President Iohannis sends offshore draft bill back to Parliament

President Klaus Iohannis asked the Parliament on Tuesday to re-examine the controversial draft bill that regulates the development of offshore energy projects.

The head of state says the draft bill has to be re-analyzed by the Parliament from the perspective of the legal stability and predictability on the long term.

“At the same time, we appreciate that the provisions of the law subject to the review should contain clear, unambiguous and sustained provisions so as to provide the necessary framework for the development of the state-investor partnership in order to ensure the necessary predictability and the Romanian economy to benefit in the long term from the exploitation of the natural resources in the Black Sea perimeter,” said Iohannis in the request sent to Senate president Calin Popescu-Tariceanu.

Oil companies have expressed concern about the new offshore law, saying that it may discourage new investments in the Black Sea. OMV Petrom, one of the companies engaged in exploration works offshore Romania, said that it could announce by the end of the year a decision to start commercial operations. However, the company said that the decision will take into account the updates in the regulatory framework.