Earlier this month the Romanian Government ratified its agreement with British energy company Melrose, to start seismic surveys and drilling in the Black Sea exploring for oil and gas deposits.
This is great news for British investment in Romania. Melrose and its partners plan to invest some 130 million US dollars in this project and if successful this will give Romania the opportunity to further diversify the supply of its energy needs with increased local supply of natural resources.
Melrose is one of the biggest UK investors next door in Bulgaria, and I am delighted that it is commencing new operations in Romania too. They will bring British capital, technology and know-how to this key sector in the Romanian economy and hopefully help Romania and Europe develop more secure and diverse sources of energy supply.