The leaders of the Romanian ruling coalition will submit to the Parliament the draft Offshore Law next week, Social Democrat (PSD) leader Marcel Ciolacu told Economedia on April 6. He said the same the week before.

The bill is important because the oil companies operating offshore perimeter want the Offshore Law as it is now amended before starting production.

BSOG, owned by Carlyle Group, warned that it’s close to initiating international litigations.

Furthermore, the Social Democrat leader provided only basic elements and no details about the provisions of the law.

According to Ciolacu, the revenues will be distributed in proportion of 60% to the Romanian state and 40% to the investing companies, but the state will retain a total of 64% after applying all taxes.

“We agreed in the coalition to settle the situation of the Offshore Law that regulates the exploitation of natural gas in the Black Sea. We all agree on the distribution of revenues from this operation that should go in a large proportion to the Romanian state and in a smaller proportion to private companies,” Ciolacu explained.

The bill will be signed by prime minister Nicolae Ciuca, PSD leader Marcel Ciolacu and UDMR leader Kelemen Hunor, Economedia.ro announced.

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andrei@romania-insider.com