Exxon would not be able to sell its Black Sea stake to anybody, draft ordinance says

Romanian authorities would be able to use national security reasons to refuse the ceding and execution of exploration, exploitation and development operations of oil fields by entities under the authority of countries outside the EU, a draft emergency ordinance of the Romanian government says. The bill says any transfer made without the approval of the Government is null.

The ordinance was introduced on the agenda of the Government session on Tuesday.

The provisions of the ordinance might block a possible transaction which is not favorable for the Romanian state, in a time when Exxon plans to sell its 50% stake in the Neptune gas exploration and exploitation project in the Black Sea.

PM Ludovic Orban had said in an interview with HotNews.ro last month that on this topic Romania might find a solution to prevent a solution contrary to its interests.