Another Black Sea investor postpones investment decision

Black Sea Oil&Gas, a company controlled by U.S. group Carlyle, which operates two offshore perimeters in the Romanian Black Sea, Midia and Pelican, won’t make a decision on continuing its investments this year, according to a press release quoted by local G4media.ro. The company needs time to evaluate the provisions of the new offshore law recently adopted by the Chamber of Deputies. However, it will continue to prepare for the moment when its investors will reach a decision on continuing the investments, which includes getting the necessary permits and finalizing the contracts with equipment suppliers and general entrepreneur. Black Sea Oil&Gas is the second Black Sea investor that postpones its investment decision after Austrian group OMV, which operates the biggest Black Sea gas perimeter in association with U.S. group Exxon, made a similar announcement on Thursday. The investors are unhappy with the taxation scheme decided by the Romanian Parliament. However, they managed to have it included in the law that taxation will not change throughout the concession period. editor@romania-insider.com