Serbian town sues U.S.-Dutch oil consortium

Smederevo on Tuesday filed a lawsuit against Comico Oil for failure to meet a payment deadline for the land where the company plans to build an oil refinery.

Izvor: Tanjug

Wednesday, 11.07.2012.

14:09

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SMEDEREVO Smederevo on Tuesday filed a lawsuit against Comico Oil for failure to meet a payment deadline for the land where the company plans to build an oil refinery. At the same time, the U.S.-Dutch consortium expressed theur "surprise at the action", but added they would " not give up on the investment" in this Serbian town, located downstream from Belgrade on the Danube River. Serbian town sues U.S.-Dutch oil consortium Smederevo Public Prosecutor Milena Nisev told Tanjug that Comico Oil did not pay RSD 625mn (some EUR 5.5mn) for the land lease by July 4, so the lawsuit was filed to cancel the contract. "We expect the court to grant the demands in the lawsuit and cancel the contract," she stressed, adding that the defendant had 30 days to state a plea. "We are surprised. We did not expect the city of Smederevo to file a lawsuit to cancel the contract, because we had a meeting with city officials last week and came to a common conclusion, which did not include filing a lawsuit," Comico Oil Deputy Director Radomir Radivojevic said. According to Radivojevic, the company will take advantage of all the legal options to fight the lawsuit. He does not expect Comico Oil to give up on constructing a refinery in that city in northeastern Serbia, despite all the risks. Officials of Smederevo and Comico Oil signed on April 25 a contract on a 99-year lease for the land needed to build the refinery. Comico Oil said the refinery would be built in three years, creating around 700 jobs, and that it would help the city through various donations. The investment is worth around EUR 300mn, according to reports. Tanjug

Serbian town sues U.S.-Dutch oil consortium

Smederevo Public Prosecutor Milena Nisev told Tanjug that Comico Oil did not pay RSD 625mn (some EUR 5.5mn) for the land lease by July 4, so the lawsuit was filed to cancel the contract.

"We expect the court to grant the demands in the lawsuit and cancel the contract," she stressed, adding that the defendant had 30 days to state a plea.

"We are surprised. We did not expect the city of Smederevo to file a lawsuit to cancel the contract, because we had a meeting with city officials last week and came to a common conclusion, which did not include filing a lawsuit," Comico Oil Deputy Director Radomir Radivojević said.

According to Radivojević, the company will take advantage of all the legal options to fight the lawsuit. He does not expect Comico Oil to give up on constructing a refinery in that city in northeastern Serbia, despite all the risks.

Officials of Smederevo and Comico Oil signed on April 25 a contract on a 99-year lease for the land needed to build the refinery.

Comico Oil said the refinery would be built in three years, creating around 700 jobs, and that it would help the city through various donations.

The investment is worth around EUR 300mn, according to reports.

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