Serbia "ready for South Stream construction"

Serbia is ready for the beginning of construction works on the South Stream pipeline on November 24, says Srbijagas public enterprise director Dušan Bajatović.

Izvor: Tanjug

Wednesday, 13.11.2013.

09:38

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BELGRADE Serbia is ready for the beginning of construction works on the South Stream pipeline on November 24, says Srbijagas public enterprise director Dusan Bajatovic. The Law on South Stream as the project of national importance was passed in Serbia, and the Ministry of Energy and the Ministry of Spatial Planning provided all necessary documents, Bajatovic said. Serbia "ready for South Stream construction" The review of the general design has been completed, the location permit will be issued on Wednesday or Thursday, and the revision of the main project will also be completed very soon, he said. Speaking about the land expropriation, Bajatovic said that all parcels have been determined, and an agreement will be reached with one or two banks to give guarantees that the expenses will be covered. Only the land on which compressor stations are located will be purchased on a permanent basis, he said. The Serbian side secured EUR 75 million with state guarantees, and a bill on guarantees should be tabled for a debate in the parliament soon, Bajatovic said, adding that Gazprom will invest the same initial sum. Then, Gazprom will give a loan of EUR 175 million with the pipeline's future revenues in the country as the collateral, and the capital contribution of Srbijagas will thus be defined, he said. As for Gazprom, it will also add EUR 175 million, so the project will have EUR 500 million at its disposal in late February next year, he said. Bajatovic told reporters in the Serbian parliament that three documents will soon be signed with the Russian side, one of them stipulating that the Gazprom Export firm will have an exclusive claim on the entire capacity of the gas pipeline for 25 years. The return on the capital invested in the construction of this section of the gas pipeline across Serbia will amount to 4.25 percent annually, the same as in Bulgaria, Bajatovic said. (Tanjug, file) Tanjug

Serbia "ready for South Stream construction"

The review of the general design has been completed, the location permit will be issued on Wednesday or Thursday, and the revision of the main project will also be completed very soon, he said.

Speaking about the land expropriation, Bajatović said that all parcels have been determined, and an agreement will be reached with one or two banks to give guarantees that the expenses will be covered.

Only the land on which compressor stations are located will be purchased on a permanent basis, he said.

The Serbian side secured EUR 75 million with state guarantees, and a bill on guarantees should be tabled for a debate in the parliament soon, Bajatović said, adding that Gazprom will invest the same initial sum.

Then, Gazprom will give a loan of EUR 175 million with the pipeline's future revenues in the country as the collateral, and the capital contribution of Srbijagas will thus be defined, he said.

As for Gazprom, it will also add EUR 175 million, so the project will have EUR 500 million at its disposal in late February next year, he said.

Bajatović told reporters in the Serbian parliament that three documents will soon be signed with the Russian side, one of them stipulating that the Gazprom Export firm will have an exclusive claim on the entire capacity of the gas pipeline for 25 years.

The return on the capital invested in the construction of this section of the gas pipeline across Serbia will amount to 4.25 percent annually, the same as in Bulgaria, Bajatović said.

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