Economy Minister: Romania would be severely criticized in case it takes a one-sided decision in the Petrom case

Joi, 19 iunie 2008, 13:16 English | Business

Economy and Finance Minister Varujan Vosganian re-opened the series of criticism against oil giant Petrom (owned by OMV), this time claiming that the company pays a due at half of the price in Europe. Vosganian says that the company doesn't accept any contract modifications, as far as the discussions went, and an unilateral decision would cause severe criticism against Romania.

"The contract with Petrom is quite bizarre, in my opinion, because such a deal must be made with the future of the economy in mind. The fact that all the resources were handed to a single company seems to prove very little responsibility. Turning the back on this deal now would stir international criticism. after discussing with Petrom, they have no intention to revise the contract", said Vosganian on Thursday, in a press conference.

The due paid by Petrom for its oil and natural gas exploitations is 6%, while the European average is 12%. According to the Economy Ministry, Petrom paid 283 million Romanian lei for its extracted crude oil and 242 millions for the natural gas.

Vosganian repeatedly criticized Petrom's pricing policy during the past months, saying that it could reduce the fuel price 5 or even 10% without having losses, only less than record-profits.