March 10 (SeeNews) - Bosnia's Prijedor municipality said that oil derivatives trader Hifa Oil plans to invest some 10 million marka ($5.8 million/5.1 million euro) in the first phase of the planned revamp of a local fuel terminal it had recently acquired from Prijedor-based fuel retailer Energopetrol.
The second phase of the investment will be considerably bigger and will lead to a new wave of employment, the municipal government said in a press release on Monday.
According to estimates, the terminal could be linked to the country's railway network in the future, therefore Hifa Oil will slowly start preparing the grounds for this step, Hifa Oil's CEO, Izudin Ahmetlic, said in the same statement.
In February, Tesanj-based Hifa Oil acquired Energopetrol's terminal complex in Prijedor at an auction for 1.51 million marka, the municipal government recalled, adding that this was the fourth attempt for the sale of Energopetrol's assets, which were first offered for sale at 4.54 million marka.
Prijedor is located in the Serb Republic, one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 195583 marka)