Malaysian company interested in exploring BiH oil fields

According to Reuters news agency, a Malaysian company wants to explore several potential oilfields in FBiH. Record crude prices have prompted the government to revive oil and gas exploration plans dating back to before the 90’s war, when US and British researchers found several oil deposits in the north and south. The Malaysian company, registered under the name Tara-Drina in BiH, has asked for concessions to explore oilfields in Tuzla, Livno and Stolac areas. The FBiH Government said it has suggested a partnership for Tara-Drina with engineering firm Energoinvest, which was the local partner in the original project and ordered last year to draft a plan of exploration for 2008-2017. Energoinvest has said that it would look for a strategic partner to finance the research after it has got the right to concessions from the FBiH's 10 cantons, a procedure that is underway. Geologists are not certain about quantities but believe they range from 20 million tones of oil at northern smaller beds to possibly 500 million tones in southern deposits, which were hard to assess at 5,000-6,000 meters depth. Another team of Canadian and British consultants also visited potential oilfields in BiH last week, Dnevni Avaz reported. The rights to oil exploration in the RS were given last year to the Russia's Zarubezneft after it bought a majority stake in the Brod refinery there.

Serbian Government adopts Russian energy deal

Serbia’s newly established Government has adopted last week Russian energy deal and sent it for ratification to the parliament. Parliament Speaker Slavica Djukic Dejanovic has said the deal could be ratified by mid this week. Ratification of the energy deal could see the sale of a 51 percent stake in Serbia's oil industry NIS to Russia’s Gazprom completed as early as August. Earlier this year, Gazprom offered Euro 400 million for NIS’ two refineries in Pancevo and Novi Sad and a network of fuel stations throughout the country and another Euro 500 million for the overhaul of NIS production facilities. Russia also vowed it will develop a part of the Southern Stream pipeline that will carry its natural gas via Bulgaria, Serbia and Croatia onwards to western European markets. The total value of the gas deal, which should be completed by 2013, was estimated at Euro 1.2 billion.

Telecoms in FBiH should be privatized for no less than 1.1 bn BAM

Commenting on the announced privatization of telecom sector and related media allegations, FBiH Prime Minister Nedzad Brankovic said for the OBN current affairs program “Telering” that he could not be lobbying for any of the interested parties because the procedures for privatization are clear. He underlined that privatization of telecom sector is a good solution – the FBiH’s budget will lose some BAM 85 million annually after BH Telecom is privatized but, on the other hand, the entity will earn a significant amount of money from the sale of company, not less than BAM 1.1 billion, which would be invested in development of the FBiH’s other economic potentials. “The Government’s concept is to change this passive capital, which contributes to our budget with some BAM 85 million annually, into active capital for investments”, Brankovic concluded.

Croatian grey economy figures down

Croatian Government was informed on Thursday about measures taken to combat the grey economy in 2007, with Deputy Prime Minister Damir Polancec saying that recent years saw a noticeable growth of the GDP and the number of employed people, and a decreasing share of the grey economy in the GDP. According to a report on the measures, the grey economy accounted for 8.31% of the GDP in 2004, against 9.81% in 2000. Among the measures and activities taken to fight the problem, Polancec highlighted better legislation, stronger supervision of law enforcement, repressive measures, and continued education. Novi List wonders how is it possible that figures on the grey economy differ so much from the previous data stating over 15 % of grey economy’s part in the GDP.