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Sep 17, 2009 16:46 EEST
September 17 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is considering providing a loan of up to 150 million euro ($221.1 million) in several tranches to Serbia's gas monopoly Srbijagas.
The loan will be used, among other things, for the purchase of "0.25-0.3 bcm [billion cubic metres] of gas as a reserve to be stored in a rented commercial gas storage in Hungary, completing of the pig survey on a substantial part of the transmission network and urgent capital expenditures aimed at preserving the pipeline network integrity including enhancing environmental protection and safety," the international lender said in a statement posted on its website on Wednesday.
It would also finance the construction of a new underground gas storage facility and other strategic medium-term investments aimed at energy security, including possible inter-connectors with neighbouring countries.
The project is pending final review by the EBRD board on November 17.
The project's goals include supporting the ongoing process of unbundling of the company by gradually separating and auditing accounts by line of activity, creating separate management teams and, finally, legally separating transport and trade activities, the statement said.
Srbijagas (www.srbijagas.com) is active in natural gas transmission, distribution, storage and trade and is 100% owned by the Republic of Serbia.
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