SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

Comsar Energy inks deals for construction of TPP, coal mine in Bosnia's Ugljevik - report

Jul 14, 2021, 10:54:55 AMArticle by Dragana Petrushevska
share
July 14 (SeeNews) - Russian businessman Rashid Sardarov, owner of Cyprus-based Comsar Energy, has signed strategic partnership agreements with two companies for the construction of a thermal power plant and an adjacent coal mine in Bosnia's Ugljevik, local media reported.

Comsar Energy inks deals for construction of TPP, coal mine in Bosnia's Ugljevik - report
Photo: All Rights Reserved

Serdarov signed engineering, procurement and construction agreements with Chinese state-owned China National Electric Engineering Co (CNEEC) and Polish-Chinese Sunningwell International LTD, broadcaster Radio Slobodna Evropa reported on Monday.

Sinisa Majstorovic, executive director at Comsar Energy Republika Srpska (RS), which is majority owned by Comsar Energy, confirmed the signing of the agreements for Radio Slobodna Evropa, without revealing if the two companies will hold a stake in the planned project.

Comsar Energy holds a concession with the government of Bosnia's Serb Republic for the construction and operation of the Ugljevik 3 thermal power plant and the adjacent coal mine. Earlier this year, the government of the Serb Republic extended the concession to 44 years from 30 years.

The project, which should have been completed in 2016 under the initial plan, was halted several times due to failed negotiations with constructors and issues related to the environmental permits, according to local media.

Comsar Energy RS was established in 2012 as a joint venture between Comsar Energy and Bosnian state-owned coal mining and energy complex RiTE Ugljevik. Comsar Energy owns 90% of the joint venture company, whereas RiTE Ugljevik controls a 10% stake.

The Serb Republic is one of the two autonomous entities that form Bosnia and Herzegovina. The other one is the Federation.

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.