Overview & Experience

Our Energy & Natural Resources legal team consists of over twenty experienced practitioners (being one of the largest in the Country) able to draw together on all relevant areas that prevail in the Energy & Natural Resources sectors. Our reputation has been built on sound legal expertise, a thorough understanding of the market in which our clients operate and commitment to industry specialization.

In the Energy field, our experience extends across the whole energy spectrum, encompassing energy trading, generation, distribution, transmission & supply licensing, as well as emissions trading and renewable energy. The practice has focused on advising the main utilities suppliers active in Romania in relation to structuring complex transactions, as well as on issues brought about by continued market liberalization, legal and functional unbundling included. Our lawyers have also gathered substantial knowledge of the Romanian regulatory framework as they have constantly advised on privatization, corporate reorganizations and private transactions in the energy industry, as well as on the legislative changes necessary for the liberalization of the energy markets.

Our team of lawyers has also gained a household name for excellence in advising on a wide range of Oil & Gas related matters, involving upstream and downstream work and including concessions and licensing, exploration, drilling, storage, transport, distribution, refining, pipeline construction and downstream marketing. We have also become one of the leading legal advisors to the Mining industry, advising both on restructuring in the State-owned mining sector and on new investments in the mining field, able to provide adequate guarantees as regards the usage of the best available and environmentally friendly technologies and the assistance of local communities in order to achieve sustainable development.

Răzvan Stoicescu
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9V8A3124 Razvan Stoicescu resized

Partner

Areas of practice:Mergers & Acquisitions / Privatisation, Banking & Finance, Capital Markets & Securities, Telecom, IT & Media, Restructuring & Insolvency

Phone: +40 21 202 59 00

Fax:  +40 21 223 04 95

E-mail: razvan.stoicescu@musat.ro

Address: 43 Aviatorilor Boulevard, 1st District, Code 011853, Bucharest, Romania

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A selection of our recent relevant instructions includes advising:

  • A large international infrastructure construction corporation in relation to its participation to the tender process organized by the Romanian State for the construction and operation of an important reverse pumped storage facility.
  • An international consortium lead by a multinational oil and gas company producing fuel, pertrochemical products and lubricants regarding the regulatory, permitting and tax analysis of the development of an important west gas pipeline. The legal work included drafting an overview of the whole relevant regulatory framework in Romania, including a description of the centralized gas market trading mechanism and advising the client with respect to the entire range of licensing, energy, real estate and environmental matters pertaining to the project.
  • A global player in electricity, natural gas and energy with respect to the acquisition, development and construction of a large wind power plant in Romania, including aspects related to structuring and negotiating the acquisition of relevant equipments, sale-purchase agreements, EPC and O&M contracts.
  • A leading international provider of facilities solutions to the oil & gas production and processing industry in connection with the negotiation and implementation of a production enhancement services agreement for several oil deposits of the largest Romanian oil and gas group.
  • A world-wide company engaged in the exploration, development and production of crude oil and natural gas in selected areas of the world on signing a sale-purchase agreement with two leading companies – the world’s largest publicly traded international oil and gas company and the largest integrated oil and gas group in Southeastern Europe – for the sale of its interest in the deep water area in the Romanian Black Sea. We also advised the client on regulatory and permitting issues related to drilling contracts and seismic data acquisition programs, as well as on the acquisition of surface rights and permits for the gas pipeline for certain off-shore discoveries and on-shore gas processing facility.
  • The electricity trading and supply arm of the leading Italian energy utility company with respect to the acquisition of five photovoltaic renewable energy projects and one hydropower plant. Legal work included undertaking a full legal due diligence exercise on the projects’ assets and permits, negotiating the structure of the transaction, as well as preparing and negotiating all requisite transaction documents.
  • The international underwriters syndicate selected by one of the most important players in the energy sector in Romania in connection with its initial public sale offering of 105% and its admission to trading on the Bucharest Stock Exchange. Our mandate covered conducting an extensive due-diligence exercise on the target, drafting the prospectus and assisting the underwriters throughout the entire IPO and listing process. Another particularity of the project was the issuance of GDRs on newly issues shares. The issuance has been successfully listed in July 2014 on the Bucharest Stock Exchange and GDRs are listed and traded on the London Stock Exchange. (transaction value: EUR 440,000,000)
  • The brokers syndicate in connection with the legal assistance in underwriting the public offering for the sale of 10% of the share capital in the Romanian national nuclear power producer on the Bucharest Stock Exchange successfully closed in September 2013. We acted as local underwriters’ counsel during all stages of the listing process, including drafting the legal due diligence report and the offering prospectus, as well as providing support throughout the entire offering process (transaction value: over EUR 70,000,000)
  • One of the top Romanian State institutions in connection with the secondary public offering on the Bucharest Stock Exchange for the sale of 15% of the shares held in the National Gas Transmission and Grid Operator. Musat & Asociatii assisted the Romanian State throughout the entire process, including selecting the intermediary, structuring and implementing the sale process. The offering process successfully closed in April 2013 (transaction value: EUR 72,000,000).
  • The National Authorities in connection with the secondary public offering on the Bucharest Stock Exchange for the sale of 15% of the shares held in the National Electricity Transport and System Operator, which was oversubscribed and successfully closed on March 28th, 2012. Following this offering, the state received EUR 37,700,000. The firm assisted the Romanian State throughout the entire process, including selecting the intermediary, structuring and implementing the sale process.
  • A European Investment firm specialized in the renewable sector, regarding the development of a wind power plant in Romania, with a total installed capacity of 400 MW.
  • A leading Distribution System Operator, a part of the Italy’s largest power company, for structuring, negotiating and closing a public procurement contract for the implementation of a smart grid technology by EON Moldova.
  • A subsidiary of Italy’s largest power company, in connection with the negotiation of various green certificates purchase agreements to be concluded with renewable power producers.
  • The Romanian authorities on drafting and implementing the strategy for restructuring the EUR 1,200,000,000 debts of one of the largest State-owned electricity producers. Our legal work included an extensive due diligence on the target, as well as in-depth analysis of the regulatory-related matters, drafting the bills of law necessary to implement the prepared strategy and getting securing clearance from the Competition Council and the European Commission (DG Comp.) in connection thereto.
  • The Romanian authorities, as part of an international consortium, in connection with the selection of investors for the construction of a large Romanian Hydropower Plant, a hydroelectric pumped-storage green field project, with a forecasted installed capacity of 1,000 MW which is estimated to require a considerable investment exceeding EUR 1.3 billion.
  • A leading financial institution in the People’s Republic of China (PRC) in connection with financing two photovoltaic parks with an overall capacity of over 50 MW, including an extensive due diligence on the company developing the photovoltaic projects and legal assistance throughout the financing process.
  • A leading European utility company on the EUR 820,000,000 successful acquisition of the largest electricity distribution company in Romania, including the preparation of the position papers, binding offer and final binding offer, as well as negotiating the transaction documents.
  • A leading Australian based mining company with a focus on copper, in connection with its EUR 200,000,000 offer for the acquisition of a Romanian company which holds the rights to mine the largest copper deposit in the country, accounting for some 60% of the total national copper reserves.
  • A major Canadian mining group, in relation to the exploration and exploitation of a large mining site in Romania, including advising on the legal management of the company’s mining rights (mining exploration and exploitation licenses issued by the National Agency for Mineral Resources), on all environmental legal matters arising from the project, including permitting and past pollution issues and the most extensive Environmental Impact Assessment process ever being performed in Romania. The firm has been also involved in providing legal assistance with respect to the local community resettlement plan, permitting, environment, corporate, labor and litigation matters.
  • A subsidiary of a leading European utility company during the full-scope acquisition of a green energy project in the field of wind generation, with an installed capacity of 72 MW.
  • The subsidiaries of a Portugal-based multinational industrial group, active in the energy field in connection with the implementation and operation of a wind power plant and the refurbishment of micro hydro power plants.
  • The largest offshore drilling contractor in the world in relation to its prospective drilling operations in the Romanian exclusive economic zone of the Black Sea, on customs proceedings for the rig to be used for drilling operations in the Black Sea, as well as permitting matters related to the project.
  • One of the leading Spanish photovoltaic providers on the acquisition of two solar power plants in Romania, with an installed capacity of 130 MW, the total value of the project exceeding EUR 200,000,000.
  • A subsidiary of leading European utility company on the successful EUR 112,000,000 privatization of two subsidiaries of one of the most important players in the energy sector on the Romanian market – in all stages of the process.
  • A leading European utility company on the acquisition of several energy companies owned by the Romanian State, among which a 800 MW hard coal capacity located in Braila, involving investments in excess of EUR 1,000,000,000.
  • One of the largest gas and refining business in Romania in connection with the EUR 90,000,000 acquisition of the remaining free float of a subsidiary company active in natural resources field (to date the most successful mandatory public offering ever conducted on the Bucharest Stock Exchange), as well as providing legal advice in all matters pertaining to the mandatory public offering of a private company specialized in well services for natural gas and oil drilling operations.
  • The Romanian authority regulating natural resources on various natural resources and mining regulatory matters.
  • The Romanian Regulatory Authority in the Gas Sector as lead legal counsel, in connection with drafting and developing the secondary legislation in the gas market, aimed at achieving, inter alia, full liberalization and unbundling of the national gas market.
  • An important Spanish developer of renewable energy projects with respect to the development and sale of a wind farm with an installed capacity of approximately 250 MW, located in Dobrogea.
  • One of the top EPC services providers in the energy sector in completing the sale of a minority stake through an outright sale combined with a share capital increase, with a total value of EUR 70,000,000.
  • The world’s largest gold producer in relation to the potential implementation and development of a mining project in Romania.
  • A leading copper and precious metals exploration and development company in connection with all legal matters applicable for a proposed acquisition of a privately held mineral exploration company developing projects in Romania and Turkey.
  • A leading European utility company in relation with the structuring and implementation of one of the biggest PPP projects in the energy sector, via the development of Units 3 and 4 of Cernavoda NPP in a EUR 4,000,000,000 joint venture project with the largest Romanian nuclear energy producer.
  • A private European investment fund in connection with the acquisition of one of the main local private gas distributors and suppliers, in a complex transaction valued at EUR 50,000,000.
  • A leading European utility company in connection with the acquisition of a Romanian eolian energy player for the purpose of implementing and operating a wind power plant park of up to 200 MW.
  • A major Portuguese renewable energy company in connection with the implementation of a large-scale wind power project in Romania, with an aggregate generation power of 750 MW.
  • A Portugal-based multinational industrial group, active in the energy field in connection with the implementation and operation of a wind power plant of up to 40 MW, including a due diligence report and advising on regulatory and permitting issues.
  • A Swiss key player in the electricity industry with respect to the acquisition of 80 percent of the shares in one of the local private energy trader, focusing on selling electricity to commercial consumers in the SME segment.
  • A world leader in the iron ore market and a global mining company, in connection with its trade operations through Constanta seaport.
  • An American multinational corporation and one of the world’s largest oil field services companies in connection with its prospective transactions on certain business opportunities in the Romanian oil & gas industry.
  • One of the largest Romanian electricity producers on the project regarding the modernization and development of several co-generation heating plants through joint ventures with private investors and in the extension project of CET Bucuresti Vest by new cogeneration capacities.
  • A subsidiary of one of the largest Spanish company involved in the production and distribution of gas and electricity in connection with the regulatory issues, tariffs, public property and concession regulations during the due diligence and the negotiations for the privatization of two Romanian electricity distribution and supply companies.
  • A leading European utility company in connection with regulatory issues, tariffs, public property and concession regulations during the privatization process of two Romanian gas distribution companies.
  • An Australian company involved in oil and gas exploration and production in connection with the project consisting of the exploration and exploitation of gas deposits in Romania.
  • A subsidiary of a leading French financial institution in relation to the implementation of the first transactions in Romania under the European Union Emissions Trading Scheme concerning greenhouse gas emission allowances for 2008-2012, including advice on relevant national and EU legislation in connection with the EU-ETS trading scheme.
  • A fast-growing local player active in the renewable energy sector in relation to the financing scheme for the EUR 50,000,000 joint venture with a large utility company aimed at developing a green energy project.
  • The largest Romanian oil company in connection with various legal matters regarding its activities of exploration, drilling, refinery, transportation and distribution of oil and gas, as well as negotiations for the establishment of joint ventures with foreign investors in related fields of activity, including in relation to the debt liability exposure and advice on international sales contracts.
  • The Romanian Authorities in relation to restructuring the leading State-owned company in the oil products transport sector as a first step toward privatization with a strategic investor.
  • One of the largest independent oil and gas producers in the world in relation to a potential joint-venture with a largest Romanian oil company, advising on regulatory issues, tariffs, public property and concession regulations.
  • A leading UK oil company with respect to drafting and negotiating a multi-million oil agreement with the National Agency for Mineral Resources of Romania.
  • A global group of energy and petrochemicals companies in connection with the implementation of the oil agreement concluded between one of the largest energy groups in the world, one of its subsidiary and the Romanian Government, including drafting the necessary transaction documentation for the concession of certain oil resource blocks, negotiating and obtaining all necessary licenses, authorizations, approvals and permits from the National Agency for Mineral Resources, the Romanian Ministry of Finance, the National Bank of Romania and conducting an environmental audit.
  • The Romanian Authorities on the EU INOGATE Program, including a review of the Romanian legal framework on oil and gas transportation systems in order to meet the requirements of the Program.
  • The Romanian Authorities in connection with the review of the laws related to public ownership over oil & gas properties.
  • One of the leading oil refineries in Romania, and various oil equipment suppliers on corporate and business matters, including drafting and negotiating various oil processing agreements.

Accolades 
“Easily compete with any international firm in terms of presence, expertise and vision.” Source: Legal 500

The prestigious British publications Chambers Europe and Legal 500 place our firm in Band 1 in Energy & Natural Resources.

Clients say: “My impression of the firm is excellent; response times have been very good and the lawyers' use of English is first-class.” Source: Chambers Europe

“A very solid firm that is able to cover a wide range of subjects, and litigation is also a strength.” Source: Chambers Europe

“Easily compete with any international firm in terms of presence, expertise and vision.” Source: Legal 500

“This firm remains highly regarded for its superb energy and natural resources work.” Interviewees say they are drawn to the firm for its “responsiveness and client-focused approach”. Source: Chambers & Partners

Clients of Muşat & Asociaţii say that for energy work, the firm’s “level of service is very high.” Source: Legal 500

Clients about the Energy team: “they are experts in the energy field”. Source: Chambers & Partners

Clients admire the firm’s exceptional track record in the energy sector, especially highlighting the lawyers’ expertise in financing and restructuring, regulatory work and sizeable energy projects. Source: Chambers & Partners

Clients are quick to praise the firm’s flexible service: “They are there when we need them, even at very short notice.” Source: Chambers & Partners

Sources acclaim Muşat & Asociaţii’s “top-notch advice and impeccable drafting under the tightest time pressure”. Source: Chambers & Partners

“This 10-strong team has capitalized on excellent expertise it picked up through its involvement with major privatisations” and has “maintained a strong position in the market”. Source: Chambers & Partners

“Given the strength of the firm's connections with the government, it is no surprise that the team has considerable expertise advising various public bodies.” Source: Legal 500

Clients believe the firm to be “professional, with a great team of lawyers displaying depth of knowledge”. Source: Legal 500

“Muşat & Asociaţii - indefatigable Romanian giant [which] retains an impressive list of corporate clients and virtually unparalleled contacts with government agencies.” Source: Chambers & Partners

Muşat & Asociaţii has “a dominant share of the country's business” and “garners much respect from its competitors and clients”. Source: IFLR 1000

The prestigious British publications Chambers Europe and Legal 500 place our firm in Band 1 in Energy & Natural Resources.

Clients have been in no doubt about the quality of the service provided. “Muşat & Asociaţii is one of the best Romanian law firms we have had the chance to collaborate with. They possess an impressive knowledge of the legal sector, being very practical and dedicated.” Source: IFLR 1000
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