Law No. 32 Of 26 January 1999

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

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Law No. 32 of 26 January 1999 on approval of the Emergency Ordinance of Government No. 72/1997 concerning the settlement of the debt of the former Romanian oil Companies the Romanian Parliament adopts this law.

Published in PARLIAMENT ISSUING the OFFICIAL GAZETTE nr. 35 of 28 January 1999, the Parliament of Romania adopts this law.


The sole article approving Government Emergency Ordinance nr. 72 of 6 November 1997 on the settlement of the debt of the former Romanian oil Companies, published in the Official Gazette of Romania, part I, no. 306 of 11 November 1997, with the following modifications: 1. Article 1 shall read as follows: Art. 1.-is approved by the state takeover to internal public debt, subject to payment of 4,500 billion in foreign currency loans, granted by the Romanian Foreign Trade Bank-S.A. former Romanian oil Companies and interest account on or before 30 June 1997. "
2. Article 3 shall read as follows: Art. 3.-the loan; 2 is intended for Romanian Foreign Trade Bank-S.A. and shrinks by launching a State securities for a period of five years. "
3. Article 5 shall read as follows: Art. 5. foreign currency credits, granted by the Romanian Foreign Trade Bank-Romanian Petroleum Company Jsc, and interest, existing balance at 30 June 1997, will be settled within the limit of the amount of 4,500 billion lei and replaced in the balance sheet the Romanian Bank for foreign trade Corporation with securities issued by the State Ministry of finance. "
4. Article 6 shall read as follows: Art. 6. foreign currency credits granted to Romanian oil Company on the basis of the Convention concluded between the two sides, and interest will be recorded by the Romanian Foreign Trade Bank-S.A. in the balance sheet accounts apart and will be pursued further. "
5. Article 7 shall read as follows: Art. 7. National oil society "Petrom" J.s.c.-Bucharest, as well as refineries as referred to in the annex to this emergency Ordinance are obliged to conclude agreements for reimbursement of foreign loans, granted by the Romanian Foreign Trade Bank-S.A., and of interest.
The amounts in the Lions will reimburse National oil company Petrom S.A. "-Bucharest Romanian refineries and foreign trade Bank-S.A., representing the counterpart of foreign loans and interest thereon, shall be paid by the latter, at the exchange rate at the date of payment, a special account at the State Treasury, and will be used to service the public debt."
This law was adopted by the Senate at its meeting on 22 December 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT of the SENATE, pp. CRISTIAN DUMITRESCU this law was adopted by the Chamber of deputies at its meeting on 28 December 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT, Andrew John CHILIMAN — — — — — — — — — — — — — —