The Diplomat-Bucharest

14/06/2024

Attracting foreign direct investment (FDI) is essential for the emerging countries of Central and Eastern Europe to achieve a rapid pace of economic development. In the medium and long term, these investments contribute to economic stability and the improvement of living standards. Thus, FDI generates employment opportunities and stimulates productivity growth through the transfer of technology, know-how, and managerial skills. They also diversify the industrial facilities of these countries, reducing dependence on imports in key areas and increasing the resilience of local economies to external shocks. In addition, the attracted capital fosters innovation and facilitates the access of local companies to international markets. Thus, increasing the attractiveness of countries for FDI becomes a strategic objective in the context of regional and global competition, including in the context of the recent, but apparently increasingly accentuated, phenomenon of “reshoring” (phenomenon determined by the geopolitical context of recent years and contrasting as a direction of action to the regional and global diversification of companies’ activities).

Attracting foreign direct investment (FDI) is essential for the emerging countries of Central and Eastern Europe to achieve a rapid pace of economic development. In the medium and long term, these investments contribute to economic stability and the improvement of living standards. Thus, FDI generat...

13/06/2024

Tenaris – a leading manufacturer and supplier of steel pipes and services for the global energy industry, industrial and low carbon applications – is celebrating 20 years in Romania, with milestones that include investments, exports and community support initiatives.

12/06/2024

Danish developer and operator of wind, solar and hybrid projects, Eurowind Energy, obtained the construction permit for the Frumușita wind farm in Galați County. Planned to become operational by the end of 2025, the wind farm will integrate a total of 11 wind turbines and supply a total of 62.000 households with green energy.

Danish developer and operator of wind, solar and hybrid projects, Eurowind Energy, obtained the construction permit for the Frumușita wind farm in Galați County. Planned to become operational by the end of 2025, the wind farm will integrate a total of 11 wind turbines and supply a total of 62.000 ...

12/06/2024

Delgaz Grid has submitted, so far, a number of 20 investment projects, totaling 3.3 billion RON, in order to obtain 2.6 billion RON financing from the Modernization Fund, the difference being provided by the company.

Six projects, worth 900 million RON, with a co-financing of almost 700 million RON, have already been approved and the financing contracts signed.

Cristian Secoșan, general manager of Delgaz Grid: “After last year’s record level of investments in the area of ​​electricity, of 455 million RON, we are continuing at a sustained pace the projects for the development of the distribution network. In the absence of a regulatory framework suitable for the energy transition, the Modernization Fund is an oxygen balloon for obtaining the necessary financing to increase the system’s capacity to take over the energy produced from renewable sources.”

Delgaz Grid has submitted, so far, a number of 20 investment projects, totaling 3.3 billion RON, in order to obtain 2.6 billion RON financing from the Modernization Fund, the difference being provided by the company.

12/06/2024

The European Commission and European Investment Bank (EIB) Group moved to support the private sector in Ukraine by seeking to unlock more than 1 billion euros in lending to small and medium-sized enterprises (SMEs).

12/06/2024

Nuclearelectrica (SNN) and Canadian Nuclear Partners (CNPSA) have signed a long-term framework agreement to provide Project Management Organization (PMO) services for the preparation and implementation of the Cervavoda Nuclear Power Plant Unit 1 refurbishment project in Romania.

This framework agreement has an approximate value of 240 million EUR and represents an essential step in the completion of the Cernavoda Unit 1 refurbishment in compliance with the established development stages.

Nuclearelectrica (SNN) and Canadian Nuclear Partners (CNPSA) have signed a long-term framework agreement to provide Project Management Organization (PMO) services for the preparation and implementation of the Cervavoda Nuclear Power Plant Unit 1 refurbishment project in Romania.

11/06/2024

OMV Petrom, the largest integrated energy producer in Southeast Europe, will invest approximately 750 million euros at Petrobrazi to transform the refinery into the first major producer of sustainable fuels in the region.

The company has made the final investment decision to build a SAF/HVO facility along with two facilities for green hydrogen which will be used in the production of biofuels.

OMV Petrom, the largest integrated energy producer in Southeast Europe, will invest approximately 750 million euros at Petrobrazi to transform the refinery into the first major producer of sustainable fuels in the region.

11/06/2024

10/06/2024

Nuclearelectrica and Korea Hydro & Nuclear Power (KHNP) announce the start of works on the first tritium removal facility in Europe, located at the Cernavoda Nuclear Power Plant.

10/06/2024

“Hagag owns and operates two office buildings in the center of Bucharest, old buildings that have been renovated, consolidated and modernized.

At the end of 2022, we were announcing our first H Private Arghezi flex-office project which, unlike traditional co-working, is aimed at those who want more privacy and who want a private office and are less enthusiastic about what a shared office means.

We completed the works at H Victoriei 109 in 2020, now we are at 100 percent occupancy. In this project, everyone is in the office full time, both us and the tenants, because that was the business model.

The works for the project in Tudor Arghezi were completed towards the end of 2022 and we decided to choose the private office business segment because we had a lot of requests for small spaces (20 sqm, 50 sqm, 70 sqm, etc.),” Andreea Ciobanu, Chief Marketing Officer, Hagag Development Europe said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“Hagag owns and operates two office buildings in the center of Bucharest, old buildings that have been renovated, consolidated and modernized.

10/06/2024

Forty Management has announced that Lagoon Park Bucharest – Europe’s first Public Access Lagoon (PAL) project, will open on June 12. The company says the transformation of an industrial urban landscape into an urban beach involved an investment of 33 million euros.

10/06/2024

Rețele Electrice Muntenia company, part of the PPC group in Romania, has launched, through the public procurement information system, a procurement procedure for the modernization of several medium voltage lines in the area of Balotești, Ilfov County, worth over 162 million RON.

10/06/2024

“The market of flexible workspaces has gained a lot of ground in recent years, especially after the pandemic and in the context of conflicts in the region. It is a type of product that manages to ensure flexibility at a time when the business environment is faced with uncertainty and a lower degree of predictability.

It is a growing market, but we are talking about a different demand and a different type of volume compared to traditional spaces. We operate such a flexible space in the myhive S-Park office building. It is a concept that we inaugurated in 2022 and which was a real success because it reached 100 percent occupancy in less than a year.

These spaces work very well. They represent a very good gadget for the building because they ensure flexibility that our tenants need,” Andreea Cotiga, Head of Leasing Office, CPI Romania said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“The market of flexible workspaces has gained a lot of ground in recent years, especially after the pandemic and in the context of conflicts in the region. It is a type of product that manages to ensure flexibility at a time when the business environment is faced with uncertainty and a lower degre...

10/06/2024

“Customers are increasingly better educated, professional. They know very well the technical characteristics of the projects; they know what they want and what to choose. Customers have a slightly more practical perspective.

We often do the exercise of translating the technical characteristics and specifications of a building into benefits for tenants. In Romania, the office market is dominated by tenants, and tenants want concrete benefits.

When we talk about ESG and the new rules, tenants really appreciate green spaces, gardens, parks, any outdoor area where they can work. For example, in the Business Garden Bucharest project, the developer Vastint allocated 30% of the surface for green spaces, which does not really happen in other projects,” Andreea Paun, Managing Partner, Griffes said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“Customers are increasingly better educated, professional. They know very well the technical characteristics of the projects; they know what they want and what to choose. Customers have a slightly more practical perspective.

10/06/2024

Deloitte Romania assisted Affidea medical group, one of the leaders in the medical services market, in taking over the Medeuropa network, which provides radiotherapy and chemotherapy services, as well as oncology consultations. The transaction was signed in February 2024 and was completed recently, following regulatory and competition approvals. Through this takeover, Affidea enters the niche of radiotherapy services in Romania, a segment that it already covers in other European countries.

Deloitte Romania assisted Affidea medical group, one of the leaders in the medical services market, in taking over the Medeuropa network, which provides radiotherapy and chemotherapy services, as well as oncology consultations. The transaction was signed in February 2024 and was completed recently,....

07/06/2024

“We are all aware of the much-discussed topic of ESG. All companies will be audited from an ESG point of view. There are many studies now that analyse EU requirements and companies’ targets to reduce their carbon footprint. Most of the targets are until 2030, which is very ambitious.

When we talk about buildings, the trend is the same. When companies are audited, they also analyse the carbon footprint of the office spaces, the energy source they have, etc.

Until recently we were talking about class A and class B buildings. A study by Cushman says that, at the European level, 76 percent of buildings are already ‘expired’ from an ESG point of view.

This means a very large volume of investment needed in the coming years so that the respective buildings are compatible and bring added value to the tenants from an auditing point of view,” Antoniu Panait, Managing Director, Vastint Romania said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“We are all aware of the much-discussed topic of ESG. All companies will be audited from an ESG point of view. There are many studies now that analyse EU requirements and companies’ targets to reduce their carbon footprint. Most of the targets are until 2030, which is very ambitious.

07/06/2024

“Like all players in the market, we also face the same challenges regarding the way employees work. Certain projects we have require a 100 percent presence at the office, but we also have projects where employees can work hybrid or fully remote.

There is a great opportunity through the full remote model to help employees feel that they are part of an ecosystem and to adhere to the company’s culture. At the same time, through this way of working we have the opportunity to access many areas in Romania where there is talent, which are not necessarily cities such as Bucharest, Sibiu, Braşov, Timisoara, Cluj or Iasi,” Diana Voiculescu, Vice President Hi-tech Operations Europe, UK & Africa, Genpact said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“Like all players in the market, we also face the same challenges regarding the way employees work. Certain projects we have require a 100 percent presence at the office, but we also have projects where employees can work hybrid or fully remote.

07/06/2024

The Minister of Energy, Sebastian Burduja, today signed 14 financing contracts through the Modernization Fund for investments in photovoltaic panels with a total value of 34.5 million RON (7 million euros).

07/06/2024

OMV Petrom, the largest integrated energy producer in Southeastern Europe, strengthens its partnership with Renovatio by acquiring a 50 percent stake in three photovoltaic projects totalling 130 MW.

Christina Verchere, CEO of OMV Petrom: “The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy. About a third of the 11 billion euros investments by 2030 will be allocated to low and zero carbon projects.”

OMV Petrom, the largest integrated energy producer in Southeastern Europe, strengthens its partnership with Renovatio by acquiring a 50 percent stake in three photovoltaic projects totalling 130 MW.

07/06/2024

Next week, on Tuesday, we meet again for catching up with the latest R&D updates in Romanian automotive industry - AUTOMOTIVE POWER BREAKFAST | R&D, on June 11th, at InterContinental Athénée Palace Bucharest (former Athénée Palace Hilton Bucharest), Regina Maria Hall.

Register for the event at: https://lnkd.in/dwcVqwz

We welcome out Speakers:

Florin Marian Spataru, State Advisor, Prime Minister's Chancellery, Romanian Government, Guvernul României
Dr. Christian von Albrichsfeld, Head of Country, Continental
Mihai Boldijar, Vice President Region Romania Bulgaria, Managing Director Robert Bosch SRL Bosch Romania
Simona Almăjan, Country Manager, NXP Semiconductors
Günter Krasser, Vice President and Managing Director, Infineon Technologies AG Romania & CO SCS
Adrian Sandu, Secretary General, Member of the Board ACAROM (event moderator)
Sergiu Rosianu, R&D Manager, schaeffler romania
Alexander Simionescu, General Manager, Renault Group Technologie Roumanie
Andreea Mitirita, Partner, PwC Romania
AVISHAY MOSCOVICI , Chief R&D Officer, Innoviz Technologies
Iulian Sorescu, Partner & State Aid Expert, Noerr
ADRIAN VICTOR VEVERA, General Director, The National Institute for Research & Development in Informatics - ICI Bucharest
Mihai-Catalin Barbu, Energy solution sales support manager, ENGIE Romania

07/06/2024

Filip & Company acted as lead counsel to Digi Romania (formerly RCS & RDS) and Digi Communications on a 150 million euros term loan to be used to refinance 450 million euros in bonds issued in 2020 and maturing in 2025.

07/06/2024

A multi-jurisdictional team of Clifford Chance lawyers from Bucharest and Warsaw advised Nofar Energy România, a leader in renewable energy, in the signing of contracts for EPC, O&M and supply of solar energy production equipment for three photovoltaic parks with a total capacity of 388.6 MW.

07/06/2024

Franchwise, the largest franchise consulting company in Romania, estimates that around 150-200 new franchises open in the local HoReCa sector every year. The investment in such franchises starts from 30,000 euros and can reach over 300,000 euros, depending on the size of the restaurant.

“The minimum investments in the HoReCa sector start from 30,000 – 40,000 euros for an island franchise from brands like Hello Donuts or from 50,000 – 60,000 euros in a small location for a brand like Bubble Waffles, for example. If we talk about quick service restaurants (QSR), the required budget starts from 100,000 euros while for ​​restaurants with larger surfaces, over 250-300 sqm, the required investment is approximately 1,000 euros/sqm, and can reach over 300,000 euros”, said Raluca Voicu, Franchwise Brand Ambassador.

Franchwise, the largest franchise consulting company in Romania, estimates that around 150-200 new franchises open in the local HoReCa sector every year. The investment in such franchises starts from 30,000 euros and can reach over 300,000 euros, depending on the size of the restaurant.

06/06/2024

Retele Electrice Banat company, part of PPC Group in Romania, launched, through the public procurement information system, a procurement procedure for works for the modernization of medium and low voltage grids in Cenad, Timis County, for the benefit of approximately 1,600 inhabitants. The value of the tender is 45.2 million RON, without VAT.

Retele Eelectrice Banat company, part of PPC Group in Romania, launched, through the public procurement information system, a procurement procedure for works for the modernization of medium and low voltage grids in Cenad, Timis County, for the benefit of approximately 1,600 inhabitants. The value of...

06/06/2024

Investment in production machinery and military equipment in Romania increased by 80 percent last year compared to the pre-pandemic period, well above the EU average of 30 percent, according to Eurostat data analysed by Colliers. These figures also reflect the dynamics of industrial and logistics space rentals, where the volume of activity is significantly higher than in the pre-pandemic period. Although the first quarter of 2024 was not as good as the peak activity in recent years, Victor Cosconel, Head of Office & Industrial Agencies at Colliers, notes that a single quarter is not necessarily representative. Signals from the market suggest that 2024 will be another year of high activity.

“The fact that we are at the top and well above the EU average in terms of growth of investment spending on machinery, production equipment and military systems is not surprising. If we look at the difference between labor costs and average labor productivity in industry, Romania is at the top of the European Union. Moreover, the ratio between wages and productivity puts Romania at the level of countries many manufacturers prefer, including China. Also, although many Romanian companies complain about the availability of labor in certain areas, we are better off than most of our European neighbors”, says Victor Cosconel.

Investment in production machinery and military equipment in Romania increased by 80 percent last year compared to the pre-pandemic period, well above the EU average of 30 percent, according to Eurostat data analysed by Colliers. These figures also reflect the dynamics of industrial and logistics sp...

06/06/2024

“The most important aspect for our employees is flexibility. They don’t want something like 3 days working at the office and 2 days working from home. This is the company’s corporate policy, but we adapt it to the local environment, and we must adapt to the Romanian market.

We see a change and hope it is not just an isolated case. Within NXP, we see an increasing trend regarding office presence. At the moment, in the headquarters in Bucharest, the attendance is on average 40 percent in the office. We also have weeks where attendance is 45-50 percent when we have trainings, for example,” Simona Almajan, Country Manager NXP Semiconductors said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“The most important aspect for our employees is flexibility. They don’t want something like 3 days working at the office and 2 days working from home. This is the company’s corporate policy, but we adapt it to the local environment, and we must adapt to the Romanian market.

06/06/2024

“Things have changed a lot in the last 5 years. Regarding the workplace, I notice that there is a growing desire to meet again at the office, to talk, to socialize. It is very difficult to find an optimal solution for the current work context. If someone has the ideal solution, we are ready to learn and adapt. We are still experimenting. We have not reached an ideal solution. For some, it works as we are now, in hybrid mode. Some people almost expect someone to come up with an idea, a working solution that suits them. But it is clear that we have not yet reached a stable form regarding the way of working,” Teodora Todoran, Associate Vice President, Wipro Technologies said at Workplace of the Future conference organized by The Diplomat-Bucharest.

“Things have changed a lot in the last 5 years. Regarding the workplace, I notice that there is a growing desire to meet again at the office, to talk, to socialize. It is very difficult to find an optimal solution for the current work context. If someone has the ideal solution, we are ready to lea...