Q:
A:
Right moment to privatise domestic oil sector
Belgrade,
12 May 2006
Serbian Minister of Energy and Mining Radomir Naumov said today that due to global changes on the world oil market, the domestic oil sector is up for privatisation in a very attractive period.
Speaking at the sixth Serbia-Montenegrin summit being held in the Hyatt hotel, Naumov said that due to such changes it is extremely important that work of the privatisation advisor to the Oil Industry of Serbia (NIS) is completed within a reasonable period of time and that Serbia’s oil company is privatised in accordance with the project task adopted by the Serbian government.
He recalled that the government concluded the agreement for appointing the privatisation advisor to NIS with the Consortium Merrill Lynch-Raiffeisen, whose task is to present a privatisation strategy for NIS.
The Minister said that the tender for a consultant to improve organisational, financial and investment performance in the Electric Power Industry of Serbia (EPS) is also being finalised, and the tender for a potential strategic partner to continue the construction of thermoelectric capacities of nearly 700 megawatts at Kolubara B has been announced.
According to Naumov, in the area of mining this year, $20 million will be invested in the research sector, of which nearly $14 million will be invested in research of copper and precious metals on the territory of Crni Vrh near Bor on the basis of an agreement with the Canadian company Dundee Precious Metals.
Naumov recalled that in late October 2005 Serbia signed the Energy Community Treaty and said that owing to that, Serbia's energy sector gained the right to access international funds for improvement of the regional energy sector after ratifying the Treaty in the parliament.
According to Naumov, it is envisaged that in the next 15 years some €20 billion be invested from those funds into the regional electricity sector alone, of which €12 billion will go to new projects and €8 billion for the rehabilitation of existing ones.
The Minister recalled that the establishment of a regional fund is planned for financing energy infrastructure projects backed by EU, the World Bank and the European Bank for Reconstruction and Development.
Naumov added that the main criterion for approving funds for energy projects of a country will be appropriate implementation of the Energy Community Treaty and the compatibility of the project proposal with the Treaty's requirements.
He recalled that the government concluded the agreement for appointing the privatisation advisor to NIS with the Consortium Merrill Lynch-Raiffeisen, whose task is to present a privatisation strategy for NIS.
The Minister said that the tender for a consultant to improve organisational, financial and investment performance in the Electric Power Industry of Serbia (EPS) is also being finalised, and the tender for a potential strategic partner to continue the construction of thermoelectric capacities of nearly 700 megawatts at Kolubara B has been announced.
According to Naumov, in the area of mining this year, $20 million will be invested in the research sector, of which nearly $14 million will be invested in research of copper and precious metals on the territory of Crni Vrh near Bor on the basis of an agreement with the Canadian company Dundee Precious Metals.
Naumov recalled that in late October 2005 Serbia signed the Energy Community Treaty and said that owing to that, Serbia's energy sector gained the right to access international funds for improvement of the regional energy sector after ratifying the Treaty in the parliament.
According to Naumov, it is envisaged that in the next 15 years some €20 billion be invested from those funds into the regional electricity sector alone, of which €12 billion will go to new projects and €8 billion for the rehabilitation of existing ones.
The Minister recalled that the establishment of a regional fund is planned for financing energy infrastructure projects backed by EU, the World Bank and the European Bank for Reconstruction and Development.
Naumov added that the main criterion for approving funds for energy projects of a country will be appropriate implementation of the Energy Community Treaty and the compatibility of the project proposal with the Treaty's requirements.
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