The Federation of Petroleum and Gas Employers (FPPG) considers that the new revisions proposed by the Ministry of Energy for the Offshore Law and the Petroleum Law, as published on September 20, 2010, contribute to clarifying and improving the fiscal framework. With the newly introduced set of amendments, the authorities also recognize the need to ensure the stability and competitiveness of the tax regime applicable to the offshore sector.
“The natural gas reserves discovered in the Black Sea represent not only a great development opportunity for Romania, but also a real necessity for the national economy and for the country's energy security. Offshore investments in the Black Sea contribute significantly to the security of gas supply for industrial and domestic consumers in Romania, but at the same time it is also an undeniable source of budget revenue and a way of generating jobs in the country's economy. Investors are not asking for much or complex things. Investors are demanding fiscal stability, legislative predictability, market liberalization and ensuring a competitive framework and the development of the national natural gas infrastructure.
FPPG welcomes the fact that the authorities want to amend the legislation in favor of the development of oil and gas investment projects. At the same time, the FPPG remains fully available for dialogue with the authorities in order to build a regulatory framework as efficient as possible for Romania's economic development and as favorable as possible for significant investments in the Romanian energy sector”, says Daniel Apostol, Director of External Relations FPPG
We also recall that, given the high level of risk in the Black Sea region, Romania must act to increase its attractiveness and competitiveness as a destination for capital, technology and know-how in the offshore sector, constantly taking into account the best practices in the field worldwide, as well as international and regional trends.
Oil and Gas Employers Federation (FPPG) is a Romanian legal person under private law, without patrimonial purpose, non-governmental, autonomous, independentfront de autoritIt is non-political; it is representative at sectoral level ”Energy, Oil and Gas and Energy Mining”. FPPG to itsconsistently upheld the principles of stability, predictability andi competitivits legislative framework applicable to the energy sector in Romania, as well as the responsibility of companies in the sector in terms of safety, health and security of operations and personnel. FPPG is a founding member of the Concordia Employers' Confederation, the only Romanian employers' confederation affiliateat the IOE (International Organization of Employers).
