Companies not to be able to sale shares of oil agreement without Gov't's approval (draft ordinance)

Bucharest, Feb 4 /Agerpres/ - The Economy, Energy and Business Environment Ministry initiated a draft emergency ordinance for the amendment of the Oil Law so that no transfer or sale of oil agreement shares be possible without the Government's approval.

"The relevant authority can refuse, on grounds of national security, the concession and execution of oil exploitation operations, development and exploitation of an oil reserve by legal persons that are effectively controlled by EU third countries or EU third country nationals. In the case of oil agreements in force, at the proposal of the relevant authority, the Government, for reasons of national security, can approve the termination of the oil agreement," the draft ordinance text shows.

The holder of an oil agreement can transfer to another legal person the rights acquired and obligations assumed only with the approval of the Government, at the proposal of the relevant authority, and any transfer made without the Gov't's approval becomes null.

In the event of an operation of control take-over of a holder of an oil agreement or if there is a change in the shareholding structure with the right of control over the holder, the new conditions are notified to the relevant authorities in view of approval through the Government Decision to maintain validity, amend or terminate the oil agreement, at the proposal of the relevant authority.

Failure to comply with the provisions will result in losing the title as holder of the oil agreement of the respective Romanian or foreign legal person, in case the oil agreement has several holders, and in case the oil agreement has one sole holder, it ceases.

"The current emergency ordinance transposes the last paragraph of article no. 2 paragraph (2) of Directive No.94/22/EC on the conditions for granting and using authorisations for the prospection, exploration and production of hydrocarbons, published in the Official Journal of the European Communities No. L164/1994," the draft ordinance also shows.

In the preamble, the initiators of the draft ordinance explained the fact that this amendment is necessary so national security doesn't get affected.

In this period, ExxonMobil is negotiating the sale of 50 percent of the Neptun Deep project and relevant Minister Virgil Popescu recommended them that the transfer of license be made through a Government Decision. AGERPRES