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Russians will invest 650 million euros into the oil sector of Republika Srpska

Date: March 8^th 2010 Author: Mirsad Bajtarević, Sarajevo Category: Articles
Topic: Oil and oil derivates

After his return from Moscow, the premier of Republika Srpska Milorad Dodik said that in the following years the Russian partners will invest the total of 650 million euros into the oil industry of Republika Srpska, reported the media from Bosnia and Herzegovina.

Dodik said that he discussed further works on the reconstruction of the Brod Oil Refinery with the representatives of the company Zarubeznjeft. This company has taken over the activities for starting up a new line, increasing the raw oil refining capacities from 1.2 million to 4.2 million ton and reaching the Euro 5 quality, which will increase the export quality of the oil derivatives in the countries in the region. Russian partners are willing to expand the gas stations (up to 300 sales facilities) and to invest about 200 million euros into modernization and reconstruction of the existing Petrol gas stations. In the next five years the value of the total investment made by the companies Zarubeznjeft and Njeftegazinkor will be more than one billion euros.

PHOTO: europa.eu

According to Dodik, Republika Srpska is, on the basis of interest expressed by the Russian partners, willing to conclude the concession agreement for research of the raw oil and natural gas deposits; the research is to be conducted by the companies Zarubeznjeft and Gazpromnjeft. It has been agreed with the Russian partners that within the South Stream project and connection of Republika Srpska to this pipeline, the project should pass over to a higher operating stage, through a feasibility study which will be a part of the business plan.

Dodik said that the capacity of the South Stream is 63 billion m³ of gas, whereas about 1.5 billion m³ of gas would flow through Republika Srpska. Dodik pointed out that Republika Srpska is also prepared to interconnect with the Croatian gas network and to connect to the pipeline, the need for which was expressed by the Federation BiH.

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