Bosnian company in USD 52mn deal with Libya

Bosnia's largest engineering group Energoinvest has clinched a new USD 52mn deal with Libya.

Izvor: Reuters

Thursday, 27.12.2007.

16:12

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Bosnia's largest engineering group Energoinvest has clinched a new USD 52mn deal with Libya. Energoinvest is to build power transmission lines and a transformer station, General Manager Dzemail Vlahovljak said on Wednesday. Bosnian company in USD 52mn deal with Libya Vlahovljak said Energoinvest has now secured projects amounting to over EUR 120mn in Libya and projects worth some EUR 60mn in Algiers, its traditional markets from before the 1992-95 war. "These contracts provide security and stability to our operation, which was hurt this year by the global political situation, particularly in Algiers," Vlahovljak told an annual news conference. He said that Energoinvest results were influenced by U.S. dollar weakness and rising oil prices. Energoinvest's preliminary results for 2007 showed revenues of 319.5mn Bosnian marka (USD 235.3mn) and profits of 2.7mn marka, It aims to more than double profits next year and increase revenues to 384.1mn marka, said Finance Director Dzevad Ganic. The company is among Bosnia's top five exporters and exports account for half its revenues. Energoinvest had annual turnover of about USD 2.5bn before the war, during which it was heavily damaged. It has recovered and stabilized in recent years, and regained its pre-war markets in Africa and Asia. Energoinvest plans to expand to the Middle East next year by forming a joint venture with partners in Saudi Arabia, said Vlahovljak's deputy Abdulharis Seta. The government of the Muslim-Croat federation, which makes up Bosnia together with the Serb Republic, scrapped its plans to privatize Energoinvest earlier this year, saying it was a strategic company. Vlahovljak said Energoinvest should now play a bigger role in government plans to construct hydro- and thermo-power plants over the next years. "If we are building hydro-electric plants in Pakistan, Libya, Algiers, isn't it normal that we do such projects in our country," he said, adding Energoinvest had been an engineering giant in the former Yugoslavia.

Bosnian company in USD 52mn deal with Libya

Vlahovljak said Energoinvest has now secured projects amounting to over EUR 120mn in Libya and projects worth some EUR 60mn in Algiers, its traditional markets from before the 1992-95 war.

"These contracts provide security and stability to our operation, which was hurt this year by the global political situation, particularly in Algiers," Vlahovljak told an annual news conference.

He said that Energoinvest results were influenced by U.S. dollar weakness and rising oil prices.

Energoinvest's preliminary results for 2007 showed revenues of 319.5mn Bosnian marka (USD 235.3mn) and profits of 2.7mn marka,

It aims to more than double profits next year and increase revenues to 384.1mn marka, said Finance Director Dževad Ganić.

The company is among Bosnia's top five exporters and exports account for half its revenues. Energoinvest had annual turnover of about USD 2.5bn before the war, during which it was heavily damaged.

It has recovered and stabilized in recent years, and regained its pre-war markets in Africa and Asia.

Energoinvest plans to expand to the Middle East next year by forming a joint venture with partners in Saudi Arabia, said Vlahovljak's deputy Abdulharis Seta.

The government of the Muslim-Croat federation, which makes up Bosnia together with the Serb Republic, scrapped its plans to privatize Energoinvest earlier this year, saying it was a strategic company.

Vlahovljak said Energoinvest should now play a bigger role in government plans to construct hydro- and thermo-power plants over the next years.

"If we are building hydro-electric plants in Pakistan, Libya, Algiers, isn't it normal that we do such projects in our country," he said, adding Energoinvest had been an engineering giant in the former Yugoslavia.

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