East Point may bid in RTB Bor tender

East Point’s President Zoran Drakulić says his company will most likely take part in the coming RTB Bor tender.

Izvor: B92

Tuesday, 28.08.2007.

14:37

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East Point’s President Zoran Drakulic says his company will most likely take part in the coming RTB Bor tender. The consortium, comprised of the Cypriot East Point Company and London-based ORN investment fund, came second in the previous tender for the mining and smelting Bor-based copper basin, announced on September 1, 2006. East Point may bid in RTB Bor tender The competition was cancelled on April 25 when the Privatization Agency officially terminated the purchase deal worth US$ 400mn concluded with Romanian Cuprom. On July 25, Economy and Regional Development Minister Mladjan Dinkic announced that a new tender for the sale of RTB Bor would be called on August 31, adding that the starting price would be set at US$ 340mn. Potential buyers would also have to set aside US$ 180mn for future investment. Meanwhile, Basic Element, a company owned by Russian aluminum magnate Oleg Deripaska, sent a letter to the Serbian government, citing its intent to purchase RTB Bor and make the best offer in the coming tender. “If we take part in the new tender, Deripaska’s company would have to offer as much as EUR 1bn to become RTB Bor’s new owner,” Drakulic said in an interview with the daily Glas Javnosti on Tuesday. “I sincerely doubt that the Russians could make such a high offer,” he added. Deripska himself met with Prime Minister Vojislav Kostunica on July 20, when the two discussed ways to strengthen economic cooperation between Serbia and Russia. However, Basic Element’s intent to enter the RTB Bor competition was not discussed at the time. Asked whether the Russian businessman’s recent visit to Belgrade could be seen as an attempt to pressure the government ahead of the new tender, Drakulic said: “I cannot say whether Deripaska came on behalf of his company or as a representative of Russia. But, I do know that major Russian companies are under direct influence of President Vladimir Putin,” he said. “If Basic Element makes a sky-high bid, it will be because of Russia's strategic interests in Serbia, since the complex is not worth more than the sum [US$ 340mn] we offered in the first tender.”

East Point may bid in RTB Bor tender

The competition was cancelled on April 25 when the Privatization Agency officially terminated the purchase deal worth US$ 400mn concluded with Romanian Cuprom.

On July 25, Economy and Regional Development Minister Mlađan Dinkić announced that a new tender for the sale of RTB Bor would be called on August 31, adding that the starting price would be set at US$ 340mn.

Potential buyers would also have to set aside US$ 180mn for future investment.

Meanwhile, Basic Element, a company owned by Russian aluminum magnate Oleg Deripaska, sent a letter to the Serbian government, citing its intent to purchase RTB Bor and make the best offer in the coming tender.

“If we take part in the new tender, Deripaska’s company would have to offer as much as EUR 1bn to become RTB Bor’s new owner,” Drakulić said in an interview with the daily Glas Javnosti on Tuesday.

“I sincerely doubt that the Russians could make such a high offer,” he added.

Deripska himself met with Prime Minister Vojislav Koštunica on July 20, when the two discussed ways to strengthen economic cooperation between Serbia and Russia.

However, Basic Element’s intent to enter the RTB Bor competition was not discussed at the time.

Asked whether the Russian businessman’s recent visit to Belgrade could be seen as an attempt to pressure the government ahead of the new tender, Drakulić said:

“I cannot say whether Deripaska came on behalf of his company or as a representative of Russia. But, I do know that major Russian companies are under direct influence of President Vladimir Putin,” he said.

“If Basic Element makes a sky-high bid, it will be because of Russia's strategic interests in Serbia, since the complex is not worth more than the sum [US$ 340mn] we offered in the first tender.”

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