March 29, 2019 / 4:09 PM / 3 months ago

Romania's Petrom: key requirements for Black Sea development - not yet in place

BUCHAREST (Reuters) - Romania’s oil & gas group OMV Petrom, controlled by Austria’s OMV said on Friday that key requirements for the Black Sea offshore development are not yet in place, its CEO Christina Verchere told Reuters.

The government softened a tax on the financial assets of banks on Friday, but it upheld taxes on energy and telecoms companies it first approved in late December.

It said energy firms except state-owned coal-fired power plants will pay a 2 percent turnover tax. Producers will sell gas meant for households at capped prices until Feb. 2022, but a gas price cap for industrial consumers was removed.

“We believe that dialogue can get us closer to a solution and this dialogue must continue,” Verchere said in an email.

Verchere added that amendments in the government decree “answer some of the concerns expressed by the oil & gas industry and represent a step for returning to a liberalized gas market. This process should continue.”

“We remain keen to have a dialogue with the authorities to understand the way forward.”

Reporting by Radu Marinas

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