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Law No. 32 Of 26 January 1999

Original Language Title:  LEGE nr. 32 din 26 ianuarie 1999

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LEGE no. 32 32 of 26 January 1999 for approval Government Emergency Ordinance no. 72/1997 on the regularization of the debt of the former Romanian Oil Company
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 35 35 of 28 January 1999



The Romanian Parliament adopts this law. + Article UNIC Approval Government Emergency Ordinance no. 72 72 of 6 November 1997 on the regularization of the debt of the former Romanian Oil Company, published in the Official Gazette of Romania, Part I, no. 306 of 11 November 1997, with the following amendments: 1. Article 1 shall read as follows: "" Art. 1. -It is approved the takeover by the state at the domestic public debt, within the amount of 4.500 billion lei, of loans in foreign currency, granted by the Romanian Foreign Trade Bank-S.A. to the former Romanian Oil Company, and the related interest in the account of 30 June 1997. '; 2. Article 3 shall read as follows: "" Art. 3. -The loan provided in art. 2 is intended for the Romanian Foreign Trade Bank-S.A. and is contracted by launching a issuance of government securities for a period of 5 years. " 3. Article 5 shall read as follows: "" Art. 5. -Loans in foreign currency, granted by the Romanian Foreign Trade Bank-S.A. to the Romanian Oil Company, and the related interest, existing in the balance on June 30, 1997, will be regularized within the amount of 4.500 billion lei and replaced in the balance sheet Romanian Foreign Trade Bank-S.A. with government securities issued by the Ministry of Finance. " 4. Article 6 shall read as follows: "" Art. 6. -Loans in foreign currency, granted to the Romanian Oil Company on the basis of the agreement concluded between the two parties, and the related interest will be recorded by the Romanian Foreign Trade Bank-S.A. in off-balance accounts and will be followed in continuation of this. " 5. Article 7 shall read as follows: "" Art. 7. -The National Oil Company "Petrom"-S.A. Bucharest, as well as the refineries mentioned in the annex to this emergency ordinance have the obligation to conclude foreign currency loan repayment agreements granted by the Romanian Foreign Trade Bank -S.A., and related interest. The amounts in lei that will be reimbursed by the National Oil Company "Petrom"-S.A. Bucharest and by the refineries of the Romanian Foreign Trade Bank-S.A., representing the value of loans in foreign currency and related interest, will turn by the latter, at the exchange rate from the date of payment, in a special account with the treasury of the state, and will be used for the service of public debt. " This law was adopted by the Senate at the meeting of December 22, 1998, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT, CRISTIAN DUMITRESCU This law was adopted by the Chamber of Deputies at the meeting of December 28, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT, ANDREI IOAN CHILIMAN --------------