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September 17, 2021

Ponta announces that gov’t will adopt Rompetrol memorandum

Premier Victor Ponta announced yesterday during the government meeting that the government will adopt by law the memorandum concerning the erasure of Rompetrol’s debt, after the Constitutional Court decided that the draft law adopted by Parliament in this sense is unconstitutional. “I want us to save Romania’s image of respect for investors. We adopt the memorandum within the government and we move on,” Victor Ponta stated for HotNews after he had asked the Energy Minister and the Justice Minister to prepare a law in this sense. The government at first adopted the memorandum in May 2013, through a draft law, leaving the entire responsibility on Parliament. Basically, through that decision, the government agreed with Rompetrol having its debt of approximately USD 600 M erased by the Romanian state through the repurchasing of 26.7 per cent of the shares at a price of USD 200 M.

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