Petrom agrees to 3.6m euro settlement

Romania’s largest petroleum company, Petrom, has agreed to pay 4.7 million dollars (3.6 million euros) to resolve a dispute with the UK’s Aminex PLC over unpaid drilling costs at a well offshore from Tanzania, according to Aminex officials quoted by AFX news agency. Petrom has agreed to pay 3.4 million dollars to Aminex’s subsidiary Ndovu Resources Ltd in respect of past costs plus 1.3 million dollars as a settlement of all its other obligations as a joint-venture partner in the Nyuni project. Petrom will have no further rights, obligations or claims under the Nyuni Farm-in and joint operating agreements, but has been granted an option that will expire on June 30 2006 to rejoin the project as a full, paying joint-venture partner. ZF