The state budget will include a 50 million euro sum, every year for 14 years, in order to cover the possible environmental damages claimed from Petrom for its long-term polluting activities and the closing of oil drilling operations. The information was provided to Mediafax by Economy Ministry sources.
Petrom's privatisation contract stipulates several types of damages that the Romanian State has undertaken to pay.
The Romanian State is responsible for the claims concerning the invalidity of the individual concession contracts concluded by Petrom; those regarding the State's infringements of the statements and guarantees concerning the shares sold; and competition-related fines.
The damages paid by the Romanian State may not exceed the price paid for the shares sold and subscribed by OMV during the privatisation process.
Under the contractual stipulations, OMV pays 669 million euros for 33.34% in Petrom, with the capital increase up to a final 51% stake involving between 723 - 860 million euros.
The total transaction adds up to 1.4-1.5bn euros, a ceiling that also limits the possible damages paid by the Romanian State. Except for environmental claims, the State's total liability may not exceed 50% of the price of the shares sold (approximately 335 million euros).
The quoted sources say the deal between OMV and the Government stipulates, as far as claims regarding long-term pollution and the abandonment of operations are concerned, that the 50 million euro figure shall be included in the budget as of 2005.
If the deal that sees OMV becoming owner of 51% in Petrom is completed after October 30, this amount will be included in the first budget adjustment.
Every valid claim will be paid using the funds in the account set up for this particular purpose; in case of insufficient funds, funds drawn from future budgets will be allocated.
The Finance Ministry undertakes to add to the amount in the respective budget chapter throughout the 14 years, meaning that that the annual possible expenses covered could reach 50 million euros.
SNP Petrom shares lost 2.5% yesterday, less than expected by certain analysts, who did not see any reason for investors to buy at 2,350-2,450 ROL after the Austrian OMV Group bought its 33.34% in Petrom for 2,186 ROL/share. Petrom's shares closed at 2,370 ROL, having fallen as low as to 2,300 ROL/share during yesterday's session.
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