The conclusions of the "Sterling" investigation to be approved on Tuesday

Alina Toma Vereha

The approval of the final report on the "Sterling" affair was postponed by the Subcommission of the Parliament after Tuesday, after the preliminary document drafted by the PSD deputies did not receive the approval of most of the members. Thus, the members of the investigation commission have decided the creation of an committee to investigate the final report, which would include members of all the political parties, according to the political algorithm. The chairman of this commission will be PSD (Social Democrat Party) deputy Iulian Iancu, who is also the President of the Commission for Industry of the Chamber of Deputies.

The findings of the members of the subcommission will be collected by Monday, and the final form of the material will be discussed on Tuesday, and a vote may also be held. The document would also be put on the agenda of the Parliament, if it gets a majority in the vote. If not, the vote will be postponed until the autumn parliament session. The deputies of the National Liberal Party (PNL) have proposed the postponing of conclusion and the continuation of the hearings, but most of the members of the Commission voted against it.

• "Sterling" provided no proof of its alleged investments in exploration

The president of the National Agency for Mineral Resources (ANRM), Gelu Mărăcineanu, yesterday said, during the debates concerning the preliminary report: "The agency does not have any kind of documentation that would justify the amount of the alleged investments made by Sterling. This amount, of USD 45 million or USD 70 million, should have been backed by accounting documents. The ANRM has received no such documents". ANRM has thus requested that the Canadian company present the geological reports that would attest the investments it stated. Gelu Mărăcineanu also said that the ANRM has requested that the company present the feasibility study drafted in 2005, which was supposed to provide clear data on the investments needed for production.

• There are grounds for canceling the contract

According to the president of the ANRM, there are several grounds for canceling addendum 11, due to failure by "Sterling" to fulfill its obligations. Gelu Mărăcineanu said that "Sterling" does not hold the licenses and authorizations needed for the operations it carried out in the Black Sea region. Furthermore, the company announced that it wants to partner with "Melrose Resources", to which it wants to sell a more than 67% stake, in order to be able to make the investments needed for exploitation.

Under these circumstances, many questions arise on the technical and financial ability of the company to meet its commitments taken on through the contract. Gelu Mărăcineanu also said to the deputies that ANRM is looking for a solution which would allow two oil wells to begin production within the shortest delays. Thus, the Agency has already begun negotiations with "Sterling" on the matter of amending the contract.

"Sterling" has received concessions for the Pelican and Midia perimeters in the Black Sea. The concession contract has been concluded in 1992 and initially concerned the exploration and the sharing of resources between Rompetrol and Enterprise Oil, Exploration Limited and Canadianoxy. The contract has 11 addendums and was taken over by "Sterling" a few years ago. The Tăriceanu government changed this exploration contract from a contract of exploration and production sharing into a contract of exploration, development and production, with the state thereby giving on its 45% share in exchange for a far lower royalty.