Belgrade, Jan. 16, 2010, (Serbia Today) - The European Bank for Reconstruction and Development (EBRD) has not yet approved a loan of 150m EUR to "Srbijagas" because the EBRD asked to have control of how its money would be spent and access to future investments, according to an article in Politika" on January 13, 2010. Citing an unnamed source, the Belgrade newspaper wrote that the loan had not been granted at the meeting of the Board of Directors on January 12th because EBRD insisted that that money could not be invested in the joint projects of Serbian "Srbijagas" and Russian “Gazprom.” 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.
Previously the purpose of the loan had been to connect the gas pipeline network of Serbia with neighboring countries; to construct a new underground gas storage facility; and to purchase gas for storage in Hungary. But on January 11, 2010, the official EBRD website stated that through the proposed loan the EBRD has obtained the commitment of "Srbijagas" “(I) to purse organizational and financial restructuring and (ii) to increase standards of transparency, corporate governance and business conduct.” In addition the website reports that the EBRD has obtained the commitment of the Government of Serbia “to accelerate reforms in the energy sector aimed at (I) achieving harmonization with relevant EU Directives, (ii) enhancing the independence of the energy regulator, and (iii) supporting the unbundling of the Company’s natural gas transmission, distribution and trading activities.”
Negotiations with EBRD on the loan should be resumed within the next few days, and the new date is Tuesday, January 26th.
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