The Chamber of Deputies in Romania passed the law approving emergency ordinance (OUG) 186/2022 on the solidarity contribution, with an amendment that may result in covering OMV Petrom, a company that was previously estimated not to fall under the provisions of the OUG because more than 25% of its revenues are not subject to solidarity contribution.

Particularly, the revenues generated from the activity of car fuel distribution are, under the revised form of the OUG, subject to the solidarity contribution – while this activity was excluded under the form drafted by the Government.

In a comment for Economica.net, not reported to investors through the BVB where its shares are traded, OMV Petrom says the law is not enacted yet (hence the OUG as drafted by the Government prevails) and the law amendments breach the Constitution due to retroactivity.

OMV Petrom reported a net profit of RON 10 bln (EUR 2 bln) last year, up from RON 2.8 bln in 2020.

The solidarity contribution is calculated as 60% of the profit realised by the upstream and refining companies in 2022 and 2023, above 120% of the average profit reported in the previous four years.

iulian@romania-insider.com

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