Romanian Commodities Exchange wants to sue the State over natural gas trading row

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Romanian Commodities Exchange (Bursa Romana de Marfuri – BRM) threatens to sue the State at the international forums of justice if the Parliament approves the amendments proposed by the Committee for Industries and Services of the Chamber of Deputies, regarding its removal from the domestic market of the centralized natural gas platforms, Septimiu Stoica, BRM President announced.

According to the Committee’s proposals, OPCOM spot market, a branch of Transelectrica, would remain the only trading platform. Thus, BRM accuses the Committee for Industries and Services the intention to nationalize the trading of natural gas.

The amendments made in the Committee for Industries would leave the BRM without license.

“BRM expresses its consternation regarding the decision of the Chamber of Deputies’ Industry and Services Committee, which, at its meeting on May 16, 2017, on the proposal of the deputy Iulian Iancu Committee’s President, adopted an amendment to the Electricity and Natural Gas Draft Law (…) that basically nationalizes the services offered by our organization, in a deep contempt for the European and national legislation on which our company was licensed,” Romanian Commodities Exchange stated in a press release.

Stoica points out that the best prices are obtained where the competition is.

In BRM support comes PEGAS, the pan-European gas trading platform, which sent a letter to the president of the Chamber of Deputies Liviu Dragnea, informing him about the “severe consequences” of the amendments to the law in the debate.

In turn, Bogdan Chiritoiu, the President of the Competition Council, says that the authority he represents does not agree with the decision to kick the Romanian Commodities Exchange (BRM) out of the Romanian natural gas market, and he argues that both trading platforms, OPCOM and BRM, should be maintained.

 

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