Romania

President Iohannis, OMV Petrom delegation approach tax and law system's need for predictability

President Klaus Iohannis met on Tuesday at the Cotroceni Palace with an OMV Petrom delegation headed by OMV AG CEO Rainer Seele; the latter took the opportunity to underscore the need for predictability of the tax and legislative framework.

According to a Presidential Administration release, during the meeting the OMV AG management presented the company's development strategy that includes a rise in Petrom's internationalization degree with a view to capitalizing on existing opportunities in the region and to substantially increasing investments beginning this year.

"The OMV CEO also highlighted the need for predictability of the tax and legislative framework that is required to support the company's performance and the development of a stable and competitive business environment," the release states.

According to the cited source, as far as the OMV Petrom - Exxon Mobile partnership for the exploitation of the Neptun Deep sea perimeter is concerned, this is further a major interest for the Romanian state and for investors.

"The President of Romania reiterated the importance of energy infrastructure in increasing national and regional energy security," the Presidential Administration notes, and goes on to say that the stage of the works on transport infrastructure provide good perspectives for a functional transport capacity at the time the exploitation of Black Sea resources will start.

President Iohannis also voiced his conviction that OMV Petrom will further see special economic performance outcomes thanks to the Romanian expertise and competence in the exploration and exploitation of natural gas and oil resources.

"The meeting was a good opportunity to highlight the importance of an open dialogue between OMV and the Romanian state with a view to capitalizing on Romania's energy potential," the release states.

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