Wednesday, December 5, 2007

Romania Senate passes draft law cancelling Petrom privatisation

VIENNA (Thomson Financial) - Romania's Senate has passed a draft law that provides the basis for cancelling the 2004 sale of a majority stake in Petrom to Austria's OMV AG, Romanian website HotNews reported.If approved by Romania's Chamber of Deputies, the law will unilaterally cancel the contract under which 51 pct of Petrom was purchased by OMV, according to HotNews.

OMV spokesman Thomas Huemer said the draft law, which had been put forward by the nationalist Greater Romania Party, had automatically passed to the Chamber of Deputies after the Senate deferred from voting on it.OMV is very confident that the Chamber of Deputies and Romania's government will honour the terms of Petrom's privatisation agreement, Huemer told Thomson Financial News.

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