This is the transcript of the message delivered by Daniel Apostol, General Secretary of ROPEPCA oil association, during the Energy Strategy Summit, held on June 4 at the Cantacuzino Palace in Bușteni.

There are a lot to debate in today’s proposed topic, let me just remind you a few ideas that define the present and some resulting principles that I consider to be mandatory, consequences of this context. We have an ongoing conflict in the proximity of Romania and around the Black Sea, ie around a basin with extremely high potential in terms of hydrocarbons exploitation.

We have a major role in terms of energy resources in European Union – Russia and Ukraine – Russia relations, we have a national goal to maintain our strong position, perhaps even energy independence, but only through continued investment.

But we have also a political risk, because investments will not continue or will not be attracted unless we have a good regulatory framework and tax legislation that meets the quality exhibited by all my previous speakers, meaning investment attractiveness.

Therefore I would remind and welcome that Mr. President Duţu (Gheorghe Duţu, President of NAMR – e.n.) announced here that achieving a new legislative framework will be made taking into account the need to be more permissive, I say more business friendly and more predictable. Often businessmen asked for system predictability, and I also welcome the fact that the discussions that Mr. President is leading with the industry representatives for the new royalties system, says he, must secure a balance between attractiveness for investors and for government revenues.

The principles, to which I referred, declined from the context that I allowed myself to recall for you, the Government has announced on several occasions the change of royalties system. We expect to take heed of the context and to treat this subject seriously.

Investors will not continue, they will not come, unless there is a predictable framework, and you know very well that investment in this sector are felt in the economy after a much longer period of time, not immediately. NAMR has announced that it is preparing a new round of concessions, for those who come to ask these concessions is essential the system, the predictability.

The subject is of interest to national security and in terms of economic development. Artur (Artur Stratan, President of ROPEPCA – e.n) announced here almost 20,000 jobs created by the oil and gas industry. At 20,000 direct jobs, if we look at the multiplier we get something like 100,000 jobs in the whole economic chain, think of all suppliers of products and services.

This is an industry that has a very serious economic impact, so I think we need to avoid populism, there is a risk of populist discourse in what follows because it is very easy to talk and we will have the opportunity to see many politicians talking about how much money needs to draw for the state budget, forgetting to talk about how much money the sector needs to invest just to live.

Thank you.