New attempt to facilitate use of public-private partnerships in Romania

As of 18 May 2018, Romania has a new legal framework on public-private partnership (“PPP“) enacted through the Government Emergency Ordinance no. 39/2018 (“New PPP GEO“). The New PPP GEO replaces the former Law no. 233/2016 on PPP (“Former PPP Law“) after less than 2 years of its enactment – no projects have been implemented under the Former PPP Law, in particular, due to lack of application norms…

Monetary policy updates by the National Bank of Romania

Following (mainly) a rise of the inflation (which exceeded expectations by reaching 3.32% in December 2017), but also in view of the accelerated economic growth driven by strong household consumption (amongst others), on 8 January 2018, the Board of the National Bank of Romania (NBR) decided to increase…

Romania: mining taxation system revised

Romania’s current fiscal regime for exploitation of mineral and hydro-mineral resources was established in 2003 by the Mining Law no. 85/2003 (Mining Law) and subsequently updated several times (in 2007, 2009, 2013, 2014 and 2015)…

Romania: oil & gas royalties’ system revised

Romania’s current fiscal regime for oil and gas upstream operations was established in 2002 by an amendment of the petroleum law in force at that time and was kept as such under the Petroleum law no. 238/2004 (Petroleum Law) currently in force…

Romania prepares for GDPR

On 5 September 2017, the Romanian Ministry for Internal Affairs published a draft law (“Draft Amendment”) amending the existing Romanian data protection legal framework in view of the upcoming May 2018 application of the EU Regulation no. 2016/679 of 27 April 2016 on the protection of natural persons…

Oil and Gas in Romania

Subsoil hydrocarbon resources located within the territory of Romania are the public property of the Romanian State – Article 136 (3) of the Romanian Constitution and Article 1 (1) of the Petroleum law No. 238/2004 (Petroleum Law)…