Bloomberg News

Romania, OMV Petrom in Talks on Higher Royalties, Bode Tells ZF

March 02, 2012

Romania started talks with OMV Petrom SA (SNP) and OMV AG (OMV), its parent company, on increasing oil and natural gas royalties, as the government seeks to raise the payments before 2014, Ziarul Financiar reported, citing Economy Minister Lucian Bode.

Petrom paid royalties last year totaling 7.5 percent of the total value of production, according to Bode, who told the Bucharest-based newspaper he would like to increase the percentage to “double digits.” Bode met with Petrom Chief Executive Officer Mariana Gheorghe and OMV CEO Gerhard Roiss in Bucharest yesterday to discuss the royalties, which are currently set in an agreement that expires in 2014.

The government may also revive the sale of a 9.8 percent stake in Petrom, either by June or in September or October, Ziarul Financiar cited Bode as saying.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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