Minister: U.S.-Dutch oil company to get another chance

Smederevo will give U.S.-Dutch consortium Comico Oil another chance to meet its obligations under the contract, it was agreed at a government meeting.

Izvor: Tanjug

Thursday, 06.09.2012.

16:52

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BELGRADE, SMEDEREVO Smederevo will give U.S.-Dutch consortium Comico Oil another chance to meet its obligations under the contract, it was agreed at a government meeting. Comico Oil should build a refinery in Smederevo, according to the contract. Minister: U.S.-Dutch oil company to get another chance The town of Smederevo filed a lawsuit against Comico Oil, demanding the cancellation of the contract of lease for the land that the refinery should be built on, 45 kilometers southeastern of Belgrade, as the consortium did not make a payment of RSD 652mn within the stipulated timeframe. “Our shared view is to give the investor one more opportunity to fulfill the contractual obligations, so that the realization of the project could follow," Serbian Energy Ministry Zorana Mihajlovic told reporters in the Serbian government headquarters, after the meeting with a delegation of the municipality of Smederevo. “Serbia needs investors, and it is in the government's interest that the investment be realized, if possible, but investors must abide by the laws and contract they have signed,” she said. The minister voiced expectation that by the end of 2012, it would be obvious whether the investor would be capable of meeting its obligations and realizing that investment. Smederevo Mayor Jasna Avramovic could not specify whether the lawsuit against Comico Oil would be revoked and explained that it did not fall within her jurisdiction, but that the decision would be delivered by a public defense attorney and the assembly of Smederevo. The assembly of Smederevo should take a new stand on the issue at its meeting, which is due to be held on September 20 and then it would be presented to the court. Comico Oil announced that it would invest USD 250mn in the Smederevo-based refinery, which would be completed in three years, creating over 500 jobs. Tanjug

Minister: U.S.-Dutch oil company to get another chance

The town of Smederevo filed a lawsuit against Comico Oil, demanding the cancellation of the contract of lease for the land that the refinery should be built on, 45 kilometers southeastern of Belgrade, as the consortium did not make a payment of RSD 652mn within the stipulated timeframe.

“Our shared view is to give the investor one more opportunity to fulfill the contractual obligations, so that the realization of the project could follow," Serbian Energy Ministry Zorana Mihajlović told reporters in the Serbian government headquarters, after the meeting with a delegation of the municipality of Smederevo.

“Serbia needs investors, and it is in the government's interest that the investment be realized, if possible, but investors must abide by the laws and contract they have signed,” she said.

The minister voiced expectation that by the end of 2012, it would be obvious whether the investor would be capable of meeting its obligations and realizing that investment.

Smederevo Mayor Jasna Avramović could not specify whether the lawsuit against Comico Oil would be revoked and explained that it did not fall within her jurisdiction, but that the decision would be delivered by a public defense attorney and the assembly of Smederevo.

The assembly of Smederevo should take a new stand on the issue at its meeting, which is due to be held on September 20 and then it would be presented to the court.

Comico Oil announced that it would invest USD 250mn in the Smederevo-based refinery, which would be completed in three years, creating over 500 jobs.

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