GlaxoSmithKline to close down large Romanian drug factory

British drug maker GlaxoSmithKline GSK recently announced its plans to close down the Europharm factory it owns in Brasov, Romania, because of production overcapacity at a group level. The decision came following a wave of expired patents which led to an excess of capacity for solid oral drugs,” said Pascal Prigent, general manager of GSK Romania.

Shah Deniz consortium chooses TAP to carry Azeri gas to Europe

The consortium developing Azerbaijan's Shah Deniz gas field has chosen the Trans Adriatic Pipeline (TAP) for natural gas deliveries to Europe, Gordon Birrell, BP Regional President for Azerbaijan, Georgia and Turkey said on Friday.

TAP defeated the rival Nabucco West project.

Bosnia has worst GDP in Europe, Eurostat says

Bosnia and Herzegovina has the lowest Gross Domestic Product, GDP, per capita and the lowest Actual Individual Consumption, AIC, of 37 European countries, according to a report by the EU statistics agency Eurostat. The research covered all EU member states, plus Switzerland, Iceland, Norway, Croatia, FYR Macedonia, Serbia, Turkey, Montenegro, Bosnia and Albania.

Lukoil to Buy Wind Farm Worth EUR 17.6 M near Bulgaria's Balchik

LukErg Renew, a 50/50 joint venture of Russian Lukoil-Ecoenergo and Italian ERG Renew, has agreed to buy wind farms in Bulgaria and Romania for a total of EUR 127 M.

The deal concerns Bulgarian renewable energy project Hrabrovo near the Black Sea coastal town of Balchik and Romanian wind farm Gebeleisis, according to reports of Capital Daily.

Romania and Bulgaria remain well behind the rest of the EU for GDP per capita in 2012

GDP per capita in Romania expressed in Purchasing Power Standards (PPS) was the second lowest in the EU last year, ahead of only Bulgaria, according to figures published today (June 19) by EU Statistics Office Eurostat. Romanian GDP per capita was 49 percent of the EU average, while Bulgaria’s was lower still – 47 percent the average. However, for Actual Individual Consumption (AIC) per capita, Romania ranked lowest at 48 percent of the EU average, Bulgaria was one place ahead at 49 percent of the average figure. The figures for the rest of the EU for both GDP and AIC per capita were all at least 61 percent of the overall EU averages.

Split port gets new operational area

Two new ferry berths were opened at the Croatian port of Split on Friday.

The project has been estimated to cost close to 5 million Euro.

The additional 2.700 square metres the berths provide are set to aid the flow of international traffic in the port.

Statkraft to build hydropower plants in Albania

Statkraft has decided to start the construction of the Devoll hydropower project in Albania. Initially, it’s decided to build the two hydropower plants Banjë and Moglicë with a combined capacity of 243 MW and an annual production of about 700 GWh.

Bulgaria, Romania Launch Danube Bridge 2, 'Crossroad Link with Europe'

Bulgaria and Romania launched Friday the long-anticipated Danube Bridge 2, describing it as the countries’ crossroad link with Europe. 

"This wonderful, beautiful facility, the newest bridge over the Danube connects the people on both sides of the river. But it also brings them closer to Europe, turning the town of Vidin into a crossroad link in our relations with Europe,” Bulgaria’s parliamentary speaker Mihail Mikov said at the opening.

Ryanair proposes rescue plan for Greek tourism and aviation

Ryanair, presented a Greek tourism rescue plan to the Transport Minister Kostas Chatzidakis which could see Ryanair grow its Greek traffic to 10m passengers p.a. by 2016, on the day Ryanair opened its 1st Greek base  at Chania.

Serbian public enterprises account for four fifths of economy's loss

Out of nearly 500 public enterprises with over 200,000 employees, a total of 198 ended 2012 with a loss that makes up four fifths of all losses in the Serbian economy.

According to the latest analysis of the Agency for Business Registers, the public enterprises which recorded a loss in 2012 accounted for 87 percent of the total losses in the Serbian economy worth RSD 63 billion.

Austrian firm Verbund turns on new wind farm on Romanian coast

Austrian company Verbund has flicked the on-switch for the new Casimcea Wind Farm, in Tulcea County. Verbund’s investment in the project is some EUR 380 million and the new wind farm can produce enough electricity to supply some 350,000 households. More turbines will be connected over the next two years, taking the wind farm’s capacity to 280 MW by 2016, according to the company.

New Hydro Power Plant on Sava River

Slovenian Prime Minister Alenka Bratušek officially inaugurated on Friday a new hydro electric power station on the river Sava near the town of Krško. She said in her address that hydroelectric plants on Sava south of Ljubljana will contribute to Slovenia's goals in renewable electricity production.

Aluminij d.d. Mostar in BiH entirely shuts down its production facilities

Aluminij can no longer continue to operate in conditions of current prices of electricity and primary aluminium, and therefore starting as of 17 June it starts with shutting down process of the entire smelter - this is a today’s  Decision of the Supervisory Board of the Company, based on  the proposal of CEO Ivo Bradvica, which  was unanimously adopted  after thorough review of the Business Report in the first four months of the current year, which shows that the Mostar smelter realizes  KM 9,7 KM of  loss per month, as of 1 January.

Chinese experts: Morava channel construction is feasible

The project to build a Morava navigation channel to connect Belgrade and Thessaloniki is feasible, although there are some infrastructure barriers that should not be difficult to remove, a delegation of the China Gezhouba Group Corporation, a Chinese national company, said Friday.

Bulgaria Has 3 Months to Decide on Belene Nuclear Plant Project

Bulgaria has three months to decide the fate of the Belene nuclear power plant project, according to National Electric Company executive Ivo Lefterov. 

Lefterov revealed that Russian state-owned company Atomstroyexport would announce its financial claims to Bulgaria for the abandoned project by the end of the week. 

Danish Grundfos opens first factory in Serbia - Plant in Indjija worth EUR 50 million

Serbian President Tomislav Nikolic opened a new factory of the water pumps producer Grundfos in the industrial zone of the town of Indjija, northern Serbia, on Wednesday.

At the opening ceremony, Nikolic said that the decision by Grundfos to build a factory in Serbia testifies to the fact that we have become an attractive destination for investors.