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The Government of the Republic of Serbia

In the service of citizens

Southeast Europe energy union to be formed

Belgrade, 13 October 2005

Serbian Minister of Energy and Mining Radomir Naumov said that the Serbian government adopted at its session today a conclusion enabling a contract on formation of an energy union to be signed between the EU and countries of southeast Europe. The signing will take place on October 25 in Athens.

Radomir Naumov

Speaking at a press conference following the government session, Naumov said this will be the first document Serbia will sign in the initial stage of negotiations on stabilisation and association with the EU. This document will also show, provided that the country abides by it, that Serbia has fulfilled conditions needed for entering the EU.

Naumov recalled that the contract on the formation of an energy union is a legally binding document aimed at starting and regulating natural gas and electricity markets in southeast Europe, adding that it should soon be widened to include oil and oil derivates trade.

Vlatko Sekulovic

Serbian Deputy Minister of International Economic Relations Vlatko Sekulovic said that the bill on mortgages, adopted at the government session today, will enable different and more effective regulation of the institution that has existed in Serbian legal system for several decades.

Sekulovic stressed that this law will produce a kind of investment boom in the construction industry, guaranteeing greater safety and security for both investors in construction projects and housing loan users.

One of the greatest innovations of the law, as Sekulovic pointed out, is the possibility of putting a mortgage on an object still under construction or on just a portion of one’s real estate.

According to Sekulovic, the bill on arbitration, which was also adopted in today’s session, is aimed at disburdening commercial courts as well as providing a more effective system for regulation of economic entities’ relations if it comes to any legal disputes or misunderstandings.

Sekulovic stressed that the law is aimed at widening the use of arbitration throughout the Serbian economic system, thus increasing legal security of all economic entities, as well as protecting the rights of investors.