Thursday, October 13, 2011

Romanian Government Approves 3 Black-Sea Concession Agreements

Romania’s government approved three oil and gas concession agreements with Dutch and Romanian companies that committed to invest at least $140 million in the eastern European country in the next three years.

The companies can cancel the three concession agreements, which target oil and gas blocks in the Black Sea, after three years or continue work and invest between $70 million and $180 million for another three years, government spokeswoman Ioana Muntean said late yesterday in an e-mailed statement, without naming the companies.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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