The state restored the right to exploit the crude oil formation “Văleni” and the natural gas formation “Victorovca”. The Cabinet approved a decision by which it ends the lease by which the American exploitation and exploration company “Redeco” LTD was allowed to use the resources of hydrocarbons and decided to constitute a commission that will ensure the unilateral transmission of the property and ownership rights deriving from this agreement, IPN reports.
Under the draft decision, the period of validity of the lease signed on July 6, 1995 by the Government and “Redeco” LTD, which was later conceded to SRL “Valiexchimp”, expired.
A parliamentary commission of inquiry investigated how the useful mineral resources were used and what impact the exploration works had on the environment. The commission’s report showed that the resources of hydrocarbons (oil and gas) in 1995-2022 were exploited with a multitude of deviations from the law and damage was this way caused to the state and the environment.
It was also established that the lease contains a series of shortcomings that enabled the business entities to avoid paying taxes and duties.
Then the commission recommended that the Government should take back the natural resources under its management and should institute temporary state administration for the extraction process.