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Published March 27, 2008

Petrom and Romgaz signed protocol for contribution to Social Gas Fund

March 27, 2008

  • The value of the Social Fund for 2008 is RON 172 mn

Petrom and Romgaz signed with the Government of Romania, represented by the Ministry of Economy and Finance, Mr. Varujan Vosganian, a protocol that regulates their participation to the Social Fund. The Government of Romania set up the Social Fund in view of granting social aids to the population with low income who use gas for heating their homes.

The value of the Social Fund for this year is RON 172 mn, out of which RON 80 mn are Petrom’s contribution and RON 92 mn are provided by Romgaz.

At present, the Social Fund is being voluntary supported by the domestic gas producers, Petrom and Romgaz. As per Government Emergency Ordinance no. 14/2008, the gas distributors can also be part of this fund in the future.

The two companies provide funds to the Social Fund through sponsorship. The contributions will not be deducted from the due profit tax, but they will be considered deductible expenses for the purposes of calculating the profit tax.

In 2008, Petrom will contribute at the set up of the Social Fund by the amount of RON 80 mn and Romgaz will contribute by the amount of RON 92 mn. The payment of the amount will be made in equal monthly installments.

Mariana Gheorghe, CEO of Petrom: “Already one year ago, we announced our willingness to contribute to a social fund in order to mitigate the difficulties faced by persons with low income in the case of gas price increase. Out of the recent gas price increase, Petrom will contribute with 100% of the additional revenues realized from the domestic gas sales to third parties.  Petrom is committed to a corporate social responsibility policy and wishes to contribute to the Social Fund in view of taking part of the additional financial burden for the household consumers resulting from the increase of gas prices on the international and domestic market.

“The contribution of Romgaz is a volunteer one and corresponds to the additional income generated by the latest gas price increase. The aim of this sponsorship is to protect the less privileged consumers from the gas prices increases” said Lucian Stancu, deputy general manager Romgaz SA.