KMG International’s Payment For Petromidia Refinery Postponed For 2016
The representatives of KMG International (former Rompetrol Grup), owned by KazMunayGas, decided, jointly with Romanian authorities, to finalize the negotiations for the takeover of state’s majority stake in Rompetrol Rafinare in approximately three months.
KMG International’s Senior Vice-President, Azamat Zhangulov, stated that the sale of the 26.6% stake in Petromidia refinery will be possible within 6-7 months, due to the procedures, while the $200 million that the group should pay for this stake will get to the Romanian state next year, most likely. Thus, Rompetrol representatives are skeptical that the transaction and payment would be finalized this year. (Puterea)
Romania To Cut VAT For Food Products In June
Romania will cut the value added tax rate for all food products, including non-alcoholic drinks and restaurant services, starting June, Prime Minister Victor Ponta said Tuesday.
The rate will be reduced to 9% from 24% currently. The government also plans to cut the standard sales tax to 20% as of January 2016, after first-quarter revenue collection exceeded expectations. Food industry representatives stated that food prices will go down by 15% starting June. (Adevarul)
Apartment Prices Fell By An Average 2.6%/Year Since 2010
The price of apartments in Romania fell by an average 2.6%/year in the last five years, with a price stagnation in the last quarter of 2014, so that the residential market will remain stable, without clear signs of significant price hikes, according to Eurobank Property Services(EPS).
According to the Residential Index for the Romanian market in the fourth quarter of 2014, released by Eurobank Property Services, the national index shows a 1.6% decrease in the last quarter of 2014, compared with the third quarter, maintaining the stable price outlook for the upcoming period. The annual variation of the index represented a 2.7% fall compared with the same period of 2013. The recent price stagnation, combined with the average annual 2.6% fall in the last five years, suggest that the stability will continue on the Romanian residential market, without clear signs that prices will face significant hikes.(Romania Libera)
MPs Status Amended, Decisions Adopted By Simple Majority
The members of the Parliament decided to amend their status Tuesday, thus, all decisions will be adopted with simple majority (the number of persons attending the session), after the scandal related to Dan Sova’s arrest.
The change should have been applied in 2008, following a decision of the Constitutional Court. The plenum of the two chambers of the Parliament approved the status change on Tuesday, with 292 pros and one con. Thus, the MPs status will finally be in accordance with the Constitution, with the decisions of the Constitutional Court and, last but not least, with the common sense. (Puterea)
PSD MPs Consider Additional Pensions For Senators, Deputies
The members of the Parliament are not only concerned about their immunity, but also about their wellbeing, as they are preparing a draft law stipulating supplementary pensions for deputies and senators.
The draft law was not submitted to the Parliament yet, and is kept secret. Some of the MPs stated they have never heard of such a bill, while others confirmed they have already signed it. (Evenimentul Zilei)