ANRM discussing the inclusion of Romgaz in the Sterling contract

• Canadian company expected to respond next week

Cristina MihalaŞcu

Romanian National Authority for Mineral Resources (ANRM) yesterday discussed with "Romgaz" officials the inclusion of the latter in the concession contract by which Sterling Resources was awarded several perimeters in the Black Sea. "The meeting is the first step of the negotiations intended to bring an entity that would represent the interests of the Romanian State into the contract concluded with Sterling Resources, and with this in mind, we suggested Romgaz", said Gelu Mărăcineanu, the chairman of the ANRM.

According to Mr. Mărăcineanu, subject to Sterling"s acceptance of this proposal, each contractual clause would undergo renegotiation, including the clauses discussing the sharing of the output. The Canadian company is expected to reply by next week, and the negotiations between the two parties are expected to take around 45 days.

The chairman of the ANRM also said that it"s institution will enact a new decree this week, that will void the provisions of the previous 1446/2008 decree, which allowed the addendum no. 11 of the contract with Sterling Resources to be approved. "The new Government Ordinance will automatically void the addendum in question, because once the negotiations begin, several clauses and provisions will be amended, and this will cause the creation of a new agreement", Gelu Mărăcineanu said.

He said that the task of the ANRM is to protect the interests of the state, and the resources found on Romania"s continental shelf must be exploited according to Romania"s requirements.