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Romanian Rompetrol Well Services Administrator Resigns

Nicolae Vidu, an administrator of Romanian Rompetrol Well Services, a unit of country's second-largest oil company Rompetrol Group NV, resigned Thursday, on eliminating any speculations regarding the connection between Rompetrol, Sterling Resources and Midia Resources, Rompetrol group said.
Romanian Rompetrol Well Services Administrator Resigns
05 feb. 2009, 16:58, English

"Nicolae Vidu has a professional background of more than 35 years in geology and exploration and was chosen administrator with Rompetrol Well Services in 2007, next to other 2 persons. His position is not against the laws in force, and one could meet such situations in Romania, as well as abroad," Rompetrol said Thursday in a press release.

The International Court of Justice at The Hague drew Tuesday a new maritime border between Romania and Ukraine, settling a decade-old dispute. The ruling gives Romania 9,700 square kilometers of exclusive economic zone, accounting for 79.34% of the 12,000 sq km disputed surface, a area said to include about 70 billion cubic meters of natural gas and 12 million tons of oil.

The court’s decision triggered certain discussions related to the lease of certain Black Sea perimeters to Sterling Resources company, based on a decision adopted on November 12, 2008 by the former government.

Between 2005 and 2006, Rompetrol developed commercial contracts with Canadian company Sterling Resources, which owns drilling rights in the area.

Local media reported that Vidu was a deputy general manager of Midia Resources, Sterling’s subsidiary in Romania, while we was also an administrator in Rompetrol’s unit.

Sterling Resources claims that the International Court of Justice’s decision could not be anticipated when signing the additional document to the contract sealed with Romania’s Mineral Resources Agency ANRM.