January 7 (SeeNews) - China' Sinohydro Corporation has registered a subsidiary in Bosnia that will be able to sign deals worth up to 40 million euro ($45 million) without the authorisation of the parent company, local media reported.
Sinohydro Corporation plans to use the new unit to run its projects in Bosnia, news portal Capital.ba reported on Monday, quoting data from the commercial court in Banja Luka.
In June, a consortium of Sinohydro, Azerbaijan's Azvirt and Power China Road Bridge Group signed a 28.1 million euro deal (without VAT) with Bosnian state-owned motorways company Autoceste FBiH for the construction of Pocitelj bridge, in southern Bosnia, part of European transport Corridor Vc.
In 2015, Sinohydro proposed to built the planned Banja Luka-Mlinista motorway section but the project has been blocked since then after it failed to win the approval of Bosnia's Council of Ministers, Capital.ba said.
The Chinese company has also shown interest in the 200 million euro project for the construction of the 160 MW Dabar hydro power plant and in the 35 MW Ulog hydro power plant project valued at 44 million euro, but both projects have been delayed, the media report said.
(1 euro = 7.75573 yuan)