RE: Moldonan article15 May 2020 12:21
Here is the translation:
The Oil and Gas Corporation and the State Oil and Gas Agency of Georgia broke the contract with the American company Frontera Resources International LLC.
It should be noted that in this case we are talking about a company with which the Democratic government in 2017 concluded a concession agreement for a period of 50 years for the right to explore oil and gas fields in Moldova. The Georgian authorities filed a lawsuit against the concessionaire in an international arbitration court. One of the demands put forward by the Georgian side was the return of territory that Frontera does not use for oil exploration and production (99%). The company was also required to pay corporations a natural resource charge and legal fees.
What is this information for? Everything is simple - the American investor, thoroughly caressed and advertised by the previous government, has not yet begun to fulfill the obligations undertaken with respect to Moldova. More than three years have passed since the signing of the agreement, and no American investments were received in the republic - the “partners” did not even think to start any work in this area and begin exploration.
In July last year, the government, led by Maya Sandu, decided to suspend the concession agreement, signed with the American company Frontera Resources International LLC. However, the whole principle of the AKUM bloc was exhausted on this, no further action was taken. Apparently, in the light of the new “priorities”, the so-called right-wing opposition pushed the solution to this problem into the background so that, God forbid, not cross the path to our “Western partners,” since only the Russian Credit Agreement can be criticized and disassembled by commas. "This leg, the one who needs a leg!".
The agreement with Frontera Resources states that the concessionaire receives the exclusive right to geological exploration of hydrocarbons in Moldova with the subsequent exploitation of the deposits, and the conditions for the extraction of minerals, if discovered, will be stipulated in a separate contract signed by the parties. The concession period is 50 years, of which five years the company can engage in exploration of deposits, and then 45 years of their development. The area on which Frontera Resources is allowed to conduct subsurface exploration is 12 thousand square meters. km, we are talking about the south of Moldova. The contract stipulates that the study will determine the amount of minerals that will go to the balance of the state, after which the government will develop the conditions for their extraction. Environmental requirements are also specified.
MPs from the Socialist Party faction harshly criticized the contract . According to Vlad Batricci, the terms of this contract are such that if gas deposits are discovered in Moldova, it will have practically no rights to it.
It is noteworthy that a few months before the conclusion of this contract, the then De
Sign In
Follow the stocks
