Roundup: Romania targets regional energy power with mega investment plans

Source: Xinhua| 2017-11-07 03:41:45|Editor: yan
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BUCHAREST, Nov. 6 (Xinhua) -- Romania has been seeking synergy between its energy strategy and the China-Central and Eastern Europe (CEE) "16+1" cooperation framework, as Bucharest authorities are to host a "16+1" ministerial conference on energy co-operation on Wednesday.

The conference, together with a three-day Energy Fair, will be a high-level networking occasion for governments, European Union and Energy Community officials and other relevant national and regional authorities interested and involved in the wider cooperation format with China, as well as a unique opportunity dedicated to companies operating in energy markets of Central and Eastern Europe and China.

Romania is the Central and Eastern European country with the potential to become a net energy exporter, but to achieve this goal the industry energy needs massive investments, according to experts. Authorities are currently reshaping the strategy of the sector and evaluated the investments need at of more than 10 billion euros (11.61 billion U.S. dollars).

Romanian Prime Minister Mihai Tudose recently said the list of priority investments in the sector includes among others the Units 3 and 4 from Cernavoda nuclear plant, the Tarnita hydro power plant and a new group at the Oltenia Energy Complex.

The priority list of Romania's investment needs is familiar to Chinese companies, which already evaluated some of the offers.

China General Nuclear Power Corporation (CGN) signed a memorandum of understanding with Nuclearelectrica in November 2015 for construction of two new units at the Cernavoda nuclear power plant in Romania.

Ongoing negotiations will establish joint venture company in which CGN will have a stake. The two companies estimated that the project would require an investment of 7.2 billion euros.

Meanwhile, China Huadian Engineering, part of the China Huadian Corporation, is interested to invest up to 1 billion euros in Oltenia Energy Complex for developing a thermoelectric project in Rovinari and for the construction of the Rovinari power plant. Oltenia EC and Huadian are in course to create a joint venture, Huadian Oltenia Energy.

Hidro Tarnita, an old energy project stalled for decades, may be back on the government agenda. The 1 GW hydro pumped storage facility in Tarnita, Lapustesti, with an estimated investment of 1 billion euro, is generally considered to be the core for the energy security as it provides storage and versatility so much needed for the country's energy system.

According to local analysts, all the project were reconsidered into the new energy strategy draft and the Bucharest authorities will probably use the "16+1" Energy Conference and Fair in Bucharest to present the investment opportunities to Chinese investors. (1 euro=1.16 U.S. dollar)

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