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The Government of the Republic of Serbia

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A:

Comico Oil to build refinery upon obtaining relevant permits

Bajina Basta, 11 August 2010

Minister of Energy and Mining Petar Skundric said today that the Comico Oil company will be able to build an oil refinery in Smederevo once it gets the necessary permits and added that the interstate agreement between Russia and Serbia is not an obstacle for the realisation of this investment.

Skundric explained in a statement to Tanjug news agency that this agreement stipulates that conditions on the Serbian market will not be altered as long as the reconstruction of refineries of the Serbian oil industry Naftna Industrija Srbije is underway.

The Minister recalled that Comico Oil had requested a permit for building an oil refinery in Smederevo from the Ministry of Energy and Mining. The Ministry then asked the company to submit all the necessary documentation, but Comico Oil has still not done this.

Skundric underlined that there will be no obstacles for Comico Oil to build the refinery as soon as it gets all the permits. The shortest deadline for the beginning of the refinery’s work is three years.