Properties Investments

Romania took over on Tuesday the presidency of UN Human Rights Council (HRC) for a one-year term, the Foreign Ministry said in a press release. The HRC presidency is the most important mandate Romania has held in the last 17 years within the UN system, after the terms of office held with the UN Security Council (1990-91 and 2004-2006). Romania is at the same time the first EU member state to hold this mandate.

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Romania’s telecom market is reaching saturation point in the numbers of its users, especially in mobile telecom, and the competition between operators is strengthening. At the end of 2006, the number of mobile telephone services users, based on subscriptions and prepaid cards, amounted to 17.4 million, 30 per cent more than the previous year, and the penetration rate of this type of services was 81 per cent. “I think simcard penetration will go to 90 per cent this year,” predicts Orange’s Richard Moat. Nikolaos Tsolas, CEO of Cosmote Romania, estimates penetration will reach 100 per cent in two years’ time.

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Leave it to an upstart airline sowing its post-Soviet-era oats to redefine the word 'discount.' With the weak dollar and strong euro blowing the medieval roof off prices in countries such as France and Italy, I'd been thinking a lot about Eastern Europe when a notice popped up in my inbox from Slovakia-based SkyEurope. The airline offered to whisk travelers from London, Paris, Rome and Amsterdam to Budapest, Bratislava, Krakow and Prague.

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Romanian national daily Ziarul Financiar reported last week that oil company Petrom decided to exercise its pre-emption rights to acquire a majority stake in two local businesses of Royal Dutch Shell, Shell Gas Romania SA and Trans Gas Services SRL, Interfax cited. "The acquisition will allow us to strengthen our position on the LPG (liquefied petroleum gas) market in Romania,"

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Petrom, the largest oil and gas producer in South Eastern Europe, yesterday announced its first achievements of the modernisation and revamping process in refineries, to be carried out until 2010. The strategy for the modernisation of Petrom refineries, reaffirmed in October 2006, needs investments of more than EUR 1 bln, so that Petrobrazi and Arpechim will become more efficient and will supply products that meet the EU requirements.

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North East firms are being invited to tap into a world of opportunities in the water sector at a special event next week. UK Trade & Investment will be hosting an International Water Clinic at NOF Energy offices, Washington on Friday, 22 June, from 9am to 12.30pm. Representatives from UK Trade & Investment's Water Team will be on hand along with Commercial Officers from several key market countries including Bulgaria, China, India, Romania, Hungary, Poland and Turkey.

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Romania might absorb about EUR 60 M, the advance payment of 15 per cent of the value of regional development projects. From 2007 to 2013 Romania will benefit from nearly EUR 500 M for territorial co-operation programmes, said EU Commissioner for Regional Policies Danuta Hubner, in a video message to the participants in the conference launching European territorial co-operation programmes in Bucharest.

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