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Alex Milcev, EY Romania: The Impact of the Offshore Law on Black Sea Investment

17 Jul 2018

The petroleum agreements holders in the offshore perimeters received on 9 July 2018 important news from the Parliament, which submitted to the promulgation, quickly and with some new modifications, the draft Law (commonly referred to as the "Offshore Law").

As a result, a wave of reactions from the representatives of the Romanian oil industry occurred - both because of the new taxation articles in the draft law (significantly modified compared to the version proposed by the Senate), and from the perspective of the approval procedure of the draft law (without prior consultation, impact assessments or transparent public debates).

For more information, please see the Romanian version of the article, here.