“Cupru Min’s privatization contract will not have a special clause, like in Petrom’s contract, whereby the future owner will not be affected by later increases in mining royalties. The owner will pay the current royalties until the Government changes the rate,” Alexandru Patruti, president of the National Mineral Resources Agency (ANRM), told MEDIAFAX.
Under the Oil Law, published in the Official Journal in June 15, 2004, the royalties on oil extraction amount to 3.5%-13.5% of the company’s revenue.
Petrom’s privatization contract, signed in July 2004, says the company will pay the same royalties for 10 years after Austrian group OMV completes the takeover, meaning until the end of 2014.