In-depth Business Intelligence
of US $
is given out of 208 nations - (data from the World Bank)
Books on Romania
Update No: 158 -
Romania is a disaster-prone country. The
four horses of the apocalypse have
certainly bestridden its territory often
Romanian authorities said severe flooding
was wreaking havoc across much of the
country after rain-swollen rivers burst
their banks and killed 22 people this
week, destroying crops, bridges and
hundreds of homes.
Despite protection dams, more than 2,000
people were evacuated from the eastern
village of Saucesti on Friday after the
River Siret broke through and inundated a
hundred local homes.
In the eastern province of Galati, the
Danube River passed record water levels
previously attained in 2006.
Visiting one affected region on Friday,
Romanian president Traian Basescu assured
flood victims that they would be provided
with building materials for new homes.
But northern and central parts or Romania
will remain on code yellow alert for rain
until Monday morning, as the possibility
of further flooding continues.
Twenty-two people have died as a result of
flooding in the past week.
The Black Sea ahoy
The disaster in the Gulf of Mexico has
traumatised the world oil industry, not
just the obvious culprit, BP. It has
redirected everyone's attention eastwards.
There is plenty of oil there and not so
much fuss over an inevitable oil spill or
For instance, Edinburgh-based Melrose
Resources is to focus its oil exploration
activity on new prospects in Romania while
it looks to pull out of the United States.
The company has told shareholders it has
won the right to explore in 2,000 square
kilometres of Black Sea shallow waters off
the coast of Romania. This includes one
area where oil has been discovered but not
extracted. It follows the resolution of a
dispute over the area between Romania and
Melrose intends to spend £40m over the
first three years of the concession, and
will have an 80% stake in the venture,
along with Petromar Resources.
The firm also has interests in Texas and
New Mexico, and has announced it is
looking to sell these so that it can focus
on prospects in Romania, Bulgaria, Turkey
and Egypt. This is expected to take six to
David Thomas, Melrose Resource's chief
executive, said: "We are delighted to have
been the successful bidder for two high
quality exploration blocks offshore
Romania and this represents an important
milestone for the company as we seek to
establish the country as a long term core
investment area. We are also pleased with
progress on our exploration work
programmes in Bulgaria and Turkey."
Last year, Melrose had turnover of £150m
on production averaging nearly 39,000
barrels of oil per day. It made pre-tax
profits of £20m.