterranean gas to the European mainland. An initial survey estimated the cost of the undersea segment of a pipeline with an annual capacity of 12-16 billion cubic metres (bcm) at $5.7 billion.

In his own comments, Cypriot energy minister Giorgos Lakkotrypis said that Cyprus, as a transit point for gas but

Asked about Israel’s plans, Steinitz was categorical on Monday that his country would move forward with both pipelines.

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For his part, Elio Ruggeri, CEO of the IGI Poseidon joint venture promoting the East Med option, said a final investment decision for the project was expected by 2020. According to Ruggeri, the segment of the pipeline from the eastern Mediterranean to Greek shores is estimated to cost some €5 billion, plus another €6 billion for the segment linking Greece to Italy. The energy ministers of the four countries said they would be meeting again in Cyprus in six months’ time.

High cost

As Globes points out, the high cost of the gas at the reception point in Europe remains problematic for the East Med pipeline. The cost is estimated to be at least $7 per heating unit, $2.50 more than the price of Russian gas. Similarly tricky are the logistics, as the undersea route will reach a depth of 3.3 kilometres, and would further have to contend with volcanic activity on the seabed between Cyprus and Greece.

Geopolitics

According to Globes, the four-way meeting in Israel this week is also taking place against the backdrop of the European Commission withdrawing its opposition to the construction of two additional gas pipelines for transporting gas from Russia to Europe. The European Commission decided not to block two more pipelines in the Baltic Sea between Russia and Germany with an annual capacity of 55 bcm, at an estimated construction cost of €9.9 billion. The project, called Nord Stream 2, is strongly opposed by Poland, Ukraine and the Baltic Republics. Also in Israel, government spokesman Nicos Christodoulides is on an official visit. He is scheduled to hold meetings with the country’s defence and energy ministers, as well as with Prime Minister Benjamin Netanyahu’s chief of staff.

Cyprus: Energy contract signed for block 10 Meanwhile, in Nicosia the government signed a contract with Exxon Mobil granting the latter an exploration

concession over offshore Block 10. In a short speech after the signing, energy minister Yiorgos Lakkotrypis, welcomed the commitment of the companies picked to develop block 10 to conduct exploratory drilling within 2018. The government had decided to launch a third licensing round in February 2016, and managed to complete it within a year. “By exercising our sovereign rights, we feel we have clearly achieved the target set by the government to attract oil and gas companies with extensive experience to operate in our EEZ,” Lakkotrypis said. “The strategic significance of ExxonMobil’s and Qatar Petroleum’s presence in the EEZ of Cyprus and, for the first time, in the Eastern Mediterranean region, is immense, especially when considering their financial depth and calibre of expertise in the field of hydrocarbons and LNG.” A total of 12 exploration wells will be drilled in the newly licensed blocks 6, 8, and 10, the minister said.


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A consortium between ENI and Total won block 6, ENI alone was awarded block 8, while the ExxonMobil-Qatar Petroleum consortium was awarded block 10. “In this regard, we welcome the commitment of the ExxonMobil and Qatar Petroleum consortium, expressed this morning to the president, for the drilling of their first exploration well within 2018,” he said. Overall, Cyprus will receive a total €103.5 million in signature bonuses from the three contracts. To commemorate the signing, Lakkotrypis presented each company a symbolic gift from the ministry’s Cyprus handicraft service; a copper copy of the ancient ship of Kyrenia. “Copper was once the great source of wealth for Cyprus and the ancient ship of Kyrenia, the best-preserved shipwreck in the world, was salvaged from the depths of the Cypriot sea in the ’60s,” he told guests.

“Our sincere hope, therefore, at the start of our newly established cooperation, is that it leads to the fulfilment of our common goals and expectations, for the optimal exploitation of the underwater wealth in Cyprus’ EEZ.” In a statement, the consortium said the two companies have a “successful history of developing gas resources”. “We appreciate our strong working relationship with the ministry of energy, and look forward to working with the government of Cyprus to evaluate and realise the country’s hydrocarbon potential,” said Andrew Swiger, senior vice president of ExxonMobil Corporation. Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said the agreement “expands our international upstream footprint into the Eastern Mediterranean for what we hope is one of the most promising opportunities in the area”. “We look forward to working with the government of Cyprus along with our

partner ExxonMobil in an effort to bring greater benefit to the country,” he said. The contract includes a commitment from the ExxonMobil-Qatar Petroleum consortium to acquire 3-D seismic data, drill two exploration wells in the first licence period and work with the government to build skills and strengthen understanding of the petroleum business through focused training programmes, the consortium said. The companies have begun planning for drilling operations and intend to drill a first exploration well in 2018. Prior to the signing ceremony, the two companies’ delegations met with President Nicos Anastasiades.


Oil & gas Emilia Damian

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DRILLING IN THE ROMANIAN BLACK SEA GSP Uranus will drill two wells in the Romanian part of the Black Sea for Black Sea Oil & Gas SRL.

Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announces the awarding of a contract for the drilling of two offshore exploration wells located in the XV Midia Shallow Block, Romanian Black Sea continental shelf, to the local offshore drilling services provider GSP Offshore SRL (“GSP”). The cantilever-type jack-up drilling rig “GSP Uranus” has been contracted by BSOG for the drilling of the two exploration wells in water depths up to 100m scheduled to commence in Q4 2017. Auxiliary services such as aviation, logistics and offshore service vessels to support the drilling operations have also been contracted with GSP. Mark Beacom, BSOG Chief Executive Officer, commented: “The Midia Block Concession Holders are targeting prospects that not only could add to the resource base of the Concession Holders but, more importantly, could feed the Midia Gas Development Project currently consisting of the Ana and Doina discoveries that is currently heading towards development approval.”

Offshore platform

BSOG is currently obtaining all the approvals required to develop the Midia Gas Development Project. These approvals include NAMR and ANRE approvals, environmental and construction approvals and authorizations from local and national authorities, Transgaz approval as well as shareholder and partner approvals. Although there are many regulatory challenges ahead, the partner group is targeting to obtain these approvals in 2017. Once this has been achieved then it will take further 2 years to build the offshore platform, drill the development wells, lay the offshore and onshore pipelines and construct the Gas Treatment Plant. Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea


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Although there are many regulatory challenges ahead, the partner group is targeting to obtain these approvals in 2017. Once this has been achieved, it will take further 2 years to build the offshore platform, drill the development wells, lay the pipelines and construct the Gas Treatment Plant

where it is the operator and holds a 65% interest.

Big investment

On the other hand, US giant ExxonMobil has launched a market consultation process on Romania’s Electronic Public Procurement System (SEAP) for activities estimated at USD 942 million, without VAT. The group wants to identify a potential single supplier for the design, procurement, and construction of gas production facilities in the Romanian Black Sea. The construction of the submarine facilities should take about three years. Exxon joined the largest Romanian oil & gas producer OMV Petrom in 2008 for the exploration of the Neptun block in the deep waters of the Black Sea. The two groups announced, in early 2012, that they had found a gas accumulation estimated at between 42 and 84 billion cubic meters, which could cover Romania’s consumption for several years. They continued to explore and assess the gas reserves in the perimeter.

In August last year, OMV Petrom representatives said that the gas extraction in the Black Sea Neptun block should start by the end of this decade.


Oil & gas Radu Dudau*

12 30

GLOBAL OIL MARKET IN 2017: CONTANGO OR BACKWARDATION? More than four months after the November 30, 2016 deal between OPEC and eleven non-OPEC producers to curb oil output from January 1 to June 30, 2017, the crude price is still stuck at around $50/bbl. The agreed production cuts were 1.8 million barrels a day (mb/d), out of which OPEC’s part was 1.2 mb/d.

From December to February, the global oil marker Brent hovered between $55/ bbl and $57.5/bbl, only to see a new slump to below $51/bbl at the end of March, and then a relative recovery to $55 in the first week of April. No doubt, the November 30 agreement has produced significant results. Prior to it, oil prices were spiraling down, threatening to return to the early 2016 levels, when Brent traded at less than $30/bbl. As indicated by IEA, the OPEC countries lost export revenues of about $450 billion in 2015, down from $1.2 trillion in 2012. In addition, global oil and gas upstream investment fell by a quarter in 2015, followed by another quarter in 2016. On the other hand, oil production costs have sunk massively over the past two years – 15% in 2015 and 17% in 2016, as estimated by IEA. Early this year, however, the oil price rally entailed by the production cut agreement incentivized an increased output among the non-OPEC producers, with an especially noteworthy rebound of the US shale production.

In fact, as pointed out by Harvard’s Leonardo Maugeri, global oil production started speeding up already in October 2016 and culminated in December 2016 and the early weeks of January 2017. Over that time span, the US, Canada, Brazil and the North Sea had a combined increase of oil output of almost 1 mb/d compared to their September 2016 levels, while Russia hit a post-Soviet production record of 11.2 mb/d. On the other hand, with insufficient global demand prospects to absorb such a production growth, a glut has built on the international oil markets. According to OPEC’s Monthly Oil Market Report of March 2017, the cartel’s total crude production, according to secondary sources (i.e., trades and inventories assessed by independent consultants and analysts) decreased from 33.0 mb/d in January to 32.1 mb/d in February and to 31.9 mb/d in March 2017. Interestingly, Saudi Arabia’s output, according to secondary sources, fell


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from 10.44 mb/d in January to 9.86 mb/d in February and to 9.79 mb/d in March 2017, while according to Riyadh’s direct communication, it increased from 9.75 mb/d in February to 10.01 mb/d in March, adding to market pressure. The Saudi Oil Ministry attributed the increase to technical reasons, including oil moving into storage. In the US, oil rigs were added for the 12th consecutive week, reaching 672 currently active oil rigs – a 90% increase year-onyear and the highest level since August 2015, according to Financial Times. At the beginning of April, Riyadh raised its official selling prices to the US for the month ahead, while cutting them to every other region, thus targeting US oil inventories. This was yet another bold step taken by Saudi Arabia to bolster its effort of rebalancing the market, albeit with the associated risk of irking its paramount customer. After the American cruise missile strike on Syria on April 6, the Brent price jumped by about 2% to above $56/ bbl, because of worries of supply

disruptions. Nevertheless, that price spike was short-lived, with no discernible concerns on the market that oil supplies would be disrupted on the longer term. The Brent barrel settled at $55.2 on April 6, up 0.6% on the day. Nonetheless, although there is no threat of oil supply disruption, the Syria strike raises worries about the future of coordination on oil policy between Russia and Saudi Arabia. Underlying this oil price volatility, a fundamental market indicator regards how the short-term oil contracts compare to the longer-term ones. Shortly after the November 30 deal on output curbs, short-term prices began to strengthen versus longer-term futures. Thus, over the course of January, frontmonth Brent deliveries narrowed their discount versus year-ahead futures, upon expectations that the supply curbs would tighten the market. A situation in which longer-term futures are more expensive than shorterterm ones is known as contango in market lingo. When the oil market is in contango, storage becomes a lucrative, low-risk business of collecting storage

fees and selling stored oil forward at a profit. Contango has been the defining situation on the global oil markets since mid-2014. By mid-February 2017, the front-month Brent contracts became only 16 cents less expensive than the seven-month futures. A situation in which prompt deliveries are more expensive than longer-term ones is called backwardation. In fact, it is also emphatically called normal backwardation, as it describes the “normal” dynamics of a balanced market, on which profits cannot be made by simply amassing oil stockpiles and selling them forward. As oil inventories draw down, the price of prompt oil deliveries tends to trade above future prices. However, short of reaching proper backwardation, the spread between prompt delivery and futures has since widened again in favor of the latter, reaching in April about 80 cents between the front-month and the seven-month Brent futures. OPEC itself included among the effectiveness criteria of the output curbs


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When the oil market is in contango, storage becomes a lucrative, low-risk business of collecting storage fees and selling stored oil forward at a profit

a move to market backwardation, given the cartel’s interest in drawing down the oil stocks and clearing the glut. But the question is, can the global oil glut be reined in by OPEC’s production cuts? In other words, can the market return to backwardation – and if so, would backwardation be economically stable, as the US shale producers and others are ramping up their output? Some pundits are skeptical about such a prospect. As their argument goes, the increased oil production within OPEC from October to December 2016 and the output growth in non-OPEC countries thereafter, combined with the slowdown of demand growth in China and India make it likely that the global market will remain glutted – and in contango – throughout the better part of 2017. According to this line of thought, the odds are that oil prices will stagnate and even go through occasional slumps. On the other hand, there are important market players which are already betting that the days of oil oversupply will soon be over and that, consequently, the

market will become more balanced – and hence that backwardation will return. Since January, the top five global oil traders – Glencore, Vitol, Gunvor, Mercuria and Trafigura – have sold or have been trying to sell important parts of their stakes in oil storage firms. Surely, they must be expecting that OPEC will extend its output cuts into the second half of 2017, and that this will be effective, which would thus help draw down global inventories and bolster oil prices. Regardless of how decisive such a move by OPEC will turn out to be, it certainly makes sense for the global traders to hedge their previous bet on contango.

*Radu Dudau is EPG Director.


The Energy Policy Group (EPG) is an independent Romanian think-tank specializing in energy policy and strategy analysis, with a special focus on the oil and gas sector. EPG’s regional focus is Central and Southeastern Europe and the Black Sea Basin, but our analyses are informed by wider trends and policies at global and EU level. EPG’s conferences, roundtables, workshops and executive courses provide a platform for debate and expert analysis of significant energy topics. EPG provides the following services:

• Market

analysis and reports

• Strategic

• Energy

• Press

and political risk analysis

policy and regulatory analysis

monitoring

• Energy seminars, roundtables, workshops and courses EPG’s goals is to promote the construction of a competitive, investor-friendly, technologically advanced and environmentally sustainable energy system in Romania and the region.

Contact: 75-77 Buzesti Street, 5th floor, 011013 Bucharest Email: office@enpg.ro, Tel: +4 031 860 1041, www.enpg.ro


Oil & gas Emilia Damian

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MORE TAXES FOR OIL AND GAS SECTOR IN ROMANIA Romania collected more from royalties and taxes applied to oil and gas producers, despite the general trend observed in European countries.


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The actual average rate of royalties and other similar taxes increased from 15% in 2014 to 15.7% in the first half of 2015 and to 16.9% at the end of 2015, reaching 17.5% in 2016, according to a study by consulting firm Deloitte, at the request of the Romanian Petroleum Exploration and Production Companies Association (ROPEPCA). Deloitte calculated an average tax rate of 10% across Europe in 2015, but did not provide data for last year. The actual tax rate in Romania was calculated as an average of royalties and similar taxes paid (royalties from oil and gas, additional taxes and taxes on special constructions – pole tax), against the revenues of the main players on the Romanian market, respectively ROMGAZ (22.5% – the actual tax rate in 2015 and 21.8% in 2016) and OMV Petrom (14.7% – the actual tax rate in 2015 and 15.9% in 2016). “Despite the general downward trend observed in European countries (average royalties and other specific tax fell to 10% in 2015 against 11.7%

in 2014), the actual tax in Romania in the sector upstream has increased,” the survey reveals. The nominal rate of the tax on constructions fell from 1.5% to 1% since 2015. In Romania there are more than 400 oil fields and more than 13,000 operating wells. However, Romania has one of the lowest production rates per well as compared to other European countries (21 boe/well/day as compared to 2,350 barrels/day in Norway, 964 in Denmark, 363 in the UK and 271 in Italy). The oil fields have a high degree of fragmentation and the identifying of new reserves often requires deep drills. Deloitte says that, according to statistics on the energy industry in the European Union, the upstream oil and gas in Romania has the largest number of employees compared to other EU countries (25,600 employees out of a total of 77,900 employees in all European countries).

Reduced taxes

In the last years, three European states adopted legislative measures to reduce the tax burden on companies in the upstream industry, in the context of oil price decline. In the UK, several measures were adopted, such as reducing the additional tax and the tax rate on oil revenues, while increasing deductions. The actual tax rate fell from 11.3% of revenues to 6% in 2014. In Italy, the average observable rate of royalties and similar taxes fell from 14.4% (2013) to 11.7% (2014). Italy applied an additional tax on the profits of oil, gas and energy companies. The nominal rate of the additional tax on the corporate tax fell from 10.5% (2013) to 6.5% (2014). In Hungary, the average observable royalty and similar tax rate decreased from 25.3% (2013) to 22.9% (2014) due to decrease of oil and gas royalty rates by 6% in Q4 2014 applicable to most fields.


Oil & gas Emilia Damian

14 36

FREE GAS MARKET IN ROMANIA – PRICE HIKE FOR HOUSEHOLDS Romania liberalized the price of the domestic gas starting from 1 April and the price for the household consumers rose by 2%.

The liberalization of Romania’s domestic gas market came into effect on April 1, according to the Government’s Emergency Ordinance No. 64/2016, as there are no technical arguments for the move to be postponed once again, the Energy Ministry informed in a release.

the Romanian state could be ordered to pay fines, but also to the loss of over 180 million euro for building the BRUA interconnector which is highly necessary to Romania’s natural gas supply,” Energy Minister Toma Petcu said.

According to the release, following the parliamentary debate on the gas market liberalization beginning April 1, 2017 as per OUG No. 64/2016, but also following the note of the Lower House Committee on Services and Industries regarding the postponement of the liberalization’s coming in force, the Energy Ministry had several discussions with the Government, Parliament and the European Commission.

The minister added that fears expressed in public media about household gas prices increasing substantially after liberalization are unjustified.

“We looked at all the observations, and not enough technical arguments have been identified for Romania to postpone again a process that should have been implemented as early as 2007, the year of its EU accession, whereas the postponement carries several risks. I refer, in the first place to the European Commission’s reentering the infringement procedure whereby

The population will be protected

“The population will be protected until June 30, 2021 through final prices set by the National Energy Regulatory Authority. Another advantage would be that after April 1, 2017 gas will be traded under conditions of economic efficiency through a transparent purchase process that will allow the non-discriminatory access of all market participants,” said Petcu. Energy Ministry officials said that the liberalization as of April 1 refers strictly to the natural gas procurement price, which is just one element of the final price paid by households, along with transport, distribution, supply and storage fees


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“After April 1, 2017 gas will be traded under conditions of economic efficiency through a transparent purchase process that will allow the non-discriminatory access of all market participants” – Toma Petcu, the Romanian Ministry of Energy

that make the final consumer’s bill. The gas market’s liberalization is needed to create a competitive, transparent and fair environment for both market operators and consumers.

2% price hike

The first effect of the liberalization was already seen. ANRE decided to hike the price paid by the household consumers by 2% starting from 1 April. But the supply companies warned that the price will go up further this year, as the import gas price is 10-20% bigger than the domestic one and the domestic gas price tends to follow the international market price. The president of ANRE, Niculae Havrilet, said that the residential users are protected against major price surges on the free market thanks to the methodology designed by ANRE for the acquisition of natural gas for residential users. “ANRE has devised a methodology under which natural gas acquisitions for residential users is done for one year for

the October-April timeframe. That means the suppliers operating on this market will buy the natural gas at the current prices for one year. That also means residential users are protected against sudden price increases,” added Havrilet. He also said that the imported gas accounts only of 2% of the national consumption, so there is no reason why the price for the domestic gas price to follow the imported gas price.


Oil & gas

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GREEK DRIVERS TURN TO GAS POWERED VEHICLES Natural gas consumption in transportation increased by 220% in 2016 compared to 2015, according to the latest available data. More specifically, demand reached 1,361,000 kg in 2016 versus 640,000 kg in 2015.


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Increased demand for natural gas came as a result of the reduction in prices and Greek consumers becoming more familiarized with this alternative fuel, which has been used for many decades abroad.

Five reasons to use natural gas in transportation • Short investment repayment period (an average of 18 months). • Reduced fuel cost; According to latest prices, natural gas price is about 65% lower than gasoline, 25-30% lower than diesel and 40% lower than LPG. • Reduced emissions; It is the cleanest alternative fuel, with 30% less greenhouse gas emissions compared to vehicles that use gasoline and diesel. • A natural gas fuelled vehicle functioning at relatively high load usually emits about 25% less CO2 than a similar vehicle using gasoline or diesel. • Fuel efficiency; A kilogram of natural gas fuel contains a lot more energy than a litre of other fuels. In energy terms, it is

equal to 1.6 litres of unleaded gasoline, 1.3 litres of diesel and 2 litres of LPG. • Regulatory and financial incentives such as blue corridors (the network of filling stations in Europe) and discounts in circulation taxes.

Economy and autonomy that cannot be missed Natural gas has been proven to be the most economic fuel. A recent test as part of the “Car of the Year” institution, proved its rightful first place. Natural gas vehicles travelled the distance AthensThessaloniki by exclusively using natural gas and refuelling through the extended gas stations network. Autonomy with a full tank was about 300km. (so for the distance up to Thessaloniki, an average filling is enough). The cost of the fuel was about 4 Euros per 100km and for the total length it stayed under 25 Euros, a fact that makes natural gas the most economic fuel.

Double fuel car models available in the Greek market In the Greek market there are passenger cars and professional CNG models using

double fuel from all great automotive industries. The most well known models are sold in CNG versions, while their range is increased continuously with new models appearing in the international and Greek market. In the Greek roads there are already CNG vehicles of well known manufacturers such as (FiatDoblo Cargo, Ducato, Fiorino, Punto Van etc.), Audi (Audi A3 Sportback g-tron), Mercedes Benz (BClass 200, E 200 NTG, Benz Sprinter NGT), Lancia (Lancia Ypsilon 0.9 TwinAir), Piaggio, Iveco (Iveco Daily), Volkswagen (VW Golf 1.4 TGi, Passat 1.4 TSI 150 PS EcoFuel, EcoUp, Caddy Vann Ecofuel), Seat (Seat Leon 1.4 TGI 110 PS), Skoda (OctaviaG-TEC) and Opel (Opel Zafira Tourer 1.6 CNG Turbo, Opel Combo 1.4 T-Jet 120 PS).


Legal insight Evangelos Tsachas, “Kelemenis & Co”, Senior Associate, LL.M, M.Sc.

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REORGANISATION OF THE WHOLESALE ELECTRICITY MARKET On 30.9.2016 law 4425/2016 was adopted (Government Gazette no. A 185), the provisions of Chapter C of which regulated the question of reorganisation of the wholesale electricity market, in order that it complies with EU Target Model for the coupling of energy markets. In view of the advantages of the operation of a single internal electricity market, European Union has developed Target Model for the common organisation of the European electricity markets, including the operation of forward and day ahead markets as well as the operation of intraday and balancing markets.

The development of the Target Model requires a coordinated approach on the operation and allocation of the transmission capacity of interconnections. According to the explanatory statement of law 4425/2016, the integration of the European electricity markets shall contribute in the development of the European economy by allowing all European citizens to access low cost electricity resources and therefore minimize the costs of production with a respective maximisation of the benefit for consumers. In addition, apart from consumers, European industry, and thus Greek economy, which is called to compete with economies of other developed countries, shall benefit.

Course of reorganisation of the Greek wholesale electricity market The reorganisation of the Greek wholesale electricity market falls, therefore, within the framework of EU policy towards the completion of the internal European electricity market and the adoption of common mandatory regulations for its organisation and operation at European level, according

to the terms and regulations applicable to the rest of the European countries. For the purpose of said reorganisation the Regulatory Authority for Energy (RAE) along with the Independent Power Transmission System Operator (ADMIE) and the Electricity Market Operator (LAGIE), under the three-party workgroup which operates for the compliance of the Greek electricity market with the European Target Model, assigned on April 2014 to the international consulting company “ECCO International Inc.” a study on the principles of design as well as on drafting on a roadmap for the adjustment of the internal electricity market to the requirements of the EU Target Model. The broad lines of said adjustment, which were partially implemented in the provisions of law 4425/2016, include the following: • introduction of forward markets • introduction of off-market bilateral contracts between producers and suppliers • maintenance of central planning and real-time dispatch of production units by the System Operator (ADMIE), as well as bidding offers per unit (i.e. not per unit portfolio), given that the Public


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Power Corporation (PPC) is the dominant producer within the Greek wholesale market, owning a differentiated production portfolio (including lignite, hydroelectric plants and natural gas plants) in contrast to independent producers (exclusively from natural gas plants) • change of the method of resolving the Day Ahead Schedule (DAS) by removing the technical limitations of the Transmission System and the production units from the resolving of the day ahead market, in combination with the establishment of an intra-day market, within which the participants shall be able to adjust their net positions, in order to avoid penalties due to the imbalances between their bids and the real-time sold / purchased quantities • establishment of a balancing market with offers for increase and reduction of production from the production units as well as offers for increase and reduction of consumption for the balancing of realtime production and consumption • settlement of imbalances per unit and per unit portfolio (for each supplier) • gradual shift of responsibility regarding the RES production forecast from the System Operator

to RES producers, as well as gradual introduction of market based RES production. Within this framework, law 4425/2016 progressively implements the Target Model by introducing new wholesale electricity markets. The reorganisation of Greek wholesale electricity market in line with the terms and regulations applicable to all European countries is essential for Greece to participate in the integration of markets (firstly with Italy) and make electricity import and export through “implicit auctions” easier. In any European country with liberalised electricity market, physical delivery products, including reserves, are traded in different time levels, from long-term to real-time. Therefore, under the new framework, four wholesale markets shall operate, (a) wholesale forward market and bilateral OTC market, (b) day ahead market, (c) intra-day market and (d) balancing market. With regards to the time levels of operation of the abovementioned markets, wholesale forward market shall be first, day ahead market second and afterwards intra-day market and balancing market.

New electricity markets

More specifically, within the wholesale market of forward power products participants trade on forward products of electricity with the obligation to physical delivery. In addition, there is the option of purchasing and selling forward products off-market, through bilateral contracts. With regards to the transactions through bilateral contracts, it is provided for that RAE is entitled to determine maximum rate for such transactions as a measure to counterbalance the dominant corporation (i.e. PPC), in order not to excessively restrict the liquidity of the day ahead market, which is called to provide the sign of prices of electricity corresponding to real conditions of offer and demand. For the performance of transactions using forward products, the energy quantities traded shall be stated within the framework of the day ahead market, in order to determine the “net position” of each participant. LAGIE shall be the Operator of said Market for at least the first years of its operation, according to article 9 of law 4425/2016. In addition, RAE following three years from the start date of the operation of this market will have the


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option to suggest to the Minister of Environment and Energy to appoint even more legal persons as Operators of this Market apart from LAGIE, provided that they observe specific requirements, for example that they have the required financial resources to fulfil their obligations, the necessary technical structure and they provide their services cost effectively.

The reorganisation of Greek wholesale electricity market in line with the terms and regulations applicable to all European countries is essential for Greece to participate in the integration of markets and make electricity import and export easier

Furthermore, in the day ahead market the participants trade electricity quantities to be physically delivered on the day ahead, with the only limitation that, for the producers, the quantity of electricity tradable is limited by the power of their units, whereas, for the load representatives, the quantity of electricity tradable is limited by the total load represented and the quantity of electricity purchased and within the wholesale forward market. According to Regulation (EU) 2015/1222, Nominated Energy Market Operator (NEMO) is appointed as Operator of the day ahead market. Within the intra-day market, participants trade remaining quantities of energy, limited by the power of their units, the quantities traded and sold at the wholesale forward market and at the day ahead market, and also limited by any restriction deriving from the balancing market. According to the provisions of article 5 of the Regulation (EU) 2015/1222, in Greece, the Operator of the transactions of the day-ahead and the intra-day market has a statutory monopoly. Pursuant to decision of the Minister of Environment and Energy dated 11.12.2015 (Government Gazette no. B 2678), LAGIE was appointed as NEMO for four years. Following the end of the abovementioned time period, Greek NEMO shall be appointed with a decision of RAE, according to article 10 para 2 of law 4425/2016. Finally, balancing market consists of (a) the power balancing market, which is the market in which the power offered

is maintained by the participants for a predefined time period, in order to cover reserve demands of the System, and (b) the energy balancing market, in which the electricity offered by participants is used by the Transmission System Operator in order to maintain the frequency of the System in a predefined level and the forecast balance for electricity production and demand, having regard to the electricity exchange programs with neighbouring countries. Participants are required to submit offers with the requirement of physical delivery of the total of the available power. The Transmission System Operator is responsible for the operation of the balancing market according to Balancing Market Code and Operation Code of the System.

Characteristics of new markets and the role of their Operators Under the operation of the abovementioned markets, Organised Trading Facilities are formed and new wholesale energy products with physical delivery will be traded, according to the provisions of REMIT Regulation [Regulation (EU) 1227/2011 of the European Parliament and Council for the integrity and transparency in wholesale energy market]. Such energy products are excluded from the meaning of “financial instruments�, as defined in Directive 2014/65/EU (MiFID II). As a result, new wholesale markets shall not be financial markets, under the meaning of the provisions of law 3606/2007 and Operators of the said Markets shall not be subject to the requirements of article 42 of law 3606/2007 regarding


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the amount of their share capital and the exercise of control from the Capital Market Commission. It is considered that the operation of the four new markets shall (a) allow the participants to hedge their risk through forward market, by progressively readjusting their positions, in order to form more competitive products for the final consumers in the medium and long term, (b) through the participation in intra-day markets participants shall be able to adjust their positions and to avoid charges for non-compliance and, on the other hand, the value of the flexibility of units will be better reflected within the market, and not be determined solely with administrative acts through payment for the provision of ancillary services. According to the provision of article 8 para 4 of law 4425/2016, transactions conducted within the abovementioned markets are subject to Greek law, whereas for dispute resolutions the courts of Athens have jurisdiction. With the introduction of the new regulatory framework the question of coverage of the transactions deficit is addressed. Market Operators are responsible for the coverage, settlement and clearing of transactions, in order to protect the market from deficits. For the fulfilment of this obligation, Operators may request participants to provide guaranties and also establish a joint guarantee fund financed with contributions of the participants. At the same time, Operators may propose to RAE that a legal person be certified as

operator for the settlement, clearing and coverage of transactions. Operators may also establish or participate in such legal person. Due to the fact that the role of the operator for the settlement, clearing and coverage of market transactions is very important for the balanced operation of the internal electricity market, special requirements are set regarding the economic, technical and other resources required for the continuous and uninterrupted provision of its services, which shall be further refined through decision of the Minister of Environment and Energy. On 15.2.2017 LAGIE and ATHEXGROUP already signed a cooperation memorandum, in order to adopt a business plan for the establishment of a new joint company responsible for the risk-taking of clearing and coverage of markets as central counterparty.

Start of operation of the new markets Provisions of law 4425/2016 regarding the operation of the new markets are not detailed. Such details remain to be further defined by the public administration through relevant Codes referring to the participants, their conduct within the markets, the cooperation framework between them and Market Operators, as well as the legal nature of their relations and the procedures of coverage, settlement and clearing of transactions. Codes shall be drafted by the Operator of each Market, according to the provisions of article 14 of law 4425/2016, they shall be submitted to RAE, RAE shall set them under public

consultation, evaluate, modify and finally issue through decision which will be published in the Government Gazette. With regards to the start of operation of the new markets, article 6 para 3 of law 4425/2016 provides for that the it shall be set through decision of the Minister of Environment and Energy following opinion of RAE, provided that the Codes of Operation of the Markets have been previously issued. Article 16 of law 4425/2016 provides that until intra-day electricity markets coupling is achieved, according to Regulation (EU) 2015/1222, LAGIE shall be the Operator of intraday Market, whereas the Transmission System Operator, i.e. ADMIE, shall be the Operator of balancing Market. As for the roadmap for the start of operation of the new markets, it must be noted that law 4425/2016 does not contain any relevant provision regarding the individual tasks to be completed, like introduction of Codes, consultations and the approval of Codes. Such roadmap contained in the law would be useful as a recommendation to the parties involved to promptly proceed to specific actions. Despite the fact that the “energy MoU� of fall 2016 between the government and the institutions provides for that the start-up of new markets must take place until the end of 2017, therefore drafts of the Codes must be ready until summer of 2017, however, the real time of their completion and operation is not certain yet, which complicates the medium and long term planning of energy corporations.


Legal insight Dr Lorenc Gordani*

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ALBANIA: SIGNIFICANT INVESTMENTS TO BATE CLIMATE CHANGE Climate change represents an urgent and potentially irreversible threat to human societies, especially for the Mediterranean region. Thus, the transition towards a low carbon economy is key for the achievement of global mitigation objectives and for allowing an adaptation response of future generation at a reasonable environmental, economic and social cost.

With the signature of the Paris Agreement by the Government (New York, 22 April 2016), Albania has entered the new era of the climate international policy process, where all parties collectively aim to hold the increase of global temperature to 2°C above pre-industrial levels. Now the country is working on its National Mitigation Strategy and Action Plan (NMS&AP), in order to respond to the need of alignment to EU requirements, as Albania currently holds since June 2014, the status of official candidate country for the accession to the EU. The NMS&AP, currently under preparation by the Ministry of Environment, focuses on four reporting sectors of the greenhouse gas inventory of Albania with a special impact on transportation. The energy sector shows an increasing share of emissions from 2000 (43.57%) to 2009 (56.92%) while among the energy sub-sectors, transportation contributes the most, with about 45% of share. – Figure 1 The transport sector plays an important role in the consumption of energy

sources developed with fast growth rate after 1960, with an exponential increase of road transport after 990. Today, the roads and motorways comprise the predominant mode of land transportation and provide essential links for freight and passenger mobility. Despite some recent investments, the quality of road transport remains low and there is a considerable regional variation in term of accessibility to market and to basic services. Transport trends are growing steadily while public transport lost more than the 50% of the passengers during the last two decades. The increase in the number of road vehicles, with about 4.5 million km/y of vehicle use, was accompanied by an evident increase of fuel consumption, mainly diesel and gasoline. The Ministry of Transport and Infrastructure is recently working on two main strategies and plans: the Albanian Sustainable Transport Plan and Transport Sector Strategy. The two documents, still in the process of elaboration, aim to define a pathway for the streamlining of the transport sector with the EU Acquis and standards, as well as to implement


GHG emissions trend from 1990 to 2009 according to the Albanian FNC, SNC and draft TNC

Dr Lorenc Gordani

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Figure 1

fundamental strategic directions provided by the Energy strategies and plans for the mobility network. Since the Albanian Council of Ministers and the relevant ministries have already prepared or are currently working on Strategies and Plans of actions on climate change for the main sectors in Albania, the NMS&AP represents an overall inter-sectorial strategy and plan that foresees most of the measures focus in the energy sector (77) and in the transport sector (71), followed by LUCF (53) and Agriculture (17) with 5 measures that are cross sectorial. The Albanian Government is committed to introduce energy efficiency policies and practices as part of its National Energy Strategy, also aiming at promoting harmonization with EU requirements, as part of the wider pre-accession process. Within this framework, a Sustainable Transport Plan (STP) is under preparation by the Ministry of Transport and Infrastructure (MTI) to help meeting the targets of reducing energy consumption and improve overall sustainability in the transport sector. Sustainable transport policies shall be focused on reducing the need for travel and shifting travel to the most social,

economic, and environmentally efficient mode, as well as putting technological improvement of vehicles and fuels in the spotlight. This means that transport policy should reduce the need to travel and shorten trip lengths, promote a shift to sustainable modes, and improve the sustainability of all modes, using technologies that are more energy efficient. A detailed program and a definition of a potential financial budget is developed for most of the proposed measures. The overall objective of the Transport Sector Strategy and Action Plan (TSSAP) 2016-2020 is to further develop Albania’s national transport system, and to significantly improve its sustainability, interconnectivity, interoperability and integration with the international and European wider transport system and region. It provides for the development of an efficient, sustainable and environmentally friendly transport system, able to support the key objectives of economic and social development of Albania and the country’s future integration in the European Union. Strategic priorities for road transport are about legal and governance conditions, completion and modernization of Albania primary and secondary network, in order to strengthen regional cooperation

through road connections. The general approach is to reach a road transport market in line with EU standards. Strategic priorities for rail transport are related to set up an open market for investors and increase visibility of SEETO (South-east Europe Transport Observatory) area.

Sustainable transport policies shall be focused on reducing the need for travel and shifting travel to the most social, economic, and environmentally efficient mode, as well as putting technological improvement of vehicles and fuels in the spotlight


Figure 2 – Budget projection by sectors

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Strategic priorities for maritime transport aim at enhancing the regulatory system in accordance with EU/IMO (International Maritime Organization) regulations, to sustain growth for maritime and port markets. Concerning air transport, the development of a new airport infrastructure in the south of the country should be instrumental to increase tourism; a more competitive market with liberalized air service, implementation and unification of international air standards as well as a reduction in travel fees for passengers are the priorities for the period of validity. The documents spells out each of the above strategies in specific, detailed policies, setting milestones, indicators and targets. The thirty-nine Policies (Priority Actions) identified for the fiveyear period are deeply interlinked, striking a balance between soft measures and investments, and have been selected in order to define a solid National Transport Strategy and Action Plan. The total costs needed to implement the National Mitigation Action Plan (NMAP) up to 2020 are assessed, as well as the financial resources allocated and/ or committed so far from state budget, donors and other sources. The total cost for implementing the NMAP is estimated

to be approximately 418.4 billion Albanian Leks (ALL), or approximately EUR 3 billion up to 2020. The Figure 2 shows the total needed expenditures in % according to the sectors. Most of the funds are needed for the Transport Sector (with 81.25% of the total expenditure). Energy and Agriculture requires respectively 9.05% and 8.29% of the total expenditures. The transport sector is the sector with the highest share of funding from donors, while the energy sector is funded mainly from other sources such as RES’s investors, Local selfGovernment Units (LGUs) and private contributions. In the total funds needed to implement the measures related to the National Mitigation Action Plan, the state budget contribution is about 11.75%, the budget from donors covers 13.54% and 14.05% is from other sources. The funding gap is 60.66% of the total expenditures. This gap is planned to be covered by donor funds as well as by the state budget. The funding gap to be covered belongs mainly to the transport sector, in fact the source of funding for some measures in the transport sector is not identified. Due to this reason, the costs are considered as a gap seeking donor funding.

The successful implementation of the NMAP is likely to face challenges due to specific risks, which should be taken into consideration so as not to create real difficulties in the process of implementation. The main risks that may affect the successful implementation of the NMS&AP are related to the two tiers of government: Central Government (Ministries responsible for the implementation of the Action Plan) and Local Self-Government Units. Risks at the central government level are mainly related to the commitment of all relevant institutions involved in this NMS&AP in supporting the NMAP implementation with the necessary funds to enable a full execution of the planned activities. Local government related risks are mostly linked to the Local Government Units’ commitment to implement measures that are part of the NMAP and their commitment to contribute with their revenues to funding the planned activities and/or services.

* Dr Lorenc Gordani is Director of Legal Office at the Albanian Renewable Energy Association - AREA


Overview

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THE TEN BIGGEST OIL AND GAS COMPANIES Which are the biggest oil and gas companies in the world? Let’s find out… We take an in-depth look at the oil and gas companies listed by Forbes in its annual World’s Biggest Public Companies rankings.

LukOil (Russia)

Revenue: $90.4 billion, Market Value: $36.8 billion Founded in November 1991, LukOil is headquartered in Moscow, Russia and employs over 110,000 people from all over the world. It specialises in the exploration, production, refining, marketing, and distribution of oil. The business is divided into four core sections: Exploration and Production; Refining, Marketing and Distribution; Petrochemicals and Power Generation. The company has over $69 billion in assets and has spent more than $1.4 billion on exploration. LukOil has also spent over $1.5 billion on environmental security, focussing on utilising its APG (associated petroleum gas), reducing pollution levels in the atmosphere, decreasing contaminated lands and waste water discharge.

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Reliance Industries (India)

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Revenue: $42.2 billion Market Value: $50.6 billion Reliance Industries is an Indian company founded by Dhirubhai Hirachand Ambani in 1966. The company is headquartered in Mumbai, has over $91.54 billion dollars in assets and employs more than 23,853 people. It specialises in the exploration and production of oil and gas, petroleum refining and marketing textiles, retail and special economic zones. The company is also involved in the marketing of petrochemicals, polyester, plastics and chemicals. The company has won a large number of awards such as (most recently) the ‘Sustainable Plus Platinum Award’ awarded in 2016 by the Confederation of Indian Industries. Reliance Industries is also very popular on social media with over 2.3 million likes on Facebook and 31,200 Twitter followers.

Rosneft (Russia)

Revenue: $80.8 billion Market Value: $51.1 billion Rosneft is a Russian oil and gas operations company, founded in 1993 and headquartered in Moscow. It is not just one of the largest oil and gas companies in Russia, but also one of the largest public oil and gas companies on earth with over $139 billion in assets. The company employs over 48,000 people and its largest shareholder is ROSNEFTEGAZ OJSC which owns 69.50 percent of the equity.

Gazprom (Russia)

Revenue: $102.1 billion Market Value: $57.1 billion Gazprom employs more than 449,000 people and has assets worth $250.24 billion. The company, which was founded in 1989, is headquartered in Moscow. The company is involved with the geological exploration, production, transportation, storage, processing and marketing of gas and other hydrocarbons and it has the world’s richest reserves of natural gas. Gazprom has a gas transmission system which is more than 171,000 kilometres long. This makes it the largest gas transmission system on the globe.


Royal Dutch Shell (Netherlands)

Revenue: $264.9 billion, Market Value: $210 billion Royal Dutch Shell was founded in February 1907 and is headquartered in The Hague, Netherlands. The company’s assets are worth over $340 billion and it operates in more than 70 countries. The business’s CEO is Ben van Beurden. The company has employees in excess of 93,000 people on average and it produces the equivalent of three million barrels of oil every day. Shell’s employees work on some of the most innovative energy projects on the globe such as the world’s deepest offshore oil and gas field and the largest floating liquefied natural gas production facility. The company invested over $1.1 billion in investment in research and development in 2015.

Sinopec (China)

Revenue: $283.6 billion, Market Value: $89.9 billion Sinopec was founded in December 2000, is headquartered in Beijing, China and currently employs over 78,000 people. The company manufactures chemicals and petrochemical products. The business runs by working through five sections, these are: Polyester Chips, Bottle-Grade Polyester Chips, Staple Fibre and Hollow Fibre, Filament and Purified Terephthalic Acid.

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Total (France)

Revenue: $143.4 billion, Market Value: $121.9 billion Total was founded in March 1924 and is headquartered in Courbevoie, France. The company’s CEO is Patrick Pouyanné. Total is known for its exploration, development, production and marketing of oil and gas. As of May 2016, the company has had more than $143.36 billion in sales and it employs over 96,000 people. The business is split into three sections in which it operates, these are: Upstream, Refining & Chemicals, Marketing & Services. The company has assets worth over $224.48 billion.

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Chevron (United States)

Revenue: $129.9 billion, Market Value: $192.3 billion Chevron was founded in 1906. It is an energy company which offers administrative, financial, management and tech support to the United States and other international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations, power generation and energy services. The company has over $266.1 billion in assets, $129.87 billion in sales and is headquartered in San Ramon, California. The company employs over 61,000 people. “Our success is driven by our people and their commitment to getting results the right way – by operating responsibly, executing with excellence, applying innovative technologies and capturing new opportunities for profitable growth.”


Petro China (China)

Revenue: $274.6 billion, Market Value: $203.8 billion Petro China is involved in the exploration, development, production and sale of crude oil and natural gas. The business is also involved in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative chemical products and other chemical products. The company was founded on the 5th of November, 1999 and is headquartered in Beijing, China. It employs over 851,000 people and has more than $368.69 billion in assets. Petro China’s Chief Executive Officer is Wang Dongjin.

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Exxon Mobil (United States)

Revenue: $236.8 billion, Market Value: $ 363.3 billion Exxon Mobil was founded by John D. Rockefeller in 1882 (making it the oldest company on our list) and is headquartered in Irving, Texas. Exxon Mobil Corp is involved in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through three main sections, these are: Upstream, Downstream, and Chemical. The company employs over 75,000 people and (in 2015) had sales of over $236.81 billion and profits of over $16.15 billion. Exxon Mobil currently has assets worth $336.76 billion. “Over the last 125 years, ExxonMobil has evolved from a regional marketer of kerosene in the United States to the largest publicly traded petroleum and petrochemical enterprise in the world. Today we operate in most of the world’s countries and are best known by our familiar brand names: Exxon, Esso and Mobil. We make the products that drive modern transportation, power cities, lubricate industry and provide petrochemical building blocks that lead to thousands of consumer goods.”


E-mobility

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4 EVS CHANGING THE WAY WE MOVE The phrase “electric vehicle” may conjure the image of a sleek Tesla Model 3 or a petite Nissan Leaf.

However, the EV market is larger than its most successful passenger cars. The future of transport is electric – here are four vehicles (or vessels) ready to usher in the low-carbon era.

Renault Zoe “Range anxiety” is the name for the fear that your electric car will run out of battery, thereby leaving you stranded. It even has its own Wikipedia page. However, French automaker Renault thinks it has come up with the solution to the problem – and its name is Zoe. The new and improved Renault Zoe debuted just prior to this year’s Paris motor show, and it has boasts some impressive specs, not least of all the ability to travel up to 400km, or 250 miles, on a single charge. That exceeds the Tesla Model 3’s advertised range of 345km. Renault claims this is the longest range of any mainstream electric vehicle. Naturally, the ultra-efficient Zoe comes with a marked up price tag: it’ll set you back an extra €3,500. And all that power comes with some added weight, too. The battery weighs almost double what it did in the original model, which had a range of roughly 150 miles. “We are breaking psychological barriers with the range … 300km [186 miles, the car’s expected range in suburban environments] is a real threshold in the mind of the people,” said Eric Feunteun, Vice-President of Renault’s electric vehicle programme. “We are offering the same range as Tesla for a totally different price. I don’t consider Tesla as an issue; Tesla is a good thing because they create a good image for electric vehicles and because people like to have choices.”


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Scania electric highway Transportation accounts for more than one-third of carbon dioxide emissions in Sweden, and nearly half of these originate with freight transport methods. This summer, the Scandinavian country decided to put a new method of truck transit to the test on a 2km stretch of motorway north of Sweden. And they call it, quite rightly, an “eHighway”. Specially-designed Scania trucks will travel along the eHighway, made by engineering titan Siemens, using a pantograph which feeds power to the vehicle’s via overhead wires. It’s not all that different to your standard tram or trolley system. “By far the greatest part of the goods transported in Sweden goes on the road, but only a limited part of the goods can be moved to other traffic types,” said Anders Berndtsson, Chief Strategist at the Swedish Transport Administration, in a statement. “That is why we must free the trucks from their dependence on fossil fuels, so that they can be used also in the future. Electric roads offer this possibility and are an excellent complement to the transport system.” The eHighway will reduce the energy consumption of the freight trucks – as well as local air pollution – by half. The trial of the technology will last two years.


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Proterra Catalyst E2

Last month, Silicon Valley-based EV manufacturer Proterra debuted its Catalyst E2 vehicle, which boasts an impressive range of 194 to 350 miles on a single charge. And it’s a bus. This means that the Catalyst E2 will be able to travel almost every US mass transit route without having to stop to recharge. Proterra has already sold over 300 of its earlier electric bus models to 35 different municipal, university and commercial transit agencies across North America. The company’s newest offering will set prospective buyers back a cool US $800,000, but the bus’s zero fuel needs and low maintenance requirements should help to soften the ‘sticker shock’. “Proterra’s primary goal has always been to create a purpose-built, highperformance electric vehicle that can serve every single transit route in the United States. Today, with the unveiling of the Catalyst E2 Series, that goal has been achieved,” said Ryan Popple, CEO of Proterra in a statement. “The question is no longer who will be an early adopter of this technology, but rather who will be the last to commit to a future of clean, efficient, and sustainable mobility.”


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Siemens electric ferry

In 2015, the world’s first electric ferry set sail between the villages of Lavik and Oppedal in Norway’s Sognefjord. The vessel, called Ampere, is propelled using battery technology developed by German manufacturing giant Siemens. One lithium-ion battery is stored aboard the ferry itself, with two more fixed to the respective piers at either side of the crossing. Ampere was the end result of a competition launched by Norway’s Ministry of Transport and Communications in 2011 to develop a clean method for ferry transport. In late September, it was announced that two additional electric ferries have been commissioned in Norway, this time to sail the E39 Anda-Lote route on the country’s west coast. The vessels will have a cargo capacity of 120 cars, 12 trailers and precisely 349 passengers. The new ferries will commence operation in 2018. Siemens will again install an integrated electric power and automation solution aboard both of the ferries. The company’s electric propulsion solution, BlueDrive PlusC, includes lithium-ion batteries for energy storage and thruster and remote control for the propellers. The ferries will also benefit from an integrated alarm and monitoring system and an energy management system.

Source: EnergyDigital


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ENERGY DIRECTORY

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58 INTERNATIONAL 58 ALBANIA 58 BULGARIA 59 CYPRUS 60 GREECE 62 ROMANIA 64 SERBIA

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INTERNATIONAL DG Energy-European Comission DM 2403/73 Rue J.-A. Demot 24, 1040, Brussels, Belgium Tel.: +32 229 92460 Email: address-information@ec.europa.eu www.ec.europa.eu/energy EWEA 80, Rue d’Arlon, B-1040 Brussels, Belgium Tel.: +32 2 213 1811 Email: ewea@ewea.org www.ewea.org/

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International Energy Agency (IEA) 9, rue de la Fédération, Paris Cedex 15, 75739 Paris-France Tel.: +33 1 40 57 65 00, Fax: +33 1 40 57 65 09 Email: info@iea.org www.iea.org IRENA - International Renewable Energy Agency CI Tower, Khalidiyah (32nd) Street Abu Dhabi, United Arab Emirates Tel.: +971 2 4179000 www.irena.org/ World Energy Council Regency House, 1-4 Warweek Street, 5th floor London, W1B 5LT, United Kingdom Tel.: +44 (0) 207734 5996 www.worldenergy.org

ALBANIA 01. GOVERNMENT INSTITUTIONS Ministry of Energy and Industry Dëshmorët & Kombit Boulevard, 1001 Tirana Tel.: +355 4 22222 45 ext.74111 Email: sekretaria@energjia.gov.al

02. ENERGY COMPANIES Albpetrol sh.a Lagja 29 Marsi Patos Tel./Fax: +342 70 44 14, +342 70 44 13 E-mail: qendra_albp@albpetrol.net www.albpetrol.net Bankers Petroleum Ltd. Lagjja Kastrioti, Rr. Vasil Pecuke, Fier Tel.: +355 34 220845, Fax +355 34 220850 Email: investorrelations@bankerspetroleum.com www.bankerspetroleum.com

03. LAW FIRMS CMS Adonnino Ascoli & Cavasola Scamoni Rr. Sami Frasheri Red Building, 1001 Tirana

 Tel.: +335 4 4302123, Fax: +335 4 2400737 Email: marco.lacaita@cms-aacs.com www.cms-aacs.com, www.cmslegal.com IKRP Rokas & Partners Albania sh.p.k. Donika Kastrioti Str., Palace No. 14, Apartment 7A Tirana, Albania Tel.: +355 4 2267707, E-mail: tirana@rokas.com www.rokas.com/en/

BULGARIA 01. GOVERNMENT INSTITUTIONS Ministry of Economy and Energy 8, Slavyanska Str., Sofia 1052 Tel.: +359 2 9407001, +359 2 940 7545 Email: e-docs@mee.government.bg www.mi.government.bg

Nuclear Regulatory Agency 69 Shipchenski prokhod Blvd, 1574 Sofia Tel.: +359 2 9406-800 Email: mail@bnra.bg www.bnsa.bas.bg

SolarPro Holding 7 Sheinovo str., 1504 Sofia Email: office@solarpro.bg www.solarpro.bg

2. NON GOVERNMENTAL

05. OIL & GAS

Balkan & Black Sea Petroleum Association 2 Hristo Belchev Str., 1000 Sofia, Bulgaria Tel.: +359 2 986 06 85 Email: bbspetroleum@bbspetroleum.com www.bbspetroleum.com

Bulgargas 47 Petar Parchevich Str., 1000 Sofia Tel.: +359 2 935 89 44, +359 2 935 89 88 Email: hq@bulgargaz.bg www.bulgargaz.com

Bulgarian Chamber of Commerce and Industry 9 Iskar Str., Sofia 1058 Tel.: +359 2 987 78 26, +359 2 8117 445 Email: bcci@bcci.bg www.bcci.bg Bulgarian Photovoltaic Association 42 Vitosha Blvd., Floor 2, App. 3, 1000 Sofia Tel.: +359 2 44 222 28 Email: office@bpva.org www.bpva.org Bulgarian Wind Energy Association 7 Paris Str., 5th Floor, Sofia 1000 Tel.: +359 2 4833820 Email: info@bgwea.org www.bgwea.org WWF Bulgaria 38 Ivan Vazov Street, 2nd fl., 3th ap., 1000 Sofia Tel.: +359 29505040 Email: office@wwfdcp.bg www.wwf.bg

03. ENERGY COMPANIES AEC Kozlodui 3321 Kozlodui Tel.: +359 973 7 2020 Email: info@kznpp.org www.kznpp.org/ AES AES Maritza Iztok 1, 72 Lyuben Karavelov Str., Sofia Tel.: +359 42 901 634 Email: peter.lithgow@aes.com www.aes.com Brikel EAD Stara Zagora region, 6280 Galabovi Tel.: +359 8122000 www.brikel-bg.com/ Bulgarian Energy Holding 16 Vesalec Str., 1000 Sofia Tel.: +359 2 926 38 00 Email: hq@bgenh.com www.bgenh.com CEZ 140 G.S. Rakovski Str., Sofia 1000 Tel.: +359 070010010 Email: cez@cez.bg www.cez.bg Contour Global ContourGlobal Maritsa East 3 TPP, Mednikarovo, Stara Zagora 6294 Tel.: +359-42-663-251 Email: me3@ContourGlobal.com www.contourglobal.com

04. ALTERNATIVE ENERGY E.Mirolio EAD Industrial Zone, 8800 Sliven Tel.: +359 44612418 Email: miroglio.lana@emiroglio.com www.emiroglio.com

Bulgartransgas POB 3, Housing estate ”Ljulin-2”, 66 Pancho Vladigerov Blvd, Sofia 1336 Tel.: + 359 /2/ 939 63 00 Email: info@bulgartransgaz.bg http://www.bulgartransgaz.bg Citigas Bulgaria EAD 4 Adam Mitskevich Str. Tel.: +359 2 925 9495 Email: sofia@citygas.bg www.citygas.bg/ DEXIA BULGARIA 9160 Devnya Industrial Zone Tel.: +359 887077077 Email: pola.naydenova@mail.bg Direct Petrolium Bulgaria/TransAtlantic 16 Arh. J. Milanov str., 1164 Sofia Tel.: +3592 963 3244 Email: info@transatlanticpetroleum.com www.transatlanticpetroleum.com/portfolio/bulgaria Lukoil 42, Todor Alexandrov Blvd, 1303 Bulgaria Tel.: +359 2 91 74 316 Email: office@lukoil.bg www.lukoil.bg OMV Bulgaria 1, Sofiiski Geroi Str., Sofia 1612 Tel.: +359 2 93 29710 Email: info.bulgaria@omv.com www.omv.bg Petrol 43, Cherni Vrah Blvd, 1407 Sofia Tel.: +359 2 4960 300 www.petrol.bg Shell Bulgaria 48, Sitniakovo Blvd, Serdica Office, 8 floor, 1505 Sofia Tel.: +359 2 960 1752 Email: smartbul@shell.com www.shell.bg


07. ELECTRICITY TRADERS DANS 120D, Simeonovsko Shose Blvd, 1700 Sofia Tel.: +359 2 42 100 10 www.dansenergy.eu EFG 10, Vihren Str., Pavlovo distr., Sofia Tel.: + 359 2 892 88 08 Email: office@efg.bg www.efg.bg

Cyprus Association of Renewable Energy Enterprises (SEAPEK) 30 Griva Digeni Avenue, 1080 Nicosia Tel.: +357 22 665102 Fax: +357 22 669459 www.seapek.com Cyprus Chamber of Commerce and Industry 38, Griva Digeni Ave. & 3 Deligiorgi Str., Tel.: +357 22 889800 Email: chamber@ccci.org.cy www.ccci.org.cy/

03. INSTITUTIONS Cyprus Institute of Energy 2 Agapinoros & 3 Arch. Makariou, Megaro IRIS, 1st Floor, 1076 Nicosia Tel.: +357 22 606060 Email: cie@cytanet.com.cy www.cie.org.cy

04. LAW FIRMS

Cyprus Energy Agency 10-12 Lefkonos Street, 1011 Nikosia Tel.: +357 22 667716, +357 22 667726 Email: anthi.charalambous@cea.org.cy www.cea.org.cy

Antonis Paschalides & CO. LLC Makarios Ave. & Agias Elenis 36, Galaxias Building, Office 502, Nicosia 1061 Tel: +357 22 661 661 www.paschalides.com

Energy MT 8, Bacho Kiro, 1000 Sofia Email: office@emtbg.com www.emtbg.com/

Cyprus Energy Regulatory Authority 81-83 Griva Digeni Avenue, IAKOVIDI Building, 3rd Floor, 1080 Nicosia Tel.: +357 22 666363 Email: info@cera.org.cy www.cera.org.cy

Christos M. Triantafyllidis 2, Evagorou Str., Irini Megaron, 3rd floor, Office 31-33, 1521 Nicosia www.christriantafyllides.com

OET 38, Bokar Blvd, 1404 Sofia Tel.: +359 2 854 81 38, +359 894 777846 Email: office.bg@oet-energy.com www.oet-energy.com

Cyprus Hydrocarbons Company Ltd 53, Strovolos Ave., Victory Building 2018 Strovolos, Nicosia Tel.: +357 22 203880 Fax: +357 22 311646

EFT 19, George Washington Street, 1000 Sofia Tel.: +359 2 439 9010 Email: enquiries@eft-group.net www.eft-group.net

08. LAW FIRMS CMS Cameron McKenna 14, Tzar Osvoboditel Blvd, 1000 Sofia Tel.: +359 897860421 Email: konstantin.sirleshtov@cms-cmck.com www.cms-cmck.com/Sofia-CMS-CMCK-Bulgaria I. K. Rokas & Partners Law Firm – Branch Bulgaria, I. Rokas 12-16, Dragan Tzankov Blvd., Lozenetz Square, 1164 Sofia Tel.: +359 2 9521131 Fax: (+359 2) 9520680 E-mail: sofia@rokas.com www.rokas.com/en/

09. CONSULTANTS

Cyprus Institute of Energy 2 Agapinoros & Arch. Makariou III, Megaro IRIS, 1st Floor, 1076 Nicosia Tel. +357 22 606060 Fax:+357 22 606001/2 E-mail:cie@cytanet.com.cy Cyprus Transmission System Operator of Electrical Energy 68, Evangelistrias Street, CY-2057 Strovolos Tel.: +357 22 611 611 Email: mail@dsm.org.cy www.dsm.org.cy/ Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) 27, Heracleous Str., 2nd floor, Office 203, 2040 Nicosia Tel.: +357 22 81 81 00 Email: info@kodap.org.cy www.kodap.org.cy

Energeo 279 B Tzar Boris III Bd, Sofia 1619 Tel.: +359 2 902 6580 Email: office@energeo.bg http://energeo.bg

Ministry of Agriculture, Natural Resources and Environment Louki Akrita Street, 1411 Nicosia Tel.: +357 22 408305 Email: registry@moa.gov.cy www.moa.gov.cy

10. PR

Ministry of Energy, Commerce, Industry and Tourism of the Republic of Cyprus Energy Sector 6, Andreas Araouzos Str., CY-1421, Nicosia Tel.: +357 22867100 Email: perm.sec@mcit.gov.cy www.mcit.gov.cy

AMI Communications 135 B, G.S.Rakovski Str., floor 2, Sofia 1000 Tel.: +359 2 989 5115 Email: office@amic.bg www.amic.bg

Cyprus Legal Answers 31, Estias Street, Aradippou, 7041 Larnaka Tel.: +357 99 641265, Fax: +357 22 672 333 Email: info@cypruslegalanswers.com www.cypruslegalanswers.com Kyriakides & Xenofontos Tel.: +357 25 352352, Fax: +357 25 352353 www.oilandgaslawyers.eu Michael Damianos & Co LLC 42E, Arch. Makarios Avenue, 1065 Nicosia Tel.: +357 22 021212 Fax: +357 22 021213 http://damianoslaw.com Pamboridis LLC 45, Digeni Akrita Avenue, 1070 Nicosia Tel.: +357 22 752525 Fax: +357 22 752800 Email: info@pamboridis.com www.pamboridis.com

05. CONSULTANTS ANETEL Larnaca District Development Agency 2 Ag. Lazarou Str., 7040 Voroklini Larnaca Tel.: +357 24 815280 Email: info@anetel.com www.anetel.com/ Aristodemou Nicolas 5A, Afxentiou Str., 2ndFloor, CY-1309, Nicosia Email: aristodn@cytanet.com.cy www.nea-consult.com Aspen Trust Group Elia House, 77 Limassol Avenue, 2121 Nicosia Tel.: +357 22 418888 Fax: +357 22 418890 Email: info@aspentrust.com www.aspentrust.com BIZSERV 32, Georgiou Griva Digeni Ave., 1066 Nicosia Tel.: +357 22 375504 Fax: +357 22377583 Email: info@bizserve.eu

D&D 54, W. Gladstone Str., 1000 Sofia Tel.: +359 2 866 98 99 Email: office@ddagency.com www.ddagency.com

Natural Gas Public Company (DEFA) 13 Limassol Avenue, Demetra Tower, 4th Floor, 2112 Nicosia Tel.: +357 22 761 761 Email: info@defa.com.cy www.defa.com.cy

CYPRUS

02. SEMI GOVERNMENT ORGANIZATIONS

Cba Conquest Business Advisors 176, Athalassis Avenue, CY2025 Strovolos, Nicosia Tel.: +357 22 820800 Email: louismloizou@cba.com.cy www.cba.com.cy/

Electricity Authority of Cyprus 11 Amfipoleos Str., 2025 Strovolos, 1399 Lefkosia Tel.: +357-22 20 10 00 Email: eac@eac.com.cy www.eac.com.cy

Kassinis International Consulting Office 502, Kennedy Business Centre 12, Kennedy Ave, Ayioi Omologites, 1087 Nicosia Tel.: +357 22 663280, Fax: +357 22 669469 Email: info@kassinis-consulting.com www.kassinis-consulting.com

01. GOVERNMENT INSTITUTIONS Commission for the Protection of Competition (C.P.C) of the Republic of Cyprus 53, Strovolos Ave., 2018 Strovolos, Nicosia Tel.: +357 22 606600 www.competition.gov.cy

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06. OIL & GAS

08. ALTERNATIVE ENERGY

A.M.K. EcoLeaf Ltd - ENERGY MANAGEMENT SYSTEMS 15, Dodekanisou Str., Anthoupoli, Nicosia 2302 Tel.: +357 22 720670 Email: info@amkgroup.eu www.ecoleaf.eu/

A.S.G. Solar Technologies Ltd 28, Kinyras Street, Shop A, 8011 Paphos Tel.: 7777 7652, Fax +357 26 822 513 Email: solartech@cytanet.com.cy

BP Eastern Mediterranean Ltd Dekhelia Rd, 6301 Larnaca Tel.: +357 24 812849 Email: Pambos.Lambrou@ec1.bp.com

Aeoliki Ltd 41, Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 875707, Fax: +357 22 757778 Email: info@aeoliki.com www.aeoliki.com

EDT Offshore PO Box 54548, Yermasoyia, Limassol 3725 Tel: +357 25 899000, Fax: +357 25 899002 Email: info@edtoffshore.com www.edtoffshore.com

Energy Sequel 3, Costa Loizou Street, Latsia, 2222 Nicosia Tel: +357 96 276761 E-mail: energysequel@gmail.com www.energysequel.com

Eni Cyprus Ltd 81-83, Grivas Digenis Avenue, 1090 Nicosia Tel.: +357 22 503232, Fax: +357 22 503001 Email: christiano.salino@eni.com

Ergo Energy 47, 28th October Street, 2414 Engomi - Nicosia Tel.: +357 22 505404 Email: pharconides@ergohomegroup.com www.ergoenergy.com.cy

Exxonmobil Cyprus Inc 6 Ag. Prokopiou Str., Eggomi, Nicosia Tel.: +357 22 393101

09. PR

Hellenic Petroleum Cyprus Ltd 3, Ellispontou Str., 2015 Strovolos Tel.: +357 22 477000 www.eko.com.cy Intergaz Ltd Dhekelia Rd, 6303 Larnaca Tel.: +357 24 821 666 Email: info@intergaz.com.cy http://intergaz.com.cy/ Lanitis Green Energy Group Ltd 107B Nicou Pattichi Str., 3070 Limassol Tel.: +357 25 822314 www.lgeg.com.cy

ACTION GLOBAL COMMUNICATIONS 6, Kondilaki Street, 1090 Nicosia Tel.: +357 22 818 884 Email: natalie.c@actionprgroup.com www.actionprgroup.com Marketway Marketway Building, 20, Karpenisiou Street, 1077 Nicosia Tel.: +357 22 391000, Fax: +357 22 391150 Email: ngavrielides@marketway.com.cy www.marketway.com.cy

10. EDUCATION INSTITUTES

Lukoil Cyprus Ltd 11, Limassol Ave., 5th Floor, 2112 Aglanja, Nicosia Tel.: +357 70001000 Email: lukoil@lukoil.com.cy www.lukoil.com.cy/

European University of Cyprus 6, Diogenis Str., Engomi, 1516 Nicosia Tel: +357.22.713000 www.euc.ac.cy

Noble Energy International ltd. 73, Metochiou Street, 2407 Egnomi, Nicosia Tel.: +357 22 449190, Fax: +357 22 449208 Email: jztomich@nobleenergyinc.com www.nobleenergyinc.com

Levantine Training Centre 5, Spyrou Kyprianou Street, Makedonias Court, Office 401, 4001 Limassol Tel.: +357 25 334250, Fax: +357 25 255262 Email: ltc@shipcon.eu.com www.levantinetrainingcentre.com

Synergas Dhekelia Rd, 6303 Larnaca Tel.: +357 24 635286 Total G&P Cyprus 48, Themistocli Dervi, 5th floor, 1066 Nicosia Tel.: +357 22 202806, Fax: +357 22 202801 Email: jean-luc.porcheron@total.com total.com VTT Vasiliko Ltd (A VTTI Group Company) Oil Storage Terminal, 75 Mari, 7736 Larnaca Tel.: +357 24 257500 Fax: +357 24 333299 Email: xee@vtti.com www.vtti.com

07. ELECTRICITY FALCON ELECTRICITY POWER 135, Omonoias Ave, 8th floor, 3045 Limassol Tel.: +357 25 028560 Email: info@falconelectricity.com http://falconelectricity.com/ ΔΕΗ Quantum Energy Tel.: +357 22 792200 Email: info@dei-quantumenergy.com www.dei-quantumenergy.com

GREECE 01. GOVERNMENT INSTITUTIONS Ministry of Reconstruction of Production, Environment and Energy (YPAPEN) 17, Amaliados Str., 115 23 Athens Tel.: +30 213 1515000, Fax: +30 210 6447608 Email: info@ypeka.gr www.ypeka.gr

Hellenic Electricity Distribution Network Operator S.A. (DEDDIE) 20, Perraivou & 5 Kallirrois Str., 117 43 Athens Tel./Fax: +30 210-9281698 Email: infodeddie@deddie.gr www.deddie.gr Centre for Renewable Energy Sources and Saving (KAPE) 19th km Marathonos Ave, 19009 Pikermi Tel.: +30 210-6603300, Fax: +30 210-6603301 Email: cres@cres.gr www.cres.gr Regulatory Authority for Energy (RAE) 132, Pireos Str., 118 54 Athens Tel.: +30 210-3727400, Fax: +30 210-3255460 Email: info@rae.gr www.rae.gr

02. NON GOVERNMENTAL Institute of Energy For South-East Europe (IENE) 3, Alex. Soutsou Str., 106 71 Athens Tel.: +30 210-3628457, Fax: +30 210-3646144 Email: secretariat@iene.gr www.iene.gr

03. FEDERATIONS - UNIONS Hellenic Federation of Enterprises (SEB) 5, Xenofontos Str., 105 57 Athens Tel.: +30 211 5006000, Fax: +30 210 3222929 Email: info@sev.org.gr www.sev.org.gr

04. ASSOCIATIONS Hellenic Union of Industries Consumers of Energy (UNICEN) 57, Ethnikis Antistaseos Str., 152 31 Halandri Tel.: +30 210-6861489, Fax: +30 210-6283496 Email: info@unicen.gr www.unicen.gr Hellenic Wind Energy Association (HWEA) ELETAEN 306, kifissias Ave., 1st Floor, 152 32 Athens Tel./Fax: +30 210-8081755 Email: eletaen@eletaen.gr www.eletaen.gr

05. ELECTRICITY Elpedison Energy 8-10, Sorou Str., Building C, 151 25 Marousi Tel.: +30 211-2117400, Fax: +30 210-3441255 Email: info.energy@elpedison.gr www.elpedison.gr Heron S.A. 85, Mesogion Ave., 115 26 Athens Tel.: +30 213-0333000, Fax: +30 210-6968690 Email: info@heron.gr www.heron.gr

Hellenic Transmission System Operator (DESMIE) 72 Kastoros Str.,185 45 Piraeus Tel.: +30 210-9466700, Fax: +30 210-9466766 Email: contact@desmie.gr www.desmie.gr

M&M Gas 5-7, Patroklou Str., 151 25 Marousi Tel.: +30 210-68777300, Fax: +30 210-6877400 Email: info@mytilineosgroup.gr www.mytilineos.gr

Hellenic Gas Transmission System Operator (DESFA) 357-359, Messogion Ave., 152 31 Chalandri Tel.: +30 210 6501200, Fax: +30 210-6749504 Email: desfa@desfa.gr www.desfa.gr

Protergia S.A. 8, Artemidos Str., 151 25 Marousi Tel.: +30 210-3448300, Fax: +30 210-3448471 Email: dinos.benroubi@protergia.gr www.protergia.gr

Independent Power Transmission Operator (ADMIE) 89 Dyrrachiou Str., 104 43 Athens Tel.: +30 210-5192281, Fax: +30 210-5192504 Email: info@admie.gr www.admie.gr

Public Power Corporation S.A. (DEH) 30, Halkokondili Str., 104 32 Athens Tel.: +30 210-5230301, Fax: +30 210-5237727 Email: info@dei.com.gr www.dei.gr


06. OIL & GAS Aegean S.A. 10, Akti Kondili Str., 185 45 Piraeus Tel.: +30 210-4586000, Fax: +30 210-4586241 Email: info@aefeanoil.gr www.aegeanoil.gr BP Elliniki S.A. Petroleum 26, Kifissias Av. & 2, Paradissou Str.,151 25 Marousi Tel.: +30 210-6887777, Fax: +30 210-6887697 Email: info@bp.com www.bp.com Copelouzos Group 209, Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106-115, Fax: +30 210-6140371 Email: info@copelouzos.gr www.copelouzos.gr Coral S.A. 12A, Herodou Attikou Str., 151 24 Marousi Tel.: +30 210-9476000, Fax: +30 210-9476500 Email: info@coralenergy.gr www.coralenergy.gr Coral Gas (Hellas) 26-28, G. Averof Str., 142 32 Perissos Tel.: +30 210-9491000, Fax: +30 210-9407987 Email: info@coralgas.gr www.coralgas.gr DEPA - Public Gas Corporation S.A. 92, Marinou Antipa Ave., 141 21 Heraklion Tel: +30 210 2701000, Fax: +30 210 2701010 Email: pr@depa.gr www.depa.gr Eko AEBE 8, Chimaras Str., 151 25 Marousi Tel.: +30 210-7705201, Fax: +30 210-7705847 Email: info@eko.gr www.eko.gr Elinoil S.A. 33, Pigon Str., 145 64 Kifissia Tel.: +30 210-6241500, Fax: +30 210-6241509 Email: info@elinoil.gr www.elin.gr Energean Oil & Gas 32, Kifissias Ave. Atrina Center, 151 25 Marousi Tel.: +30 210-8174200, Fax: +30 210-8174299 Email: info@energean.com www.energean.com EPA Attikis 11, Sof. Venizelou Ave. & Serron Str., 141 23 Lykovrisi Tel.: +30 210-3406000, Fax: +30 210-3406060 Email: info@aerioattikis.gr www.aerioattikis.gr Hellenic Fuels S.A. 8, Chimaras Str., 151 25 Marousi Tel.: +30 210-6887111, Fax: +30 210-6887100 Email: info_hellenicfuels@helpe.gr www.hellenicfuels.gr Hellenic Petroleum Group (ELPE) 8A, Chimaras Str., 151 25 Marousi Tel.: +30 210-6302000, Fax: +30 210-6302510 Email: info@helpe.gr www.helpe.gr

Revoil S.A. 5, Kapodistriou Str., 166 72 Vari Tel.: +30 210 8976000, Fax: +30 210 8972137 Email: info@revoil.gr www.revoil.gr SHELL HELLAS 3, Irodotou Str., 185 38 Piraeus Tel.: +30 210 4596911-2 Email: CSC-Hellas@ceg.gr Website: www.shell.gr Trans Adriatic Pipeline AG Greece, Branch Athens Tower, 21st Floor, 2-4, Messogion Avenue 115 27 Athens Tel.: +30 210-7454613, Fax: +30 210-7454300 Email: tapgreece@tap-ag.com www.trans-adriatic-pipeline.com/gr

07. ALTERNATIVE ENERGY ABB 13th klm National Road Athinon-Lamias 144 52 Metamorfosi Tel.: +30 210-2891500, Fax: +30 210-2891599 Email: abb@gr.abb.com www.abb.gr AID Engineering Ltd 17, Aithrias Str., Nea Kifissia 145 64 Athens Tel./ Fax: +30 210-8003784 Email: information@aidengineering.gr www.aidengineering.gr EDF EN Hellas 120 ,Vas. Sofias Avenue, 115 26 Athens Tel.: +30 210-6462079, Fax: +30 210-6431420 Email: een@eenhellas.gr www.edf-energies-nouvelles.com ELECTROTECH Power Systems 81, Ypsilantou Str., 187 58 Keratsini Tel.: +30 210-4321398, Fax: +30 210-4321034 Email: info@electrotech.gr www.electrotech.gr Enteka 2, Tichis Str., 152 33 Chalandri Tel.: +30 210-6816803, Fax: +30 210-6816460 Email: enteka@enteka.gr www.enteka.gr Gamesa 9, Adrianiou Str., 115 25 Athens Tel.: +30 210-6753300, Fax: +30 210-6753305 Email: gehellas@gamesacorp.com www.gamesacorp.com GEORYTHMIKI ATE 170, Ag. Dimitriou Str., 173 41 Agios Dimitrios Tel.: +30 210-9322234, +30 210-9322248 Fax: +30 210-9359210 Email: info@georytmiki.gr www.georythmiki.gr GREENTOP Energy Systems S.A. 1, Vas. Sofias Str., 151 24 Maroussi, Athens Tel.: +30 210-8128150, Fax: +30 210-8128160 Email: energy@greentop.gr www.greentop.gr

Mamidoil-Jetoil S.A. 27, Evrota & Kiphissou Str., 145 64 Kifissia Tel.: +30 210-8763100, Fax: +30 210-8055850 Email: lenam@jetoil.gr www.jetoil.gr

Krannich Solar GmbH & Co. KG Head Office: 40, Stadiou Str., Kalohori 570 09 Thessaloniki Tel.: +30 2310-751960, Fax: +30 2310-751540 Branch: 336 Syggrou Ave., Kallithea, 176 73 Athens Tel.: +30 210-9531040, Fax: +30 210-9531041 Email: info@gr.krannich-solar.com www.krannich-solar.com

Motor Oil Gas S.A. 12A, Herodou Attikou Str., 151 24 Maroussi Tel.: +30 210-8094000, Fax: +30 210-8094444 Email: info@moh.gr www.moh.gr

Robert Bosch S.A. 37, Erheias Str., 194 00 Koropi Tel.: +30 210-5701200, Fax: +30 210-5770080 Email: RBGR.Greece@gr.bosch.com www.bosch.gr

Schneider Electric Greece 19th klm National Road Athinon-Lamias 146 71 Nea Erithrea Tel.: +30 210-6295200, Fax: +30 210-6295210 Email: gr-info@schneider-electric.com www.schneider-electric.gr Terna Energy S.A. 85, Messogion Avenue, 115 26 Athens Tel.: +30 210-6968300 Fax: +30 210-6968096 Email: info@terna-energy.com www.terna-energy.com VESTAS HELLAS A.E. 2, Paradisou Str. & Kifissias Avenue 151 25 Marousi Tel.: +30 213 0164700, Fax: 210 9646252 Email: vestas-hellas@vestas.com Website: www.vestas.com

08. LAW FIRMS Kelemenis & Co. Law Firm 5, Tsakalof Str., Melathron Centre, 106 73 Athens Tel.: +30 210-3612800, Fax: +30 210-3612820 Email: enquiries@kelemenis.com www.kelemenis.com Metaxas Law 154, Asklipiou Str., 114 71 Athens Tel.: +30 210-3390748, Fax: +30 210-3390749 Email: info@metaxaslaw.gr www.metaxaslaw.gr Rokas International Law Firm 25 & 25A, Boukourestiou Str., 106 71 Athens Tel.: +30 210-3616816 Fax: +30 210-3615425 Email: athens@rokas.com, m.todorovic@rokas.com www.rokas.com

9. CHAMBERS American-Hellenic Chamber of Commerce 109-111, Messoghion Ave., 115 26 Athens Tel.: +30 210-6993559 Fax: +30 210-6985686 Email: info@amcham.gr www.amcham.gr Greek-German Chamber 10-12, Dorileou Str., 115 21 Athens Tel.: +30 210-6419000, Fax: +30 210-6445175 Email: ahkathen@mail.ahk-germany.de griechenland.ahk.de Athens Chamber of Commerce & Industry 6, Akadimias Str., 106 71 Athens Tel.: +30 210-3387104 Fax: +30 210-3622320 Email: info@acci.gr www.acci.gr

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10. INDUSTRY Mytilineos Group 5-7, Patroklou Str., 151 25 Maroussi Tel.: +30 210-6877300 Fax: +30 210-6877400 Email: info@mytilineos.gr www.mytilineos.gr Hellenic Halyvourgia 86A, Othonos & Kokkota Str., 145 61 Kifissia Tel.: +30 210-6283400 Fax: +30 210-8015614 Email: info@hlv.gr www.hlv.gr

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Allouminion Ellados 8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-3693000 Fax: +30 210-3693108 Email: info@alhellas.gr www.alhellas.com Metka Group 8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-2709200 Fax: +30 210-2759528 Email: info@metka.gr www.metka.com

Romanian Ministry of Environment and Climate Changes 12 Libertatii Avenue, Sector 5, Bucharest Tel.: +4 021 408 9500 Email: srp@mmediu.ro www.mmediu.ro

Romanian Black Sea Titleholders Association 169A, Floreasca Road, building A, office 2099, District 1, Bucharest Tel.: +4 031 860 2357 Email: office@rbsta.ro www.rbsta.ro

Romanian Ministry of Regional Development 17 Apolodor Street, North side, Sector 5, Bucharest Tel.: +4 037 211 1409 Email: info@mdrap.ro www.mdrap.ro

Romanian Electricity Suppliers Association 7-9, Tudor Stefan Street, ap. 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

02. NON GOVERNMENT

Romanian Wind Energy Association 75-77 Buzesti St, 7th floor, office 34, District 1, Bucharest Tel.: +4 0736 621 222 Email: office@rwea.ro www.rwea.ro

ACUE-Association of Energy Utilities Companies 2 Intrarea Amzei St, et. 1, ap. 2, District 1, Bucharest Tel.: +4 021 230 0050 Email: office@acue.ro www.acue.ro AFEER-The Association of Electricity Suppliers in Romania 7-9, Tudor Stefan Street, 1st floor, ap 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

11. CONSULTANCY & ENGINEERING

APER-Romanian Energy Policy Association 13, 13 Septembrie Road, 050711, Sector 5, Bucharest Tel.: +4 021 411 9829 Email: aper.ro@gmail.com www.aper.ro

KIMI S.A. Industrial Park of SHISTO 2nd Street, 2nd Building Block 18863 Perama, Greece Tel: +30 210-4004757 Fax: +30 210-4326399 Email: info@kimi-sa.com www.kimi-sa.com

CNR-CME-Romanian National Comitee of World Energy Council 1-3, Lacul Tei Avenue, 020371, Sector 1, Bucharest Tel.: +4 037 282 1475 Email: ghbalan@cnr-cme.ro www.cnr-cme.ro

ROMANIA 01. GOVERNMENT INSTITUTIONS ANRE-National Energy Regulator 3, Constantin Nacu Street, 020995, Sector 2, Bucharest Tel.: +4 021 327 8174 Email: anre@anre.ro www.anre.ro Competition Council Romania 1, Piata Presei Libere, building D1, 013701, Sector 1, Bucharest Tel.: +4 021 318 1198 Email: presedinte@consiliulconcurentei.ro www.consiliulconcurentei.ro National Agency for Mineral Resources 59, Dacia Blvd, 010407 District 1, Bucharest Tel.: +4 021 317 0018 Email: namr@namr.ro www.namr.ro Nuclear Agency & Radioactive Waste 21-25 Mendeleev Str., 010362, Sector 1, Bucharest Tel.: +4 021 316 8001 Email: contact@nuclearagency.ro www.agentianucleara.ro Romanian Government 1 Victoriei Square, 011791, Sector 1, Bucharest Tel.: +4 021 314 3400 Email: drp@gov.ro www.gov.ro Romanian Ministry of Economy 152 Victoriei Avenue, 010096, Sector 1, Bucharest Tel.: +4 021 202 5426 Email: dezbateri_publice@minind.ro www.minind.ro

CRE-Romanian Energy Center 6 Sofia St, 011838, District 1, Bucharest Tel.: +4 021 795 3020 Email: office@crenerg.org www.crenerg.org EURISC Romania 82-84 Mihai Eminescu Street, B entrance, ap. 19, Sector 2, Bucharest Tel.: +4 021 212 2102 Email: eurisc@eurisc.org www.eurisc.org Foreign Investors Council Romania 11 Ion Campineanu Street, 3rd floor, Sector 1, 010031, Bucharest Tel.: +4 021 222 1931 Email: office@fic.ro www.fic.ro Greenpeace CEE Romania 176 Calea Serban Voda, 040214, District 4, Bucharest Tel.: +4 031 435 5743 Email: info.romania@greenpeace.org www.greenpeace.org Petroleum Club of Romania 38, Dragos Voda Street, ap. 1, 020747, Sector 2, Bucharest Tel.: +4 031 102 0605 Email: petroleumclub@petroleumclub.ro www.petroleumclub.ro Romania Energy Center 319 Calarasilor Road, 030622, Sector 3, Bucharest Tel.: +4 031 432 8737 Email: energy@roec.ro www.roec.ro Romania Photovoltaic Industry Association 58-60, Gheorghe Polizu Street, Sector 1, Bucharest Email: office@rpia.ro www.rpia.ro

03. ENERGY COMPANIES CEZ Romania 2B, Ion Ionescu de la Brad Street, 1st floor, 013813, Sector 1, Bucharest Tel: +4 021 269 2566 Email: office@cez.ro www.cez.ro E.ON Romania 42 Pandurilor Blvd, floor 6, office 6001, 540554, Targu Mures, Mures County Tel.: +4 0265 200 366 Email: office@eon-romania.ro www.eon-romania.ro Electrica Furnizare S.A. 1A, Stefan cel Mare Road, 011736, Sector 1, Bucharest Tel.: +4 037 244 2192 Email: office@electricafurnizare.ro www.electricafurnizare.ro Enel Romania 41-42 Ion Mihalache Bd., District 1, Bucharest Tel.: +4 037 243 6436 Email: contactee.ro@enel.com www.enel.ro ENGIE Romania 4-6 Marasesti Avenue, 040254, District 4, Bucharest Tel.: +4 021 9336 Email: office@engie.ro engie.ro Hidroelectrica S.A. 15-17 Ion Mihalache Avenue, 011171, Sector 1, Bucharest Tel.: +4 021 303 2500 Email: secretariat.general@hidroelectrica.ro www.hidroelectrica.ro Nuclearelectrica S.A. 65, Polona Street, 010505, Sector 1, Bucharest Tel.: +4 021 203 8200 Email: office@nuclearelectrica.ro www.nuclearelectrica.ro Termoelectrica S.A. 1-3, Lacul Tei Avenue, Sector 2, Bucharest Tel.: +4 021 303 7305 Email: office.economic@termoelectrica.ro www.termoelectrica.ro Transelectrica 2-4, Olteni Street, 030786, Sector 3, Bucharest Tel.: +4 021 303 5822 Email: office@transelectrica.ro www.transelectrica.ro Verbund Romania 8 Tudor Arghezi St, Et. 7, 020945, District 1, Bucharest Tel.: +4 021 301 6005 Email: ovidiu.pop@verbund.ro www.verbund.com


Vestas Romania 11-15, Tipografilor Str., Building B3, 013714 Bucharest Tel.: +4 031 403 3099 Email: vestas-romania@vestas.com www.vestas.com

ICME ECAB SA 42, Drumul intre Tarlale Street, 032982, Bucharest Tel.: +4 021 209 0111 Email: Bucharest@icme.vionet.gr www.cablel.ro

Romanian Academy 125, Victoriei Road, 010071, Sector 1, Bucharest Tel.: +4 021 212 8651 Email: moancea@acad.ro www.acad.ro

04. OIL & GAS

RIG Service SA 18, Marc Aureliu Street, nr. 18, 900744, Constanta Tel.: +4 0241 586 406 Email: office@rig-service.com www.rig-service.com

Valahia University 2 Carol I Blvd, 130024, Targoviste, Dambovita County Tel.: +4 0245 206 101 Email: rectorat@valahia.ro www.valahia.ro

Black Sea Oil & Gas 175 Calea Floreasca, 10th floor, District 1, 014459, Bucharest Tel.: +4 021 231 3256 Email: office@blackseaog.com www.blackseaog.com Exxon Mobil Romania 169A, Floreasca Road, building A, 014472, Sector 1, Bucharest www.exxonmobileurope.com GSP-Petroleum Services Group Constanta Port, Berth 34, 900900, Constanta County Tel.: +4 024 155 5255 Email: office@gspoffshore.com www.gspoffshore.com Lukoil Romania 28-36, Nordului Road, District 1, Bucharest Tel.: +4 021 227 2106 Email: office@romania.lukoil.com www.lukoil.ro MOL Romania 4-6 Daniel Danielopolu Avenue, Sector 1, Bucharest Tel.: +4 021 204 8500 www.molromania.ro OMV Petrom 22, Coralilor Str., Petrom City, Sector 1, 013329 Bucharest Tel.: +4 021 402 2201 Email: office@petrom.com www.petrom.com PETROTEL - LUKOIL S.A. 235, Mihai Bravu Street, Ploiesti, Prahova County Tel.: +4 0244 504 000 Email: office@petrotel.lukoil.com www.lukoil.ro Rompetrol 3-5, Presei Libere Square, City Gate Building, Northern Tower, Sector 1, Bucharest Tel.: +4 021 303 0800 Email: office@rompetrol.com www.rompetrol.ro Transgaz 1 Constantin Motas Square, 551130, Medias, Sibiu County Tel.: +4 026 980 3333 Email: cabinet@transgaz.ro www.transgaz.ro Upetrom 1 Mai 1, 1 Decembrie 1918 Square, 100543, Ploiesti, Prahova County Tel.: +4 021 308 0200 Email: office@upetrom1mai.com www.upetrom1mai.com

05. EQUIPMENT AND MAINTENANCE Aggreko 7A Centura Road , Tunari, 077180, Ilfov Tel.: +4 075 222 5985 Email: catalin.tocu@aggreko.biz www.aggreko.ro General Electric Romania 169A Floreasca Street, 014472, District 1, Bucharest Tel.: +4 037 207 4541 Email: diana.jula@ge.com www.ge.com

Romenergo 175 Floreasca Road, District 1, Bucharest Tel.: +4 021 233 0771 Email: office@romenergo.ro www.romenergo.ro Schneider Electric Romania 4 Gara Herastrau St, District 2, 020334, Bucharest Tel.: +4 021 203 0606 Email: ro-csc@ro.schneider-electric.com www.schneider-electric.ro Siemens Romania 24, Preciziei Street, West Gate Park, Building H3, 062204, Sector 6, Bucharest Tel.: +4 021 629 6400 Email: siemens.ro@siemens.com www.cee.siemens.com

08. PR COMPANIES Action Global Communications 35 Alexandru Constantinescu Str., Bucharest Tel.: +4 021 224 2270 Email: ruxandra.s@actionprgroup.com www.actionprgroup.com GMP PR 19 Leonida St, District 2, Bucharest Tel.: +4 021 210 7777 Email: office@gmp.ro www.gmp.ro

06. LAW FIRMS

Golin 89-97 Grigore Alexandrescu St, District 1, Bucharest Tel.: +4 021 301 0051 Email: office.bucharest@golin.com www.golin.com/ro

Biris Goran 47 Aviatorilor Blvd, 011853, Bucharest Tel.: +4 021 260 0710 Email: office@birisgoran.ro www.birisgoran.ro

Grayling PR 9, Maltopol Street, 011047, Sector 1, Bucharest Tel.: +4 021 301 0051 Email: Cristi.Cretzan@grayling.com www.grayling.com

CMS Cameron McKenna 11-15 Tipografilor Str., B3-B4, Sector 1, Bucharest Tel.: +4 021 407 3800 Email: bucharest.office@cms-cmck.com www.cms.law

OMD 6 Pictor G.D. Mirea St,District 1, Bucharest Tel.: +4 021 222 1091 Email: romania@omd.com www.omd.com

IK Rokas&Partners 45, Polona Street, Sector 1, Bucharest Tel.: +4 021 411 7405 Email: bucharest@rokas.com www.rokas.com

Premium PR 23 Eroilor Sanitari Av., 050471, Sector 5, Bucharest Tel.: +4 021 411 0152 Email: office@premiumpr.ro www.premiumpr.ro

Musat & Associates 43, Aviatorilor Avenue, 011853, Sector 1, Bucharest Tel.: +4 021 202 5900, Email: musat@musat.ro www.musat.ro NNDKP 201 Barbu Vacarescu St,18th Floor, 020276, District 2, Bucharest Tel.: +4 021 201 1200 Email: office@nndkp.ro www.nndkp.ro Serban&Musneci Associates 3 Pictor Ion Negulici St, 011941, Sector 1, Bucharest Tel.: +4 021 222 4478 Email: office@serbanmusneci.ro www.serbanmusneci.ro Wolf Theiss 58-60 Gheorghe Polizu Str. 011062, Sector 1, Bucharest Tel.: +4 021 308 8100 Email: bucuresti@wolftheiss.com www.wolftheiss.com

07. EDUCATION INSTITUTES Oil&Gas University Ploiesti 39, Bucuresti Ave. 100680, Ploiesti, Prahova County Tel.: +4 0244 573 171 Email: rectorat@upg-ploiesti.ro www.upg-ploiesti.ro

The Group 3, Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@thegroup.ro www.thegroup.ro V+O Communication 40 Hristache Pitarul Str., 011626, Sector 1, Bucharest Tel.: +4 021 231 9195 Email: office@vando.ro www.vando.ro

09. EMBASSIES Canadian Embassy in Romania 1-3, Tuberozelor Street, 011411, Bucharest Tel.: +4 021 307 5000 Email: bucst@international.gc.ca www.canadainternational.gc.ca/romania-roumanie Greek Embassy in Romania-Commercial Office 1-3, Pache Protopopescu Avenue, 021403, Sector 2, Bucharest Tel.: +4 021 210 0748 Email: ecocom-bucharest@mfa.gr www.mfa.gr/bucharest USA Embassy in Romania 4-6, Dr. Liviu Librescu Str., 015118, Sector 1, Bucharest Tel.: +4 021 200 3300 Email: infobuch@state.gov romania.usembassy.gov

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10. BANKS

14. ENERGY TRADERS

Erste Group Banca Comerciala Romana 5 Regina Elisabeta Ave, 030016, Sector 3, Bucharest Tel.: +4 021 407 4200 Email: contact.center@bcr.ro www.bcr.ro

Arelco Power 11 Pitarul Hristache St, District 1, Bucharest Tel.: +4 021 231 7056 Email: office@arelco.ro www.arelco.ro

ING Bank Romania 48, Iancu de Hunedoara Ave, 011745, Sector 1, Bucharest Tel.: +4 021 222 1600 Email: contact@ing.ro www.ing.ro

Repower 19-21 Primaverii Blvd, 011972, District 1, Bucharest Email: info@repower.com Tel.: +4 021 335 0935 www.repower.com/ro

International Finance Corporation (IFC) 31, Vasile Lascar Street, UTI building, 020491, Sector 2, Bucharest Tel.: +4 021 201 0311 Email: amihaescu@ifc.org www.ifc.org

Tinmar 246C Calea Floreasca, District 1, Bucharest Tel.: +4 031 9797 Email: office@tinmar-energy.ro ww.tinmar.ro

Piraeus Bank Romania 29-31 Nicolae Titulescu Road, District 1, Bucharest Tel.: +4 021 303 6969 Email: office@piraeusbank.ro www.piraeusbank.ro

Transenergo Com 90 Calea 13 Septembrie, 050726, District 5, Bucharest Tel.: +4 021 403 4945 Email: office@transenergo.ro transenergo.ro

The European Bank for Reconstruction and Development (EBRD) 56-60, Iancu de Hunedoara Avenue, Metropolis Center, West Wing, Sector 1, Bucharest Tel.: +4 021 202 7100 www.ebrd.com

15. CONSULTANTS

EPS Snabdevanje 2, Carice Milice Street, Belgrade Tel: +381 11 6556 747, Fax: + 381 11 655 6757 Email: kabinet@eps-snabdevanje.rs www.eps-snabdevanje.rs

ISPE-Institute for Studies and Power Engineering 1-3, Lacul Tei Avenue, 20371, Sector 2, Bucharest Tel.: +4 037 282 1076 Email: office@ispe.ro www.ispe.ro

Hidroelektrane Derdap 1, Trg kralja Petra Street, Kladovo Tel: + 381 19 801 651, Fax: + 381 19 801 659 Email: goran.knezevic@djerdap.rs www.djerdap.rs

SERBIA 01. GOVERNMENT INSTITUTIONS

HIP Petrohemija 82, Spoljnostarcevacka Street, Pancevo Tel: +381 13 307 000, Fax: +381 13 310 207 Email: info@hip-petrohemija.rs www.hip-petrohemija.rs

Agency for Environmental Protection 27a Ruze Jovanovica, Belgrade Tel: +381 11 2861 065, Fax: +381 11 2861 077 Email: office@sepa.gov.rs www.sepa.gov.rs

JP Srbijagas 12, Narodnog fronta Street, Novi Sad Tel: +381 21 481 2703, Fax: +381 21 481 1305 Email: kabinet@srbijagas.com www.srbijagas.com

Commission for Protection of Competition 7 Kneginje Zorke Street, Belgrade Tel: +381 11 381 1911, Fax: +381 11 381 1936 Email: office.kzk@kzk.gov.rs www.kzk.org.rs

03. ALTERNATIVE ENERGY

The European Investment Bank (EIB) 31, Vasile Lascar Str., 020492, Sector 2, Bucharest Tel.: +4 021 208 6400 Email: Bucharest@eib.org www.eib.org

11. AUDIT Deloitte Romania 4-8, Nicolae Titulescu Road, Est entrance, 011141, District 1, Bucharest Tel.: +4 021 222 1661 Email: romania@deloittece.com www.deloitte.com Ernst & Young 15-17 Ion Mihalache Blvd, 011171, District 1, Bucharest Tel.: +4 021 402 4000 Email: office@ro.ey.com www.ey.com/ro KPMG 69-71, Bucharest-Ploiesti Road, Victoria Business Park DN1, 013685, Sector 1, Bucharest Tel.: +4 0372 377 800 Email: kpmgro@kpmg.ro www.kpmg.com

12. CHAMBERS OF COMMERCE Bucharest Chamber of Commerce and Industry CCIB 2 Octavian Goga Avenue, 030982, Sector 3, Bucharest Tel.: +4 021 318 2573 Email: ccir@ccir.ro www.ccir.ro Constanta Chamber of Commerce 185A, Alex. Lapusneanu Ave, 900457, Constanta Tel.: +4 024 161 9854 Email: office@ccina.ro www.ccina.ro

Energy Agency of the Republic of Serbia 5 / V Terazije Street, Belgrade Tel: +381 11 3033 829, Fax: +381 11 3225 780 Email: aers@aers.rs www.aers.rs Ministry of Mining and Energy 22-26 Nemanjina Street, Belgrade Tel: +381 11 3604-403 Fax: +381 11 3616-603 Email: kabinet@mre.gov.rs www.merz.gov.rs

02. ENERGY COMPANIES Centar 7, Slobode Street, Kragujevac Tel: + 381 34 37 00 83, Fax: + 381 34 37 01 56 Email: direktor@edcentar.com www.edcentar.com

13. IMF

Drinsko-Limske Hidroelektrane 1, Trg Dusana Jerkovica Street, Bajina Basta Tel: + 381 31 8636 59, Fax: + 381 31 8643 54 Email: mijodrag.citakovic@dlhe.rs www.dlhe.rs

International Monetary Fund 7, Halelor Street, 030118, Sector 3, Bucharest Tel.: +4 021 311 5833 Email: ahajdenberg@imf.org www.imf.org

Elektromreza Srbije 11, Kneza Milosa Street, Belgrade Tel: +381 11 3330 700, Fax: + 381 11 32 39 908 Email: kabinet@ems.rs www.ems.rs

Elektrovojvodina 100, Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 030, Fax: + 381 21 422 847 Email: bogdan.laban@ev.rs www.elektrovojvodina.rs Elektrodistribucija Beograd 1-3, Masarikova Street, Belgrade Tel: + 381 11 3616 706, Fax: + 381 11 3616 641 Email: zoran.rajovic@edb.rs www.edb.rs Elektrosrbija 5, Dimitrija Tucovica Street, Kraljevo Tel: + 381 36 3 21 686, Fax: + 381 36 3 21 958 Email: Srdjan.Djurovic@Elektrosrbija.rs www.elektrosrbija.rs EPS Obnovljivi Izvori 2, Carice Milice Street, Belgrade Tel: + 381 11 2024 828, Fax: + 381 11 2629 489 Email: aleksandar.vlajcic@eps.rs www.eps.rs

Continental Wind Serbia 23, Resavska Street, Belgrade Tel: +381 11 785 0020 Email: serbia@continentalwind.com www.continentalwind.com Electrawinds-S 6, Vladimira Popovica Street, Belgrade Tel: +381 11 660 0955 www.electrawinds.be Energo Green 115E, Mihajla Pupino Boulevard, Belgrade Tel: +381 11 353 9522 Email: ivan.stanisavljevic@energogreen.com www.energogreen.com Vestas Central Europe 6, Mihaila Pupina Boulevard, Belgrade Tel: +49 4841 971 722 www.vestas.com

04. LAW FIRMS Karanovic & Nikolic 23, Resavska Street, Belgrade Tel: +381 11 3094 200, Fax: +381 11 3094 223 Email: KNSerbia@karanovic-nikolic.com www.karanovic-nikolic.com Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz 3, Cincar Janka Street, Belgrade Tel.: +381 11 3208900, Fax: +381 11 3208930 Email: belgrade@cms-rrh.com www.cms-rrh.com/Belgrade-Serbia


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