Romania "balances partnership" with OMV Petrom and extends its licenses by 15 years

The government of Romania announced on December 10 that it had adopted measures "to rebalance the cooperation" with OMV Petrom for the next 15 years and a principled agreement between the two parties that "creates the premises for a balanced and predictable relationship, aimed at contributing to the consolidation of the country's energy independence for the near future." Romania signed the privatisation contract for Petrom with OMV nearly 20 years ago.

"All these interdependent elements will be materialised in the next two months in appropriate legal and contractual documents, at which time all details will be made public," the press release reads, implying the measures agreed still need legal codification.