Home Oil and Gas Transport and Storage Chevron Romania undergoes executive-level changes and names PwC as auditor. The company was transformed from a limited liability company into a joint-stock company
Chevron Romania undergoes executive-level changes and names PwC as auditor. The company was transformed from a limited liability company into a joint-stock company
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- Publicat în 15 January 2014
Chevron Romania undergoes executive-level changes and names PwC as auditor. The company was transformed from a limited liability company into a joint-stock company
Chevron Romania has appointed a new Managing Director and President of the Board of Directors. The company has also appointed Pricewaterhouse Coopers Audit to be the company’s auditor for a period of one year, until December 2014, results from a recent decision by Chevron Romania.
The fact that PwC was chosen doesn’t necessarily come as a surprise, considering that many large Western companies frequently choose to work with these auditors in Romania or other countries in which they do business. As such, the portfolio of the large Big Four accounting firm includes companies such as ExxonMobil, Pemex, Saudi Aramco, and now Chevron Texaco.
Another important move is the fact that Chevron Romania has changed its legal status from Limited Liability Company to joint stock company. This means, among other things, that the company now has, at least theoretically, more development possibilities, meaning that it can be listed on the Stock Exchange, and it can attract capital on the financial market or by issuing stocks. Also, due to this status change, the company can more easily access credit.
The new appointed Managing Director is a Briton named James Dillon Weichman, and the President of the Board of Directors is Andrew Crawford.
The shareholders of the company that wants to search for shale gas in Romania are Texaco Overseas Holdings Inc, which holds 55% of shares, and Chevron Global Energy Inc, with 45% of shares. This change takes place after the former Managing Director of Chevron Romania SRL, Cristian Caciulescu, and his wife, Delia Caciulescu, the former Chief Financial Officer, were… laid off. On that occasion, Caciulescu sold his 20% stake for approximately 1.1 million dollars to Chevron Global Energy Inc., which then held 5% of the company’s shares, which means that Chevron Global Energy currently holds 45% of shares.
Chevron received licenses to conduct fieldwork in three land areas situated in the Constanta region – areas 17, 18, and 19, more precisely near the following towns: Costinesti, Adamclisi and Vama Veche.
On October 3rd, 2013, Chevron was granted a construction license for the placement of the first shale gas probe in Romania, in Vaslui County, after the company was granted by the authorities all the required permits for prospecting the land in the Silistea area.
On the other hand, three local councils in Vaslui County won, at least temporarily, the cases against the Vaslui Municipality at the county court, the court having decided that their decisions to prohibit shale gas exploration and exploitation in the respective jurisdictions are legal. None of these court orders are definitive.
