Oil company OMV Petrom (BVB symbol: SNP) has signed an agreement with Petrofac, the oil and gas facilities service provider, for the management of operations in nine oil fields in Ticleni area, South – West Romania. This should result in a 50 percent increase in production for the next five years.

Car prices dropped by over 10 percent last year in Romania, which represented one of the biggest price reductions in the European Union, after those in Slovenia, Latvia and Slovakia, according to a report from the European Commission.

Bucharest will have the highest development pace in Europe in the next five years, according to an Oxford Economics study, quoted by Mediafax newswire

Romanian media, EUR 11.3 billion businesses insolvent in 28 months – in Ziarul Financiar, Economy unlikely to rebound unless lending market improves– in Ziarul Financiar, The billion-RON Fondul Proprietatea dividends closer to being distributed– in Ziarul Financiar, ButanGas sets its sights on wind power development– in Ziarul Financiar, Breath of fresh air for car market: 12% higher sales in June– in Ziarul Financiar, Unilever gets licence for Rom, brings third local brand onto ice cream market– in Ziarul Financiar

Calendar of events for the week July 12-15

An European Union-funded project aims to promote and develop tourism in the County of Hunedoara

US company Lufkin Industries, Inc. (Nasdaq: LUFK) has announced its plans to build a manufacturing facility near Ploiesti, with an investment of USD 126 million. This facility will manufacture products for both the company's oilfield and power transmission divisions with an initial focus on oilfield products.

Predators, with Adrien Brody, Alice Braga. Coming up next weeks: Shrek Forever after, The Lightkeepers, Knight and Day, Get him to the Greek

Romanian media

Mittal posts biggest loss in Romania - 334 million euros – in Ziarul Financiar

Duster drives production of Dacia plant to 1,000 vehicles a day – in Ziarul Financiar

Canada's Celestica hires 900 people in Bihor – in Ziarul Financiar

The first 300 kilometers of the Netcity telecommunication network could be finalized by 2011, which

Several buildings in the old part of Bucharest, opposite the Romanian Central Bank (BNR)

Jean Claude Trichet, the president of the European Central Bank, will come to Romania at the beginning of September, when the Romanian Central Bank (BNR) will celebrate 130 years of activity. An invitation was also sent to Ben Bernake, the head of the Federal reserves Systems in the US.