Romania’s oil royalties system will remain unchanged in 2015

Newsroom 03/12/2014 | 16:00

The royalty system for the oil industry will remain unchanged next year and a new formula will be created later, minister-delegate for the Budget Darius Valcov said Wednesday.

“The current system will be extended for next year”, Valcov answered when asked.

The decision will be made through a Government order. In September, prime minister Victor Ponta said that the project regarding the new royalties for the oil industry will be placed in debate at the start of 2015 and will likely introduce a system that can ensure budgetary resources at a European standard, but doesn’t stifle investments.

The current legislation doesn’t differentiate between the different types of oil stockpiles and the royalty level is set between 3 and 13 percent of production.

Royalties were set in 2004 (for 10 years) through the privatization of Petrom law, after the national oil company was taken over by OMV.

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