End to Legislative Uncertainty Critical to Romania’s Upstream Sector
04 May 2017
Romania’s multi-year delay in introducing new royalty legislation, combined with annual extensions to hydrocarbon windfall taxes implemented alongside price liberalization, has contributed to ongoing uncertainty in the country’s upstream sector. Although successive governments have attempted to introduce legislation on a new royalty framework since 2014, when a 10-year stability agreement linked to the privatization of Petrom expired, no legislation has moved forward. The Finance Ministry, under the previous government in power until the end of 2016, announced in November 2016 that it had completed draft legislation drawn up with the International Monetary Fund (IMF).
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