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Austria and Romania - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism

„Natural Gas to Become Most Important Energy Source“

Gerhard Roiss, CEO of the Austrian oil and gas group OMV pushes the EU to recognize the importance of natural gas.

April 7, 2012

VBAG Records Losses of € 1.35bn

Due to high write-offs in Hungary and Romania, the Austrian nationalized bank registered major losses in 2011. Thus, the capital injection covers these losses only partially.

April 5, 2012

Romania Plans Further Privatizations

Above all, a sale of the minority stake in the oil company Petrom could bring up to $ 600m. The Austrian OMV, which is the majority owner of Petrom, could be interested.

March 27, 2012

Nabucco Sees Decision on Combination With Tanap Next Year

Nabucco Gas Pipeline International GmbH, the € 7.9bn ($ 10.5bn) project to ship Caspian fuel to Europe, expects to make a decision on whether to link up with the competing Trans-Anatolia Pipeline next year.

March 22, 2012

Petrom Analyzes Romania Shale Gas Exploration Potential

The OMV-owned Petrom SA, Romania’s biggest oil company, is analyzing the potential for shale-gas exploration in the eastern European country.

March 20, 2012

Romanian President Again Critisized OMV´s Petrom

Romanian president Traian Basescu in television again emphasized that he cut ties with largest Romanian company OMV Petrom on ‘incorrect’, high profit-making policy.

March 20, 2012

Basescu Criticizes OMV Sharply

The Romanian President Traian Basescu is deeply disappointed of the Austrian oil and gas company OMV. The Romanian subsidiary “made too much profits”, Basescu says.

March 13, 2012

Alpine to Build Beltway in Romania

Beltway to solve Brasov's traffic problems. The Austrian construction company prevails over six competitors in Romania.

March 13, 2012

Fitch Confirms Rating for VBAG

The U.S. rating agency retains the A rating for the fourth largest Austrian bank.

March 7, 2012

Uniqa Aims for Growth in CESEE Region

The Austrian insurance group wants to sell stakes by the minority shareholders of subsidiaries in Eastern Europe. The capital increase is scheduled for 2013.

March 5, 2012

High Losses for Erste Group Expected

Although Erste Group has to report high losses for its financial year 2011, analysts are optimistic for 2012. Business in Romania and Hungary is expected to improve.

February 28, 2012

Merger of Nabucco-TANAP Discussed

Members of the gas pipeline projects Nabucco and TANAP talk about a merger in Vienna. The Turkish Minister of Energy participates therein.

February 28, 2012

Partial Nationalization of VBAG Planned

The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.

February 27, 2012

Baumax Faces Stagnation

The Austrian building center chain records declining sales in real terms in Austria. Growth rates are observed in Eastern Europe.

February 24, 2012

CSC Establishes its CEE Headquarters in Vienna

The U.S. IT service supplier CSC upgrades the Viennese subsidiary as regional headquarters for ten countries.

February 22, 2012

Petrom Discovered Deep Water Gas Offshore Romania

The Romanian subsidiary of the Austrian oil and gas group OMV announces a first major success of its exploration works in the Black Sea together with Exxon Mobil.

February 22, 2012

OMV Surpasses Market Expectations

The Austrian oil and gas company today announced its results for the fourth quarter. Dividends will rise to € 1.10 per share. Clean CCS EBIT was up by 29%.

February 22, 2012

Nabucco Still Competes For Gas in Azerbaijan

The gas pipeline project, in which the Austrian oil company OMV is engaged, now enters the critical phase.

February 21, 2012

Voestalpine Amends Expansion Plans

The Austrian steel producer intends to use its technologic leadership in the automotive component business for further expansion steps.

February 18, 2012

Cernko: „Triple A Only in the Medium Term“

Bank Austria´s CEO Willibald Cernko does not think that Austria re-gains its “AAA” status within the next three years.

February 16, 2012

S Immo: PepsiCo Signs on As a Tenant in Bucharest

The Austrian real estate company gained another internationally renowned tenant for its Sun Offices building in Bucharest.

February 15, 2012

AUA to Withdraw from Mumbai

Due to the increasing price pressure, Austrian Airlines has to focus on new markets. New target markets are Eastern Europe and the Middle East region.

February 13, 2012

Raiffeisen Builds Shopping Center in Bukarest

Raiffeisen Evolution develops “Floreasca City”, a shopping center project in the Romanian capital. Construction works began in January.

February 10, 2012

Erste Group Plans Complete Takeover of BCR

The Austrian bank wants to become the sole owner of Banca Commerciala Romana.

February 9, 2012

CEE Countries with Bigger Space for Higher Bond Yields

Romania, Czech Republic and Slovakia with biggest room for manoeuvre in case yields would spike; Hungary should avoid financing at +6%, says Erste Group.

February 6, 2012

VBI Sale: Closing Expected for Mid-February

The Russian Sberbank buys VBI from Austrian VBAG. The price totals € 505m.

February 6, 2012

Black Sea: Petrom and Exxon Mobil Found Gas

Romania’s first deepwater well indicates presence of hydrocarbons. The U.S. Exxon Mobil and Petrom, a Romanian subsidiary of Austrian OMV, are searching for natural gas.

February 4, 2012

Kapsch Expands in Romania

The Austrian toll system supplier Kapsch has purchased the Romanian IT service provider Squario Management s.r.l. At the same time, Kapsch has strengthened its presence in a central CEE market.

February 3, 2012

Rising Production at OMV

Due to the resumption of works in Libya, the Austrian oil and gas group announces rising production volumes and slightly improving refining margins.

February 3, 2012

Porr Extends Capital Increase

The Austrian construction group intends to restock its planned capital increase. The minimum volume is € 30m.

February 2, 2012

Enso Hydro Looking for Hydro Power Plants in SEE

The Austrian hydro power specialist aims for collecting € 70m of Deutsche Bank´s subsidiary DWS. Currently, enso hydro searches for new hydro power projects.

February 1, 2012

3E Group Grows in Eastern Europe

The Austrian building material company´s revenues were up by 3.2% in 2011. Total sales reached € 546m.

January 30, 2012

Romanian President Appreciates Erste Group´s Decision

Traian Basescu, President of Romania, is pleased with Erste Group´s announcement to continue its business in Romania.

January 28, 2012

New Management Board at BCR

The Supervisory Board of Erste Group´s loss-making subsidiary, Banca Comerciala Romana (BCR), took several decisions regarding the structure of BCR’s Management Board (Executive Committee).

January 27, 2012

Sberbank: € 500m for Austrian VBI

The Russian Sberbank officially bids € 500m for VBI, the subsidiary of Austrian VBAG.

January 26, 2012

Turkey Emphasizes Support for Nabucco

Besides the Russian South-Stream project, Turkey also shows support for Nabucco, where Austrian OMV is strongly engaged in.

January 21, 2012

Austrian Banks Hold € 18bn in Foreign Sovereign Bonds

At the end of October 2011, the exposure of Austrian banks in foreign sovereign bonds was € 18.1bn. The largest volumes are invested in Poland and Italy.

January 19, 2012

Austrian Lending Restrictions Under Observation

The plan of the Austrian FMA and OeNB to restrict lending in CEE countries could be a violation of EU-law.

January 19, 2012

Porr: Capital Increase Flows Smoothly

According to Porr´s CEO Karl Heinz Strauss, the Austrian construction group raises ist capital within the next 60 days. Operating business is performing well, Strauss says.

January 16, 2012

Treichl Does Not Expect Hungarian National Insolvency

In spite of a large exposure in Hungary, Andreas Treichl, Erste Group´s CEO is optimistic. By 2014, Erste Group Hungary should be profitable again.

January 14, 2012

OMV: Libyan Oil Production at 60% of Pre-War Level

The Austrian OMV produces 19,000 barrels per day in Libya. Production can be improved steadily. A Romanian refinery will be sold to the Romanian state.

January 13, 2012

OMV Condemned by Antitrust Authorities

Petrom, a subsidiary of the Austrian oil and gas company has to pay a € 85.2m fine in Romania.

January 11, 2012

Slow Growth in CEE Expected

According to Raiffeisen Research, real GDP in CEE to grow by 2.0 per cent in 2012, while Austria set to post GDP decline of 0.5 per cent.

January 11, 2012

Petrom and Exxon Explore in Black Sea

Petrom, the Romanian subsidiary of the Austrian oil and gas group OMV, closed a partnership with the U.S. oil group ExxonMobil.

January 9, 2012

CEE Investments Recommended

According to Erste Group, equities to become more attractive in 2012 compared to 2011. Turkey is seen as highly interesting investment location.

January 4, 2012

Erste Group Increased Share Capital

The Austrian bank raised its capital in connection with the agreement to acquire shares in Romanian BCR.

December 30, 2011

Erste Group: Capital Shortfall to be Covered by Profits

The new equity requirements will be fulfilled, Erste Group´s CEO Treichl says. The capital shortfall amounts to € 743m.

December 27, 2011

Bank Austria Reviews Strategy for CEE

In its expansion strategy, the bank focuses on four countries. Plans for Hungary and Romania are stopped, up to 450 jobs will be cut.

December 17, 2011

VBAG Supervisory Board Resolves New Divisional Structure

The Austrian bank will sell its subsidiaries that are not part of the core business. The headcount will be reduced by 20% by the end of 2013.

December 15, 2011

Changes to the Management Board of Erste Group

The Supervisory Board of the Austrian bank took several personnel decisions that concern the holding company as well as the subsidiaries in Hungary and Romania.

December 15, 2011