Serbia plans to open tender for partner on oil shale project by end-2012

Preliminary estimates indicate that the Aleksinac basin holds 2.0 billion tonnes of oil shale deposits, the mining ministry said in a statement issued after Subaranovic and deputy mining minister Zoran Danilovic attended an international energy forum.

Across Serbia, oil shale deposits are estimated at 4.5 billion tonnes in 11 locations, the statement said.

Serbian media on Tuesday quoted the mining ministry as saying that the initial investment for the exploitation and processing of oil shale in the Aleksinac basin is estimated at 1.2 billion euro ($1.55 billion).

($=0.7729 euro)