No consent from EBRD's Board of Directors yet for loan to "Srbijagas"

Source: Politika Wednesday, 13.01.2010. 15:13
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- The European Bank for Reconstruction and Development (EBRD) has not approved the loan of 150m EUR to "Srbijagas" yet because that creditor asked to gain insight into all future investments of Serbian public company - "Politika" wrote.

Citing the information from the unnamed source, Belgrade's daily newspaper wrote that the loan had not been granted at the meeting of the Board of Directors on January 12th since EBRD insisted that that money can not be invested in the joint projects of "Srbijagas" and Russia.

The source said that it was asked earlier that certain part of the money be invested in completion of construction of underground gas storage Banatski Dvor, but the loan had not been granted because Russian "Gazprom" was included in the whole business.

- Since "Srbijagas" mainly operates with company "Gazprom", Serbian public company should elaborate the projects that have no direct connection with the Russian partner - "Politika" announced.

Negotiations with EBRD on the loan should be resumed within the next few days, and the new date is Tuesday, January 26th.

General purpose of the loan was changed on the website of EBRD (www.ebrd.com) on Monday, January 11th. Instead of investments in procurement of gas for the storage in Hungary, connecting of gas pipeline network of Serbia with neighboring countries and construction of new underground gas storage, it is stated that the loan will be used for organizational and financial restructuring of the company.

The loan should also enable greater transparency and improvement of management of Serbian public companies, and EBRD said that the Government of Serbia, the owner of "Srbijagas", had promised to support development of the company, bring the regulations in accord with the EU directives and increase the independence of regulatory bodies.

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