OMV Petrom reportedly ready to pay solidarity contribution under its milder form

Romania’s oil and gas group OMV Petrom (BVB: SNP) has not officially commented on the solidarity contribution under the revised formula amended by the lawmakers at the suggestion of President Klaus Iohannis, but its quarterly report suggests it might be ready to pay without objections, Economica.netsaid, quoting a specific paragraph in the report.

The new formula results in a contribution of about EUR 300 mln instead of EUR 1 bln-EUR 1.2 bln under the formula initially passed by lawmakers and seen by OMV Petrom as breaching the Constitution.

“Therefore, new regulatory and fiscal interventions may impact OMV Petrom financials,” the report published on April 28 reads.

On May 2, the Senate adopted a new amendment to the law voted in March, which, in the case of OMV Petrom, introduces a contribution levied to the amount of refined crude oil of RON 350 (EUR 70) per tonne. A day later, the amendment was also adopted by the Chamber of Deputies and President Iohannis is supposed to promulgate it.

Petrom refined last year 4.2 million tons of crude oil.

(Photo source: Flickr/OMV Petrom)