The Senate’s plenary session has adopted on Wednesday the legislative proposal for the amendment of the Offshore Law, which regulates the oil operations of exploration, development, exploitation of oil fields both in offshore and deep onshore oil perimeters. The Romanian state will have the right of preemption for the acquisition of natural gas, according to the text of the law. The draft bill act was adopted by 91 votes in favor and 13 against. On Tuesday, the Senate Finance and Energy Committees had issued a joint admission report on the Black Sea Offshore Gas Exploitation Act, with 17 votes in favor and 2 against. USR has filed a threat to transfer the proceeds of gas to Pillar II pensions. The amendment was rejected in plenary with only 21 votes in favor and 65 against. According to the Energy Minister, Virgil Popescu, the first gas will be extracted from the Black Sea in the second part of this year. Minister Virgil Popescu also underlined that by amending the current law, the investments in the Black Sea will be unblocked and the investments in the deep onshore will be accelerated, while the security in the country’s supply will be ensured in case of energy crisis, and Romania will also be able to become a provider of regional energy security, after producing more than it consumes. The bill sparked heated debate within the ruling coalition and after months of misunderstandings was tabled in parliament in mid-April. The legislative initiative stipulates that Romania will have the right of preemption to purchase gas and also regulates onshore exploitation. It also regulates a competitive tax regime in such a way that the distribution of revenues is made in a percentage of approximately 60% for the Romanian state and 40% for the investor. The Senate Plenary session has adopted on Wednesday the legislative proposal for the amendment of the Offshore Law, which regulates the oil operations of exploration, development, exploitation of oil fields both in offshore and deep onshore oil perimeters. The Romanian state will have the right of preemption for the acquisition of natural gas, according to the text of the law. After the vote of the Senate, the law will also be debated by the Chamber of Deputies, the decision-making body in this case.
Fondul Proprietatea (hereinafter “The Fund”) published today its financial results for the first three months ended on 31 March 2022 and would like to share the following highlights: The Fund’s share price registered a strong performance in the first three months reaching a price of RON 2.11 at 31 March 2022, a record […]
Romania’s economy posted a surprising 6.5% growth rate in the first quarter, but economists predict a significant slowdown for the rest of the year, euractiv.com reads. Romania’s GDP grew 6.5% in the first quarter of 2022 compared with the same period of 2021, the statistics institute said in a flash estimate Tuesday (17 May). […]
Euroins Romania Asigurare-Reasigurare SA, the most important player in the Romanian insurance industry, announces new positive results in terms of the time required to process claims and prompt payment of claims in which are not recorded human casualties On average, in Q1 2022, Euroins paid the claims in just 5 days, 25% faster […]
Current arrears increased by RON 12 billion in the first four months of this year, the president of the National Tax Administration Agency (ANAF), Lucian Ovidiu Heius, told on Friday a press conference, mentioning that he will send inspectors to companies to find out what is going on."I noticed a phenomenon in the first four […]
Romania is in a very unusual situation. The country is having the most stable exchange rate against the EUR this year compared with CEE peers, the lowest key rate at 3.75 % while running large twin deficits. This is likely to continue all this year, according to the most recent forecast by the […]
The internal flows of the companies in the financial-banking industry may be affected by the rapid pace of the legislative novelties, the growth of the number of fiscal reports, digitization of the fiscal administrations, and the intensification of the exchange of information between the Romanian fiscal authorities and those of other countries, said the specialists […]