Petrom Sale Transparent, Approved By Romanian Govt, Parliament- Co Officials

The sale of Romania’s largest oil company Petrom (SNP.RO) was transparent, as it was closely monitored by international institutions and approved by the Romanian government and parliament, the company said in a press statement.

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Imaginea articolului Petrom Sale Transparent, Approved By Romanian Govt, Parliament- Co Officials

Petrom Sale Transparent, Approved By Govt, Parliament- Co Officials

“The privatization process was transparent and constantly monitored by international institutions such as the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development and other important European institutions,” Petrom’s spokesman Dan Pazara said, adding the privatization was later approved by the Romanian government and parliament.

Romania’s Senate, the upper house of the country’s Parliament, tacitly cleared a draft law filed by a far-right party, which would annul Petrom sale to Austria’s OMV AG (OMV.VI).

According to Senate procedures, lawmakers had two months to debate and cast votes on the draft law. However, the deadline expired and the draft law was deemed tacitly approved.

The draft law also needs to be cleared by the Parliament’s other house, the Chamber of Deputies, to come into effect and annul Petrom’s sale contract.

Romania's Senate set up a special commission last year to look into privatizations, after the Romanian judicial authorities started investigating officials over allegations of commercial espionage.

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