The National Agency for Mineral Resources (ANRM) is preparing to change the system: it will abandon the reference price on the Vienna Stock Exchange for the royalties’ formula and will also take into account the differences between the various deposits.

The formula for calculating the royalty for oil resources will be amended by the end of the year, taking into account  a reference price on the domestic market (OPCOM and BRM), the counsellor of the ANRM President, Dorin Ursărescu, explained.Early this year, ANRM decided, by an order issued in February, that the reference price for natural gas extracted in Romania would be the one on the Vienna Stock Exchange.

Source: Profit

Offshore law does not reflect the coalition’s outlook. Changes are to be made

“Considering the fact the actual form of the (offshore) law does not fully reflect the legislator’s will,  as a consequence there are required some interventions on the normative act. In general, the coalition’s decision meet consensus, but regarding the offshore law the dialogue was one absent element. I believe that, in order to improve the accuracy of the legislative procedure, prior discussion are always required”, declared Varujan Vosganian, ALDE Deputy

Soruce: News.ro

FDI into Romania rises 18% y/y in Jan-May

Foreign direct investment (FDI) into Romania rose 18% year-on-year in the first five months of 2018, to 1.72 billion euro ($2 billion). Equity investment (including estimated net reinvestment of earnings) amounted to 2.208 billion euro and inter-company lending totalled a negative net value of 488 million euro at the end of May, the central bank said in a statement, citing provisional data.

Source: SeeNews

Romania’s five month current account deficit up 15.8 pct

The current account of Romania’s Jan. – May balance of payments ran a deficit of 3.018 billion euro, up 15.8 percent from the 2.606 billion euro registered in the same period of 2017, the National Bank of Romania (BNR) said in a release on Monday.

The goods deficit was by 589 million euro higher, the surplus of services was by 179 million euro less, and the primary income deficit was by 105 million euro lower. The surplus of secondary revenues was by 251 million euro higher, the BNR said in the release.

The country’s total external debt increased by 2.563 bln euro. The long-term external debt totaled 67.543 bln euro (70.3 pct of the total external debt) as of May 31, 2018, down 1.6 pct from December 31, 2017; the short-term external debt stood at 28.497 billion euro as of the end of May (29.7 percent of the total external debt), up by 14.6 percent from December 31, 2017.

Source: Agerpres