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The Government of the Republic of Serbia

In the service of citizens

Bids for sale of oil maker from Belgrade opened

Belgrade, 5 December 2006

The Serbian Privatisation Agency stated that on December 4, the tender commission in charge of the implementation of a public tender for the sale of 70% of the total registered capital of the company "Drustvo za proizvodnju ulja Rafinerija nafte" from Belgrade has publicly opened bids for the purchase of this company.

Six bids were submitted for the purchase of this company, from Cyclon Hellas from Athens (Greece), Evropetroleum, Plovdiv (Bulgaria), Orlen Oil Sp from Krakov (Poland), Neochimiki L.V. Lavrentiadis from Greece, the MBS Consortium (made of Res Trejd from Novi Sad and MBS Tehno from Belgrade) and Prista Oil from Sofia (Bulgaria).

On the basis of an analysis of the documentation submitted, the commission established that the bidders Evropetroleum, Neochimiki L.V. Lavrentiadis, the MBS Consortium and Prista Oil meet the requirements set in the public invitation.

The basic elements of the offer of Neochimiki L.V. Lavrentiadis are the selling price of €16.38 million and a total investment programme worth €15 million.

As for the bid of Evropetroleum, the basic elements are the selling price of €13.23 million and a total investment programme worth €15.382 million.

The basic elements of the offer of Prista Oil are the selling price of €11.518 million and a total investment programme worth €4.625 million.

The basic elements of the offer of the MBS Consortium are the selling price of €5.501 million and a total investment programme worth €15.382 million.

The official results of the tender will be published after the second session of the tender commission.