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The Government of the Republic of Serbia

In the service of citizens

Financial consolidation, energy sector reconstruction needed for market activities

Belgrade, 5 December 2005

Serbian Deputy Prime Minister Miroljub Labus said today that a tender calling for a strategic advisor for the Electric Power Industry of Serbia (EPS) has been initiated. The task of the advisor will be to point out the best route for the company’s development, and to establish further investment processes.

Author: Tanjug

At the first energy forum in Serbia-Montenegro, themed “Privatisation of the Regional Energy Sector” and being held at the Hyatt Regency Hotel, Labus said that financial consolidation and reconstruction of companies in the energy sector are the basis and the condition for market activities in this sector, and called on the private sector for investment into this field.

Speaking about the privatisation of the Oil Industry of Serbia (NIS), Labus pointed out that it is in everyone’s interest that the choice of the NIS advisor be announced on time, which was also a condition for the revision of the sixth arrangement with the International Monetary Fund (IMF).

Labus recalled that in the past five years the government has implemented reforms in the energy sector, adopted laws and strategies, and chose regulatory bodies, adding that this process must be continued and accelerated.

General Director of NIS Oil Refinery Pancevo Kosta Ilic pointed out that the privatisation process of NIS must be public, and that the privatisation advisor must cooperate with the refineries. He also added that the modernisation of refineries is a must, since they have to continue with their work after the privatisation as well.