Russian Investments in Serbia 2008 by CorD Magazine

GUIDE

Russian Investment in Serbia December 2008

YOUR RELIABLE CONSTRUCTION PARTNER 46 years of tradition & experience in civil engineering and building construction , ) "' '" ' ( 'g , '" ' ( 'g , ') ( ' , ( ( ) ' ( ( n

VAĹ SIGURAN PARTNER U GRADJEVINARSTVU 46 godina tradicije i iskustva u putnoj privredi i visokogradnji , ( $ % '$ , '- '$ ( '" , + . '$ , ( (' ) % ' (' ( + '$a

Head office Civil Engineering: PUTEVI AD UĹžice, Serbia www.puteviyu.com

Head office Building Construction: PUTEVI AO UĹžice, Sochi, Russia www.putevi.com

If you can dream it, we can build it.

PUTEVI AD U탑ice, Serbia | PUTEVI AO, Sochi, Russia

Yevgeni Maksimovich Primakov, President of the Russian Trade and Industry Chamber

would like to congratulate you on your special issue, entitled ‘The Guide to Russian Investment in Serbia’, which contains articles dedicated to the current situation and the development prospects of economic and business co-operation between the Russian Federation and the Republic of Serbia. I would like to point out that Russia views Serbia as its priority partner in the Balkan region. A rich history of Russian-Serbian relations, as well as cultural and spiritual intimacy between our two nations, give special attributes to this co-operation. We have witnessed continuous increases in the volume of trade between our two countries, as well as the strengthening of our joint investment influence. The most evident example of this is the signing of an intergovernmental agreement on co-operation in the oil sector, which provides tangible strategic perspectives for both countries. I am confident that this publication will offer practical assistance to both Serbian and Russian entrepreneurs as they endeavour to expand and strengthen bilateral economic relations.

elim da vam čestitam izlazak specijalnog izdanja časopisa ’The Guide to Russian Investment in Serbia’, koji sadrži tekstove posvećene sadašnjem stanju i perspektivama razvoja privredno-ekonomske saradnje između Ruske Federacije i Republike Srbije. Želeo bih da istaknem da Srbija za Rusiju predstavlja prioritetnog partnera na Balkanu. Bogata istorija rusko-srpskih veza, kulturna i duhovna bliskost naših naroda toj saradnji daju poseban karakter. Svedoci smo neprekidnog porasta obima uzajamne trgovine i širenja investicionih uzajamnih uticaja. Najočigledniji primer toga je potpisivanje međuvladinog Sporazuma o saradnji u naftnoj privredi, koji za privrede dveju zemalja otvara istinske strateške perspektive. Uveren sam da će časopis pružiti praktičnu pomoć kako srpskim, tako i ruskim preduzimačima u daljem širenju i jačanju bilateralnih ekonomskih odnosa.

Alexander Vasilevich Konuzin, H.E. Russian Ambassador to Serbia

Dear readers,

Poštovani čitaoci,

he issuing of this specialised publication, The Guide to Russian Investment in Serbia, which is dedicated to highlighting the current situation and the development perspectives of trade and economic collaboration between the Russian Federation and the Republic of Serbia, is a very important event in our bilateral relations. I am confident that the publication’s articles and interviews, featuring renowned Russian and Serbian politicians and business people, will help in your endeavours to decipher the opportunities and more efficiently utilise the economic potential of relations between Russia and Serbia. I hope that the guide in front of you will become a sort of material reference for you and will offer good assistance in the further development of bilateral economic and trade co-operation, as well as marking a new page in the journal of relations between our two countries.

ojava specijalnog izdanja časopisa ’The Guide to Russian Investment in Serbia’, posvećenog sadašnjem stanju i perspektivama razvoja trgovinsko-ekonomske saradnje između Ruske Federacije i Republike Srbije veoma je važan događaj u našim bilateralnim odnosima. Smatram da će vam članci i intervjui sa poznatim ruskim i srpskim političarima i poslovnim ljudima koji su u časopisu objavljeni, pomoći da pravilno ocenite i efikasnije iskoristite ekonomski potencijal međusobnih odnosa koji se formirao između Rusije i Srbije. Nadam se da će časopis koji se nudi čitaocima postati radni materijal i dobar pomoćnik u daljem razvoju bilateralne ekonomske i trgovinske saradnje, i da će ispisati novu stranicu hronike odnosa između naših zemalja.

THE GUIDE TO RUSSIAN INVESTMENT IN SERBIA

IMPRESSUM

Managing Director Ana Isaković a.isakovic@cma.rs

CONTENTS

08 09 13 16 20 26

PRIORITY PARTNER Yevgeni Maksimovich Primakov, President of the Russian Trade & Industry Chamber FOREWORD H.E. Alexander Vasilevich Konuzin, Ambassador of the Russian Federation to Serbia EUROPEAN ENERGY CENTRE Alexei Borisovich Miller, Gazprom CEO MUTUAL BENEFIT Sergey Kozhugetovich Shoigu, Russian EMERCOM Minister ENERGY SUPERPOWER Russia finds itself in the company of the world’s ten most developed countries BRIDGES OF ENERGY Petar Škundrić, Serbian Minister of Energy & Mining

CONTRIBUTING TO ENERGY SAFETY Alexander Ivanovich Medvedev, Deputy Chairman of Gazprom’s Management Committee, Director General of 000 Gazprom Export

Editor in Chief Tatjana Ostojić t.ostojic@cma.rs Project Manager Elena Vasiljeva e.vasiljeva@cma.rs Art Director Zlatko Jovanović z.jovanovic@cma.rs Design Assistant Tatjana Radojičić Editorial contributors RIA Novosti – Vlad Grinkevič, Nikolaj Sokolov, Vladan Alimpijević, Jelica Putniković, Milena Petrović, S. Ćurić, Tina Lazarević, Miroslava CvejićKovačević, Ana Stojanović, Danijela Jovanović Proofreaders Mark Pullen, Danijela Jovanović, Nikolaj Sokolov Photo ‘Gazprom’, Marko Rupena, Časlav Vukojičić, Stanislav Milojković Translators Snežana Bjelotomić, Maja Tešić

38 42 44

PACKAGE ARRANGEMENT H.E. Alexander Vasilevich Konuzin, Ambassador of the Russian Federation to Serbia RELIABLE PARTNER Termoelektro – corporate presentation GAS FOR EXPORT Construction of the South Stream will secure Serbia’s energy for years to come

Sales Executive Marija Savić, m.savic@cma.rs Editorial Manager Tanja Banković, t.bankovic@cma.rs Subscriptions Maja Reljić, m.reljic@cma.rs General Manager Ivan Novčić, i.novcic@cma.rs Financial Director Ana Besedić, a.besedic@cma.rs Printing Politika AD “The Guide to Russian Investment in Serbia” is published by alliance international media This publication is made in conjunction with the Embassy of the Russian Federation to Serbia alliance international media Kneginje Zorke 11b 11000 Belgrade, Serbia Tel:+(381 11) 308 99 77, 308 99 88 Fax: +(381 11) 244 81 27 Email: office@cma.rs www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2008.

GAZPROM NEFT’S EUROPEAN PROJECT Alexander Valeryevich Dyukov, Gazprom Neft CEO

Alexei Borisovich Miller, Chairman of Gazprom’s Management Committee

hanks to the partnership with Gazprom, Serbia is becoming one of the great European centres for the transit and storage of natural gas. Simultaneously, the country is getting a safe supply of gas, oil and oil derivatives. Gazprom is not only able to finance energy and infrastructure projects on Serbian territory, but also possesses a unique raw material base able to secure sufficient energy resources for Serbia. In this way, Serbia will gain a foundation of finances, resources and technology for the development and sale of its own industrial and energy potential in the Balkans. The partnership between this company and Serbia will facilitate the establishing of export routes and will lead to the increased reliability of deliveries of Russian gas to European consumers. In the near future, Gazprom plans to make significant investments in reconstructing and modernising oil refineries in Serbia.

ahvaljujući partnerstvu sa ’Gazpromom’ Srbija postaje jedan od velikih evropskih centara za tranzit i skladištenje prirodnog gasa i istovremeno dobija sigurno snadbevanje tim energentom, a takođe, i naftom i naftnim derivatima. ’Gazprom’ ne samo da može da finansira energetske i infrastrukturne projekte na srpskoj teritoriji, već poseduje i jedinstvenu sirovinsku bazu kako bi za Srbiju obezbedio energetske resurse. Na taj način Srbija dobija finansijsku, resursnu i tehnološku bazu za razvoj i plasman sopstvenog industrijskog i energetskog potencijala na Balkanu. Partnerstvo ’Gazproma’ i Srbije doprineće određivanju izvoznih trasa i još većoj pouzdanosti isporuka ruskog gasa evropskim potrošačima. Već u najbližoj budućnosti ’Gazprom’ planira značajne investicije u rekonstrukciju i modernizaciju rafinerija nafte u Srbiji.

THE GUIDE TO RUSSIAN INVESTMENT IN SERBIA

CONTENTS

76 79 54 58 60 63 64 70 74

OIL & GAS FOR ALL RIA Novosti investigates energy reserve sustainability BUSINESS ABOVE ALL Milutin Mrkonjić, Serbian Infrastructure Minister RUSSIAN GAS FOR EUROPE The ambitious South Stream gas pipeline project gains clear contours SUCCESSFUL PRIVATISATION Majdanpek Copper pipe factory – corporate presentation TRADITIONAL PARTNERS Slobodan Milosavljevic, Serbian Trade & Services Minister POSITIVE TREND Russian ministerial official, Yelena Vladimirovna Danilova, provides the lowdown on bilateral trade and business relations YOUR RELIABLE CONSTRUCTION PARTNER Putevi Group – corporate presentation

80 82 88

AMAZING OPPORTUNITIES Nenad Popović, President of ABS Holdings TRANSPORT DIFFICULTIES Miroslava Cvejić-Kovačević investigates freight options for Russia CIVIL ENGINEERS’ AIRLINE Montavia Air – corporate presentation NEW PRODUCTS FOR AN OLD MARKET Miloš Bugarin, President of the Serbian Chamber of Commerce BANK OF MOSCOW BELGRADE Corporate presentation

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TICKET TO RUSSIA Details of compulsory product harmonisation certificates for the Russian market CURE FOR AN AILING MARKET According to Erste Group’s analysts, local pharmaceutical companies are withstanding the global financial crisis TOUGH COMPETITION Ana Stojanović investigates the opportunities for pharmaceutical firms competing on the Russian market SPORADIC INTEREST Aleksandar Gračanac, Director of the Share Fund of the Republic of Serbia EXPORTING TO EUROPE Dzuraev Adlazan Habibulaevich, Commerial Director of UGMK – OCM PROMISED LAND FOR SERBIAN FOOD Serbia’s agricultural and food industries could significantly contribute to the reduction of the country’s trade deficit with Russia FROM SEASHORE TO SPA Russian investors are yet to show great interest in Serbian tourism, with the takeovers of travel agency Putnik and the Sijarinska Spa marking the biggest investments to date

111 112 114

89 92 95 96

SAFE & STRONG Vladimir Zečar, Chairman of the Executive Board, Bank of Moscow Belgrade GAZPROM BANK BEFORE SOUTH STREAM Russian banks are interested in Serbia, despite the global crisis REPRESENTATIVE OFFICE EEFC Bank – corporate presentation GAS TREATY: ECONOMIC STIMULANT Andrey N. Hripunov, Head of the Russian Trade Office THE ABC OF DOING BUSINESS SIEPA tells you all you need to know about doing business with Russia

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REFERENCES The most significant facilities in the energy, oil refinery and petro-chemical sector, industrial facilities and metal processing compounds which Termoelektro built or took part in building.

Rafineries and petro-chemical facilities Serbia

Auto-crane Liebherr LTM 1060/2 in KBC Belgrade

Energy Serbia THERMO-ELECTRIC POWER PLANT’s NIKOLA TESLA (2x210 MW, 4x308 MW, 2x618 MW) KOSTOLAC (1x110 MW, 1x200 MW, 2x350 MW) KOLUBARA (1x110 MW) MORAVA (1x125 MW) NOVI SAD (2x125 MW) ZRENJANIN (2x135 MW) HYDRO-ELECTRIC POWER PLANT’s ĐERDAP (10x30 MW) ZAVOJ (2x40MW)

NOVI SAD OIL REFINERY 2,500,000 tons a year, atmospheric and vacuum destillation, petroleum production etc. PANČEVO OIL REFINERY 5,500,000 tons a year atmospheric and vacuum destillation, petroleum production, FCC, HDS, sulpholanes etc. Aromatic extraction, 500,000 MTA PANČEVO PETRO-CHEMICAL COMPOUND Ethylene, high density polyethylene: 200,000 tons a year; 50,000 tons of low density polyethylene a year, VSM, PVC: 50,000 tons a year; 100,000 tons a year; 50,000 tons a year. PANČEVO NITROGEN PLANT Ammonium, 300,000 tons a year; Nitrogen acid 180,000 tons a year; Ammonium-nitrate, 220,000 tons a year, UREA 100,000 tons a year; NPK fertilizer 300,000 tons a year. NEOPRENE FACTORY IN ODŽACI, 30.000 tons a year CHEMICAL COMPOUND IN BARIČ, LAB/LABS and TDI 40,000 MTA/30,000 MTS ZORKA ŠABAC CHEMICAL COMPOUND METHANOL & ACETIC ACID COMPOUND, KIKINDA RUBBER FACTORY, ZRENJANIN SULPHUR ACID PLANT, PRAHOVO PHOSPHORIC ACID PLANT, KOSOVSKA MITROVICA

Czech Republic

THERMO-ELECTRIC POWER PLANT TUZLA (1x110 MW, 3x210 MW) THERMO-ELECTRIC POWER PLANT UGLJEVIK (1x330 MW)

LITVINOV REFINERY Vacuum destillation, 2,500,000 MTA; Catalithic fluid cracking, 1,000,000 MTA PETRO-CHEMICAL COMPOUND LITVINOV Ethylene 500,000 tons a year PETRO-CHEMICAL COMPOUND NERATOVICE Linear alpha olefins, 120,000 tons a year

Algeria

Macedonia

THERMO-ELECTRIC POWER PLANT M`SILA (22x25 MW) THERMO-ELECTRIC POWER PLANT RAS DJINET (4x176 MW)

REFINERY IN SKOPJE 2,500,000 tons a year; Atmospheric and vacuum destillation; petroleum production etc.

Libya

Russia

THERMO-ELECTRIC POWER PLANT WEST TRIPOLI (5x65 MW) THERMO-ELECTRIC POWER PLANT BENGHAZI (3x20 MW)

KIRISHI REFINERY Petrochemical compound LAB/LABS; 50,000 MTA/60,000 MTA SHAMPOO FACTORY VLADYVOSTOK OF OIL FIELDS, KHABAZ/KIRKUK Degassing station and production lines, 40,000 BPD

Montenegro THERMO-ELECTRIC POWER PLANT PLJEVLJA (1x210)

Bosnia and Herzegovina

Iraq THERMO-ELECTRIC POWER PLANT HARTHA (2x208MW), Basrah THERMO-ELECTRIC POWER PLANT DAURA (2x200MW), Baghdad

India THERMO-ELECTRIC POWER PLANT BARAUNI (3x25MW)

Algeria ANABA CHEMICAL COMPOUND ABU KAMASH PETRO-CHEMICAL COMPOUND

Metallurgy Serbia METALLURGICAL COMPOUND SARTID, SMEDEREVO METALLURGICAL COMPOUND TREPČA KOSOVSKA MITROVICA, LED AND ZINK FACTORY

Montenegro ALLUMINIUM COMPOUND, PODGORICA IRON WORKS, NIKŠIĆ

Bosnia and Herzegovina ALUMINA FACTORY, ZVORNIK

Macedonia METALLURGICAL COMPOUND, KAVADARCI

Guinea BAUXITE MINE

Iraq PHOSPHATE MINE, Akashat

Changing a rotary furnace ring in the Beočin cement plant, Beočin, 2

Industry Serbia POPOVAC CEMENT PLANT (2,000 tons a day) COOKING OIL FACTORY, ZRENJANIN SUGAR REFINERY, ŠID SUGAR REFINERY, VRBAS SUGAR REFINERY, ZRENJANIN SUPERSONIC TUNNEL, BELGRADE

Montenegro PLJEVLJA CEMENT PLANT (1x600,000 tons annually)

Bosnia and Herzegovina CELLULOSE AND PAPER FACTORY INCEL, BANJA LUKA

The Czech Repubic CELLULOSE AND PAPER FACTORY, PASKOV

Russia COMPRESSOR STATION, GORNYOZAVODSK, (two gas pipeline stations)

Algeria CELLULOSE AND PAPER FACTORY, MOSTAGANEM CELLULOSE AND PAPER FACTORY, SONIC SAIDA COMPRESSOR STATION, TIN FAUYE TABANCORT, (five compressor stations)

Libya CEMENT PLANT, BENGHAZI (4x1,000,000 tons annually) TRANSFORMER STATION, TRIPOLI (S/S 5x50MW)

Iraq Designing the reactor for the Pančevo Reﬁnery, Pančevo, 2001

CELLULOSE AND PAPER FACTORY, BASRAH CELLULOSE AND PAPER FACTORY, MISAN

INTERVIEW

Sergey Kozhugetovich Shoigu, Russian EMERCOM Minister

MUTUAL BENEFIT “Removing or amending just one element of the Oil and Gas Treaty would render the treaty null and void, which is absolutely inexcusable. The treaty has been ratiﬁed by both sides.”

By Elena Vasilyeva & Tatjana Ostojić

In your opinion, what does the Oil and Gas Treaty between our two countries mean to both Russia and Serbia? For Russia, the treaty means extending existing gas transport routes in Europe; developing a better and more stable approach to the gas market in Serbia – not only in the sense of gas transit but also with the aim of increasing distribution and consumption volumes in Serbia; expanding oil processing capacities in Southeast Europe, broadening the retail network and providing an opportunity for the cheaper export of oil derivatives to the countries of the region and the whole of Europe. For Serbia, it means a natural transition from an energy end-user to one of the most important regional countries in terms of natural gas transit. It also means the further development of gas system installation projects, Serbia becoming an important energy centre in the Balkans and - considering guarantees provided by Russia on

Šta prema Vašem mišljenju znači za Rusiju, a šta za Srbiju Sporazum o nafti i gasu? Za Rusiju to znači: širenje postojećih pravaca transporta gasa u Evropi, bolji i stabilniji pristup tržištu gasa u Srbiji, i to ne samo za tranzit gasa, već i u cilju povećanja obima distribucije i potrošnje gasa od strane srpskog stanovništva i preduzeća. Zatim, širenje kapaciteta za preradu nafte u jugoistočnoj Evropi, širenje maloprodajne mreže realizacije naftnih derivata i mogućnost jeftinijeg izvoza naftnih derivata u zemlje regiona i Evrope u celini. Za Srbiju je to prirodni prelaz sa statusa zemlje – konačnog potrošača, na poziciju jedne od najvažnijih regionalnih država u oblasti transporta prirodnog gasa. Zatim dalji lokalni razvoj projekata gasifikacije Srbije, koja će postati važan energetski centar na Balkanu. Garancije u vezi sa energentima koje će dobiti od Rusije obezbediće Srbiji povećanje energetske bezbed-

e spoke to the Minister, EMERCOM of Russia, Sergey Shoigu, about elements of the gas treaty with Russia and its implementation. In addition to questions pertaining to the treaty itself and the sale of a 51% stake in Petroleum Industry of Serbia (NIS), we discussed Russian assistance in demining Serbian territory and overcoming the consequences of natural disasters.

lementi Gasnog aranžmana sa Rusijom i njegova realizacija bili su povod za razgovor s Sergejem Kožugetovičem Šojguom, ministrom Ministarstva za vanredne situacije Rusije. Pored pitanja koja su se odnosila na Sporazum, privatizaciju 51 odsto NIS, sa gospodinom Šojguom smo porazgovarali i o ruskoj pomoći oko deaktiviranja neeksplodiranih bombi na teritoriji Srbije i u otklanjanju posledica prirodnih nepogoda.

the delivery of energy products – the treaty means that Serbia’s energy security will improve. The treaty will also provide the opportunity to amass strategic reserves of energy resources and modernise the country’s oil industry in order for it to start producing European-quality products. In brief, this is a mutually beneficial agreement. The energy treaty signed by Serbia and Russia includes three elements: construction of the South Stream gas pipeline, modernisation and expansion of the Banatski Dvor gas storage facility, and the sale of a 51% stake in Petroleum Industry of Serbia (NIS). Do you intend to implement all three elements? Russia is certainly interested in implementing all three elements. They are viewed as a package and were included as such in the bilateral gas treaty that was signed on 25th January 2008. Removing or amending just one element of the Oil and Gas Treaty would render the treaty null and void, which is absolutely inexcusable. The treaty has been ratified by both sides. Implementation deadlines depend on the readiness of the projects to be implemented. This is a concrete business issue because all subsidiaries that comprise Gazprom are already engaged in practical activities.

nosti, mogućnost stvaranja strateških rezervi energetskih resursa, a tu je i modernizacija naftne industrije Srbije u cilju dostizanja kvaliteta proizvoda do evropskih standarda. Zaključak je da je ovo uzajamno koristan sporazum. Energetski sporazum između Srbije i Rusije sastoji se od tri elementa – izgradnje gasovoda ’Južni tok’, modernizacije i povećanja podzemnog skladišta gasa ’Banatski dvor’ i prodaje 51 odsto akcija Naftne industrije Srbije - NIS. Da li ćete realizovati sva tri elementa? Rusija je zainteresovana za realizaciju sva tri elementa, i zato su oni u paketu i ušli u Gasni sporazum između vlada, koji je potpisan 25. januara 2008. godine. Izuzimanje ili izmena samo jednog od tih elemenata značilo bi prekid sporazuma, koji je već ratifikovan sa obe strane, što je potpuno nedopustivo. Što se tiče rokova za realizaciju svih tih elemenata, to zavisi od stepena spremnosti svakoga od njih. To je pitanje već konkretnog posla. Praktičnim radom bave se kompanije koje ulaze u grupu ’Gazprom’. U skladu sa sporazumom, ’Gazprom neft’ treba da plati za 51 odsto NIS-a 400 miliona evra. U Srbiji se čuje da je to niska cena za NIS. Kakvo je Vaše mišljenje?

“It means a natural transition for Serbia from an energy end-user to one of the most important regional countries in terms of natural gas transit. It also means the further development of gas system installation projects, Serbia becoming an important energy centre in the Balkans and - considering guarantees provided by Russia on the delivery of energy products” According to the treaty, Gazprom Neft should pay €400 million for a 51% stake in NIS. However, some people in Serbia say that this price is too low. What do you think? The gas treaty that was signed, as well as other documents, clearly stipulates that the price for a 51% stake in NIS is set at €400 million – as was suggested by the Serbian Government following an independent audit of the company’s value. The Russian side accepted this offer and, since the relevant documentation was approved by the Russian Government, the aforementioned treaty was signed. As I said before, reviewing just one of the elements of the treaty would lead to the treaty being revised all over again, which could seriously affect all agreements concerning the South Stream project which Russia signed with several countries in the region. The main competitive advantage of this project is a guaranteed supply of raw materials to the factories within NIS.

U potpisanom Gasnom sporazumu i u drugim dokumentima jasno je određena cena 51 odsto akcija NIS-a koja iznosi 400 miliona evra i koja je bila ponuđena od strane Vlade Srbije na osnovu ranije izvršene nezavisne strukturne procene vrednosti NIS-a. Ruska strana je pristala na datu ponudu, i pošto su dokumenta odobrena od strane Vlade Rusije, ona je potpisala pomenuti Sporazum. Ponovno razmatranje bar jednog od članova iz paketa sporazuma, kako sam već rekao, dovešće do ponovnog razmatranja celokupnog Sporazuma, a takođe će ozbiljno uticati na sporazume u vezi sa projektom ’Južni tok’, koji je Rusija potpisala sa nizom zemalja u regionu. Osnovna konkretna prednost ovog projekta je garantovano obezbeđenje sirovina za fabrike NIS-a.

A plan for adoption of an economic feasibility study for

Već je napravljen plan za prihvatanje studije ekonomske oprav-

NIS’ storage facilities

Russian Investors

Ruski investitori

“Russian investors continue to be very interested in investing in the Serbian economy. This is inevitably linked to the process of privatising public enterprises in Serbia, including some large corporations which are considered as the foundation of your national economy. The gas treaty will definitely exert a positive influence on that process.”

“Zainteresovanost ruskih investitora za ulaganja u srpsku privredu i dalje je velika. I to je neraskidivo povezano sa procesom privatizacije državnih preduzeća koji se odvija u republici, među kojima su i velika preduzeća, koja predstavljaju osnovu nacionalne privrede. Gasni sporazum će bezuslovno pozitivno uticati na taj proces.”

INTERVIEW

constructing the South Stream through Serbia has already been made. How much gas will run through Serbia? Pursuant to Article Four of the gas treaty, the gas pipeline’s annual volume will be at least 10 billion cubic metres. At the same time, I would like to underline that the activities on the economic feasibility study are just beginning, hence the exact deadlines and numbers will be known when we reach an agreement with all end-users.

danosti izgradnje gasovoda ’Južni tok’ kroz Srbiju. O kojoj se količini gasa koji će prolaziti kroz Srbiju radi? Oslanjajući se na član 4 Gasnog sporazuma gasovod će imati propusnu moć od najmanje 10 milijardi kubnih metara prirodnog gasa godišnje. U isto vreme želeo bih da podvučem da rad na studiji ekonomske opravdanosti tek počinje i da će zato tačni rokovi i cifre biti formirani tek kada budu postojali dogovori sa svim potrošačima.

When will the gas treaty be fully implemented? The treaty stipulates that the two sides will set up a joint venture company in charge of constructing the Serbian section of the South Stream by 25th May 2008 at the latest. However, the treaty had not been ratified by the Serbian Parliament back then – it was only ratified on 9th September 2008, when we formed working groups in charge of the treaty’s implementation. They are working

Kada će Gasni sporazum moći da bude u potpunosti realizovan? Sporazumom je bilo predviđeno da će strane najkasnije do 25. maja 2008. godine obezbediti formiranje zajedničkog preduzeća za izgradnju srpske deonice magistralnog gasovoda ’Južni tok’. Ali, zbog toga što tada u Srbiji još nije bio ratifikovan Sporazum o saradnji u naftnoj privredi, srpska strana ga je ratifikovala 9. septembra 2008. godine. Sada su formirane radne grupe za njegovu realizaciju i one aktivno rade, između ostalog i na nadoknadi izgubljenog vremena. Ali, za sada je preuranjeno govoriti o konačnim rokovima realizacije svih tačaka Sporazuma. Po Vašem mišljenju, koji je razlog manjeg broja ruskih investitora u Srbiji do sada? Postoji niz pozitivnih primera gde su ruski investitori kupovali aktive srpskih preduzeća kao što su ’Beopetrol’, fabrika bakarnih cevi ’Majdanpek’, ’Putnik’, ’Ikarbus’ i drugi. Negativni uticaj na dolazak stranih, između ostalih i ruskih investitora u Srbiju do nedavno je imala nestabilna politička situacija vezana, pre svega, za proglašenje nezavisnosti Kosova i Metohije i njegovu podršku od strane SAD i Evropske Unije. To je negativno uticalo i na međupartijske odnose u vladajućoj koaliciji, vlada je radila praktično u kriznom režimu, što je otežavalo donošenje ozbiljnih odluka na državnom nivou u svim oblastima privrednog života zemlje.

A group of Russian mine clearers in Niš

hard to make up for lost time, but it is still early days to talk about final deadlines for implementation of the complete treaty. In your opinion, why are there so few Russian investors in Serbia to date? There are quite a few positive examples of Russian investors buying the assets of Serbian companies: Beopetrol, the Majdanpek Copper Pipes Factory, Putnik, Ikarbus and others. However, the unstable political situation arising from Kosovo’s declaration of independence and the subsequent support of the U.S. and EU countries has certainly contributed to foreign investors, including those from Russian, avoiding investing in Serbia. This also had a negative influence on the interaction between political parties in the ruling coalition; your government was practically working under crisis conditions, which further complicated serious economic decisions at the state level. Russian experts are currently working in Serbia to deactivate unexploded bombs left over from the NATO air raids. Why is Russian interested in doing this, bearing in mind that this is a costly job that needs a highly skilled workforce? In accordance with a decree by the President of the Russian Federation, we take part in international programmes, projects and operations of the so-called human deactivation – in other words we provide assistance to foreign countries. We are providing this assistance in accordance with previous decisions of our state officials concerning the Balkans. Our miners were engaged in Bosnia & Herzegovina, Croatia and, in the last three years, in the province of Kosovo. Hence, providing help to our brotherly Serbian nation comes naturally to us and is a matter of honour.

Ruski stručnjaci se bave deaktiviranjem bombi koje su u Srbiji ostale posle NATO bombardovanja. U čemu je interes ruske strane za taj posao, ako se uzme u obzir da se radi o poslu koji je skup i zahteva visoke kvalifikacije? U skladu sa Ukazom predsednika Ruske Federacije mi učestvujemo u međunarodnim programima, projektima i operacijama humanitarnog

Sporazumom je bilo predviđeno da će strane najkasnije do 25. maja 2008. godine obezbediti formiranje zajedničkog preduzeća za izgradnju srpske deonice magistralnog gasovoda ’Južni tok’. Ali srpska strana ga je ratifikovala 9. septembra 2008. godine deaktiviranja, pružajući pomoć u tome stranim državama. Takvu pomoć smo, u skladu sa ranijim naredbama državnog rukovodstva, već pružali na Balkanu. Naši mineri ranije su radili u Bosni i Hercegovini, Hrvatskoj, a takođe i tokom tri godine na teritoriji pokrajine Kosovo. Zato pružanje pomoći bratskom srpskom narodu mi smatramo prirodnim poslom i to je za nas stvar časti. Posle NATO bombardovanja zemlje 1999. godine i oružanih sukoba između strana u periodu raspada bivše Jugoslavije problem čišćenja teritorije i objekata od eksplozivnih naprava u Srbiji je i do danas ostao aktuelan: minska polja nisu deaktivirana na površini od oko 2,5 miliona kvadratnih metara. Na teritoriji čija je ukupna površina 23,0 miliona kvadratnih metara potrebno je deaktiviranje kasetnih bombi. Nije deaktivirano oko 60 velikih avionskih bombi koje se nalaze na dubi-

The NATO bombnama do 20 metara i koje ing of 1999 and armed ugrožavaju bezbednost conflicts between the stanovništva i važnih priformer Yugoslav repubvrednih objekata. lics made the problem Osim toga, ovaj problem of cleaning up the terje dobio na težini u vezi ritory and facilities of sa planovima realizacije mines remains open velikih rusko-srpskih to this very day. Active energetskih projekata. minefields still cover Jasno je da je za obezover 2.5 million square beđenje realizacije prometres. Cluster bombs jektno-istraživačkih i need to be deactivated građevinskih radova on over 23 million neophodno prethodno square metres. Around proveriti, a ako je potreb60 large bombs, some no, i očistiti teritorije od of which are buried as svih vrsta eksplozivnih deep as 20 metres, still naprava. To je čitav proMinisters Shoigu (Russia) and Dačić (Serbia) and Ambassador Konuzin haven’t been deactivatgram. Ove godine, kao pictured alongside Russian mine clearance specialists at Niš’s airport ed and are jeopardising što znate, u Srbiji radi the safety of the population and important economic facilities. ruski odred koji realizuje projekat deaktiviranja na aerodromu u Nišu Additionally, this problem became even more important in u cilju da se on potpuno vrati u privredni promet. Do danas je prothe light of implementation of large energy projects by Serbia and nađeno i deaktivirano 69 naprava, elementi kaseta i nekoliko bombi. Russia. We understand that we first need to check and, if neces- U septembru smo potpredsednik vlade, ministar unutrašnjih poslova sary, clean the territory from all sorts of explosives in order to im- Ivica Dačić i ja posetili odred koji radi u tom regionu i uverili smo se da plement these research and construction works. This is a complete organizacija, i sredstva, i tehnologiju za rad, koje taj odred primenjuje, programme. This year, as you know, there is a Russian squad work- odgovaraju najvišim međunarodnim zahtevima. ing in Serbia on deactivating mines at the Niš Airport, in order to bring it back to life. Until now, we have found and deactivated 69 Srbija duži niz godina ne može da se izbori sa prirodnim nepoexplosive devices - both cluster and regular bombs. In September godama, pre svega sa požarima i poplavama. Da li postoji mogućSerbia’s Deputy PM and Minister of Internal Affairs, Ivica Dačić, nost saradnje u ovoj oblasti, imajući u vidu da su ruske jedinice and I visited the squad that was working in this region and we saw već dolazile u pomoć Srbiji? for ourselves that the organisation, means and technology used by Na osnovu pravnih sporazuma koji postoje između naših zemalja, mi the squad are in line with the highest international standards. realizujemo saradnju u toj oblasti već nekoliko godina, povećavajući iz godine u godinu efikasnost te saradnje. Između ostalog, jula i avgusta Serbia hasn’t been able to cope with natural disasters, espe- 2007. godine avijacija Ministarstva za vanredne situacije Rusije efikacially fires and floods, for years. Is there any way of co-oper- sno je bila korišćena za gašenje požara na teritoriji Srbije. Planirali smo ating in this field, bearing in mind that Russian units already da ove godine nastavimo tu saradnju. Ali, događaji na Kavkazu avgusta assisted Serbia in the past? ove godine zasmetali su realizaciji tih planova. Svi višefunkcionalni On the basis of legal regulations that are applied in our two countries, we have been co-operating in this area for some years and have been increasing the efficiency of this co-operation year-onyear. In July and August of 2007, the air force of the Russian Emergencies Ministry was efficiently used to extinguish fires on Serbian territory. We plan to continue this co-operation this year too, but the conflict in the Caucasus region in August this year hindered the implementation of these plans. All of our multi-functional IL76 transport planes were engaged in transporting humanitarian transportni avioni IL-76 radili su na dostavljanju humanitarne pomoći aid and construction materials to the region of South Ossetia. There was noticeable progress in 2008 when it comes to the area i građevinskog materijala u region Južne Osetije. of personnel training. In April a group of experts from the Russian Primetan progres zabeležen je 2008. godine, i u delu saradnje u oblaEmergencies Ministry held consultations with Serbian colleagues sti pripreme kadrova. Meseca aprila grupa eksperata Ministarstva za from the Ministry of Internal Affairs on the issue of fighting floods. vanredne situacije Rusije obavila je konsultacije sa srpskim kolegama They gave a practical demonstration of a rescue operation on the iz MUP-a Srbije po pitanju borbe protiv poplava, a takođe su uzeli River Sava. Aside from that, in the period from 16th to 28th July učešće u praktičnoj demonstraciji spasavanja nastradalih na reci Savi. this year, 12 Serbian experts went through a scuba-diving training Osim toga, od 16 do 28. jula ove godine, 12 srpskih stručnjaka prošlo course on the base of the Russian Emergency Ministry’s South je obuku u bazi Južnog regionalnog centra Ministarstva za vanredne Regional Centre in the town of Sochi. situacije Rusije, grad Soči. We plan to extend this co-operation to some other professions Određeni su planovi širenja ove saradnje i u drugim strukama that are important to the respective ministries and we also plan to koje su važne za naša ministarstva, a takođe i modernizacija ugomodernise our contractual and legal basis in line with our co-op- vorno-pravne baze u ovom pravcu saradnje. Planiramo da sva ova eration. We are going to review all of these issues at the 7th session i druga pitanja u celini razmotrimo na 7. zasedanju Međuvladinog of the Intergovernmental Russian – Serbian Committee that will rusko-srpskog Komiteta, koje će biti održano u Moskvi krajem take place in Moscow at the end of November this year. novembra ove godine.

Ove godine u Srbiji radi ruski odred koji realizuje projekat deaktiviranja na aerodromu u Nišu u cilju da se on potpuno vrati u privredni promet. Do danas je pronađeno i deaktivirano 69 naprava

ECONOMY

Russia finds itself in the company of the world’s ten most developed countries

ENERGY SUPERPOWER

The global ﬁnancial crisis has not affected Russia as much as it has other countries. Oil production is reduced and tax reliefs for oil producers are ‘in the pipeline’ By Vlad Grinkevich

he main feature of the Russian economy in the past eight years has been its fast growth. GDP has increased by around 70%; industrial production has grown by 75% and investments have increased by 125%. According to last year’s results, Russia’s GDP in 2007 reached the 1990 level, which means that the country has overcome the consequences of the economic and social crisis of the 1990s. Today, the country is an energy superpower and one of the top ten economies globally. However, some experts insist that possibilities for further growth in the export of raw material resources have already reached their peak. The country is now facing the more challenging task of reforming its economic structure.

IMPRESSIVE RESULTS The economic results achieved by Russia during the last few years are extremely impressive. The country has managed to pay off its foreign debt, amass gold and foreign currency reserves that are currently among the biggest in the world (stored in the so-called Stabilisation Fund) and the Russian Rouble is now stronger and convertible.

snovna karakteristika ruske ekonomije u poslednjih osam godina je buran razvoj: BND povećao se za 70 odsto, industrijska proizvodnja se povećala za 75, priliv investicija povećan je za 125 odsto. Prema rezultatima iz prošle godine BND Ruske Federacije izjednačen je sa istim pokazateljem iz 1990. godine. Drugim rečima, zemlja je prevazišla posledice ekonomske krize devedesetih godina. Danas je Rusija energetska supersila, koja ulazi u red deset ekonomski najrazvijenijih zemalja. Međutim, pojedini eksperti smatraju da su mogućnosti razvoja, na račun izvoza sirovinskih resursa, već dostigle svoj vrhunac. To znači da zemlja pred sobom ima složeni zadatak – promenu strukture ekonomije. ZADIVLJUJUĆI REZULTATI Rezultati iz nekoliko prošlih godina u ekonomiji Rusije su zadivljujući: zemlja je isplatila strana dugovanja, stvorila je fond zlatnih i deviznih rezervi koji je jedan od najvećih na svetu, Stabilizacioni fond, ojačala je rublju i učinila je konvertibilnom. Reše-

Internal problems, such as regular payments from the state budget and their constant revaluing, have been resolved. Pensions are paid out on a regular basis, while social investments continue to grow year-on-year. Lav Freinkman, an expert of the Institute for Transitional Economy, calls the last eight years a ‘period of economic stability’ for Russia. Yet, it is the raw material sector that has been the generator of Russia’s economic success. The clever distribution of natural resources has not only facilitated stable economic growth, but also led to increased stability – something that the Russian economy needs in order to get through the global financial crisis.

no je niz unutrašnjih pitanja, kao što su redovne isplate zarada iz budžeta uz njihovu stalnu revalorizaciju. Tu je i regularna isplata penzija, stalni godišnji porast socijalnih ulaganja. Ekspert Instituta za ekonomiju u prelaznom periodu, Laf Frejnkman poslednjih osam godina naziva ‘periodom ekonomske stabilnosti‘. Međutim, lokomotiva ruske ekonomije je bio, i za sada to i ostaje, sektor sirovina. Pametno raspolaganje prirodnim resursima omogućilo je ne samo da se postigne stabilni ekonomski razvoj, već i da se stvori rezerva stabilnosti, koja pomaže ruskoj ekonomiji da uspešno preživi svetsku finansijsku krizu.

KONTROLA SIROVINA Značajni deo naftnog i gasnog kompleksa posledSTATE CONTROL njih godina prešao je pod Russia has become an enkontrolu države, to je politiergy superpower thanks to a ka koju vodi i veći deo zemapolicy that sees the governlja bogatih sirovinama. To je ment controlling a substani omogućilo da se realizuje Vladimir Putin & Gazprom CEO Alexei Miller tial part of the oil and gas koncepcija energetske supersector and its revenues. The same can be witnessed in most coun- sile. Pri tome, jačanje države u sferi energetike i goriva dovelo je do tries producing raw materials. State control of this sector has made potpune otvorenosti kompanija za investitore. Tako je, pošto je konRussian fuel and energy companies completely open to investors. trolni paket ‘Gazproma‘ prešao u državno vlasništvo, ova kompanija After the government took over a controlling stake in Gazprom, liberalizovala tržište svojih akcija. Državni ‘Rosneft‘ ,koji je postao this energy giant became a truly public company with a liberalised najveća naftna kompanija u zemlji, 2006. godine je održao “narodni share market. Rosneft, the largest state-controlled oil company in IPO“, prvi u Rusiji, i privukao hiljade domaćih i stranih investitora. Russia, was the country’s first oil company to go public in 2006, Tokom prošle godine prihod od preduzeća iz oblasti goriva attracting thousands of Russian and foreign investors, including many individuals. During last year alone, customs and tax revenue of fuel and energy companies amounted to close to 3.1 trillion Roubles (there are approximately 35 Roubles to a Euro). This is almost half of the entire revenue of the Russian Federation’s budget. We should not forget that a major part of the processing industry and trade also comes under the fuel energy sector, which includes companies that process and produce oil and related products. Almost all of Russia’s export is made of raw materials and mineral fertilisers. Last year, i energetike samo od carina i poreza iznosio je oko 3,1 triliona Russia’s total export amounted to $352 billion, with only $17 bil- rubalja (uz srednji kurs 24 rublje za jedan USD). To je skoro polovina prihoda koji ulaze u budžet Ruske Federacije. Ne treba zalion coming from exports of machinery and equipment. However, when assessing the impressive successes of the Russian boraviti da veliki deo prerađivačke industrije i trgovine, takođe, fuel and energy sector we should not forget that quite a few threats predstavlja deo kompleksa goriva i energetike, zato što se one bave are lurking behind this disproportionally high share of the raw ma- preradom nafte i kasnijom realizacijom naftnih derivata. Gotovo terials sector. The country’s First Deputy President, Igor Shuvalov, celokupan izvoz Rusije predstavlja izvoz sirovina i mineralnih đusaid that the ‘energy trap’ was one of the five most dangerous ‘traps’ briva: tokom prošle godine od 352 milijarde dolara prihoda od for the Russian economy. If the global oil price shifts or production izvoza, samo 17 milijardi dolara je realizovano od izvoza mašina i opreme. levels decrease, stable development can be easily replaced by a fall. Međutim, posmatrajući zadivljujuće uspehe ruskog komplekThe Russian Federation’s Finance Ministry sent a warning sign sa goriva i energetike ne treba izrecently, noting that as of 2014 gubiti iz vida da neproporcionalthere is a possibility that Russian Favourable Tax System no veliki udeo sektora sirovina state revenue will fall behind, due to reduced fuel and energy indi- Russia’s tax system favours investments. For example, the krije u sebi mnogo pretnji. Prvi cators. This could see the budget average corporate tax rate in the U.S. is 40%, in Germany it’s potpredsednik vlade zemlje, Igor deficit amounting to 2.2% of the 38.36%, while in France it’s 33.33%. For now, this tax rate in Šuvalov, nije slučajno ‘energetsku Russian GDP by 2023. According Russia stands at 24%. Also, the VAT rate in Europe ranges klopku‘ svrstao u prvih pet ‘zato the Federal Statistics Office, in between 20% and 22%, while in the Scandinavian countries mki‘ ruske ekonomije. Dovoljno July 2008 oil and gas production of Denmark, Sweden and Norway it is as high as 25%. In je, na primer, da se dogodi proreduced by 1.9% and 0.9% respec- Russia, meanwhile, it is 18%. The profit tax in Russia is 13%, mena svetskih cena nafte ili da se umanje obimi eksploatacije, i tively. In the first seven months of which is one of the lowest rates in the world. pojavljuje se pretnja da će stabilthis year, 0.8% less oil and gas con-

Investicije države u razvoj infrastrukture postaće ne samo taktički potez u borbi protiv inflacije, već će pomoći prilikom rešavanja strateškog zadatka – realizacije strukturnih promena u ekonomiji

ECONOMY

Russian President Medvedev, U.S. President Bush, German Chancellor Merkel and Robert B. Zoellick

ni razvoj zameniti pad. densate was produced than in the same period last year. Ministarstvo finansija Ruske Federacije nedavno je objavilo Experts agree that the country is entering a period of lower oil production. The reason for this can be found in the fact that oil de- upozoravajuću prognozu: nije isključeno da će zbog smanjenja posits in the main oil region of Western Siberia are being exhausted. pokazatelja kompleksa goriva i energetike već od 2014. godine The Russian coast and deposits in eastern Siberia could be used as prihodi ruske državne blagajne početi da zaostaju za troškovima, alternatives. Solving this problem requires a long-term state pro- a do 2023. godine deficit budžeta može da iznosi 2,2 odsto BND. gramme to be written, which should deal with development of the Prema podacima Državne službe za statistiku, u julu 2008. godine eksploatacija nafte smanjena je za 1,9, a gasa za 0,9 odsto. Za samo infrastructure in oil rich regions. The best way to solve this problem is to use existing deposits to an sedam meseci ove godine dobijeno je 0,8 odsto manje nafte i gaeven greater extent, in order to explore and open new wells, which snog kondenzata nego u istom periodu prošle godine. Eksperti su sigurni u to da zemlja ulazi u period pada obima ekin turn requires the oil companies to apply new technologies and spend more money, which again is impossible to do if these com- sploatacije nafte. Razlog tome je iscrpljivanje nalazišta u glavnom panies are not given any tax reliefs. If that does not happen, greater naftnom regionu – zapadnom Sibiru. Kao potencijal za povećanje oil revenues are only possible if global oil price rises significantly or obima eksploatacije mogla bi da posluži ruska obala i nalazišta if oil exports become higher following a reduced demand for oil on istočnog Sibira. Ova dugoročna perspektiva koja zahteva ozbiljni the domestic market. However, raising the oil price in conditions državni program, u koga bi trebalo da bude uključen razvoj infrawhere global economies are going through a crisis is highly unlikely strukture naftnih regiona. A najbliža rezerva je produbljena razraand reducing the demand for oil on the domestic market could lead da već postojećih nalazišta, istraživanje i otvaranje novih bušotina, što od kompanija koje se bave eksploatacijom naftnih nalazišta to social upheaval. Accordingly, in spring this year Vladimir Putin announced zahteva korišćenje novih tehnologija, a to znači i ogromne investicije, koje, prema mišljenju samih that the government was preparnaftaša, nije moguće realizovati ing to provide tax reliefs for oil Povoljan poreski sistem bez poreskih olakšica. Ako se to companies in order to stimulate oil production. A decision has Rusija ima poreski sistem koji je veoma povoljan za investic- ne dogodi porast priliva ‘naftnih‘ already been made to reduce tax ije. Tako na primer, porez na dohodak kompanija u SAD-u dolara moguć je samo ukoliko on exploitation of mineral raw u proseku iznosi 40, u Nemačkoj 38,36, u Francuskoj 33,33 nafta značajno poskupi na svetmaterials. The country’s Finance odsto. U Rusiji je taj procenat za sada 24 odsto. Takođe, skom tržištu, ili ako se poveća Ministry has prepared a draft of PDV u Evropi izosi 20-22 odsto, a u Danskoj, Švedskoj i izvoz za račun umanjenja potrathe Law on Increasing the Taxable Norveškoj, na primer, on dostiže i 25, a u Rusiji iznosi 18 žnje nafte na domaćem tržištu. Minimum, related to tax interest odsto. Porez na dohodak u Rusiji danas iznosi 13 odsto i to Ali povećanje cena u uslovima pada svetske ekonomije teško je rates on exploitation of mineral je jedan od najmanjih poreza na svetu. moguće, a smanjenje potražnje raw materials ranging from $9 to

$15 per barrel. The operability shown by the Government in solving these complex fuel issues is quite understandable: according to Russian state officials, fuel and energy revenues should continue to serve as generators of the Russian economy. It is no coincidence that a long-term forecast of the country’s social and economic development (complied by the Ministry of Economic Development) envisages an increase in exploitation of hydrocarbon raw materials. Depending on the method of the development scenario, the increase in exploitation should be from 18% to 34% by 2020. GLOBAL CRISIS The global financial crisis could not have bypassed Russia, although its impact on the country has been much lower than in other countries. Russia is not only facing reduced oil production, but the economy on the whole is slowing down. According to the Federal Statistics Office, in the period from January to July 2008 Russian industry grew slower than a year ago (5.4% in comparison to last year’s 7.6%). In June this year, industrial growth was only 0.9%, while in July this percentage had risen by 3.2%, though that is again three times lower compared to July last year (10.3%). The difference is evident, but we should not forget that there was a huge production growth in July last year - for which economic experts have no explanation. A similar ‘jump’ did not happen this year, hence the word ‘failure’ is now used more frequently. It is likely that economic growth will continue to slow. Banks are now applying a stricter loan policy, while interest rates on the money market went up dramatically in the past few months. The industrial sector’s response could result in a reduction of investment programmes. However, such a turn of events can be avoided. Russia has been given an opportunity to avoid economic turmoil and survive the global crisis with far less detrimental consequences in comparison to other developed countries. Firstly, Russia has a tax system which favours investments. For example, the average corporate tax rate in the U.S. is 40%, in Germany it’s 38.36%, while in France it’s 33.33%. For now, this tax rate in Russia

The state’s investments in infrastructure development will not merely be a tactical move against inflation, but rather a move that will help in dealing with strategic tasks stands at 24%. Also, VAT rates in Europe ranges from between 20% and 22%, while in the Scandinavian countreis of Denmark, Sweden and Norway it is as high as 25%. In Russia, however, it is just 18%. Moreover, the profit tax in Russia is 13%, which is one of the lowest rates in the world. In addition to the aforementioned, the Russian state has huge reserves in its so-called Reserve Fund amounting to 3.069 trillion Roubles, while the National Welfare Fund holds 782.8 billion Roubles. Some of these funds can be directed towards the economy, thus making up for a lack of privately-owned capital, as is the case in some other countries. One thing that we should not forget is that the state’s substantial presence in the economy is equally detrimental to the state not being present at all. According to relevant experts, conflicts between the state and privately-owned companies are one of the reasons that the influx of foreign capital has almost halved (last year it stood at $70 billion, while this year it stands at $40 billion).

Gas pipeline

na domaćem tržištu kao rezultat može da dovede do socijalnih potresa u zemlji. Zbog toga je u proleće ove godine premijer Vladimir Putin saopštio da vlada priprema poreske olakšice za naftaše u cilju stimulisanja povećanja eksploatacije nafte. Već je doneta principijelna odluka o smanjenju poreza na eksploataciju rudnih bogatstava. Ministarstvo finansija Ruske Federacije pripremilo je nacrt zakona o povećanju oporezovanog minimuma prilikom obračuna poreskih kamata na eksploataciju rudnih bogatstava u delu nafte sa devet dolara po barelu do 15 dolara po barelu. Operativnost kojom je vlada krenula u rešavanje problema kompleksa goriva potpuno je razumljiva: prihodi od kompleksa goriva i energetike, prema mišljenju ruskog rukovodstva, treba još neko vreme da budu pokretač ruske ekonomije. Nije slučajno što je u dugoročnoj prognozi socijalno-ekonomskog razvoja zemlje, koju je izradilo Ministarstvo za ekonomski razvoj, predviđen aktivni porast eksploatacije ugljovodoničnih sirovina. U zavisnosti od scenarija razvoja, do 2020. godine porast eksploatacije treba da iznosi od 18 do 34 odsto. SVETSKA EKONOMSKA KRIZA Svetska ekonomska kriza nije mogla da zaobiđe Rusiju, mada je taj uticaj manji nego kod drugih. U zemlji ne samo da se smanjuje eksploatacija nafte, već i ekonomija u celini usporava svoj porast. Državna služba statistike Rusije je izračunala: od januara do jula 2008. godine industrija se razvijala za oko jednu trećinu sporije nego pre godinu dana (5,4 u odnosu na 7,6 odsto prošle godine). U junu ove godine porast industrijske proizvodnje iznosio je svega 0,9 odsto, prema rezultatima iz jula ovaj broj se povećao do 3,2 odsto, ali to je tri puta manje od pokazatelja iz jula prošle godine (10,3 odsto). Razlike ostavljaju, utisak, ali treba znati da se lanjski juli odlikovao izuzetno visokim porastom proizvodnje za koje ekonomisti ni do danas nisu pronašli objašnjenje. Sličan skok se

ECONOMY

ove godine nije dogodio, otud i sadašnji ‘neuspeh‘. Nije isključeno da ekonomski rast može da nastavi da se usporava: banke pooštravaju kreditnu politiku, poslednje mesece karakteriše prilično dramatični porast kamatnih stopa na tržištu novca. Odgovor industrijskog sektora može da bude smanjenje investicionih programa. Međutim, ovakav razvoj događaja može i da se izbegne. Rusija ima sve šanse da izbegne ekonomske potrese i da preživi svetsku krizu sa daleko manjim gubicima u poređenju sa drugim razvijenim zemljama. Kao prvo, Rusija ima poreski sistem koji je veoma povoljan za investicije. Tako na primer, porez na dohodak kompanija u SAD-u u proseku iznosi 40, u Nemačkoj 38,36, u Francuskoj 33,33 odsto. U Rusiji je taj procenat za sada 24 odsto. Takođe, PDV u Evropi izosi od 20 do 22 odsto, a u Danskoj, Švedskoj i Norveškoj, na primer, on dostiže i 25, a u Rusiji iznosi 18 odsto. Porez na dohodak u Rusiji danas iznosi 13 odsto i to je jedan od najmanjih poreza na svetu. Osim toga, država je sačuvala ogromne rezerve u Rezrevnom fondu i one iznose 3,069 triliona rubalja i u Fondu za nacionalno blagostanje u iznosu od 782,8 milijardi rubalja. Deo ovih sredstava može da bude usmeren u ekonomiju i da zameni privatni kapital koji nedostaje, tim pre što slična iskustva već postoje. Jedino što ne treba zaboravljati je da suviše veliko prisustvo države u ekonomiji jednako šteti kao i nedostatak tog prisustva. Konflikti između države i privatnih kompanija, prema mišljenju eksperata, već su postali jedan od razloga skoro dvostrukog smanjenja priliva stranog kapitala – oko 70 milijardi dolara u toku prošle godine u poređenju sa 40 milijardi dolara ove godine.

Oil pipeline

STRUCTURAL CHANGES The country’s leadership understands the problems at hand and, accordingly, have promised to reduce the state’s influence on the economy. The first thing that needs to be done is to rotate the personnel appointed to various boards of directors in companies that are partially state-owned, i.e. to replace bureaucrats with professional managers. Aside from economic growth slowing down, another serious problem is the inflation rate. Last year inflation was 11.9% - almost four per cent up on the planned eight per cent. The authorities promised to do their best to contain inflation at 8.5%, but when we look at July’s figures we can see that it went over nine per cent. The government’s failure to get a grip on prices could be associated with a misconception about the reasons behind the higher inflation rate. The authorities believe that the inflation rate was a result of the global crisis, while independent economic experts think that the reasons can be found in the disproportions that have been present in the Russian economy for many years, as well as in the bad decisions made by the government last year. The main generators of the inflation rate have been pointed out many times: higher tariffs introduced by the biggest monopolies, limited infrastructure, lack of healthy market competition, etc. All of these problems can only be resolved by the government and their resolving could bring positive results very quickly. For example, if the extensive network of dealers and wholesale traders in the food sector were to be reduced, this could lead to four to five per cent lower food prices. The state’s investments in infrastructure development will not merely be a tactical move against inflation, but rather a move that will help in dealing with strategic tasks like implementing structural changes to the economy and developing new branches with revenue that can replace those from oil and gas.

STRUKTURNE PROMENE Ovaj problem shvata i rukovodstvo zemlje, koje je obećalo da će ukloniti višak prisustva države u ekonomiji. Prvi korak treba da postane rotacija kadrova u savetima direktora kompanija sa državnim učešćem – pretpostavlja se da će činovnike zameniti profesionalni angažovani menadžeri. Uporedo sa mogućim usporavanjem ekonomskog porasta pojavljuje se još jedan ozbiljan problem – inflacija. Prošle godine ona je iznosila 11,9, u poređenju sa planiranih osam odsto. Početkom ove godine vlasti su obećale da će održati indeks cena na nivou 8,5, ali već prema rezultatima iz jula inflacija je premašila devet odsto. Nedovoljno uspešne poteze vlade na obuzdavanju povećanja cena eksperti povezuju sa nepravilnom procenom razloga koji su ta povećanja izazvali. Vlasti su uverene da je inflacija izazvana nepovoljnom situacijom na svetskom tržištu, a nezavisni ekonomisti smatraju da razloge povećanja cena treba tražiti unutar zemlje: to su disproporcije koje u ruskoj ekonomiji postoje već mnogo godina i pogrešne odluke vlade, donete tokom prošle godine. Osnovni pokretači inflacije mnogo puta su konkretno navedeni: porast tarifa prirodnih monopolista, ograničenja u infrastrukturi, nepostojanje zdrave konkurencije na tržištu. Ti problemi se nalaze u neposrednoj kompetenciji vlasti, a uz to rešavanje nekih od njih može prilično brzo da donese pozitivne rezultate. Na primer, samo umanjenje preuveličane mreže prekupaca i trgovaca na veliko na tržištu hrane, prema ocenama nezavisnih eksperata, može da dovede do smanjena cena hrane za četiri do pet puta. A investicije države u razvoj infrastrukture postaće ne samo taktički potez u borbi protiv inflacije, već će pomoći prilikom rešavanja strateškog zadatka – realizacije strukturnih promena u ekonomiji, razvoja novih grana, čiji bi prihodi mogli da zamene prihode od nafte i gasa.

GDP has increased by around 70%; industrial production has grown by 75% and investments have increased by 125%

INTERVIEW

Dr. Petar Škundrić, Serbian Minister of Energy and Mining

BRIDGES OF ENERGY “Our approach to the development of Electric Power Industry of Serbia (EPS) should be towards corporatisation and vertical integration of this public enterprise. The state needs to remain a responsible owner with a majority stake, and we should raise the total value of the electrical energy sector as a whole through recapitalisation…” By Jelica Putniković Photo Časlav Vukojičić

n the past Russia occupied one of the top spots in economic cooperation with the former Yugoslavia and Serbia respectively. The Russian market is huge and far exceeds our capacities. However, I would like to point out that Serbia is the only country in the world that Russia has signed a free trade agreement, i.e. duty-free trade exchange, with. Unfortunately, this potential is still not being fully utilised. All of this will change once we start implementing the oil and gas treaty with the Russian Federation. I expect this treaty to provide more opportunities for co-operation with the Russian economy in all of its sectors – says Dr. Petar Škundrić, Serbian Minister of Energy and Mining.

Rational Energy Management “We are not only talking about new facilities here. We need to change people’s minds in order for them to start changing their view of energy consumption. If each household turns off one light a night, we would save as much energy as that produced by a small energy block. The estimates say that we can save at least 10 per cent of current electricity consumption without any problems. We just need a good media campaign which would show each individual just how important conserving energy is.”

prošlim vremenima Rusija je zauzimala prvo ili bar visoko mesto u privrednoj saradnji sa bivšom Jugoslavijom, pa i sa Srbijom. Rusko tržište je veliko, daleko veće od naših potencijala. Posebno bih istakao da Rusija jedino sa Srbijom ima Ugovor o slobodnoj trgovini, odnosno, bescarinskoj razmeni, što nema ni jedna druga država u svetu. Nažalost, taj potencijal, još ne koristimo u potpunosti. To bi trebalo da bude izmenjeno realizacijom naftno – gasnog aranžmana sa Ruskom Federacijom. Očekujem da će se značajno proširiti mogućnosti za saradnju sa ruskom privredom u svim oblastima, kaže dr Petar Škundrić, ministar energetike i rudarstva u Vladi Srbije. O kojim projektima je reč? Bilo bi jako interesantno da po najpovoljnijim okolnostima, odnosno, bez carina dobijemo mogućnost izvoza automobila na rusko tržište. To bi bilo vezano za projekat sa Fiatom, ali i sa nekim drugim projektima. Vlada Srbije je odlučila da se pod sličnim ili istim uslovima kao Fiatu još jednoj velikoj svetskoj kompaniji omogući da otpočne s proizvodnjom automobila u Srbiji. Šta još Srbija može da izvozi u Rusiju? Već sada izvozimo voće i prehrambene proizvode. Postoje mogućnosti i za veći plasman nameštaja na ruskom tržištu. Istakao bih da je rusko tržište postalo veoma probirljivo i da se mora nu-

Which projects do you expect to be implemented alongside energy co-operation? It would be very interesting if we were given the opportunity to export cars to the Russian market under the best possible conditions, i.e. free of customs duty. That would be linked to the project we are implementing with Fiat, as well as some other projects. In addition to Fiat, the Serbian Government has decided to let another well-known car maker come to the Serbian market to begin

diti kvalitetna roba. Nije, dakle, bitna količina već da proizvod odgovara najvišim standardima proizvodnje, da je lepo upakovan... Tu je naša šansa. Šta treba još da se uradi kako bi se ta saradnja sa Rusijom konkretizovala? Ta pitanja ćemo ‘otvoriti‘ na sledećem sastanku srpsko – ruskog mešovitog komiteta, koji će se, najverovatnije, održati u Moskvi.

Kazakhstan’s Kermerkol

car production here under the same or similar conditions as Fiat. What else can Serbia realistically export to Russia? We are already exporting fruit and other food products and there are possibilities to widen our furniture exports to Russia. I would like to stress that the Russian market has become very selective and, thus, offering high quality products is an imperative. As such, the quantity doesn’t matter as much as the product being manufactured to the highest production standards and nicely packaged. This is where we see our chance. What else needs to be done in order for co-operation with Russia to become more concrete? This issue will be addressed at the next meeting of the SerbianRussian Committee, which is probably going to be held in Moscow. We are also scheduled to sign a sales contract pertaining to the oil arrangement between NIS and Gazprom Neft. Until that happens, we need to carry out expert analyses in order to turn the draft contract into a final contract. We agreed to formally sign the contract in Moscow, which would round off the deal concerning NIS. Both sides will need some time to carry out certain activities in order for NIS to be taken over by the holder of its controlling interest. New bodies need to be formed and we need to start

U toku tog zasedanja treba da bude potpisan kupoprodajni ugovor vezan za naftni aranžman između NIS-a i Gazpromnefta. Do tada treba da budu završene stručne ekspertize, da se nacrt ugovora pretvori u konačan tekst ugovora. Dogovoreno je da u Moskvi bude svečano potpisivanje. Tako bi bio potpuno definisan i zaokružen posao vezan za NIS. Biće određeno prelazno vreme potrebno za određene radnje sa jedne i druge strane, da bi NIS bio preuzet od većinskog vlasnika, da se konstituišu novi organa i da se pristupi pripremnim radovima, kako bi se otpočelo sa investiranjem.

Racionalno gazdovanje energijom „Nije reč samo o novim objektima. Moramo da promenimo svest ljudi. Moramo početi drugačije da se odnosimo prema potrošnji energije. Da se u svakom domaćinstvu ugasi samo po jedna sijalica noću imali bi uštedu u vrednosti jednog manjeg energetskog bloka. Procene su da bi bilo realno da se bez velikih poteškoća uštedi desetak procenata sadašnje potrošnje električne energije. Potrebna je jedna dobra medijska kampanja, koja treba svakom pojedincu da ukaže na značaj štednje.“

INTERVIEW

Zna li se već sada koliko će Gazpromneft uložiti u NIS? Za sada mogu reći da će to biti minimum 500 miliona evra, koji će biti uloženi u podizanje nivoa same proizvodnje, nivoa kvaliteta proizvoda i za podizanje ekoloških standarda proizvodnje.

preparatory work followed by investments. Do we know how much Gazprom Neft will invest in NIS? I can say for sure that it will be a minimum of €500 million, which will be invested in raising the company’s production levels, quality and environmental standards.

Hoće li u tom ugovoru biti precizirana sama cifra ruskih investicija u NIS? U ugovoru mora da bude definisano sve što je prethodno, u sporazumu i protokolu već obuhvaćeno, sve što je već ratifikovano u skupštinama Srbije i ruske države. Na kapitalni remont biće utrošeno minimum 500 miliona evra u periodu od potpisivanja ugovora do 2012. godine.

Will the contract specify the exact amount of Russian investments in NIS? The contract needs to stipulate everything that has been stated in the treaty and protocol, as well as everything that has been ratified in the parliaments of Serbia and Russia. A minimum of €500 million will be spent on a major overhaul from the moment the contract is signed to the year 2012. When are we going to find out whether we have managed to secure a larger sum for investments? All key elements will be made public once the negotiations have been concluded. We have agreed with our Russian counterparts not to discuss any details in public during the negotiations. It is quite natural that many people are curious to see what is going to happen. This heightened interest just shows that this is a project worth more than the others. Believe me, there wasn’t much interest shown in the Fiat deal, which is also quite a big project. So, you are optimistic? If I weren’t an optimist I wouldn’t be holding this position. Strategically speaking, this is the most important development project that Serbia has had in the last 30 years.

Kada ćemo znati da li ste uspeli da ta suma bude veća? Svi ključni elementi biće poznati javnosti onog trenutka kada se pregovaranje završi. Sa ruskom stranom smo se dogovorili da detalje ne iznosimo u javnost tokom pregovora. Prirodno je da ima radoznalosti, da se javno mnjenje interesuje. Taj pojačan interes meni pokazuje da ovaj projekat više vredi od ostalih. Za Fiat, verujte, nije tako veliko interesovanje, iako je to, takođe, veliki projekat.

Sporazum s Gazpromom je napravljen na bazi projekata ove kompanije. Ono što piše u sporazumu sa ruskom federacijom napisano je na osnovu Gazpromovih projekata, u kojima piše da gas treba da poteče 2013. godine

Will a new CEO of NIS be appointed prior to the signing of the contract? No changes to the management will be made until a new organisation has been constituted. We have chosen a new managing board president, but I don’t expect any further changes to be made to NIS’s management structure. It is quite natural to form a new managerial team once a new company is constituted, but this doesn’t mean that the current personnel will remain in the company at their present functions. When can we expect a contract on construction of the South Stream gas pipeline and Banatski Dvor underground gas storage facility to be signed?

Znači, optimista ste? Da nisam optimista ne bih ni došao na ovo mesto. Ovo je, u strateškom pogledu, najznačajniji razvojni projekat Srbije u narednih tridesetak godina.

Hoće li biti imenovan novi generalni direktor u NIS-u pre potpisivanja ugovora? Do konstituisanja nove organizacije nema promene menadžmenta. Izabrali smo novu predsednicu Upravnog odbora i ja u NIS-u ne očekujem nikakve druge kadrovske promene. Pirodno je da se, kada se bude konstituisala nova kompanija, formira i novi menadžerski tim. To ne znači da neće neko od postojećih kadrova ostati na dosadašnjim funkcijama. Kada možemo očekivati potpisivanje ugovora o izgradnji gasovoda Južni tok i o dovršetku podzemnog skladišta gasa u Banatskom dvoru? Tu su drugačiji modaliteti u pitanju nego kod NIS-a. Ovde je reč o kupoprodajnom ugovoru, a kod gasovoda imamo drugu tehnologiju: formiraćemo zajedničko preduzeće između Srbijagasa i Gazproma, gde će opet Rusi imati većinsko učešće. To novoformirano preduzeće će na sebe preuzeti sve aktivnosti vezane za

The modalities for these are different to those in the case of NIS. In the case of NIS, we are talking about a sales contract, but when it comes to the gas pipeline we have a different technology – Srbijagas and Gazprom will set up a joint venture company, with the Russians having a majority stake in said company. This newly formed enterprise will carry out all activities pertaining to designing and constructing the gas pipeline. We are talking about the company that was supposed to be set up last summer? Yes we are, but the Russian side has agreed to extend the deadline. I expect preliminary works to have been finalised by the end of November and a joint venture company to finally be established. A separate company will be set up for the Banatski Dvor storage facility. So, we are going to end up with Srbijagas, as a public enterprise, and two newly formed Serbian-Russian companies. The Russian press have reported that the South Stream pipeline will not be finished by 2013. Do you have any information from the Russian side? The agreement with Gazprom was made on the basis of the projects envisaged by this company. The items covered by the treaty with the Russian Federation were written on the basis of Gazprom’s projects. They say that the pipeline should become operational by 2013. As far as we’ve been informed by the Russian side, there are no delays or changes to the design and implementation of the South Stream. If the opposite were true, the Russian side would have to ask for our consent to amend or supplement the document, in line with the treaty. Certain speculation will

projektovanje i izvođenje radova na postavljanju gasovoda. Reč je o firmi, koja je trebala još letos da se formira? Da, ruska strana se saglasila da produžimo rokove. Očekujem da će, takođe, do kraja novembra, biti završene sve pripreme, i da bi tada moglo da dođe do formiranja ovog zajedničkog preduzeća. I za Banatski dvor će biti formirano posebno preduzeće. Imaćemo dakle, i dalje Srbijagas kao javno preduzeće i dve novoformirane srpsko – ruske kompanije. U ruskoj štapi je bilo napisa da Južni tok neće biti završen

I would like to stress that the Russian market has become very selective and offering high quality products is an imperative do 2013. godine? Imate li neke informacije s ruske strane? Sporazum s Gazpromom je napravljen na bazi projekata ove kompanije. Ono što piše u sporazumu sa ruskom federacijom napisano je na osnovu Gazpromovih projekata, u kojima piše da gas treba da poteče 2013. godine. Sa ruske strane nismo obavešteni da ima bilo kakvog kašnjenja ili promena u projektovanju i realizaciji Južnog toka. Ukoliko bi to bilo tačno, ruska strana bi, po Sporazumu, morala da zatraži našu saglasnost za

INTERVIEW

Petar Skundrić Minister of Energy and Mining Born in 1947, Skundrić graduated and obtained his master’s degree and doctorate at the Faculty of Technology and Metallurgy in Belgrade. He is professor at the Faculty of Technology and Metallurgy in Belgrade and honorary professor at the St. Petersburg University of Technology, the oldest technological institute and university in Russia. He has authored more than 200 scientific and expert works, studies and projects. He is a member of various expert associations and editing boards of scientific journals. He is one of the founding members and the first secretary general of the Socialist Party of Serbia (SPS), and was a member of parliament of the former state union of Serbia and Montenegro. Presently he is a member of the SPS board. Rođen je 21. februara 1947. godine. Diplomirao je, magistrirao i doktorirao na Tehnološko-metalurškom fakultetu Univerziteta u Beogradu. Redovni je profesor tog fakulteta i počasni profesor sanktpeterburškog Tehnološkog univerziteta, najstarijeg tehnološkog instituta i univerziteta u Rusiji. Objavio je više od 200 naučnih i stručnih radova, studija, elaborata i projekata. Član je više strukovnih udruženja i redakcija stručno-naučnih časopisa. Bio je jedan je od osnivača i prvi generalni sekretar SPS-a i savezni poslanik u Skupštini državne zajednice SCG. Sada je član glavnog odbora SPS-a. Oženjen je, otac dva sina. always be made with the aim of further complicating media reporting on the South Stream, although the South Stream is not in competition with any other project. You are referring to the Nabucco gas pipeline? Yes. South Stream is not competing against Nabucco. During my recent meeting with the U.S. Ambassador, he assured me that they had no objections to the way we were implementing our project, which is really good. I told the Ambassador that I would be very happy if the Nabucco project included Serbia too, but that, unfortunately, is not the case. Are U.S. companies interested in investing in Serbia, just like Russian firms? We did talk about opportunities in the energy sector as a whole and U.S. corporate interests, i.e. the Americans being given an equal chance to participate in major energy projects. I said that all companies, including those from the U.S., will be given a chance to take part in tenders that we plan to invite by the end of this year for construction of the Kolubara B thermo-electric power plant and the third block of the Nikola Tesla B thermo-electric power plant. All good companies are welcome. The U.S. Ambassador said that American companies were interested in directly participating in renewable energy projects too. Does this mean that when it comes to renewable energy resources we can expect some tangible projects to be implemented soon? There is a lot of interest shown, and not only by the Americans. Norwegians are also interested and I’ve also discussed renewable energy resources and clean energy with an Italian Parliament delegation. They are interested in taking part, financially too, in construction of such facilities, as well as in donating clean production technologies. I told them that we, in Serbia, have close to 300,000 hectares of ag-

dopunu ili izmenu tog dokumenta. Nisu isključene određene spekulacije, kojima je cilj da još malo komplikuju medijsku sliku o gasovodu Južni tok, iako on nije nikakva konkurencija nijednom drugom projektu. Mislite tu na gasovod Nabuko? Da, ali Južni tok nema nikakav konkurentski odnos sa Nabuko gasovodom, a prilikom nedavnog razgovora američki ambasador me je uveravao da oni nemaju ništa da nam zamere u vezi sa realizacijom ovog našeg projekta, što je zaista dobro. Rekao sam američkom ambasadoru da bih bio izuzetno zadovoljan kada bi i Nabuko projekat obuhvatio Srbiju što, nažalost, nije slučaj.

It would be very interesting if we were given the opportunity to export cars to the Russian market under the best possible conditions, i.e. free of customs duty Da li su američke kompanije zainteresovane da, poput ruskih, dođu u Srbiju? Razgovarali smo i o tome, o širim prilikama vezanim za energetiku u celini kao i o interesu američkih kompanija, koje bi želele da imaju jednaku mogućnost da učestvuju u kapitalnim elektroenergetskim projektima. Objasnio sam da će sve kompanije, uključujući i američke, imati iste šanse da učestvuju na tenderima koje planiramo da raspišemo do kraja godine za izgradnju TE Kolubara B i trećeg bloka u TE Nikola Tesla B. Sve dobre firme su dobrodošle.

ricultural land which is not being used at the moment and could be used for planting oil seed rape. Both the Italians and the Americans are very interested in this initiative. I know that 300,000 hectares is not that much by American standards, but they consider it worthy of interest. They are going to consider the possibly of taking part in the regeneration of this land and planting oil seed rape. Of course, an investment is needed in bio diesel technology, which is still in its infancy in our country. Has Russia expressed a similar interest? In addition to the gas and oil sector, Russians have expressed interest in our electrical energy sector. Electric Power Industry of Serbia (EPS) has signed a contract on the provision of mutual information with Russian company Inter RAO. No other major obligations stem from this contract, but even that is important because the Russian company wants to be informed in time. Inter RAO is also interested in thermo and hydro capacities. I also hope that we will finalise negotiations on the overhaul of the Đerdap hydro-electric power plant, which are currently underway with Russian company Silowye Power Machines. Silowye’s delegation is due to come to Belgrade to conclude negotiations in early November. I expect that a final agreement about this company’s obligations will be reached at the session of the mixed committee in Moscow, and that we will also agree how much EPS needs to pay in addition to the funds that will be provided for Đerdap’s revitalisation from settling the clearing debt that Russia owes Serbia. Provided everything goes according to plan, when can we expect the general overhaul of the Đerdap I hydro-electric power plant to be completed? In about four years. One turbine has already been constructed and it can be mounted as soon as the old one is disassembled. The second turbine is also being prepared.

Američki ambasador je u razgovoru naveo da su njihove kompanije zainteresovane i za projekte vezane za obnovljive izvore energije. Oni su zainteresovani da direktno učestvuju u takvim projektima. Znači li to da u oblasti obnovljivih izvora energije možemo

očekivati neke konkretne projekte uskoro? Tu postoji veliki interes, ne samo od Amerikanaca. Zainteresovani su i Norvežani, a sa italijanskom parlamentarnom delegacijom sam razgovarao o obnovljivim izvorima energije i čistoj energiji. Oni su zainteresovani da participiraju, finansijski, izgradnju takvih objekata, ali i da doniraju proizvodnju čistih energenata do tržišne cene. Sve sam ih upoznao sa tim da u Srbiji imamo od 200 do 300 hiljada hektara poljoprivrednog zemljišta, koje se trenutno ne obrađuje, a koje bi moglo da posluži za uzgoj uljane repice. I italijanska i američka strana vrlo je zainteresovana za ovu našu inicijativu. Znam da 300.000 hektara nije velika površina za američke prilike, ali oni smatraju da je to interesantno, razmisliće o participaciji za revitaliziju tog zemljišta i otpočinjanju proizvodnje uljane repice. Potrebno je, naravno, i investiranje u tehnologiju dobijanja bio dizela, koja je kod nas tek u začetku.

Has Russia expressed any interest in building the Đerdap III hydro-electric power plant? Yes, along with many others, such as the Italians and Norwegians. Italians are interested in all aspects of the energy sector. Many have expressed interest in Đerdap III, since we are talking about serious capacities here. If proper conditions are met regarding cheap off-peak electricity, even if it comes from the Bulgarian nuclear plants, than Đerdap III will become very important and building it makes sense.

Ima li takvih interesovanja i sa ruske strane? Pored gasno – naftnog, Rusi su zainteresovani za naš elektroenergetski sektor. Sa ruskom kompanijom Inter RAO Elektrprivreda Srbije ima potpisan protokol o uzajamnom informisanju. Drugih većih obaveza nema, ali to je značajno zbog toga da bi ova ruska kompanija bila na vreme obaveštena. Inter RAO je zainteresovan za termo i za hidro kapacitete. Nadam se, takođe,

So that would be considered a strategic project for Serbia, just like Kolubara B? Of course. The capacity would be 1,000 megawatts, which is really considerable.

“Do konstituisanja nove organizacije nema promene menadžmenta u NIS-u. Izabrali smo novu predsednicu Upravnog odbora i ja ne očekujem nikakve druge kadrovske promene. Pirodno je da se, kada se bude konstituisala nova kompanija, formira i novi menadžerski tim. To ne znači da neće neko od postojećih kadrova ostati na dosadašnjim funkcijama.”

Are there any new Russian initiatives when it comes to gas power plants?

Promene menadžmenta u NIS-u

INTERVIEW

da ćemo uskoro završiti pregovore o ceni za revitzalizaciju HE Đerdap i sa ruskom kompanijom Silowyje Pawers Mashins. U novembru delegacija Silowyje Pawers Mashins treba da dođe u Beograd, da dovršimo razgovore o tome. Na mešovitom komitetu u Moskvi očekujem finalni dogovor oko obaveza ove ruske firme, kao i o tome koliko EPS treba da doplati, preko one sume koja je za revitalizaciju HE Đerdap I određena od sume za naplatu klirinškog duga Rusije Srbiji. Ako to bude teklo po planu kada se može očekivati završetak generalnog remonta HE Đerdap I? Otprilike za četiri godine. Jedna turbina je već napravljena, tako da ona može, po demontaži stare, odmah da bude montirana, a završeni su i pripremni radovi za drugu turbinu. Before we even start talking about such projects, it is very important to define the route and capacity of the South Stream gas pipeline. After we do that we will be able to take the next step by assessing how profitable gas power / heating plants are. I would like to mention that Americans are interested in this. They would like their companies to take part in constructing gas power plants alongside us and the Russians, provided, of course, that we decide to build them on our territory. This is definitely useful, since they have solid gas turbine technologies available. Could that be one of the ways to recapitalise EPS? Our approach to the development of EPS should be towards corporatisation and vertical integration of this public enterprise. The state needs to remain a responsible owner with a majority stake, and we should raise the total value of the electrical energy sector as a whole through recapitalisation. We consider our electrical energy to be an exceptionally important national treasure that can influence general economic activities in the country. Without sufficient energy and a stable electrical energy system we cannot expect to develop economically. We should not forget that a system like EPS can engage a huge number of small and medium-sized enterprises that will service EPS and create a large number of new jobs. We are currently importing quite a few parts that we used to make: ball bearings, for example, that used to be produced by IKL. We should at least try to assemble them here, and later maybe even start producing them. A major electrical energy power plant would create a large number of new jobs, thus reducing unemployment levels.

NIS, Srbijagas and Gazprom In the case of NIS, we are talking about a sales contract, but when it comes to the gas pipeline we have a different technology – Srbijagas and Gazprom will set up a joint venture company, with the Russians having a majority stake in the company. This newly formed enterprise will carry out all activities pertaining to designing and constructing the gas pipeline.

Da li su Rusi i dalje zainteresovani za izgradnju hidroelektrane Đerdap III? Jesu, ali i mnogi drugi su Italijani pre svega, ali i Norvežani. Italijani su zainteresovani za sve oblike energije. Za Đerdap III mnogi su zainteresovani jer, reč je o ozbiljnom kapacitetu i ukoliko se stvore uslovi da imamo jeftinu noćnu struju, pa makar to bila i jeftina noćna struja iz bugarskih atomskih centrala, onda Đerdap III dobija na značaju i ima smisla ući u njegovu izgradnju. To bi dakle bio za Srbiju strateški projekat kao i Kolubara B? Naravno, to bi bio kapacitet minimum od 1.000 megavata što je za sve ozbiljan kapacitet. Ima li novih ruskih inicijativa za gasne elektrane? Pre nego što krenemo u priču o tim projektima važno je da definišemo i trasu i kapacitet gasovoda Južni tok. Potom će biti vreme da se pravi novi iskorak, da procenimo rentabilnost gasnih elektrana - toplana. I tu bih istakao zainteresovanost američke strane, da zajedno sa nama i Rusima njihove kompanije učestvuju u izgradnji gasnih elektrana - toplana. Naravno, ukoliko mi odlučimo da ih gradimo na našoj teritoriji. To je, svakako, korisno, jer oni imaju solidnu tehnologiju gasnih turbina. Da li bi to bio način da se dokapitalizacije EPS? Naš pristup razvoju EPS-a treba da ide u smeru korporatizacije i vertikalne integracije ovog javnog preduzeća. Država treba da ostane odgovoran vlasnik sa većinskim paketom, a da kroz dokapitalizaciju podižemo vrednost elektroenergetske privrede u celini. Nama je elektroprivreda najveće nacionalno blago, koja može izuzetno da utiče na buduće privredne tokove, u celini. Bez dovoljno energije i stabilnog elektroenergetskog sistema ne možemo da očekujemo brži privredni preporod. Ne treba zaboraviti da na jedan takav sistem, kao što je EPS, može da se osloni ogroman broj manjih ili srednjih preduzeća koja će servisirati EPS, gde će se zaposliti veliki broj ljudi. Sada uvozimo ogroman broj delova koje smo nekada izrađivali: kuglične ležajeve je, na primer, proizvodio IKL. Ako ništa drugo, treba krenuti sa montažom, a potom i sa proizvodnjom delova. Jedna ozbiljna elektrana povlači za sobom ogroman broj radnih mesta, što znači boljitak za sektor zaposlenosti.

INTERVIEW

Alexander Ivanovich Medvedev, Deputy Chairman of Gazprom’s Management Committee, Director General of OOO Gazprom export

CONTRIBUTING TO ENERGY SAFETY “The full implementation of the South Stream natural gas pipeline project will provide the opportunity for the developing countries of central and southern European to secure a safe, consistent supply of the socalled ‘blue fuel’”

By Elena Vasiljeva & Ana Stojanović

ublic interest in Gazprom seems only to be growing since Serbia and Russia signed their gas treaty. In order to get the lowdown on the route and construction of the South Stream pipeline, gas price trends, Russian energy policy towards Europe and Gazprom’s regional strategy, we spoke to Alexander Ivanovich Medvedev, Deputy Chairman of Gazprom’s Management Committee, Director General of OOO Gazprom export.

Pipeline Route Has the South Stream gas pipeline’s route and volume been precisely defined and, if so, which countries will the pipeline run through? The definite route for the transport of carbon-hydrogen within the South Stream project, as well as the final volume of gas to be delivered, hasn’t been defined as yet. We are currently negotiating with interested companies. For now, Gazprom is keeping all options open.

akon potpisivanja Gasnog aražmana Srbije sa Rusijom ne jenjava interesovanje za rusku kompaniju Gazprom. Upravo izgradnja ‘Južnog toka’, trasa gasovoda, cene gasa, su bile neke od povoda za razgovor sa Aleksandrom Ivanovičem Medvedevim, zamenikom predsednika Upravnog odbora ’Gazproma’ i generalnim direktorom ’Gazprom exporta’, kao i energetska politika Rusije u Evropi, te budući planovi ove kompanije u ovom delu sveta. Koji su osnovni principi energetske politike Rusije u Evropi? Koliko ona doprinosi bezbednosti Evrope i kakva je tu uloga ’Južnog toka’? Evropa je bila i ostaje glavno inostrano tržište za plasman ruskog prirodnog gasa i obim njegove isporuke u taj region u stalnom je porastu. Do 2020. godine planiramo da povećamo obim isporuke do 250 milijardi kubnih metara gasa godišnje. U istom periodu udeo isporuke gasa ’Gazproma’ zemljama evropskog kontinenta poveća će se sa sadašnjih 26 na 33 odsto. Naša delatnost na evropskom energetskom tržištu usmerena je ka ispunjenju obaveza isporuke gasa i ka realizaciji mogućnosti za povećanje njihove pouzdanosti. U vezi

Gazprom’s Shtokman gas platform in the Barents Sea

What are the main principles of Russia’s energy policy in Europe and to what extent does the policy contribute to energy safety in Europe; what role does the South Stream pipeline have to play? Europe is still the main foreign market for the sale of Russian natural gas and the quantities delivered to this part of the world are constantly growing. Our plan is to increase our deliveries to 250 billion cubic metres of gas annually by 2020. In the same period, Gazprom’s share in deliveries of gas to Europe will increase from the present 26% to 33%. Bearing this fact in mind, optimising gas output in Europe is the key element of our export strategy. In addition to existing gas pipelines, Gazprom is developing new extensive infrastructure projects, including the South Stream. The implementation of this project, which is carried out in accordance with the latest environmental, technical and economic criteria, will make it possible for the developing countries of central and southern Europe to completely satisfy their demand for the so-called ‘blue fuel’.

Trasa gasovoda Da li je u projektu ’Južnog toka’ tačno određena trasa gasovoda, kao i obim protoka gasa? U koje zemlje će on da se nastavi? Konačna trasa za transport ugljovodonika u okvirima projekta ’Južni tok’, kao ni konkretni obimi gasa koji će se isporučivati do sada nisu određeni. Pregovori sa zainteresovanim kompanijama su u toku. Za sada ’Gazprom’ ne isključuje ni jednu od mogućih varijanti.

s tim optimizacija protoka gasa u Evropi predstavlja najvažniji element naše izvozne strategije. Pored gasovoda koji već funkcionišu, ’Gazprom’ razvija nove velike infrastrukturne projekte, među kojima je i ’Južni tok’. Realizacija tog projekta, koji odgovara najsavremenijim ekološkim, tehničkim i ekonomskim kriterijumima, omogućiće da države centralne i južne Evrope, koje se brzo razvijaju, pouzdano zadovolje rastuće potrebe za ’plavim gorivom’. Na taj način želim da vas uverim, da delatnost ’Gazproma’ doprinosi energetskoj bezbednosti Evrope, našeg primarnog partnera, koji je sa nama povezan, ne samo razgranatim sistemom postojećih cevovoda, već i potvrđenom

Evropa je bila i ostaje glavno inostrano tržište za plasman ruskog prirodnog gasa i obim njegove isporuke u taj region u stalnom je porastu istorijom uspešnog ekonomskog partnerstva. Međutim, podvući ću da energetska bezbednost može da se postigne samo u slučaju da se isporučioci i potrošači, kao i ranije, pridržavaju principa, zasnovanih na uzajamnom poverenju i na racionalnim uzajamno korisnim ekonomskim rešenjima. ’Gazprom’ teži transparentnosti i otvorenom dijalogu sa evropskim partnerima kako bi se realizovao naš zajednički cilj, a to je formiranje pouzdanih tržišta energenata u sledećim decenijama. Kako će ’Gazprom’ odgovoriti na stalni porast potreba Evrope za ruskim gasom? U poslednjih deset godina potrošnja primarne energije u svetu porasla je za četvrtinu. Brzim tempom se razvija industrija,

INTERVIEW

Gazprom experts install gas pipelines

I would like to point out that Gazprom’s activities actively contribute to the energy safety of our number one partner - Europe, which is connected to Russia not only via the extensive network of existing pipelines, but also by the history of a successful business partnership. However, I would like to underline that energy safety can be attained only if both buyers and sellers are sticking to the principles of mutual trust and rational mutually beneficial economic solutions. Gazprom is aiming to reach a higher level of transparency and establish an open dialogue with European partners, in order to realise our joint goals - including formation of reliable energy markets in the decades ahead. How is Gazprom responding to the constant increase in demand for Russian gas in Europe? During the last decade, the consumption of primary energy has grown by 25% globally. Industry is developing fast; new energy facilities are being built to cope with the constantly growing demand for oil and gas. During its first decade, Gazprom was successful in satisfying European demand for energy and proved itself to be a reliable partner. We are confident that co-operation with Europe will continue to develop to our mutual benefit in the long-term. Higher demand for energy products in Europe is something that can be envisaged. By concluding long-term contracts for gas deliveries, Gazprom is simply confirming the well-known fact that the company is capable of satisfying the constantly rising demand of Europe. In order to fulfil its gas delivery obligations, Gazprom plans to increase its gas exploitation in the ESG zone to 670 billion cubic metres by the year 2020. The timely implementation of Gazprom’s major strategic projects - concerning the setting up of new gas ex-

grade se novi energetski objekti, tražnja za naftom i gasom stalno raste. ’Gazprom’ u prvoj deceniji uspešno obezbeđuje energente za potrebe Evrope, i za to vreme je uspeo da se preporuči kao pouzdan partner. Uvereni smo da će saradnja sa Evropom i dalje da se razvija na uzajamnu korist i dugoročno. Porast tražnje evropskih potrošača za energentima je pojava koja može da se prognozira. Zaključujući dugogodišnje ugovore za isporuku gasa, ’Gazprom’ potvrđuje činjenicu da može u potpunosti da zadovolji tražnju Evropljana koja je u stalnom porastu. U cilju ispunjenja obaveza isporuke gasa potrošačima ’Gazprom’ planira da do 2020. poveća eksploataciju gasa u zoni ESG do 670 milijardi kubnih metara. Blagovremena realizacija ogromnih strateških projekata ’Gazproma’ na stvaranju novih centara za eksploataciju gasa na Jamalu, sa morskog dna, u istočnom Sibiru i na Dalekom Istoku, omogućiće da se obezbedi zadati nivo eksploatacije. Na taj način, rezerve ’Gazproma’ dovoljne su za to da se i u budućnosti obezbede potrebe za gasom svih potrošača, čak i u skladu sa najsmelijim prognozama.

Gazprom’s projects and Nabucco are not in opposition to one another, nor are they in competition with each other

Koliko je razvoj ’Gazpromove’ mreže gasovoda u suprotnosti sa razvojem evropske magistrale ’Nabuko’? Projekti ’Gazproma’ i ’Nabuko’ nisu u suprotnosti, i nisu konkurencija jedan drugome. Razmatrajući mogućnosti izgradnje novih kapaciteta za transport gasa, ’Gazprom’ pre svega polazi od potreba Evrope i potrebe da se za nju obezbede dovoljni obimi gasa. Čak i prema najpesimističnijim prognozama, Evropi će do 2015. biti potrebno minimum 100 milijardi dodatnih kubnih metara gasa, a transportne trase Evropa nema. ’Severni tok’ i ’Južni tok’ daće 85 milijardi kubnih metara. Ne smatramo ’Nabuko’ konkurencijom, zbog toga što imamo sopstveno tržište, imamo svoje partnere i iskustvo u izgradnji sličnih magistrala. U vreme kad počinje izgradnja novih cevovoda, ’Gazprom’ je potpuno uveren u to da će

ploitation centres in the Yamal Peninsula, on the seabed, in eastern Siberia and the Far East - will enable us to secure the needed level of exploitation. By so doing, Gazprom will have access to sufficient reserves to satisfy the future needs of all consumers, in line with the most optimistic forecasts. How much has development of Gazprom’s gas pipeline network faced opposition from the development of its European counterpart, Nabucco? Gazprom’s projects and Nabucco are not in opposition to one another, nor are they in competition with each other. When it comes to reviewing the possibilities for construction of new gas transport capacities, Gazprom is primarily thinking of satisfying the European demand for gas. Even if we take into account the most pessimistic forecasts, Europe will need at least an additional 100 billion cubic metres of gas by 2015. We also have to consider that Europe has no gas transport routes. The North and South Stream gas pipelines will provide 85 billion cubic metres combined. We don’t see Nabucco as competition, because we have our own market, partners and experience in building similar pipelines. At a time when we are commencing with the construction of new pipelines, Gazprom is totally confident that the demand for gas to be delivered via these new routes will be pretty high and that the company boasts sufficient resources to deliver such quantities. How do you define the gas price for different countries, including Serbia? The gas price for Serbia is formed in line with widely accepted principles and comprises three components: exploitation costs; profit generated by the delivery company, which is usually used for investing in infrastructure; and taxes, which can makeup up to 45% of the final price of natural gas delivered to clients in some Western European countries. Aside from this, the price of gas also contains a variable: the price of oil derivatives, fluctuations of which cause the price of gas to go up or down. Bearing in

During the last decade, the consumption of primary energy has grown by 25% globally. Industry is developing fast; new energy facilities are being built to cope with the constantly growing demand for oil and gas mind how the gas market functions in continental Europe today, the market is fully protected from uncontrolled price hikes and export monopolies, whether we are talking about Russian, Norwegian or Algerian monopolies. A clearly defined price and longterm contracts (with the validity period of 25 to 30 years) prevent such manipulations from occurring. What is the aim of Yugorosgas and what sets this company apart from a new joint venture company set up for construction of the South Stream through Serbia? A specialised company is being set up solely to prepare the project analysis, come up with an investment solution; select the contractors to carry out the work, and later construct and use the South Stream’s section in Serbia. We are preparing documentation needed for this company to be established, while working groups form both Gazprom and Srbijagas are preparing an economic analysis. With regard to Yugorosgas, the company is engaged in designing, constructing and utilising the gas pipeline, as well as selling natural gas that is transported via the company to local consumers.

Gazprom’s Moscow HQ

tražnja gasa, za koju se planira da se isporučuje preko novih trasa, biti prilično visoka, a takođe, i u to da kompanija poseduje dovoljno resursa da obezbedi te isporuke. Kako se formira cena gasa za različite zemlje, pre svega za Srbiju? Cena gasa za Srbiju formira se u skladu sa opšteprihvaćenim principima i gradi se uglavnom od tri komponente - cene koštanja njegove eksploatacije, dobiti kompanije - isporučioca koja je potrebna za investicije u infrastrukturu, i najzad od poreza. Kad smo već kod toga, u nekim zemljama zapadne Evrope porezi ponekad iznose do 45 odsto konačne cene prirodnog gasa za klijente. Osim toga, formula cene gasa sadrži i promenljivu vrednost, a to je cena naftnih derivata. U skladu sa tim, njena promena dovodi do poskupljenja ili do pojevtinjenja ’plavog goriva’. Upravo zbog toga u obliku u kome danas funkcioniše tržište gasa u kontinentalnoj Evropi, on ima punu i garantovanu zaštitu od nekontrolisanog rasta cena i pojave monopola izvoznika, svejedno da li su oni Rusi, Norvežani ili Alžirci. Jasna formula cene i postojanje dugoročnih ugovora, koji važe 25 do 30 godina bilo kakve manipulacije čine nemogućima. Koji je cilj ’Jugorosgasa’ i čime se on razlikuje od zadataka nove kompanije koja će biti formirana zbog izgradnje ’Južnog toka’ u Srbiji? Specijalizovana projektna firma formira se specijalno za pripremu analize izgradnje projekta, donošenje investicionog rešenja i izbor izvođača i isporučilaca, a posle toga za izgradnju i korišćenje dela gasovoda ’Južni tok’ na teritoriji Srbije. U ovom trenutku teku pripreme dokumenata za njeno formiranje, a rad na ekonomskoj analizi istovremeno obavlja zajednička radna grupa ’Gazproma’ i ’Srbijagasa’. Što se tiče kompanije ’Jugorosgas’, u njen domen spada ne samo projektovanje, izgradnja i korišćenje gasovoda, već i prodaja prirodnog gasa koji se transportuje preko njega do lokalnih potrošača.

INTERVIEW

H.E. Alexander Vasilevich Konuzin, Ambassador of the Russian Federation to Serbia

PACKAGE ARRANGEMENT “I think the agreement on the price of NIS is fair and that we are not merely talking about a simple acquisition here, but rather also about an investment of over €500 million”

By Vladan Alimpijević Photo Časlav Vukojičić

n a frank conversation that took place immediately after the visit to Serbia of Russian EMERCOM Minister Sergey Shoigu, Ambassador Alexander Konuzin underlined that Serbia’s decision to join the EU is not interfering whatsoever with the policy of further developing relations between Serbia and Russia – relations that he feels need to be based on mutual interests. What are the results of Minister Shoigu’s visit and when are we going to see the first effects of what has been agreed? The aim of the negotiations that were held was to attain the best possible understanding of both viewpoints and determine the orientation of the further development of economic co-operation.

We think that the campaign launched in the Serbian media to change the sale conditions for NIS was politically motivated. Still, the Russian public has never questioned the reliability of Serbia as a partner Minister Shoigu has placed special emphasis on Serbia’s aspirations to extend the list of products that are excluded from the Free Trade Agreement. Certain problems arose concerning the implementation of the Oil Treaty, which was signed in Moscow on 25th January this year. We think that the campaign launched in the Serbian media to change the sale conditions for NIS was politically motivated. Still, the Russian public has never questioned the reliability of Serbia as a partner, since this treaty is the biggest treaty in the history of our economic relations and it will be in force for decades to come.

otvorenom razgovoru, neposredno posle posete ministra Sergeja Šojgua, ambasador Aleksandar Konuzin podvlači da želja Srbije da postane član Evropske unije ne treba da protivreči politici daljeg razvoja odnosa Srbije i Rusije. Ti odnosi odgovaraju uzajamnim interesima. Kakvi su rezultati posete ministra Sergeja Šojgua i kada treba očekivati rezultate dogovora? Cilj održanih pregovora bilo je postizanje najboljeg shvatanja stavova strana i određivanje orijentacije daljeg razvoja ekonomske saradnje. Ministar Sergej Šojgu je istakao želju srpske strane da se dodatno proširi spisak izuzetaka koji se tiču Sporazuma o slobodnoj trgovini. Pojavili su se problemi u vezi sa Sporazumom o saradnji u naftnoj privredi, koji je potpisan 25. januara ove godine u Moskvi. Mi smatramo da je kampanja u vezi sa izmenama uslova kupovine NIS-a imala političku motivaciju. U tim uslovima u ruskom javnom mnjenju se postavlja pitanje koliko je Srbija pouzdan partner, pošto je taj sporazum najveći u istoriji naših ekonomskih odnosa i on će važiti decenijama. Ako je cena NIS-a već dogovorena, u čemu Vi vidite problem? Energetski sporazum je od samog početka razmatran kao jedinstven paket. Ministar Sergej Šojgu je upozorio – ako srpska strana bude ponovo razmatrala jedan deo dogovora, onda će morati da se vode pregovori o uslovima paketa u celini. Ako bude otvoreno pitanje cene, to znači da će morati da se obnove pregovori i proces ratifikacije. Pri tome treba uzeti u obzir da u projektu ’Južni tok’ ne učestvuju samo Rusija i Srbija, već i ceo niz drugih evropskih država. Kod Niša su već započeli radovi na deaktiviranju mina, koji će zatim da se izvode duž cele trase gasovoda. Na taj način, mi već ispunjavamo svoje obaveze. Mi nemamo sumnju ni u jedan element Sporazuma. Bilo kakvo odla-

Naftna Industrija Srbije headquarters in Novi Sad

If the price of NIS has already been agreed, where is the problem, in your opinion? Since the very beginning, the energy treaty was viewed as a package arrangement. Minister Shoigu warned that if the Serbian side continued to re-examine one section of the treaty then we would have to discuss the conditions stated in the whole treaty, including the gas price. If we start re-negotiating the price, that means we will have to go through a ratification process all over again. Bear in mind that there are other European countries included in the South Stream project aside from Russia and Serbia. Works on the deactivation of mines in the region of Niš have already started and the same will be done along the pipeline’s entire route. By doing this we have already started to fulfil our obligations. We don’t doubt any elements of the treaty. Any delay in the implementation of the treaty will have negative consequences. With regard to NIS, the company is going to be modernised in line with the highest European standards. I think the agreement on the price of NIS is fair and that we are not merely talking about a simple acquisition here, but rather also about an investment of over €500 million. I doubt that anybody else is interested in buying NIS and investing the same amount in the company’s modernisation. Prime Minister Mirko Cvetković promised that Serbia would adhere to all conditions stipulated in the treaty. Accordingly, we expect activities on the acquisition of NIS to be finalised before year’s end - then the real work starts. Have you been given sufficient guarantees that the Serbian side will adhere to the deal that has been signed? We want to believe that Serbia will fulfil its obligations, as Prime Minister Cvetković confirmed during his meeting with Sergey Shoigu. President Tadić also assured me that Serbia was going to completely fulfil all plans pertaining to co-operation in the oil and gas sector. Are you sure that the problems concering the contract on the acquisition of NIS are now behind us?

ganje realizacije Sporazuma imalo bi negativne posledice. Što se tiče NIS-a, modernizacija preduzeća te kompanije odgovaraće najvišim evropskim standardima. Mi smo spremni za potrebne investicije. Smatram da je Sporazum o ceni NIS-a pravedan, zato što se tu ne radi samo o kupovini preduzeća, već i o investicijama od minimum 500 miliona evra. Teško da postoji još neko ko ima interes da kupi NIS i da

Srbija za Rusiju predstavlja ključnog partnera na Balkanu. Naš trgovinski promet će u 2009. godini dostići nivo od oko četiri milijarde US dolara. Povećavaju se ruske investicije u privredu Srbije. Od 2000. do 2007. godine ruske investicije su iznosile oko 550 miliona dolara isto toliko uloži u njegovu modernizaciju. Premijer Mirko Cvetković nam je obećao da će Srbija ispuniti uslove sporazuma. Očekujemo da svi poslovi u vezi sa kupovinom NIS-a budu završeni na vreme i da će zatim početi rad na realizaciji projekta. Da li postoje dovoljne garancije da će srpska strana ispuniti ono što je potpisala? Želimo da verujemo da će Srbija ispuniti svoje obaveze. Na susretu sa Sergejem Šojguom to je potvrdio i premijer Mirko Cvetković. Predsednik Boris Tadić, takođe, me je uveravao da Srbija želi da u potpunosti realizuje planove saradnje u naftnoj i gasnoj oblasti. Da li ste sigurni da su svi problemi u vezi sa ugovorom o NIS-u iza nas? Problemi još uvek postoje. Oni su vezani za rešavanje konkretnih tehničkih pitanja. Uveren sam da će sporazum biti realizovan, zato što je on veoma koristan i za Srbiju, i za Rusiju. Vaša zemlja će postati važan

INTERVIEW

H.E. Konuzin talking to our Editors (far right Elena Nikitina, Press Secretary of the Russian Embassy in Belgrade)

Problems are still present. They pertain to resolving concrete technical issues. Again, I would like to believe that the treaty will be implemented, since it is very favourable both to Serbia and Russia. Your country will become an important factor of European energy policy. You will have a safe resource supply and you won’t be dependent on third countries when it comes to gas supply. When it comes to the objective interests of our two countries, they do match. I would like

The aim of the negotiations that were held was to attain the best possible understanding of both viewpoints and determine the orientation of further development of economic co-operation to remind you that there were many options to consider when we were determining what route the South Stream would take. However, Russia chose the ‘Serbian version’. This is a political decision and a friendly gesture towards a brotherly nation. The same applies to NIS. Serbia will not only have sufficient supplies of high quality oil products, but will be able to export surplus energy to regional countries, thereby generating additional revenue. What are Russian economic interests in Serbia? Russia considers Serbia as its key partner in the Balkans. Our trade turnover will have reached the amount of $4 billion in 2009. Russian investments in the Serbian economy are growing. In the period from 2000 to 2007, they amounted to around $550 million. The implementation of the oil treaty will open up new possibilities. There are plans to co-operate in the energy, construction, tourism and banking sectors. Moreover, there is a great future in co-operation between Russian and Serbian regions. We are counting on the small and medium enterprises in both countries to get involved in economic relations. Russian–Serbian economic collaboration has a safe future.

faktor u evropskoj energetskoj politici. Imaćete pouzdano snabdevanje energetskim resursima i po tom pitanju nećete zavisiti od trećih država. Kao država tranzita Srbija će imati stabilan izvor prihoda. Objektivni interesi naših dveju država se poklapaju. Želim da podsetim da je prilikom razrade prolaska trase gasovoda ’Južni tok’ bilo mnogo varijanata. Ali, Rusija je odabrala upravo ’srpsku varijantu’… To je političko rešenje i gest prijateljstva prema bratskom narodu. Jednako se to tiče i preduzeća NIS-a. Srbija ne samo da će biti obezbeđena naftnim derivatima visokog kvaliteta, već će moći i da izvozi proizvedene viškove u države regiona i da tako stiče dodatni prihod. Koji su ekonomski interesi Rusije u Srbiji? Srbija za Rusiju predstavlja ključnog partnera na Balkanu. Naš trgovin-

Energetski sporazum je od samog početka razmatran kao jedinstven paket. Ministar Sergej Šojgu je upozorio – ako srpska strana bude ponovo razmatrala jedan deo dogovora, onda će morati da se vode pregovori o uslovima paketa u celini ski promet će u 2009. godini dostići nivo od oko četiri milijarde US dolara. Povećavaju se ruske investicije u privredu Srbije. Od 2000. do 2007. godine ruske investicije su iznosile oko 550 miliona dolara. Dodatne mogućnosti otvoriće se u vezi sa realizacijom Sporazuma o saradnji u naftnoj privredi. Postoje planovi saradnje u oblasti energetike, izgradnje, turizma, u bankarskoj oblasti. Velike perspektive sadržane su u realizaciji potencijala saradnje između regiona Rusije i Srbije. Računamo da će se srednji i mali biznis dve zemlje, takođe, uključiti u ekonomske odnose. Rusko-srpska ekonomska saradnja ima pouzdanu budućnost.

ENERGY REAL ESTATE METAL COMPLEX PRODUCTION RUDNAP GROUP A.D. Bulevar Mihajla Pupina 6/21, 11000 Beograd, Srbija, Tel: +381 11 222 41 04, Fax: +381 11 222 41 43, www.rudnap.com

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RELIABLE PARTNER

Termoelektro was re-hired in 2003 to work on facilities owned by the biggest German energy system, RWE, as well as on construction of two boilers in BOXBERG

Lifting up the turbine generator in the Kostolac A thermo-electric power plant, Kostolac, 2006

ermoelektro first became operational back in 1948, when ompanija ’Termoelektro’ je još 1948. godine postavila temeit laid the foundations for the electrification of Serbia, first, lje elektrifikacije u Srbiji, a potom u Jugoslaviji. Početkom and later Yugoslavia. At the beginning of 1949, the Elektrogradnja 1949. godine preduzeće ’Elektrogradnja’ dobija značaj saveznog Company acquired the status of a federal fitting company in the montažnog preduzeća, tadašnje FNRJ i menja naziv u ’Termoformer Federal People’s Republic of Yugoslavia (FNRJ) and sub- montaža’. Naredne godine preduzeću su pripojena projektantska sequently changed its name to Termomontaža. The following year preduzeća saveznog značaja ’Termobiro’ i ’Elektrobiro’, a preduzesaw Termomontaža merge with two construction design compa- će je dobilo ime koje nosi i danas, ’Termoelektro’. nies, Termobiro and Elektrobiro, to form the company that today Do danas, ’Termoelektro’ je prošao kroz različite faze tranbears the name Termoelektro. sformacija. Svojinska transformacija obavljena je 1999. godine, Termoelektro has gone through various transformation phases a privatizacija preduzeća, od strane većinskog vlasnika, izvršeto date. The ownership transformation of Termoelektro a.d. was na je u 2007. godini. carried out in 1999, and in 2007 the Company was privatised by Poslovi projektovanja, inženjeringa, izgradnje i montaže najthe current holder of its controlling interest. složenijih, strateški važnih industrijskih objekata u oblasti enerOver the past 60 years, Termoelektro has been engaged in getike, rafinerijskog i petrohemijskog kompleksa, industrijskih various activities, including construction design, engineering, postrojenja i metalurškog kopmleksa, delatnosti su kojima se building and fitting the most complex and strategically important ’Termoelektro’ bavi 60 godina. industrial facilities in the energy, Do sada je ’Termoelektro’ oil refining and petro-chemical Sistem kvaliteta montirao i više od 1.300.000 sector, as well as constructing tona opreme, cevovoda i čelične industrial facilities and metal Kako bi ispratio kvalitet izvedenih radova i upotpunio svoju konstrukcije i izgradio desetine uslugu, ’Termoelektro’ je osnovao Tehnički centar za ispiti- termoelektrana i hidroelektrana processing compounds. To date, Termoelektro has vanje stanja opreme u eksploataciji, sa laboratorijama za is- ,ukupne snage preko 7.000MW, fitted over 1.3 million tonnes of pitivanja sa i bez razaranja metala i zavarenih spojeva, ispi- od kojih je 1.500MW u inostranvarious equipment, pipelines tivanje opreme pod pritiskom i ispitivanja ventila sigurnosti stvu, i izveo montažne radove na and steel facilities, as well as koje su akreditovane od strane Akreditacionog tela Srbije. U pet rafinerija sa ukupnim kapacibuilding dozens of thermo and cilju ostvarivanja što boljeg zadovoljstva kupca, ’Termoele- tetom prerade preko 12.000.000. hydro-electric power plants with ktro’ je svoj sistem uskladio sa zahtevima standarda sistem tona petroleja. Izgrađene su stoticapacities of over 7,000 MW menadžmenta kvalitetom, što potvrđuje sertifikat dobijen od ne drugih objekata u oblasti crne power, including the construc- strane prestižnog evropskog ocenjivačkog tela TÜV. i obojene metalurgije i u svim tion of 1,500 MW plants abroad. oblastima industrije. Poput: in-

The company has carried out fitting works in five refineries with total processing capacities amounting to over 12 million tonnes of petroleum. Hundreds of other facilities in the ferrous and non-ferrous metallurgy sector have been built, in addition to facilities in the cement industry, cellulose and paper production, chemical industry, food processing industry and others. Termoelektro was hired to carry out the overhaul and maintenance works on the oil refinery and petro-chemical compounds in Pančevo. The Nikola Tesla thermo-electric power plants A and B in Kostolac were originally built by the Company, and Termoelektro has built many other energy facilities in Serbia. Today, the company is most often hired to perform reconstruction and overhaul activities. Among the most significant industrial projects that Termoelektro has implemented are cement plants Lafarge Beočin, Holcim Novi Popovac, Titan Kosjerić and Macedonia-based Usje. Termoelektro is also active on the German market. Termoelektro was re-hired in 2003 to work on facilities owned by the big-

dustrije cementa, industrije celuloze i hartije, hemijske industrije, prehrambene industrije i ostale. ’Termoelektro’ je angažovan na poslovima remonta i održavanja rafinerijskog i petrohemijskog kompleksa u Pančevu, koje je i izgradio. Termoelektrane ’Nikola Tesla’ A i B, termoelektrane u Kostolcu samo su deo energetskih objekata u Srbiji koje je izgradio, a danas je angažovan na poslovima rekonstrukcije i remonta. Od značajnijih projekata u industrijskom kompleksu koje treba istaći su cementare ’Lafarž’ iz Beočina, ’Holcim’ iz Novog Popovca, ’Titan’ iz Kosjerića i makedonsko ’Usje’. Na nemačkom tržištu, ’Termoelektro’ je od 2003. ponovo angažovan na objektima najvećeg nemačkog energetskog sistema RWE, kao i na izgradnji dva kotla u BOXBERG-u. Kako je tokom montaže, rekonstrukcija i remonta energetskih i industrijskih objekata česta potreba za specijalizovanom opre-

Termoelektro is in partnership with globally renowned companies such as Hitachi, Alstom, KHD, Babcock and others gest German energy system, RWE, as well as on construction of two boilers in BOXBERG. As specialised equipment is needed to perform fittings, reFrimmersdorf, Germany, 2003 construction and overhaul works on energy and industrial facilities, Termoelektro has also launched production facilities that manufacture ungraded equipment. In 2003, close to 1,200 mom, a u cilju upotpunjavanja obima usluga, ’Termoelektro’ potonnes of such equipment was produced for the Lafarge Beočin seduje i objekte u kojima se izrađuje nestandardna oprema. Samo za potrebe cementare ’Lafarž’ Beočin tokom 2003. godine, izrađecement plant. Today, Termoelektro is in partnership with globally renowned no je 1200 tona nestandardne opreme. Danas je ’Termoelektro’ partner svetski poznatih kompanija companies such as Hitachi, Alstom, KHD, Babcock and others. As a result of the specialist know-how required for engineer- kao što su: ’Hitachi’, ’Alstom’, ’KHD’, ’Babcock’ i drugi. Delatnost inženjeringa, projektovanja, izgradnje, proizvodnje ing, construction design, building, equipment production, overhaul and maintenance of energy and industrial facilities, Termoe- opreme, remonta i održavanja energetskih i industrijskih objekata lektro regularly organises internal training courses covering these iziskuje od preduzeća da raspolaže sa specijalizovanim znanjima specialised activities. The company has its own school, which i veštinama. Iz tog razloga ’Termoelektro’ redovno organizuje trains welders from the lowest to the highest level, and over 1,050 interne obuke za specijalistička zanimanja. U sopstvenoj školi, trainees have been educated since 1990. In addition to these edu- gde se obučavaju zavarivači od najnižeg, pa do najvišeg niova, od cational activities, various training sessions have been carried out 1990. do danas je obučeno više od 1050 kandidata iz redova nezaposlenih. Pored ove obuke, organizovane su i obuke za brigadire, for brigadiers, managers, controllers and engineers. All of these facts serve to confirm Termoelektro as a con- poslovođe, kontrolore i inženjere. Sve ovo pokazuje da je ’Termoelektro’ moderna kompanija temporary company that is developing quickly, in line with the koja se ubrzano razvija u skladu demands of the market. The sa zahtevima tržišta. Investira se Company is investing in the lat- Quality System u najsavremeniju opremu, alate i est equipment, tools and operational appliances, with the aim of In order to secure a high quality of works and round off its sredstva, a sve sa ciljem da i u demaintaining its leadership posi- service range, Termoelektro has established a Training Cen- cenijama koje dolaze ostane lider tion in South East Europe dur- tre for Equipment Evaluation, together with a laboratory na tržištu jugoistočne Evrope. Bogato iskustvo iz prošlih ing the decades ahead. Extensive where various tests are being conducted, such as evaluatexperience and today’s dynamic ing equipment in pressurised conditions and testing safety vremena, ali i sadašnji dinamičan growth serve as guarantees that valves in line with the rules of the Accreditation Body of razvoj garantuje da će svi veliki every single major investor in Serbia. In order for the Company’s clients to be satisfied, investitori na strateškim poslostrategic deals and facilities in Termoelektro has harmonised its system with the quality vima i objektima širom sveta, a Serbia and worldwide will find a management system of the prestigious European quality as- posebno u Srbiji, u ’Termoelektru’ imati pouzdanog i profesioreliable and professional partner surance institute, TÜV. nalnog partnera. in Termoelektro.

ENERGY

GAS FOR EXPORT

Following construction of the South Stream, Serbia’s energy will be secure for at least the next 30 years By Milena Petrović

onstruction of the South Stream gas pipeline, which will stretch from the Russian town of Novorossiysk, under the

radnja gasovoda Južni tok koji od ruskog grada Novorusijska ispod Crnog mora preko Bugarske dolazi do Srbije istorijska je šansa Srbije da dugoročno reši pitanje energetske sigurnosti u narednih 30 do 50 godina. Izgradnjom ovog gasovoda Srbija postaje gasno energetsko čvorište na Balkanu, i tranzitna zemlja koja ne da će obezbediti dovoljno gasa za domaćinstva i industriju koja ga troše, već i godišnje ubirati popriličan novac od taksi za tranzit gasa.

Bovanenkovo in Siberia, storage facility for gas which holds just half of Gazprom’s export to European markets

Black Sea, via Bulgaria to Serbia, is a historic chance for Serbia to resolve the issue of its energy supplies for at least the next 30 to 50 years. Following construction of the South Stream gas pipeline, Serbia will become a gas intersection in the Balkans and a transit country which will be able to secure enough gas for households and industry consumers, as well as collecting a hefty sum from gas transit fees each year. ENERGY SECURITY The undersea section of the South Stream gas pipeline will be 900 kilometres long and will start from the Beregovaya compressor station, located on the shores of the Black Sea. The next stop is Torza in southern Russia, and than the gas pipeline will take an underwater route all the way to the Bulgarian town of Varna. This is where the Galata gas field is located. Next year Galata will be converted into an undersea gas storage facility with a capacity of 1.7 billion cubic metres. The Black Sea section of the pipeline will transport 31 billion cubic metres of gas per year. According to local experts, Serbia could earn between $200 and $250 million per year from gas transit fees alone. Even if the pipeline’s section through Serbia transports a minimum of 10 billion cubic metres of gas, which is almost five times more than the quantity Serbia needs, the country will become safe and secure when it comes to the energy system. Land sections of the gas pipeline will be controlled by Gazprom and the countries through which the pipeline runs. The Serbian section will be supervised by Gazprom and Srbijagas, while the Bulgarian section will be controlled Gazprom and Bulgargas, and the Hungarian part of the pipeline will be controlled by Gazprom, development bank MFB and MOL. Although the gas pipeline’s final route will only be known for certain once a feasibility study is written, Serbia needs to do its utmost in the upcoming negotiations with Russians to try to increase the gas pipeline’s capacity from the offered 10 billion to 20

ENERGETSKA BEZBEDNOST Podmorski, 900 kilometara dug deo gasovoda ‘Južni tok’, krenuo bi od pumpne stanice Beregovaja, na ruskoj crnomorskoj obali. Do nje bi trebalo da se dovede gasovodom iz Torža u južnoj Rusiji, a odatle bi pod vodom išao do bugarskog grada Varne. Tamo postoji gasno polje Galata koje bi u toku 2009. trebalo da bude pretvoreno u podmorsko skladište gasa kapaciteta 1,7 milijardi kubnih metara. U crnomorskom delu gasovod bi nosio 31 milijardu kubnih metara gasa godišnje. Računice domaćih stručnjaka pokazuju da bi Srbija godišnje mogla da zaradi između 200 i 250 miliona dolara samo od tranzita gasa. Sve i da u ovom času ostane da će Srbija godišnje transportovati minimum 10 milijardi kubika gasa, što je skoro pet puta više od njenih današnjih potreba, naša zemlja obezbeđuje stabilnost i sigurnost funkcionisanja energetskog sistema.

Gasovod ‘Južni tok’ će se, prema svim dosadašnjim planovima, granati u Bugarskoj ka Srbiji i Grčkoj. Realno je da ovaj srpski pravac bude dominantan, jer će se gasovodom kroz Srbiju, pored nas, snabdevati i Mađarska, Austrija, Slovenija i Italija Suvozemne delove gasovoda kontrolisali bi ‘Gazprom’ i zemlje kroz koje cev prolazi - srpskim delom bi upravljali ‘Gazprom’ i ‘Srbijagas’, bugarskim ‘Gazprom’ i ‘Bulgargas’, mađarskim ‘Gazprom’ i razvojna banka MFB i MOL. Iako će tek studija izvodljivosti potvrditi definitivnu maršutu gasovoda, ono na čemu Srbija u narednim pregovorima s Rusima treba da uradi je da maksimalno pokuša da poveća kapacitet gasovoda, s ponuđenih 10 na 20 milijardi kubika gasa. Što i nije bez osnova, ako se zna da je planirano da do Bugarske stiže 30 milijardi kubika. U ovom času Bugarima ne treba više od četiri milijarde kubika

ENERGY

za zadovoljenje sopstvenih potreba. Dakle, 26 milijardi ostaje da se deli na Grčku i Srbiju. Pošto su potrebe Grčke znatno manje od srpskih, pre svega zbog zemalja koje Srbija treba dalje da snabdeva ovim ekološkim energentom, nije preterivanje ako preko Srbije bude teklo između 16 i 18 milijardi kubika gasa. A ako srpski pregovarači budu dovoljno umešni tokom predstojećih susreta sa Rusima, možda Srbija i izvuče svih 20 milijardi. Bilo kako bilo, jedna stvar mora da bude jasna, a to je da kapacitet gasovoda koji je sada projektovan na oko 30 milijardi kubika gasa ne zavisi samo od potreba i želje Srbije. Već, takođe, i od računice koju izvodi Gazprom, a koji će se na tržištu ponašati potpuno ekonomski. Dakle, kapacitet će zavisiti i od potrošnje gasa svih ostalih zemalja preko kojih cevi budu položene. ‘Gazprom’, jasno je, ne može u ovom času obećati 50 milijardi kubika gasa, ako nema krajnjeg kupca za svoju robu. Studija izvodljivosti koja tek treba da se radi, preciziraće krajnje količine gasa koje će poteći Južnim tokom. Za sada je izvesno da je reč o magistralnom, a ne kraku gasovoda. Sve spekulacije o tome da će krak gasovoda preći preko Srbije padaju u vodu pred činjenicom da je magistralni gasovod svaki onaj koji prolazi preko teritorije jedne zemlje i produžava dalje u drugu. Što je, u slučaju Južnog toka i Srbije, sasvim izvesna stvar.

billion cubic metres. Striving for this increase is not unrealistic, especially when we know that the Bulgarian section will transport 30 billion cubic metres. At this moment, Bulgaria doesn’t need more than four billion cubic metres in order to satisfy its needs. Therefore, 26 billion cubic metres remain to be split between Greece and Serbia. Since the Greek demand for gas is significantly lower than Serbia’s, primarily because of the countries which Serbia supplies with gas, it is no exaggeration when we say that between 16 and 18 billion cubic metres of gas should run through Serbia. If Serbian negotiators prove adept enough during the upcoming talks with the Russians, maybe Serbia will manage to get these 20 billion. Nevertheless, one thing that’s clear is that the gas pipeline’s volume currently stands at close to 30 billion cubic metres and this does not depend solely on Serbia’s needs and wishes. Rather, it depends on Gazprom’s calculations, which will apply a completely economic approach to this matter. Accordingly, the pipeline’s volume will depend on how much gas is used by other countries involved in the project. Of course, Gazprom cannot promise that the volume will be 50 billion cubic metres without first knowing who the end-user will be. The feasibility study, which is yet to be written, will provide precise information on the final quantities of gas that will run through the South Stream. What is certain for now is that Serbia will get a main arm of the pipeline, instead of just a section. Some have been advocating that Serbia is getting only a section, but that is not true since if a gas pipeline runs through a territory of one country and continues onto the other than we are talking about the pipeline’s main arm, which is a done deal in the case of the South Stream and Serbia. JOINT VENTURE What still needs to be done is to set up a joint venture company owned by Srbijagas and Gazprom, which will be engaged in constructing the pipeline through Serbia. The agreement signed by both Srbijagas and Gazprom’s representatives stipulates details for resolving all relevant legal and property issues, as well as fi-

ZAJEDNIČKA FIRMA Ono što u narednim danima predstoji je osnivanje zajedničke firme „Srbijagasa“ i ‘Gazproma’ koja će se baviti gradnjom gasovoda preko Srbije. Sporazumom, koji su u Srbiji potpisali predstavnici ‘Gazproma’ i ‘Srbijagasa’, predviđeno je rešavanje imovinsko-pravnih odnosa, finansijskih, komercijalnih i ostalih poslova, između dve države. Potrebno je savladati i tehničke probleme, postaviti trasu, obezbediti izvođače radova i adekvatnu opremu, sve to do 2014. godine kada bi prve količine gasa iz Rusije trebalo ovom trasom da stignu u Srbiju. Pripreme za izradu studije izvodljivosti, kojom će biti određena trasa gasovoda, prečnik i strategija za kompresorske stanice, kao i sam kapacitet gasovoda ‘Južni tok’ kroz Srbiju već su uveliko u toku. Pa je realno očekivati da do kraja oktobra bude osnovano i zajedničko preduzeće ‘Srbijagasa’ i ‘Gazrpoma’ za gradnju gasovoda. Iako je međudržavnim sporazumom predviđeno da je za izradu studije potrebno 18 meseci, od dana osnivanja firme, a nakon toga još 24 da bi

‘Gazprom’ trenutno kontroliše jedan odsto francuskog tržišta gasa na kome zasad ima samo industrijske klijente se krenulo u gradnju, u ‘Srbijagasu’ kažu da će se sve raditi istim tempom. ‘Gazprom’, baš kao ni Srbija ne gubi vreme, već paralelno i u Srbiji i u drugim zemljama prikuplja podatke o sadašnjoj i potencijalnoj budućoj potrošnji ovog energenta. Da li će medjutim, u zakazanom roku – dakle 2014. godine taj gas i ogrejati Srbiju? KADA ĆE DA POTEČE Poslednjih dana iz Moskve stižu pomalo obeshrabrujuće najave da bi plin mogao da poteče cevima najranije 2015., a najkasnije 2024. godine, što u velikoj meri prolongira celu stvar. Ako bi se to dogodilo, prve količine gasa stigle bi u našu zemlju tek za 16 godina! Ruska i srpska strana relativizuju, međutim, celu stvar i pojašnjavaju da se tu radi o etapnom puštanju gasovoda u rad. Da se ni ‘Gazprom’ ni italijanski ‘Eni’, domaćini celog ovog projekta, neće baš opuštati i čekati 16 godina da bi prve količine ruskog gasa potekle ‘Južnim tokom’, potvrđuju i oni sami na osnovu izvedene računice koja kazuje da svaka godina odlaganja početka radova i gradnje gasovoda povećava troškove za 10 do 15 odsto. Upravo zato se veruje da će se u posao krenuti brzo, jer je reč o jednom od najvećih

nancial, commercial and other activities to be carried out by the two sides. There are also certain technical obstacles that need to be overcome: a route needs to be laid and workers and adequate equipment found by the year 2014, which is when the first quantities of gas should arrive from Russia to Serbia via this gas pipeline. Preparations for writing the feasibility study, which will define the pipeline’s route, diameter and a strategy for the compressor station, as well as the South Stream’s volume through Serbia, have already been carried out to a large extent. It is realistic to expect that Srbijagas and Gazprom will set up the aforementioned joint venture company by the end of October. However, the energy treaty stipulates that 18 months are needed to write the study, starting from the date of setting up the company, and an additional 24 months to start building works. According to Srbijagas, everything will be done at the same pace. Gazprom, just like Serbia, is not wasting any time, but is also gathering data about the current and future demand for gas in other countries involved in the pipeline construction. However, it remains to be seen whether or not the gas will reach Serbia within the scheduled deadline, i.e. by 2014? TIMEFRAME Discouraging news coming out of Moscow recently has speculated that the gas pipeline will only become operational by 2015 at the earliest and 2024 at the latest, which delays the whole thing all together. If that were to happen, then the first quantities of gas would only have arrived in Serbia 16 years from now! Both the Russian and Serbian sides do not put too much emphasis on this, explaining that the pipeline will gradually become operational. It is highly likely that the project’s leaders, Gazprom and Italian ENI, will not wait another 16 years for the first quantities of Russian gas to run through the South Stream. The proof of this can be found in their estimates, which show that every year a delay in construction of the gas pipeline increases the costs by 10 to 15%. As such, many believe that work will start very soon on what will be one of the biggest projects ever to be implemented – in terms of investments, pipeline length, pipe width and other elements. No substantial problems are expected with laying the pipes along the Black Sea bed, since Russia has had experience with the Blue Stream project - a major gas pipeline with a volume of 50 million cubic metres of gas. According to plans set out to date, the South Stream gas pipe-

Storage Facility Completing construction of the Banatski Dvor underground storage facility, a project which is stipulated in the energy treaty, and a two-way gas pipeline from Gospođinci to Banatski Dvor, are as important as other projects stated in the treaty. Finalising construction of the Banatski Dvor facility means that, come this winter, Serbia will be able to use up to one million cubic metres of gas per day from this storage facility. So far, close to 300 million cubic metres of gas have been inserted into the storage and the plan is to insert a total of 800 million cubic metres, which is the actual capacity of the storage. A joint venture company, to be set up by Serbia and Russia, will make it possible for Serbia to have sufficient quantities of gas at any given moment, while the surplus gas can be exported. Serbia has been paying quite high penalties to Hungary for the gas it ordered but never used, because we had nowhere to store that gas up till now.

projekata ikada rađenih. I što se tiče investicija, dužine trase gasovoda, širine cevi i ostalih elemenata. Ne očekuje se ni da bi većih problema moglo biti prilikom polaganja cevi ispod nivoa Crnog mora, jer je Rusija takvo iskustvo stekla u poslu s ‘Blu strimom’, odnosno gradnjom ‘Plavog potoka’ kapaciteta 50 milijardi kubika gasa. Gasovod ‘Južni tok’ će se, prema svim dosadašnjim planovima, granati u Bugarskoj ka Srbiji i Grčkoj. Realno je da ovaj srpski pravac bude dominantan, jer će se gasovodom kroz Srbiju, pored nas, snabdevati i Mađarska, Austrija, Slovenija i Italija. Južnim krakom će se snabdevati samo Grčka i južna Italija. ‘Gazprom’ planira da se kompletna potrošnja prirodnog gasa u Srbiji snabdeva ‘Južnim tokom’. To, opet, znači da mi, kada gasovod bude završen, nećemo dobijati gas preko Mađarske, čime ćemo izbeći dalje plaćanje tranzitne takse koja je čak pet puta veća nego što je inače i iznosi oko 30 dolara na 1.000 kubika. Inače, svetska cena je od dva do pet dolara na 1.000 kubnih metara. Mađarska će se delimično i dalje snabdevati postojećim gasovodom, a deo ovog energenta će joj stizati Južnim tokom. Isti slučaj je i sa Austrijom, dok će se kompletno snabdevanje severa Italije, gde je njihova skoro kompletna industrijska potrošnja, snabdevati ‘Južnim tokom’. Studija izvodljivosti za Srbiju će biti sastavni deo opšte studije izvodljivosti za celokupan projekat ‘Južni tok’, koji pokriva teritoriju Rusije, Crnog mora kao i zemlje centralne i istočne Evrope. ‘Gazprom’ potvrdjuje da će studija izvodljivosti o izgradnji dela gasovoda ‘Južni tok’ kroz Srbiju biti izrađena u skladu sa sporazumima između Ruske Federacije i Republike Srbije. Pojedininosti su navedene u međudržavnom sporazumu potpisanom 25. januara ove godine i u sporazumu od 25. februara ove godine o saradnji između ‘Srbijagasa’ i ‘Gazproma’ na implementaciji projekta izgradnje gasovoda za tranzit prirodnog gasa kroz Srbiju. ‘Južni tok’ prolaziće kroz Srbiju u dužini od 400 kilometara.

ENERGY

Radnici na gasnim postrojenjima u Sibiru

line will branch out in Bulgaria towards Serbia and Greece, with realistic expectations being that the Serbian route will be the dominant one. Aside from Serbia, the pipeline will supply Hungary, Austria, Slovenia and Italy, while the southern section of the pipeline will only provide gas for Greece and southern Italy. Gazprom’s plans are for the complete supply of natural gas in Serbia to be carried out via the South Stream. This means that once the pipeline is finished we will not get gas through Hungary, thus avoiding transit fees which are five times higher than the usual price – standing at close to $30 per 1,000 cubic metres of gas, compared to the global price of $2 to $5 per 1,000 cubic metres. Hungary will continue to partially use the current gas pipeline, while some of the quantities will arrive through the South Stream. The same goes for Austria, while the complete supply of northern Italy, where the majority of the country’s industrial facilities are located, will come via the South Stream. The feasibility study for Serbia will be an integral part of a general feasibility study covering the complete South Stream project, which includes the territory of Russia, the Black Sea and the countries of South and East Europe. Gazprom has confirmed that the feasibility study pertaining to construction of the South Stream through Serbia will be written in line with the energy treaty signed by the Russian Federation and the Republic of Serbia. All the relevant details are stated in the treaty, which was signed on 25th January this year, and the agreement signed on 25th February stipulating co-operation between Srbijagas and Gazprom on constructing the gas pipeline through Serbia. The South Stream’s main arm through Serbia will be 400 kilometres long. NABUCCO OR SOUTH STREAM Despite the naysayers claiming that Russian gas which Gazprom will distribute to most of Europe will not offer as much security as the Nabucco gas pipeline – South Stream’s arch rival – France, along with many other EU countries, recently initialled the deal with Gazprom and wants to have Russian gas. Gazprom currently controls 1% of the French gas market and supplies mostly industrial clients there. However, according to

NABUKO ILI JUŽNI TOK Uz sva negodovanja lobista da ruski gas kojim će ‘Gazprom’ snabdevati najveći deo Evrope ne nudi ni blizu toliku sigurnost kao ‘Nabuko’ konkuretni gasovod ‘Južnom toku’, Francuska je za sada poslednja u nizu zemalja Evropske unije koja je pre par dana stavila paraf na posao sa ‘Gazpromom’ u želji da se upravo snabdeva ruskim gasom. ‘Gazprom’ trenutno kontroliše jedan odsto francuskog tržišta gasa na kome zasad ima samo industrijske klijente. ‘Gazprom’, međutim, ne isključuje mogućnost prodaje gasa i individualnim potrošačima u slučaju da osigura partnera, saopštio je predstavnik kompanije ‘Gazprom eksport’ u Francuskoj Jurij Virobjan. On smatra da francuskom energetskom tržištu nedostaje konkurencija, sudeći po malom broju isporučilaca gasa, posle otvaranja tržišta za individualne potrosače u julu prošle godine. NAFTNA INDUSTRIJA I... Realizacija medjudržanog naftno-gasnog sporazuma potpisanom u Kremlju 25. januara ove godine, medjutim, ne podrazumeva

Skladište Ništa manje važan projekat koji je i sastavni deo Medjudržavnog sporazuma je završetak podzemnog skladišta gasa Banatski Dvor i izgradnja dvosmernog gasovoda Gospođinci – Banatski Dvor. Završtkom Banatskog Dvora Srbija će već ove zime dnevno iz ovog rezervoara moći da povuče po milion kubika gasa dnevno. Do sada je u podzemno skladište utisnuto blizu 300 miliona kubika gasa, a očekuje se da završetkom celog posla Srbija ovde ‘utankuje’ oko 800 miliona kubika, koliki je zapravo kapacitet Banatskog Dvora. Zajednička srpsko-ruska firma koja će se baviti ovim poslom obezbediće Srbiji da tokom zime u svakom času može da povuče dovoljne količine svoj gasa, a svi viškovi mogu da se izvoze. Srbija je inače do sada plaćala vrlo visoke penale Madjarskoj za sav naručen, a neiskorišćen gas, upravo iz razloga što nije imala svoje skladište gasa.

Gazprom Export’s representative in France, Yuriy Virboyan, the Russian company is willing to sell gas to individual consumers provided that it finds an appropriate partner. He added that the French energy market was lacking competition, since the number of gas suppliers was very small due the fact that a market for individual consumers had been esablished in July last year. OIL INDUSTRY Implementation of the intergovernmental oil and gas treaty, signed in the Kremlin on 25th January this year, does not only include construction of the gas pipeline, but also completion of the underground gas storage facility at Banatski Dvor and the sale of a 51% stake in Petroleum Industry of Serbia (NIS). Despite the fact that the South Stream does bring certain advantages and benefits for Serbia, primarily energy stability and security, as well as an alternative gas source, the whole project is not viewed as particularly benevolent in Serbia, in light of the sale of NIS for a relatively small amount of money. The Russians have offered €400 million for 51% of NIS shares, plus an additional €500 million of strategically important investments. However, the situation calmed down considerably after the recent visit by Russian Emergencies Minister, Sergey Shoigu, who said that if the Serbian side considered €400 million for a 51% stake in NIS not enough, then it should sell the company to a higher bidder, since it was Serbia which set the price in the first place. Serbia’s Economy Minister and Deputy PM, Mlađan Dinkić, failed to raise the price for NIS by even a Euro cent, even after Deloitte Serbia said that the company was worth a total of €2.2 billion. Considering this and the clear message coming from the Russian side that they were not going to give a cent over the offered €400 million, since this price was stated in the Protocol which is an integral part of the energy treaty ratified in the Parliament, Serbian negotiators are left with nothing else to do but to try to raise the amount offered for the company’s modernisation. This amount can go up to €700 million, which has been confirmed by the Russians on several occasions. Although the state of Serbia will have a smaller stake in NIS, the Serbian side should definitely work on trying to persuade Gazprom Neft to raise the quality of the fuel produced by domestic refineries to the European level as soon as possible, i.e. in two years’ time at the latest. Although the deadline for conclusion of the sale contract (31st December) is fast approaching, it is interesting to see that the complete property of NIS is still in the hands of the Republic Property Directorate, except for the company logo and stamp, so it turns out that the Russians paid too much for NIS. Former Energy Minister, Aleksandar Popović, spoke about this issue some months ago, yet the Directorate still hasn’t transferred the property rights to NIS, so nobody exactly knows what is being sold. While Russian Gazprom Neft adamantly claims that they are buying the company’s business premises, petrol stations, refineries, storages and NIS’s oil and gas fields, the current Energy Minister, Petar Škundrić, states categorically that they would never be sold, since that is the practice of other countries in the world. He says that the only thing that can be done is to transfer the right to exploit these mineral treasures with an adequate compensation.

Gazprom CEO A.Miller and President Putin

samo gradnju gasovoda, već i završetak podzemnog skladišta gasa Banatski Dvor, ali i prodaju 51 odsto akcija Naftne industrije Srbije. I ma koliko projekat ‘Južni tok’ imao svojih prednosti i pogodnosti za Srbiju, pre svih energetsku stabilnost i bezbednost, paralelan pravac snabdevanja gasom, u Srbiji je sve vreme ovaj projekat viđen u svetlu nepovoljne prodaje NIS-a. Reč je o ceni od 400 miliona evra za 51 odsto akcija Naftne industrije Srbije, plus 500 miliona dodatnih investicija, a tek onda kao potencijalno strateški važna investicija. Situacija se, medjutim, primirila posle poslednje posete Sergeja Šojgua, ministra za vanredne situacije Rusije, koji je poručio srpskoj strani da ukoliko joj je malo 400 miliona evra za 51 odsto akcija NIS-a, kompaniju proda nekom drugom, tim pre što je sama ponudila ovu cenu. Ministru ekonomije i potpredsedniku Vlade Mladjanu Dinkiću, nije pošlo za rukom da cenu za NIS podigne ni za kopejku, ni posle procene ‘Diloit Srbija’, prema kojoj 100 odsto kapitala kompanije vredi 2,2 milijarde evra. Imajući to u vidu, uz jasnu poruku ruske strane da neće podizati osnovnu cenu za NIS od 400 milione evra, jer se ona nalazi i u Portokolu koji je prateći dokument Sporazuma ratifikovanog u Skupštini, srpskim pregovačima ne preostaje ništa više nego da u narednim pregovorima pokušaju da podignu udeo koji će ići u modernizaciju kompanije. Ta ulaganja mogla bi ići i na 700 miliona evra, umesto prvobitno ponudjenih 500, što su, Rusi i sami više puta potvrdili. Ono na čemu srpska strana takodje treba da poradi jeste, da iako je manjinski vlasnik u paketu za NIS, privoli ‘Gazpromnjeft’ da u što kraćem roku, a najkasnije za dve godine nivo proizvodnje i prerade u domaćim rafinerijama podigne na nivo evropskog kvaliteta goriva. Interesantno je da je sva imovina NIS-a, iako se približava 31. decembar što je krajnji rok za zaključivanje kupoprodajnog ugovora, i dalje u vlasništvu Republičke direkcije za imovinu, osim loga i pečata firme, te ispada da su Rusi preplatili NIS. Iako je još bivši ministar energetike Aleksandar Popović pokrenuo ovo pitanje sredinom godine, do prenošenja imovine s Direkcije na NIS još nije došlo, te se i dalje ne zna šta je zapravo predmet kupovine. I dok ruski ‘Gazpromnjeft’ izričito tvrdi da su na prodaju pored zgrada, pumpi, rafinerija, skladišta, i naftna i gasna NIS-ova nalazišta, aktuelni ministar energetike Petar Škudnrić, kategorički tvrdi da oni nikada neće biti predmet kupovine kao što nigde u svetu i nije bio slučaj. Te, da se mogu samo dati eksploataciona prava na ova rudna blaga uz adekvatnu naplatu rente.

The feasibility study for Serbia will be an integral part of a general feasibility study covering the complete South Stream project, which includes the territory of Russia, the Black Sea and the countries of South and East Europe

INTERVIEW

Alexander Valeryevich Dyukov, CEO of Gazprom Neft

NIS: GAZPROM NEFT’S EUROPEAN PROJECT “Following our acquisition of a 51% stake in the company, we plan to increase the processing capacities in NIS’s oil reﬁneries twofold, i.e. to over seven million tonnes per year”

By Elena Vasiljeva & Ana Stojanović

he upcoming privatisation of Petroleum Industry of Serbia (NIS) and the plans that Gazprom Neft has for the Serbian market prompted us to interview Alexander Valeryevich Dyukov, CEO of Gazprom Neft.

lanirana privatizacija Naftne industrije Srbije – NIS, bila je povod za razgovor sa Aleksandrom Valerjevičem Djukovim, generalnim direktorom ’Gazprom nefta’, kao i budući planovi ove ruske kompanije pre svega na srpskom tržištu.

What are Gazprom Neft’s long-term strategic plans? A total of 75% of Gazprom Neft is in the hands of Gazprom Group, which is one of the largest energy corporations in the world. There is no doubt that there are huge, pretty unique financial and production possibilities ahead of us.

Kakvi su strateški planovi ‘Gazprom nefta’ u dugoročnoj perspektivi? ’Gazprom neft’ u obimu od 75 odsto pripada grupi ’Gazprom’, а ’Gazprom’ je, jedna od najvećih energetskih korporacija u svetu. Bezuslovno je da su pred nama otvorene velike, čak jedinstvene finansijske i proizvodne mogućnosti. U 2008. godini razradili smo strategiju razvoja kompanije do 2020. koja podrazumeva povećanje svih proizvodnih pokazatelja, širenje područja delatnosti i pretvaranje „Gazprom nefta“ od ruske kompanije u međunarodnu. Prema strategiji razvoja, do 2020. nameravamo da povećamo godišnju eksploataciju za više od dva puta u poređenju sa sadašnjom – do 100 miliona tona. Prerada nafte će se, takođe, značajno povećati – do 100 miliona tona, a maloprodajna mreža kompanije će premašiti 5.000 benzinskih pumpi. Ti planovi po-

Professionals in NIS We were pleasantly surprised to see that highly qualified professionals work in Petroleum Industry of Serbia, whether we are talking about managers or engineeers. We plan to keep these human resources and don’t plan to bring a lot of people from Russia.

JSC Gazprom Neft is one of the largest oil producing companies in Russia

“Veoma smo zainteresovani za razvoj prerade nafte upravo u Srbiji. U 2007. naša kompanija iscrpela je 43 miliona tona nafte, pri tome u sopstvenim već postojećim kapacitetima u Rusiji prerađujemo više od 26 miliona tona” What are your goals in Serbia? Our company is facing certain problems in Serbia, particularly in developing the level of co-operation with our Serbian partners that should result in our mutual interests being satisfied. Gazprom Neft is coming to Serbia with an industrial programme that will be profitable for both sides. We are providing an opportunity to increase the oil processing volume by modernising and reconstructing oil refineries with the end result of producing a European quality fuel

drazumevaju ne samo razvoj svojih kapaciteta, već i nove kupovine. Danas su nam posebno interesantne aktive van granica Rusije, a Naftna industrija Srbije - NIS će postati prvi evropski projekat ’Gazprom nefta’. Koji su vaši ciljevi u Srbiji? Naša kompanija se suočava sa problemima u radu na srpskom tržištu, i to u razvoju saradnje sa srpskim partnerima u delatnosti, koja treba da rezultira uzajamnom koristi. Sam ’Gazprom neft’ dolazi u Srbiju sa poslovno isplativim industrijskim programom za obe strane. Otvara se mogućnost da povećamo obim prerade nafte u srpskim preduzećima, a u tom cilju ćemo ih modernizovati, rekonstruisati kako bi na kraju proizvodili derivate najvišeg evropskog kvaliteta koji odgovaraju najvišim međunarodnim standardima. Pošto kupimo 51 odsto akcija kompanije, planiramo povećanje prerade nafte u rafinerijama NIS skoro za dva puta, odnosno za više od sedam miliona tona godišnje. Ti naftni derivati koji su potrebni Srbiji uspeće da obezbede i potrebe vaše zemlje, ali i da se izvoze. Konačni rezultat toga biće mogućnost da Srbija postane važan energetski centar Balkana. Rešenjem ovog zadatka na dobitku će biti Vlada Srbije, koja će ostati učesnik našeg zajedničkog projekta. Takođe, će

Profesionalci in NIS-u Izdvojiću još jedan momenat. Prijatno smo iznenađeni time što u Srpskoj naftnoj industriji rade kvalifikovani profesionalci, kako među menadžerima, tako i među inženjerima. Planiramo da sačuvamo taj ljudski potencijal i zato nemamo nameru da dovedemo mnogo ljudi iz Rusije.

INTERVIEW

that will comply with the strictest international standards. Following our acquisition of a 51% stake in the company, we plan to increase processing capacities at NIS’s oil refin-

In 2008 we wrote the company’s development strategy covering the period up to 2020. This envisages the increasing of all production indicators, extending our activities and transforming Gazprom Neft into an international company. According to this strategy, we intend to increase our annual exploitation twofold in comparison to the current one, i.e. up to 100 million tonnes eries twofold, i.e. to over seven million tonnes a year. These oil derivatives will satisfy your country’s needs and leave quantities left to export. The final result The renewal of Gazprom Neft reserves totalled around 400% in 2007 will be that Serbia becomes an important energy centre in the Balkans. Everybody will win, including the pobednici postati i srpski građani, koji će dobiti besplatne akcije Government of Serbia, which will participate in our joint project, NIS-a, pošto će se rekonstrukcijom i modernizacijom srpske and those Serbian citizens who have been given free NIS shares, as kompanije suštinski povećati njena vrednost. Ekonomski uspeh the reconstruction and modernisation of the company will result in NIS-a će se na taj način ogledati i na dobrobiti srpskog naroda, the value of its shares rising. NIS’s business success will benefit both ali i cele zemlje. the Serbian people and the whole country. Zašto ste zainteresovani za preradu nafte u Srbiji? Veoma smo zainteresovani za razvoj prerade nafte upravo u Srbiji. Why are you interested in oil processing in Serbia? We are very interested in the development of oil processing in Ser- U 2007. naša kompanija iscrpela je 43 miliona tona nafte, pri tome bia. In 2007 our company extracted 43 million tonnes of oil and u sopstvenim već postojećim kapacitetima u Rusiji prerađujemo processed over 26 million tonnes through our existing capacities in više od 26 miliona tona. Naravno, ’Gazpromnjeft’ namerava Russia. Obviously, Gazprom Neft wants to increase the volume of da poveća obim prerade nafte, što stvara dodatnu vrednost. To processed oil, which creates added value. This confirms our inter- potvrđuje našu objektivnu zainteresovanost za razvoj sopstvene est in the development of our own oil processing capacities, both prerade nafte i realizaciju naftnih derivata u regionima u koje in Russia and other regions where we can transfer our oil, such as možemo da prebacimo sopstvenu naftu, a Srbija je među njima. Naši stručnjaci za preradu nafte i konsultanti, koje smo angažovali, Serbia. Our oil processing experts and consultants are quite familiar with upoznati su sa najsavremenijim tehnologijama. Sposobni su da u the latest technology available. We are capable of reconstructing and najkraćim rokovima izrade i realizuju program rekonstrukcije i modernising NIS in record time, by applying global experiences, modernizacije tehnološkog kompleksa NIS-a, uz korišćenje akstrict European environmental standards and achieving the highest tuelnog svetskog iskustva, strogih evropskih ekoloških normi, zahteva u vezi s kvalitetom naftnih derivata i uz ekonomsku efikasquality of oil derivatives, whilst operating with economic efficiency. The recostruction and modernisation programme is geared not nost. Program rekonstrukcije i modernizacije usmeren je ne samo only towards increasing product quality, but also reaching a higher na povećanje kvaliteta proizvoda, već i na porast obima prerade i processing volume and production efficiency. Since we control raw povećanje efikasnosti proizvodnje. Pošto posedujemo sirovinske material resources and have minimum expenses in oil processing, resurse i uz minimizaciju troškova za preradu jedinica sirove nafte, the oil derivatives that we produce in Serbia will be the most com- naftni derivati koje ćemo proizvoditi u Srbiji biće najkonkurentniji u regionu, kako prema kvalitetu, tako i prema ceni. petitive in the region, in terms of both quality and price.

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ENERGY

OIL & GAS FOR ALL

An alternative view of an oil drill

According to the German Institute for Economic Research, “Russia has enough oil to last 22 years”. According to Russian experts, “When it comes to natural gas reserves, we are number one in the world, and we have enough oil to last for at least 30 years” By RIA Novosti

re we consuming energy in a rational manner? Does the world dispose of enough oil and gas reserves? Are production capacities high enough? These are issues that today’s world has been dealing with for quite some time. Energy has become the number one topic in the world, whether we are talking about realistic prices of hydrocarbon fuels, building new nuclear and hydro-electric power plants, various accusations made on the account of so-called ‘energy blackmail’, etc. Practically every single discussion today somehow involves the issues of rational use of oil and gas reserves or production capacities of export countries. Deposits in the Black Sea, Persian Gulf and other locations have not been providing sufficient quantities of hydrocarbon to meet the demands of the European economy for quite some time, thus it is quite understandable that European countries are

a li se energija racionalno koristi, ima li svet dovoljno rezervi nafte i gasa, koliki su kapaciteti proizvodnje, pitanja su kojim se savremeni svet uveliko bavi. Energetika je postala tema broj jedan u celom svetu. I po pitanju realnih cena ugljovodoničnih goriva, i po pitanju izgradnje novih atomskih centrala i hidroelektrana, raznih optužbi za energetske ucene... Praktično svaka diskusija danas tiče se pitanja racionalnog korišćenja rezervi nafte i gasa, kao i kapaciteta proizvodnje zemalja izvoznika. Na izvorištima Severnog mora, Persijskog zaliva i drugih mesta već odavno nema dovoljno ugljovodonika za neprekidno funkcionisanje evropske privrede. Stoga je razumljiva zabrinutost evropskih zemalja u vezi sa isporukom goriva iz Rusije. Zvanični podaci o rezervama nafte u Rusiji se ne objavljuju – to je državna tajna. U otvorenim izvorima mogu da se pronađu samo

concerned about fuel supplies from Russia. However, there is no official data about oil reserves in Russia, as that is classified information. Some sources provide only approximate estimates, which are not so reliable. According to a report by the German Institute for Economic Research (DIW), at the current level of production, Russia’s reserves will have been used up in around 22 years. German experts claim that Russia needs to carry out huge changes to the country’s oil and gas industry, in addition to increasing investments in research and exploitation, as well as using energy resources in a more prudent manner. DIW’s report claims that although Russia is the second largest oil producer (9.7 million barrels per day) after Saudi Arabia, it holds only the seventh place for proven oil reserves (6% - 7% of the world’s total), hence the conclusion that Russia will use up oil reserves in 22 years time at the current level of production. Following the publishing of this report, DIW outlined a series of shortcomings of Russian energy policy, such as insufficient investment into increasing commodities production, inadequate energy-saving technologies and low domestic energy prices, which result in hydrocarbon wastage. According to DIW, present conditions require significant changes to be made, i.e. Russia needs to reassure Western Europe that its hydrocarbon supplies are reliable. The concerns stated by the German economic experts are quite understandable, bearing in mind that the EU imports 29% of its oil and one third of its gas from Russia. RUSSIAN EXPERTS However, Russian oil and gas experts told RIA Novosti Agency that, despite the existing problems in the Russian oil and gas sector, the gloomy forecast was not warranted and was being used only to spread disinformation. “It’s nonsense and distortion of reality”, says Timur Khairullin, an analyst with the Antanta Pioglobal Investment Group, commenting on the report. According to him, Russia has enough oil for at least 30 years, and the situation in its commodities sector is not deteriorating year-on-year. Russian oil producers conduct enough prospecting and exploration to replenish between 70 and 80% of their reserves. In other words, this keeps the reserves-production ratio in Russia at a stable level. Hence, there is no need to be fearful of claims that the Russian Federation possesses reserves which, according to global ratings, take seventh place in the world. As much as 60% of global oil reserves are located in the Gulf countries, which have enough oil for more than 70 years, he said.

Oil pipelines at a Russian hub

orijentacione procene, čiji je nivo pouzdanosti različit. Prema poslednjoj prognozi Nemačkog ekonomskog instituta (DIW) ruske rezerve nafte u potpunosti će biti iscrpljene kroz 22 godine. Prema tome, po mišljenju nemačkih stručnjaka, Rusija mora da izvrši velike promene u svojoj naftnoj i gasnoj privredi. Takođe, mora da poveća investicije u istraživanje i eksploataciju i da ekonomičnije troši energetske resurse. Izveštaj DIW-a skreće pažnju na to da je Rusija, druga zemlja na svetu prema obimu prerade nafte (9,7 miliona barela na dan)’ odmah posle Saudijske Arabije, prema dokazanim rezervama ‘crnog zlata’ zauzima tek sedmu poziciju u svetskom rejtingu. Što bi značilo da poseduje šest do sedam odsto svetskih rezervi. Na osnovu toga autori izveštaja izvode krajnje neutešan zaključak: na sadašnjem nivou eksploatacije rezerve nafte će se u Rusiji iscrpeti za oko 22 godine. Nemački naučnici navode niz nedostataka u ruskoj energetskoj politici, koji su doveli do tako lošeg stanja stvari. To je nedostatak investicija koje su neophodne za povećanje obima prerade rudnog blaga. Zatim, nedovoljni razvoj tehnologije štednje energije, niske cene energetskih resursa na domaćem tržištu, zbog kojih se uzalud spaljuju ugljovodonične sirovine. Prema mišljenju autora izveštaja, ovakvo stanje zahteva značajne promene. U suprotnom, Zapadnu Evropu očekuje potpuna neodređenost u odnosu na isporuke ugljovodonika iz Rusije. Ovakve brige nemačkih ekonomista su razumljive: prema njihovoj proceni danas se 29 odsto celokupne nafte i jedna trećina cele količine gasa potrebne Evropskoj zajednici uvozi upravo iz Rusije.

In mid-2000, Russian oil producers assumed complete control of capacities which remained from the USSR. Oil production in Russia suddenly ground to a halt back then

Tax Reliefs Starting in the mid-1970s all the way to the beginning of 2000, the average oil price ranged from $15 to $30 per barrel, ensuring that generations of oil producers didn’t bother to look for new deposits, let alone start exploiting them. As strange as it may seem, oil companies have purely financial difficulties. For example, a huge chunk of oil profits in Russia go to the state, which leaves oil companies strapped for cash to invest in finding new deposits. Only during the last several months have certain steps been made to secure tax reliefs. However, it will take a long time to assess how effective these measures have been.

RUSKI EKSPERTI Međutim, ruski eksperti za naftu i gas izjavili su agenciji RIA Novosti da uz sve probleme u ruskoj naftnoj i gasnoj privredi, koji zaista postoje, tvrdnje o skorom iscrpljivanju ruskih rezervi predstavljaju puko mazanje očiju. „Glupost i pogrešno predstavljanje““ – ovim rečima kategorično je analitičar investicione grupa ‘AntantaPioglobal’, Timur Khairullin prokomentarisao prognozu DIW-a. Rusija je, prema njegovim rečima, obezbeđena naftom za najmanje sledećih 30 godina i situacija se iz godine u godinu ne

ENERGY

A scene from one of this year’s gas forums

However, Russia leads the world in the amount of gas (over 25% of the total), and, in this respect, the country’s gas reserves are much bigger than oil reserves. According to the pessimistic forecast coming from British Petroleum (BP), which is similar to that of DIW, Russian oil reserves stood at 10.9 billion tonnes at the end of 2007. If we presume that

German experts claim that Russia needs to carry out huge changes to the country’s oil and gas industry, in addition to increasing investments in research and exploitation, as well as using energy resources in a more prudent manner. the current level of annual production (490 million tons) will not change, there should be enough oil to last for the next 20 years. The problem with this kind of analysis is that it does not take into consideration the fact that reserves are constantly replenished. These indicators are not the same for every single deposit, whether we are talking about used or new ones. RAW MATERIAL EXPLOITATION In reality, the situation in the Russian oil sector is similar to that of other oil producing countries. In mid-2000, Russian oil producers assumed complete control of capacities which remained from the USSR. Oil production in Russia suddenly ground to a halt back then, because the exploration of new deposits slowed down. Production increased in 2005 by close to 2% a year. This year, oil production in Russia will be slightly reduced by a tenth of a percent. During the 1980s, Soviet geology experts searched for new deposits. As a result, in Russia today there are numerous known large deposits (mostly in East Siberia and northern parts

pogoršava. Ruske kompanije u toku eksploatacije nafte za račun istraživanja i dodatnih istraživanja stalno popunjavaju svoje rezerve, uglavnom za 70-80 odsto. Drugačije rečeno, odnos između naftnih rezervi i njihove eksploatacije u Rusiji konstantno je na stabilnom nivou. Zato nema smisla plašiti se činjenice da Ruska Federacija poseduje rezerve koje se prema svetskim merama nalaze na sedmom mestu. Priroda je tako uredila da se 60 odsto svetskih rezervi „crnog zlata“ nalazi u zemljama Persijskog zaliva. One su naftom obezbeđene za više od sledećih 70 godina. Zato prema rezervama prirodnog gasa Rusija zauzima prvo mesto u svetu (više od 25 odsto) i ona je tom sirovinom obezbeđena u obimu koji je mnogo puta veći nego obim nafte. Prema pesimističkim podacima British Petroleum (BP), koji su slični podacima DIW-a, krajem 2007. godine rezerve nafte u Rusiji iznosile su 10,9 milijardi tona. Ako se pretpostavi da se današnji nivo godišnje eksploatacije (490 miliona tona) neće promeniti, nafte treba da bude dovoljno za oko 20 godina. Problem sličnih analiza je u tome da one ne uzimaju u obzir povećanje rezervi. Ti pokazatelji su jedinstveni za svako nalazište, i ono koje je već razrađeno, ali i za novo.

Poreske olakšice Zbog toga što su od sredine sedamdesetih godina prošlog veka, do početka 2000. godine prosečne cene nafte održavane u stabilnom dijapazonu od 15 do 30 dolara po barelu, cela generacija naftaša u celom svetu skoro da se nije bavila potragom za novim nalazištima. A tim pre ni njihovom eksploatacijom.Koliko god da je to čudno, naftne kompanije imaju i čisto finansijske teškoće. Na primer, u Rusiji danas lavovski deo ekstra profita od ekstra visokih cena nafte odlazi državi, i to im ne ostavlja mogućnost da investiraju u razradu novih nalazišta. Tek su poslednjih meseci preduzeti koraci na olakšavanju poreskog bremena, ali i za procenu efikasnosti takvih mera biće potrebno vremena.

of the country’s European territory) which can be exploited at any time. However, this is a process that requires a lot of capital and work to be invested and, thus, starting in 2009 there could be an annual increase in oil production in Russia by 2% (from today’s 9.7 million to 9.8 million barrels a day). We should not expect Russia to significantly increase its production though, at least until the next decade. This is something that countries which use Russian raw materials are familiar with. Furthermore, the whole world knows that there are certain hydrocarbon deposits that have been ‘reserved’ since the 1980s, i.e. which Russia does not use. The problem is that oil producing countries are left with very little space for manoeuvring. Today, practically none of them have any new capacities left. Saudi Arabia is an exception to this rule, as the country has oil deposits available with a daily production capacity of 12 million barrels.

EKPLOATACIJA SIROVINA U stvarnosti situacija u naftnom sektoru u Rusiji slična je većini zemalja u kojima se eksploatiše nafta. Pošto su ruski naftaši sredinom 2000-tih godina u potpunosti preuzeli kapacitete koji su im ostali u nasledstvo od SSSR-a, eksploatacija nafte u Rusiji je naglo usporena, zato što je otkrivanje novih nalazišta teklo veoma sporo. Od 2005. godine fizički obimi eksploatacije povećavani su za oko dva odsto godišnje. Ove godine će eksploatacija nafte u Rusiji najverovatnije biti čak i u malom padu, makar za desete delove procenta. Sovjetski geolozi su do osamdesetih godina vršili istraživanja novih nalazišta. Tako da danas u Rusiji postoji značajan broj već poznatih velikih nalazišta (uglavnom u istočnom Sibiru i u severnim oblastima evropskog dela zemlje), čijoj eksploataciji se može pristupiti u bilo kom trenutku. Međutim, kako se radi o procesu koji zahteva veoma mnogo kapitala i rada, u skoroj budućnosti, počev od 2009. godine u Rusiji može da se očekuje godišnje povećanje eksploatacije nafte za oko dva odsto (sa današnjih 9,7 na 9,8 miliona barela dnevno). Činjenica da od Rusije nema smisla očekivati suštinsko povećanje eksploatacije bar do sredine sledeće decenije odlično je poznata u zemljama koje su potrošači sirovina. Takođe, celom svetu je poznato i da postoje nalazišta ugljovodonika koja su ’rezervisana’ od 1980-tih godina, odnosno, koje Rusija ne koristi. Problem je u tome da je zemljama u kojima se nafta eksploatiše ostalo veoma malo manevarskog prostora. Skoro kod svih njih danas praktično nema preostalih slobodnih kapaciteta koji se ne eksploatišu. Izuzetak predstavlja Saudijska Arabija, koja ima slobodna nalazišta nafte, kapaciteta 12 miliona barela dnevno.

INTERVIEW

Milutin Mrkonjić, Serbian Infrastructure Minister

BUSINESS ABOVE ALL “In my experience, Russians are very experienced people and a lot of our construction workers are working in Russia, which is very good. Russians, on the other hand, have practically become like any other Western power when it comes to the way of handling investments” By Tatjana Ostojić Photo Marko Rupena

he Government of Serbia’s four-year priorities include more intense activities related to finalising construction of the European Corridor 10 transport route and completing the construction of railway lines and a motorway through Serbia, said Serbian Infrastructure Minister, Milutin Mrkonjić, speaking on the occasion of the first 100 days of the government.In order to implement these projects, Mrkonjić said, the government will have to set aside at least €4 billion. Completion of these transport projects, scheduled to happen in two and a half years time, will allow the government to show foreign financiers just how important the Corridor 10 route is to Serbia. Funding for the implementation of these projects will be secured from foreign loans and the Serbian state budget, with 20% of the required funds coming from privatisation revenue. We spoke to Minister Milutin Mrkonjić about the possibility that infrastructural works in Serbia and the treaty signed with Russia will lead to a greater scope of Russian investments in Serbia. In your opinion, why does Serbia lack Russian investments and has ratification of the treaty with Russia led to some announcements that Russian investors will come? I wouldn’t view this situation through a political lens. I think that Russians are looking out for their interests here; interests which, if I may add, are very good. They are playing it safe; they have a relatively stable economy and huge reserves.

rioriteti Vlade Srbije u naredne četiri godine su intenziviranje radova na završetku putnog pravca Koridor 10, železničke pruge i autoputa kroz Srbiju, izjavio je povodom sto dana rada ministarstva za infrastrukturu, ministar Milutin Mrkonjić. Za realizaciju ovih projekata, Vlada će izdvojiti oko četiri milijarde evra. Završetkom putnog pravca Koridor 10, koji bi trebalo da bude okončan za dve i po godine, Vlada želi da pokaže stranim finansijerima koliko je njegova realizacija značajna za Srbiju, rekao je tom prilikom ministar Mrkonjić. Sredstva za realizaciju ovih planova biće obezbeđena iz inostranih kredita i iz budžeta Srbije, pri čemu će od privatizacionih prihoda biti izdvojeno oko 20 odsto sredstava. Da li će radovi na infrastrukturi Srbije ili Sporazum s Rusima možda povećati i broj ruskih investicija u Srbiji bili su povod za razgovor sa ministrom za infrastrukturu Milutinom Mrkonjićem. Po Vašem mišljenju koji je razlog izostanka većeg broja ru-

Ruski firme Očekujem još neke ruske investicije. Nedavno je formirana u Srbiji ruska banka. Tako da očekujem i neke druge investitore. Sem toga, očekujem učešće ruskih firmi i u izgradnji autoputa prema Dimitrovgradu. Tačnije siguran sam da će i oni učestvovati.

These people are being careful and only getting involved in those projects that generate profit. That’s something I like. They are negotiating and appear as a single negotiator. The fact that we may object to a low or a high price is a problem of our negotiators, not theirs. The same thing happened to the concession. We should not be bothered by how much a concessionaire will pay for a certain facility. He will buy it and that’s his business. How much a concessionaire actually planned to spend is also his business. We grant concessions under certain conditions and that’s that. We should see it all the way through to the end, but we cannot tell them to use more or less material to build something. This is the same with the gas pipeline. In my experience, Russians are very experienced people and a lot of our construction workers are working in Russia, which is very good. Russians, on the other hand, have practically become like any other Western power when it comes to the way of handling investments. They are very thorough and everything is done on the basis of legal regulations that are also applied in Western countries. I don’t think that the arrival of Russian investors is a political issue, nor do I associate it with the way some of our politicians

skih investitora? Tek nakon ratifikovanja Sporazuma sa Rusijom najavljuju se određene ruske investicije? Ja tu situaciju ne bih politizirao. Mislim da Rusi traže interes, i to dobar. Idu na sigurno, imaju relativno stabilnu privrednu situaciju, imaju velike rezerve. Ljudi idu na sigurno, idu u projekte koji će svima njima donositi profit, i to mi se sviđa, to je dobro. Oni pregovaraju i nastupaju kao jedna pregovaračka strana. To što mi njima zameramo: mala cena, velika cena, pa to je sve stvar naših pregovora i nema veze sa njima. Kao što je bio slučaj i sa

There are quite a few Russian proposals regarding implementation of the Belgrade metro project. Russians have expressed great interest in that feel about Russia. I expect Russians to make investments in other European countries too. We need to be open to the whole world. As such, whoever offers better conditions will have an advantage. We need to seek our own interests; we need to understand what is in our interest. They are looking after their interests and that is their matter. We should not involve love, brotherhood or anything of that sort. The question is do you have money, do you want to invest it and, if so, under which conditions? I agree for such a company to be involved and it is in our interest to finish the job, for our companies to work, to be given money... So, we don’t need these romantic notions. It is only business that matters - business that is based on interests. If it happens that those doing business together like each other then that’s not bad either. Have Russian investors expressed an interest in infrastructure projects in Serbia or are they are yet to do so? Of course they have. There are quite a few Russian proposals regarding implementation of the Belgrade metro project. Russians have expressed great interest in that. The Belgrade metro project was designed and prepared back in the mid-1970s. During that time Russians were considered the number one candidates, due to available technology. After that, debates about the subway being a ‘light’ or ‘heavy’ metro ensued. I think that this should be a serious metro, a heavy underground one, and I still think that Russians are the number one candidates for the project.

Russian Arrivals I expect more Russian investments to be forthcoming. A Russian bank opened in Serbia recently and I expect some other investors to arrive. Aside from that, I expect Russian companies to be involved in building a motorway to Dimitrovgrad. To be more precise, I am confident that they will take part.

koncesijom. Nas ne treba da interesuje koliko će koncesionara da košta neki objekat. On ga uzima i to je njegova stvar. Koliko je koncesionar planirao da to košta to je njegova stvar. Mi dajemo koncesiju pod određenim uslovima i tačka. Treba da je pratimo, ali ne možemo da se mešamo da li će on sada da ugradi više ili manje nekog materijala. Tako je i sa gasovodom. Po mom iskustvu, Rusi su vrlo iskusni ljudi, a i dosta naših grđevinara radi u Rusiji i to vrlo dobro. Rusi su, s druge strane, praktično postali zapadna sila u tome kako rade sa investicijama. Temeljno sve obrade, na bazi zakona koji vladaju na Zapadu. Ne mislim da u dolasku ruskih investitora uopšte ima neke politike ili politizacije, niti to vezujem za neki odnos naših političara prema Rusiji. Očekujem širenje ruskih investicija i u drugim evropskim zemljama takođe. Mi treba da budemo otvorena zemlja za ceo svet s tim da onaj ko da bolje uslove ima prednost. Mi treba tu da tražimo samo naš interes, oni nek traže svoj i to je suština. U to ne treba uplitati nikakvu ljubav ili bratstvo. Pitanje je samo da li imate para, da želite da ih date i pod kojim uslovima. Slažem se da takvo preduzeće radi, a naš interes je da određeni posao završimo. Da i naša preduzeća rade, i da dobijemo novac pod najpovoljnijim uslovima i tačka. Znači, moramo da se odreknemo tog nekog osećaja ljubavi ili romantike. Reč je o biznisu, zasnovanom na interesima. Ako se ljudi nađu u međuvremenu i u ljubavi i to nije loše. Da li su možda ruski investitori već pokazali interes za izgradnju infrastrukture u Srbiji ili se takav interes tek očekuje? Jesu, kako da ne. Više predloga ima od strane Rusije. To je na neki način već tradicionalna zainteresovanost za nerealizovan projekat Beogradskog metroa. Rusi su za taj projekat vrlo zainteresovani. Beogradski metro je jedan od objekata koji je projektovan i pripreman sedamdesetih godina. Tada su Rusi, po svoj tehnologiji, bili kandidat broj jedan. Onda smo mi ušli u neke naše rasprave ovde, da li laki ili možda ipak teški metro. Moj stav je da to treba da bude ozbiljan metro, takozvani teški, podzemni, i po meni tu su Rusi kandidati broj jedan za taj projekat.

ENERGY

The ambitious South Stream gas pipeline project gains clear contours

RUSSIAN GAS FOR EUROPE Regardless of the fact that many alternative routes for the transportation of gas from Russia and Central Asia to Europe are being considered, we are actually talking about the same fuel sources and quantities here By Nikolaj Sokolov, RIA Novosti

he new route to the European markets for Russian gas, and later probably Central Asian gas, was proposed by Russia’s Gazprom and Italian energy company, ENI, in June 2007. Their plan was for the first 900-kilometre-long section of the South Stream to run along the bottom of the Black Sea, stretching from the shores of Russia to those of Bulgaria. The pipeline would then branch into two sections, the first of which would head north-west, running through the Balkan

Serbia: An Important Link Following the announcement of plans to build a 400-kilometre-long section of the South Stream through Serbia, the country now has an opportunity to become an important link on Europe’s energy map. It also stands to make $200 million from gas transit fees alone. Moreover, Gazprom is se to construct a natural gas storage facility at Banatski Dvor, as well as the biggest gas power plant in the Balkans.

ovu maršrutu transporta ruskog, a u perspektivi i centralnoazijskog gasa u Evropu, juna 2007. predložili su ruski ‘Gasprom’ i italijanska energetska kompanija ENI. Prema njihovim planovima, prvi deo ‘Južnog toka’, u dužini oko 900 kilometara, treba da prođe po dnu Crnog mora, od ruske do bugarske obale. Dalje je planirano da se izgrade dva kraka gasovoda. Prvi na severozapad, preko čitavog Balkanskog poluostrva, kako bi se njime moglo isporučivati gorivo ne samo u zemlje tog regiona, nego i na sever Italije i jug Nemačke. Drugi krak gasovoda treba da prođe kroz Bugarsku i Grčku, i dalje po dnu Jadranskog mora do juga Italije.

JUŽNI TOK Po oba ta kraka ‘Južnog toka’, čija se orijentaciona vrednost sada procenjuje na 14 milijardi dolara, u perspektivi će se, kako je planirano, transportovati 30 milijardi kubnih metara gasa godišnje. Prve isporuke trebalo bi da počnu već 2013. godine. U početku je bilo dosta skeptika koji su sumnjali u realizaciju i celishodnost grandioznih planova ruske i italijanske kompanije. Međutim, postepeno su se njihovi glasovi utišali, jer su bal-

Peninsula. This section would be used for delivering fuel to the Balkan countries, but also to Northern Italy and Southern Germany. The second section of the pipeline is projected to traverse Bulgaria and Russia, along the Adriatic seabed, all the way to Southern Italy.

kanske zemlje, jedna po jedna, počele da se priključuju ‘Južnom toku’. U januaru 2008. postignuti su dogovori o izgradnji ‘Južnog toka’ po teritoriji Bugarske i Srbije, u februaru je analogni sporazum potpisan sa Mađarskom. Na taj način je deo gasovoda ‘Južni tok’ dobio obrise prema severozapadu Balkana. Postignuti sporazum sa Grčkom o izgradnji ‘Južnog toka’ u pravcu juga Balkana omogućava da se gasovod produži u južnu Italiju.

SOUTH STREAM Construction of both sections of the South Stream is set to cost $14 billion, and they will both transport 30 billion cubic SEVERNI TOK Projekat ’Južnog toka’ umnogome je sličan ideji o izgradnji metres of gas annually. The first deliveries are scheduled to be ‘Severnog toka’- gasovoda koji će po dnu Baltičkog mora pomade by 2013. When the project began there were quite a few sceptics who vezati Rusiju sa Nemačkom. Za rusko rukovodstvo, bez obzira doubted the implementation and viability of the grandiose plans envisaged by the Russian and Italian companies. However, they gradually lowered their voices once the Balkan countries began to join the South Stream project one by one. In January 2008, an agreement on construction of the South Stream sections through Bulgaria and Serbia was reached, and in February a corresponding agreement was signed with Hungary. This ensured that the This pipeline near Boyarka, Ukraine, is a transit route to Europe Balkan section of the South Stream finally got contours. An agreement was also reached with Greece, where na stalno povećanje njegove cene, ‘Severni tok’ je već postao the South Stream will be constructed towards the South of the miljenik zato što omogućava da se obiđu ne samo Ukrajina i Belorusija, već i svi mogući tranziti uopšte. Bezuslovna prednost Balkan region and further to southern Italy. Rusije u izboru trasa gasovoda je u tome što će se, bez obzira NORTH STREAM na to kakve se varijante predlažu, isporuka goriva realizovati sa The South Stream project is quite similar to the idea of njenih nalazišta. the North Stream, a gas pipeline which will connect Russia Dužina ‘Severnog toka’ iznosiće oko 1200 km. Početak korito Germany via the Baltic Sea. Regardless of the spiralling šćenja primarne cevi propusne moći 27,5 milijardi kubnih metara costs associated with constructing the North Stream, Russian gasa očekuje se 2010. godine. Izgradnja druge grane gasovoda do authorities view it as their ‘baby’ because it will bypass not 2012. godine povećaće njegovu propusnu moć do 55 milijardi only Ukraine and Belarus, but because no transit sections are kubnih metara. needed at all. The unconditional advantage that Russia has in Oba nova cevovoda grade se, u prvom redu, u interesu evropchoosing which route the gas pipeline will take is that, regard- skih potrošača gasa. Najosetniji rezultat tih projekata biće broj less of what options are being suggested, the delivery of fuel trasa po kojima će ‘plavo gorivo’ iz Rusije poteći u Evropu, što će will start from Russian gas deposits. povećati garancije isporuku gasa, pored ostalog i u Grčku. Sem The North Stream will be around 1,200 kilometres long. toga, Rusija će zahvaljujući izgradnji ‘Južnog toka‘ uspostaviti čvrInitial utilisation of the central pipeline, with a volume of 27.5 billion cubic metres, is scheduled for 2010. The second Srbija – važna karika pipeline branch, to be constructed by 2012, will increase the Zahvaljujući polaganju dela ‘Južnog toka‘ u dužini od 400 kilpipeline’s volume to 55 billion cubic metres. Both pipelines ometara na svojoj teritoriji, Srbija dobija perspektivu u kojoj are being built primarily to satisfy European demand for može da postane važna karika na energetskoj karti Evrope, gas. The most tangible result of these projects is the number zarađujući oko 200 miliona dolara godišnje od tranzita goriof sections through which the ‘blue fuel’ is set to run from va. Istovremeno sa izgradnjom gasovodne cevi ‘Gazprom‘ će Russia to Europe, which will also guarantee gas deliveries to na teritoriji zemlje izgraditi podzemno skladište gasa ‘BanatGreece. Thanks to the South Stream, Russia will build upon relations with its longstanding allies in the Balkans – Greece, ski Dvor‘ i najveću gasnu elektranu na Balkanu. Bulgaria and Serbia.

INFRASTRUCTURE

Nabucco Every time a Russian gas pipeline is mentioned somebody also makes a reference to another gas pipeline called Nabucco, the South Stream’s arch rival. This pipeline will transport gas from Turkey to Europe. The problem with Nabucco is that Turkey has no actual gas to transport and it will serve only as a transit country. Sufficient quantities of gas for Nabucco could be secured only from Azerbeijan and other Central Asian countries, Gas pipelines are used to transport the ‘blue fuel’ across continents such as Kazakhstan, Turkmenistan and Uzbekistan. In order for the Central Asian ste veze sa svojim viševekovnim saveznicima na Balkanu - Grčgas to run through Nabucco, another gas pipeline – the Trans- kom, Bugarskom i Srbijom. Caspian gas pipeline – should be installed on the bottom of the Caspian Sea. Faster implementation of the South Stream project NABUKO U vezi sa ovim projektom često se spominje i projekat drumeans a more uncertain future for the Trans-Caspian pipeline, gog gasovoda - ‘Nabuko’, koji konkuriše ‘Južnom toku’. Po tom and therefore Nabucco. gasovodu gas bi u Evropu trebalo da poteče iz Turske. Problem COMPETITION WANTED ‘Nabuka’ se svodi na to što u samoj Turskoj nema gasa, i ona je It appears that Moscow is not too worried about Nabucco be- samo tranzitna zemlja. Dovoljne količine ‘plavog goriva’ ‘Nacoming a competitor to the South Stream. Their official stance is buko’ bi mogao imati jedino u slučaju da se u njega ulije gas, quite simple: both gas pipelines have the right to exist and Euro- ne samo iz Azerbejdžana, nego i iz zemalja Centralne Azije peans have the right to choose their gas source. Let there be nor- Kazahstana, Turkmenije i Uzbekistana. Da bi kroz ‘Nabuko’ mal competition between similar projects. Russia is pretty confi- potekao centralnoazijski gas, neophodno je da se još izgradi dent of the opportunities the country’s resources have to offer. Transkaspijski gasovod po dnu Kaspijskog mora. Ali što se brže As Vladimir Putin said in April 2008, Russia is not fighting bude realizovao projekat ‘Južni tok’, tim će biti neodređenija against projects that are considered an alternative to the South budućnost Transkaspijskog gasovoda, pa samim tim i perspekStream. tive ‘Nabuka’. “If somebody is in the position to implement similar, economically viable projects and to secure sufficient quantities of KONKURENCIJA JE POŽELJNA U Moskvi deluje kao da veoma mirno reaguju na mogućnost da Nabuko postane konkurent ‘Južnom toku’. Zvanični stav je jednostavan: oba gasovoda imaju pravo na postojanje, a Evropljani imaju pravo na izbor izvora dobijanja gasa. Neka postoji normalna konkurencija među projektima. Rusija je sigurna u mogućnosti svojih resursa. Kako prističe iz govora koga je u aprilu 2008. održao Vladimir Putin, Rusija ne bije bitku protiv alternativnih projekata ‘Južnom toku’. “Ako je neko u stanju da uz ekonomski prihvatljivije uslove realizuje druge projekte slične vrste i da za te gasovodne sisteme obezbedi proizvode u dovoljnim količinama, nama će samo biti gas for these pipeline systems, we are not going to object,” said drago”, rekao je tadašnji ruski predsednik. the then Russian President. Ipak, osnovni problem u snabdevanju Evrope gorivom ostaje However, the main problem of supplying Europe with fuel re- isti: nemogućnost suštinskog povećanja njegove isporuke u najmains the same: a lack of essential increases in deliveries in the bližoj budućnosti. Koliko god da se predlaže alternativnih trasa near future. Regardless of the fact that many alternative routes za transport gasa iz Rusije, i Centralne Azije u Evropu, radi se o for transporting gas from Russia and Central Asia to Europe are jednim istim izvorima i količinama goriva. Alternativni projekti being considered, we are actually talking about the same fuel mogu do beskraja da se množe, ali to neće povećati količine issources and quantities. poručenog gasa.

The North Stream will be around 1,200 kilometres long. Initial utilisation of the central pipeline, with a volume of 27.5 billion cubic metres, is scheduled for 2010.

CORPORATE

Majdanpek Copper pipe factory

SUCCESSFUL PRIVATISATION Today the Majdanpek copper pipe factory is one of the best examples of a successful privatisation in Serbia

ajdanpek copper pipe abrika bakarnih cevi Majfactory was founded in danpek osnovana je 1979. 1979 as one of the subsidiargodine u sistemu preduzeća ruies of Mining and Metallurgy darsko-metalurškog komplekComplex RTB Bor. This consa RTV Bor. To je savremena temporary plant, specialising in proizvodnja, specijalizovana the production of installation za proizvodnju instalacionih and industrial copper pipes, i industrijskih bakarnih cevi. was privatised in 2004 by Alpin Preduzeće je 2004. privatizoGroup AG - a daugther comvala kompanija „Alpin group pany of Ural Mining and MetAG“, koja se nalazi u sastavu allurgical Company (UGMK Uralske rudarsko-metalurške Holding) - and €25 million was kompanije (UGMK-Holsubsequently invested in the ding). Ona je u fabriku investifactory. rala 25 miliona evra. Danas je Today the Majdanpek copto jedan od najboljih objekata per pipe factory is one of the privatizacije u Srbiji u kojoj je best examples of a successful zaposleno više od 500 radnika, privatisation in Serbia. The facsa prosečnom platom koja je tory employs over 500 workers nešto više od 500 evra mesečwith an average monthly salary no. Fabrika se nalazi među deof €500. The Majdanpek plant set najvećih izvoznika u Srbiji. is one of the ten biggest exProizvodi Fabrike bakarnih porters in Serbia. Its products cevi Majdanpek se, osim u Srare sold not only in Serbia and biji i Rusiji, prodaju u mnogim Russia, but also in many other zemaljama Evrope, Azije, Africountries in Europe, Asia, and ke, kao i u Kanadi. Fabrika bakarnih cevi Africa, as well as in Canada. Majdanpek je jedno od prvih Majdanpek copper pipe facpreduzeća jugoistočne Evrotory is one of the first compape koje je registrovalo sistem nies in South East Europe to be Pavel Leonidovich Avdeyev, General Director kvaliteta. Sistem menadžmengiven a quality system certificate. The system of managing technical and technological produc- ta tehničko-tehnoloških parametara proizvodnje i kvaliteta protion parametres and product quality corresponds to international izvoda odgovara međunarodnom standardu (što je potvrđeno standards (as confirmed by Certificate FM 26683, issued by the certifikatom Britanskog instituta za standarde broj FM 86683). British Standards Institute). Excellent quality raw-materials, the Sirovine odličnog kvaliteta, visoki nivo fabričke opreme, korilatest factory equipment and application of contemporary tech- šćenje savremenih tehnologija proizvodnje bakarnih cevi (prenologies in producing copper pipes (pressing, cold drawn pipes), sovanje, hladno vučenje) – sve to obezbeđuje dobijanje visoall ensure the high quality of Majdanpek’s products. As a result, the kokvalitetne robe. Zato roba Fabrike bakarnih cevi Majdanpek Majdanpek copper pipe factory is certified by many renowned cer- poseduje oznake kvaliteta poznatih svetskih organizacija za tification institutes, such as KITEMARK (Great Britain), KIWA certifikaciju:KITEMARK (Velika Britanija), KIWA (Holandija) (The Netherlands) and WHI & DWV (Canada). The factory can i WHI i DWV (Kanada). Fabrika ima mogućnosti da proizvodi produce goods in line with any known standard, whether Euro- robu koja odgovara bilo kojim evropskim, američkim ili drugim nacionalnim standardima. pean, American or national.

Development plans

Planovi

The Majdanpek copper pipe factory’s General Director, Pavel Leonidovich Avdeyev, plans to further modernise the equipment; carry out additional automatisation of the production process; widen a product range, and achieve a maximum capacity of 15,000 tonnes of copper pipes annually. The factory has set aside an additional €1.5 million a year in order to realise these plans.

Pavel Leonidovič Avdejev, generalni direktor fabrike, ima u planu još veću modernizaciju tehnološke opreme, automatizaciju proizvodnog procesa, širenje asortimana proizvoda i postizanje maksimalnog projektnog kapaciteta fabrike od 15 hiljada tona bakarnih cevi godišnje. U tu svrhu će preduzeće iz sopstvene dobiti izdvajati za razvoj proizvodnje još po milion i po evra godišnje.

INTERVIEW

Slobodan Milosavljević, Serbian Trade & Services Minister

TRADITIONAL PARTNERS

“We need to change the way we think about the Russian market. We should start offering what Russia really wants today: top quality, high value, exclusive products”

By Tatjana Ostojić Photo Marko Rupena

he most common feature of Serbian–Russian trade relations is that they have been traditionally good. However, after the disintegration of the former Yugoslavia and USSR, a lot has changed in both countries. Subsequently, other countries and manufacturers have arrived and conquered these two markets. The current volume of trade between Serbia and Russia, as well as the expectation of a higher influx of Russian capital to Serbia in the following period, are just some of the issues discussed with Serbian Trade & Services Minister, Slobodan Milosavljević.

How would you assess the state of trade relations between Serbia and Russia? In my opinion, co-operation between Serbia and Russia is quite modest in terms of the total volume of foreign trade exchange, excluding the energy products which comprise most of our imports from the Russian Federation. Serbia undoubtedly needs Russian energy products, but both Russian and Serbian companies have gone no further in trying to connect these two markets – particularly when we bear in mind the fact that we have signed a Free Trade Agreement with the Russian Federation. We have an enormous deficit and, truth be told, we have not gone any further than Moscow – thought it is perhaps even harder to do business in Moscow than in Berlin or London. In order to increase our presence on the Russian market, we held a Serbian trade exhibition in Krasn-

Vaša ocena srpsko-ruskih trgovinskih odnosa? Srbija i Rusija, po mojoj oceni, vrlo skromog sarađuju. Skromno, ukoliko pogledamo ukupan obim spoljnotrgovinske razmene, isključujući energente koji su gro našeg uvoza iz Ruske federacije. Bez daljnjeg da su Srbiji potrebni energenti iz Rusije, ali ni ruske, ni srpske kompanije, isključujući energetski sektor, nisu u predhodnim godinama napravile značajnije iskorake u povezivanju naših tržišta. Naročito imajući u vidu da imamo potpisan Sporazum o slobodnoj trgovini s Ruskom federacijom, da imamo enormni deficit, i da, iskreno, dalje od Moskve nismo otišli. Danas je napraviti biznis u Moskvi možda teže nego u Berlinu ili Londonu. Kako bi povećali naše prisustvo na ruskom tržištu od 5 do 7. novembra održana je Nacionalna izložba srpske privrede u Krasnodaru, a glavni fokus je Soči i Zimska olimpijada 2014. Naravno, da nivo saradnje sa Ruskom federacijom

ajčešće obeležje srpsko-ruskih trgovinskih odnosa je da su tradicionalno dobri. Međutim, nakon raspada bivše Jugoslavije i Sovjetskog Saveza, mnogo toga se promenilo na tržištu jedne i druge zemlje. Neke druge zemlje i proizvođači su osvojili ova tržišta. U kom obimu je danas trgovinska razmena Srbije i Rusije, da li u narednom periodu treba očekivati veći priliv ruskog kapitala u Srbiju, kao i veći izlazak srpskih firmi na rusko tržište, bile su neke od tema razgovora s Slobodanom Milosavljevićem, srpskim ministrom za trgovinu i usluge.

odar from 5th to 7th November, with the main focus being on Sochi and the 2014 Winter Olympics. Russia is Serbia’s traditional partner and today this is a very competitive country at the heart of the interests of many global companies. I am certain that Serbia has a lot to offer the Russian Federation; that we have a market for our products there. Of course, in addition to Krasnodar there are other Russian regions that are quite interesting for Serbia, such as Podmoskovnye. Also, we should mention that Serbian companies are present in regions like the Samara County. This is where Sintelon Tarkett made an investment. Also, two or three years ago Hemofarm opened a plant in Obnyisk. Still, the overall view is that we are talking about a market with a huge, albeit underused, potential. Both the government and companies are to blame for this. In 2007, Serbia’s foreign trade exchange with Russia reached a figure of $3.1 billion and the plan for the following year or two is to increase this amount to $5 billion. I expect the foreign trade exchange to double. The first reason is the growing price of the food and energy products we mainly trade with Russia. I also expect that investments made in Serbia are also targeting the Russian market - by that I mean FIAT and some other investors which took into consideration our Free Trade Agreement with Russia when they came to this market. This also applies to Russian investors. For example, Ikarbus was bought by Russian investors and Russians have expressed interest in FAP from Priboj, Prva petoletka and 14. oktobar, as well as in Goša from Smederevska Palanka. Then we have companies which have come to Serbia to develop production and sell products made here to the CEFTA markets and the Russian Federation. I expect Russian investors to show interest in our tourism, primarily in spas and mountain resorts. I am sure that Serbia needs a lot of new investments in renewable energy sources and this is something that Russia can jump into. I also hope that our agriculture and related food industry, with its geographic and climate potential, will be more interesting to Russian partners.

ne sam da treba da bude bolji, nego je to prvorazredni ekonomski interes Srbije. Rusija je tradicionalni partner Srbije, danas vrlo konkurentna zemlja, o koju se otimaju sve svetske kompanije, a Srbija s onim što može da ponudi Ruskoj federaciji, siguran sam da ima prođu. Naravo, pored Krasnodara, još neki regioni Ruske federacije su jako interesantni za Srbiju, pomenuću oblast Podmoskovlja. Takođe, treba pomenuti i prisustvo srpskih kompanija u nekim regijama, kao što je Samarska oblast. Tu je jedna investicija Sintelona Tarketta. Relativno skoro, pre dve, tri godine otvorena je fabrika Hemofarma u Obnjisku. Ipak, generalna ocena je da je u pitanju ogroman potencijal, koji je vrlo malo iskorišćen, a krivi su i vlade i privreda.

“I think that domestic companies could find their place on the Russian market and I know for fact that there are several negotiations with the Russian companies going on right now”

In your opinion, why aren’t there enough Russian investors coming to Serbia - bearing in mind, as you said, traditionally good relations? I think there are several reasons. First of all, during the 1990s the then developing Russia wanted to express itself on the most prestigious markets. Serbia was isolated, under economic sanctions, while Russian capital became relevant and prestigious worldwide. Serbia was not in the focus of the new business milieu in Russia. Then Serbia under-

U 2007. godini spoljnotrgovinska razmena sa Rusijom je dostigla 3,1 milijardu dolara i očekuje se da u narednih godinu ili dve dana bude pet milijardi dolara? Očekujem dupliranje spoljnotrgovinske razmene. Prvi razlog je rast cena i hrane, i energenata, koji su glavni predmet trgovine. Isto tako očekujem i da investicije koje dolaze u Srbiju imaju takođe, target rusko tržište. Pre svega mislim na Fiat, a zatim na još neke investitore koji su ulazeći u Srbiju imali u vidu tržište Ruske federacije zbog Sporazuma o slobodnoj trgovini. Tu mislim i na ruske investitore, kao što je preuzimanje Ikarbusa od strane ruskih investitora, interes ruskih investitora za FAP iz Priboja, ili Prva petoletka i 14. oktobar, zatim Goša iz Smederevske Palanke. Zatim

Excellent Co-operation

Odlična Saradnja

“Co-operation with the Russian Chamber of Commerce is exceptional. Mr. Yevgeni Maximovich Primakov, President of the Russian Chamber, has always been eager not only to see me but to have friendly talks about everything, including politics, despite the age difference between us. He was our dear guest in Belgrade on several occasions. He contributed to the implementation of Serbian projects in Samara and Obnyisk. This is a man who likes Serbia and Serbs and is willing to help anybody who has a good idea or project. In addition to that, his reputation and authority as the former Prime Minister, Foreign Minister and the former highest official of the Russian Federation, are still intact.”

„Saradnja sa Ruskom trgovačkom privrednom komorom je izuzetna. Gospodin Jevgeniji Maksimovič Primakov, predsednik trgovinske privredne komore Rusije, pandan PKS, svaki put kada sam odlazio nalazio je vreme ne samo da me primi, nego i da prijateljski razgovaramo, iako je razlika u godinama velika, o svim, pa i o političkim temama. On je bio naš dragi gost u Beogradu u više navrata. Doprineo je da se srpski projekti u Samari i Obnjisku realizuju. Reč je o čoveku koji voli Srbiju i Srbe, i voljan je da svakome, ko ima dobru ideju ili projekat, pomogne da nešto uradi. Uzgred njegov autoritet i ugled koji ima kao bivši premijer, ministar inostranih poslova i bivši najviši funkcioner Ruske federacije je još uvek aktivan.“

INTERVIEW

went democratic changes and its eyes were turned towards the West. The West was more willing to take a risk by coming to Serbia, while Russians were more cautious and taciturn. Of course, this resulted in most investments coming from Austria, Germany, Greece and Italy, rather than Russia. However, the economic sectors in which Russia is the strongest, like metal processing, mining, energy, transport, heavy machinery production, equipment and manufacturing of transport vehicles, are something that Serbia is still open to. There is still enough room in Serbia for Russian companies and they haven’t lost anything as yet, but what they need to do is show a lot more interest. I don’t understand why Russian companies haven’t penetrated the Serbian energy sector more. I have to admit that I expected more from

“Without a doubt, Serbia does need Russian energy products, but both Russian and Serbian companies have gone no further in trying to connect these two markets” Lukoil, i.e. I hoped that the purchase of Beopetrol would show what it means when a Russian company comes to the energy sector. True, that has been happening to a certain extent, but it is still very slow. I expected Bank of Moscow to come to Serbia much earlier. I was hoping that they were going to buy a Serbian bank and create a network of 20, 30, 50 or 100 branch offices, but that hasn’t happened. I stand by my statement that during the last few years, i.e. since the democratic changes happened, we, the Government of Serbia, haven’t done anything to prevent or hinder the arrival of Russian capital in Serbia. On the contrary, we were receptive to it; we provided opportunities for it, but some things just haven’t happened. As a Government, we cannot do a thing when, for example, an Austrian company submits a better bid for RTB Bor than the Russian one, or when companies from other countries give better offers than Russians. I think that Russian companies should view and treat Serbia differently, since we are not just another former East European country. Serbia is the geo-strategic centre of South Eastern Europe. This position alone leads to the prices in Serbia being higher, as well as increasing the economic and geo-strategic effects of investments made. Russians are well aware of this. They are

tu su i firme koje dolaze da u Srbiji proizvode i da te proizvode plasiraju na tržištu regiona CEFTA, ali i na tržištu Ruske federacije. Očekujem interes ruskih investitora i u turizam Srbije, pre svega mislim na banje i planinsko-klimatska mesta. Zatim ubeđen sam da je Srbiji potrebno mnogo novih investicija u obnovive izvore energije, a Rusija tu može da bude prvorazredni partner. Nadam se da će poljoprivredno prehrambena industrija sa svojim pre svega geografsko-klimatskim potencijalima, biti mnogo interesantnija partnerima iz Rusije nego što je to bila do sada. Po Vašem mišljenju, koji je razlog manjeg broja ruskih investitora u Srbiju imajući u vidu, kako ste rekli tradicionalno dobre odnose? Mislim da za to postoji nekoliko razloga. Pre svega, tokom devedesetih godina rastuća Rusija je želela da se dokaže na najprestižnijim tržištima. Srbija je bila pod izolacijom, sankcijama. Kapital u Rusiji je postao relevantan i prestižan u svetskim okvirima. Novom poslovnom svetu Rusije Srbija nije bila u fokusu. Desile su se demokratske promene i Srbija se u tim prvim trenucima više okrenula zapadu. Zapad je bio spremniji da rizikuje ulaskom u Srbiju, dok su Rusi bili oprezniji, uzdržaniji. Naravno da je to rezultiralo većim brojem investicija iz Austrije, Nemačke, Grčke, Italije, nego iz Ruske federacije. Međutim, sektori privrede u kojima su Rusi najjači: metaloprerada, rudnici, znači energetski sektor, zatim saobraćaj, proizvodnja teških mašina, opreme, proizvodnja saobraćajnih sredstava su u Srbiji još uvek slobodni. Tako da ruske kompanije imaju

Sporazum o slobodnoj trgovini „Definitivno sam ubeđen da Sporazum o slobodnoj trgovini nije dovoljno iskorišćen. Obostrano. Kako da se bolje iskoristi? Odgovor je jednostavan. Ni jedan ministar neće napraviti posao, nego same kompanije. Mi stvaramo ambijent za poslove i taj ambijent postoji. Sporazum je na snazi, i hvala onima koji su taj sporazum napravili, ali kritike onima koji ga ne koriste. Ukoliko postoji bilo koja barijera, ograničenje onda je tu vlada da taj problem reši. Međutim problema nema, a roba ne ide. Zato mislim da je problem u našim glavama i u našem poimanju biznisa.“

probably buying interesting and attractive companies for less money, faster and simpler in other countries than in Serbia. Will the gas treaty contribute to strengthening this co-operation? I hope so. I fully support the signing of the energy treaty with the Russian Federation. For countries lacking energy products, like Serbia, forming a strategic partnership with the most powerful players in this area provides an opportunity to develop the economy and achieve a better standard of living in the following 10, 20 or even 50 years. Hence, several tens of millions of U.S. dollars does not mean much to Serbia at this very moment. This treaty will be significant for us in the years to come. I agree that a higher value for NIS should not be measured by how many millions we get, but through the higher volume of the gas pipeline, greater natural gas storage capacities, having several main arms of the gas pipeline running through Serbia towards other countries and, of course, through the higher quantity and lower price of gas that we will get. In 2007, Russian exports to Serbia amounted to $2.65 billion, while the import was only $450 million. How can we eliminate this trade deficit? I see only two ways of dealing with it. Firstly are more Russian investments in Serbia and, subsequently, more Serbian-made products for the Russian market. We have an important resource here: food. The second segment is construction works. I am sure that we can offer Russia a lot more in this respect than we are offering at the moment. The exhibition in Krasnodar was aimed at presenting Serbian potential in a project worth $20 billion. Is Serbia capable of getting at least one per cent of this project? I am sure it is, and not just one, but several per cent. This should be implemented in the following year or so and

prostor i nisu ništa izgubile, ali treba da pokažu mnogo više od interesovanja. Ne razumem zašto ni do sada ruske firme nisu dublje ušle u sektor energetike u Srbiji. Moram da priznam da sam očekivao mnogo više od Lukoila, i da će kupovinom Beopetrola pokazati šta znači ruska kompanija u energetskom sektoru. Istina dešava se to, ali sporo. Očekivao sam da mnogo brže Moskovska banka uđe na tržište Srbije. Nadao sam se da će kupiti neku srpsku banku, i napraviti mrežu od 20, 30, 50 ili 100 ekspozitura, ali to se nije desilo. Vrlo odgovorno tvrdim, da predhodnih nekoliko godina, od demokratskih promena, kao Vlada Republike Srbije nismo ništa učinili da onemogućimo, sputamo, ili otežamo ulazak ruskog kapitala u Srbiju. Naprotiv, želeli smo ga i nudili smo mu šanse, ali naprosto neke stvari se nisu desile. Vlada ne možemo ništa kada na tenderu za Bor veću ponudu da austrijska od ruske kompanije, ili kada na nekim drugim nadmetanjima kompanije iz nekih drugih zemalja ponude bolje uslove od ruskih. Smatram da ruske firme treba da drugačije gledaju i tretiraju Srbiju, jer mi nismo samo jedna bivša istočnoevropska zemlja. Srbija je geostrateški centar jugoistočne Evrope. I upravo zbog tog položaja, što Rusi jako dobro razumeju, cena koja se postiže u Srbiji je viša, ali i efekat tih investicija, i ekonomski, i geostrateški, je mnogo veći nego u nekim drugim zemljama, gde ruske firme verovatno za manje pare, brže, jednostavije, i bez procedura dolaze u posed onoga što im je interesantno i atraktivno. Da li će najavljeni gasni sporazum uvećati saradnju? Nadam se, pri čemu apsolutno podržavam, potpisivanje energetskog sporazuma sa Ruskom federacijom. Zemlje siromašne energentima, kakva je Srbija, koje naprave veliko i strateško partnerstvo sa najmoćnijima, imaju šansu da u nekoj perspektvi, u narednih 10, 20 ili 50 godina, razvijaju svoju ekonomiju i bolje, i kvalitetnije žive. Zbog toga je nekoliko desetina stotina miliona dolara više ili manje danas

INTERVIEW

each new job will create additional jobs. According to statistical data, medicine is one of our export trump cards? The two sectors that dominate Serbian exports to Russia are flooring and medicines. Of course, this export needs to become broader and more intensive. Serbia needs to increase the number of products to be sold on the Russian market. For example, we lost the ‘battle’ when it came to furniture and interior design products. Serbia can be considered competitive only if we are talking about exclusive handmade furniture. Then there is food, which I keep mentioning. We should not sell frozen food, but fresh produce, packaged in smaller boxes and suitable for sale in the biggest Russian retail chains. We had a meeting of the mixed Committee for Advancing Economic Co-operation with Moscow recently and found that Moscow consumes 21,000 tonnes of food a day. Serbian producers recently held a meeting with the Russian retail chain Sedmoj Kontinent. What can we expect from that? We need to change the way we think about the Russian market. We should start offering what Russia really wants today: top quality, high value, exclusive products. Everybody who thinks that they are going to sell to Russia because we are all Slavs and Eastern Orthodox should not do business with Russia at all, since they will fail. The company that offers the best quality in the best packaging and the best brand will succeed. Things change pretty quickly in Russia. Whoever in Serbia gets to grips with this will achieve results, while helping the Serbian economy and the reduction of the trade deficit in the process. If you don’t get this, my message to you is to forget Russia. Do you think that the Serbian economy has a chance, despite the fact that the country lost its positions to others on the Russian market during economic sanctions? Absolutely, but only if they produce good quality products for a known buyer and not for the mass market. Honestly, Serbia doesn’t have a so-called economy of volume in any of its sectors, since we are a small country with low capacity, an insufficient number of people and a relatively expensive workforce. Hence, we need to offer exclusive products which bring the most value. I think that domestic companies could find their place on the Russian market and I know for fact that there are several negotiations with Russian companies going on right now.

Free Trade Agreement “I am absolutely certain that the Free Trade Agreement has not been sufficiently utilised by both sides. And how do we remedy this? The answer is simple: no ministers will conclude deals, only companies. We are just going to create an appropriate atmosphere to do business in and we have done just that. The Agreement is in force and I would like to say thank you to those who made it, as well as criticising those who don’t use it enough. If there are any obstacles and limitations, then there is a government to eliminate them. However, we have no problems and the goods are flowing freely. I think that the problem only exists in our heads and our way of understanding business.”

za Srbiju nema veliki značaj. Ali taj sporazum je značajan za mnogo godina pred nama. Pristalica sam razmišljanja da veću cenu traba da dobijemo ne kroz veći broj miliona za NIS, nego kroz veći protok gasovoda, kroz veće kapacitete skladišta, kroz više krakova koji će iz Srbije ići u druge zemlje, i kroz naravno, veću količnu i nižu cenu gasa koju dobijemo u Srbiji. Izvoz Rusije u Srbiju u 2007. iznosio je 2,65 milijardi dolara, a uvoz je bio svega 450 miliona dolara. Kako ovaj debalans može da se reši? Vidim samo dva načina. Prvi je ruske investicije u Srbiji, a namenjene tržištu Rusije. Tu vidim jedan veliki resurs – hranu. Drugi segment privrede su građevinski poslovi. Siguran sam da tu možemo mnogo više da ponudimo ruskoj strani. Upravo izložba u Krasnodaru je imala za cilj da predstavi srpske potencijale, jednom projektu koji vredi 20 milijardi dolara. Da li je Srbija sposobna da jedna odsto tih poslova dobije? Ubeđen sam da jeste i to ne da dobije jedan nego nekoliko procenata. To treba da se relizuje u narednih godinu, dve i tri, a svaki taj posao će krerati još mnogo novih poslova. Prema statističkim podacima jedan od naših najvećih izvoznih artikala su lekovi? Dve najveće stavke u izvozu Srbije u Rusiju su topli podovi i lekovi. Naravno da taj izvoz treba intezivirati i proširiti. Srbija treba da poveća broj proizvoda koji idu na rusko tržište. Na primer, izgubili smo bitku kada je u pitanju nameštaj i unutrašnje opremanje enterijera. Srbija danas može da bude konkurentna u kvalitetu ručno rađenog, ekskluzivnog komadnog nameštaja. Tu je i hrana, koju uvek pominjem. Ali ne da je prodajemo smrznutu, nego sveže u malim pakovanjima za najveće ruske trgovinske lance. Nedavno smo bili na sastanku mešovitog komiteta za unapređenje privredne saradnje sa gradom Moskvom. Došli smo do podatka da, na primer, grad Moskva dnevno troši 21.000 tona hrane. Nedavno je bio i sastanak domaćih proizvođača sa ruskim trgovinskim lancem Sedmoj kontinent. Koliko od toga može da se očekuje? Moramo da promenimo razmišljanje o ruskom tržištu. Treba da ponudimo ono što Rusija danas traži. A to je vrhunski kvalitet, visoka cena, eskluzivan proizvod. Svi oni koji misle da će na panslovenstvu, na pravoslavlju, na bratstvu prodati proizvod u Rusiji, ne treba uopšte da se bave tim poslom, propašće. Oni koji ponude najbolji kvalitet, u najboljoj ambalaži, sa najboljim brendom, napraviće posao. U Rusiji se stvari dramatično brzo menjaju. I ko to razume u Srbiji napravi će rezultat i pomoćiće srpskoj ekonomiji i debalansu u trgovini. Za sve one koji to ne razumeju, moja poruka je zaboravite Rusiju. Mislite da srpska privreda ima neku šansu bez obzira što je zbog sankcija izgubila svoje mesto na ruskom tržištu, koje su sada zauzeli neki drugi igrači? Apsolutno, ali ukoliko proizvode kvalitet proizvod za poznatog kupca, ne za masovno tržište. Srbija, iskreno, nema ekonomiju obima ni u jednoj privrednoj grani, jer smo mala zemlja, s malim kapacitetima, malim brojem ljudi, a relativno skupom radnom snagom. Zato moramo da ponudimo eksluzivan proizvod najviše vrednosti. Mislim da bi domaće firme mogle da nađu svoje mesto na ruskom tržištu i znam da su intezivni pregovori sa nekoliko kompanija.

ADVERTORIAL

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TRADE

A look at the development of Russian-Serbian trade and business relations

POSITIVE TREND

Trade and economic relations between Russia and Serbia are the most important link between our countries and there is a good chance of these relations developing and expanding even more By Yelena Vladimirovna Danilova, Director of Foreign Economic Relations in the Russian Ministry for Economic Development

ositive development trends in both the Russian and Serbian economies will create good premises for further development of bilateral trade and economic relations. A contractual and legal base, comprising 20 intergovernmental agreements and protocols, significantly contributes to development of these relations. GROWING TURNOVER It gives me a pleasure to confirm that during the last few years

usko-srpski trgovinsko-privredni odnosi predstavljaju najvažniju kariku između naših zemalja i imaju realnu perspektivu daljeg razvoja i širenja. Pozitivne tendencije u razvoju privreda Rusije i Srbije stvaraju dobre pretpostavke za dalji razvoj bilateralnih trgovinsko-privrednih odnosa. Tome doprinosi i formirana ugovorno-pravna baza, sa više od 20 međuvladinih sporazuma i protokola. RAST PROMETA Sa zadovoljstvom se može podvući da se poslednjih godina primećuje stalni porast prometa roba između naših zemalja, koji je 2007. godine prvi put u poslednjih 16 godina prešao granicu od tri milijarde i iznosio je 3076,4 miliona američkih dolara. Rusija je glavni spoljnotrgovinski partner Srbije i udeo Rusije u celokupnom spoljnotrgovinskom prometu Srbije iznosi 12 odsto. Na taj način, tendencija porasta obima prometa roba koja je započeta 2000. godine, nastavlja sa razvijem. Tome je umnogome doprinelo potpisivanje i kasnija primena međuvladinog Sporazuma o slobodnoj trgovini između Rusije i Srbije od 28. avgusta 2000. godine, u skladu sa kojim se više od 95 odsto vrsta roba isporučuje bez naplate carinskih dažbina. Ako je 2000. godine

we have been noticing a constant growth in trade between our two countries. In 2007 this exceeded $3 billion for the first time in the last 16 years. Russia is Serbia’s main foreign trade partner and Russia has a 12% share in the total foreign trade exchange with Serbia. As such, the trend towards a higher trade exchange, which began in 2000, is continuing to develop. The signing and subsequent implementation of the intergovernmental Free Trade Agreement between Russia and Serbia, from 28th August 2000, was an important contributing factor. According to the Agreement, over 95% of goods are delivered without customs duty being applied. If the goods exchange in 2000 amounted to $435 million, this year it will be more like $4 billion. We have improved the structure of the goods exchange and this has already yielded some positive results. As an example, Serbian export grew by over 53% during the first eight months of 2008. In the same period, Russian exports to Serbia were 57% higher, due to the export of mineral fertilisers, metal products and car parts to Serbia. Unfortunately, Russian exports to Serbia are still dominated by energy products, with 79%. It is with this information in mind that we aim to continue developing our trade relations. RUSSIAN INVESTMENTS We have paid special attention to improving the investment climate in our two countries. Russian investors are still very much interested in investing in Serbia. This is closely related to the fact that public enterprises in Serbia, including those considered as the foundation of your national economy, are currently undergoing privatisation. One of the biggest foreign investment projects in Serbia is Russian company OAO Lukoil’s acquisition of Beopetrol, a company that deals in the storage and sale of oil derivatives. Also, Ural Mining and Metallurgical Company bought Copper Pipe Factory in Majdanpek. Russian company Metropol bought the oldest tour operator in Serbia, Putnik, while ZAO Metallorukav acquired a rubber products plant Fadip from Bečej. And Ulyanovsk-based company, Avtodetalj servis, bought bus producer Ikarbus from Zemun. Total Russian investments in the Serbian economy amount to over $500 million.

Pharmaceutical company Hemofarm spent over €34 million on construction of a solid medical products factory in the town of Obninsk in the Caluga region. The factory can produce up to 1.5 million tablets a year PIPELINE AND NIS INVESTMENTS The most important aspect of the development of RussianSerbian investment co-operation is the role that Russian companies play in constructing oil and gas facilities in Serbia, as well as in privatising Petroleum Industry of Serbia (NIS). In Moscow on 25th January 2008, the highest state officials of the Russian Federation and the Republic of Serbia signed an agreement covering co-operation in the oil and gas sector. At the same time, a Protocol on basic conditions for the purchase of a majority stake in Petroleum Industry of Serbia by open shareholder company Gazprom Neft was signed. These documents are the basis of the strategic partnership between the Russian Federation and the Republic of Serbia, which is going to devel-

Yelena Vladimirovna Danilova

promet roba iznosio 435 miliona US dolara, ove godine smo se opasno približili cifri od četiri milijarde dolara. Pri tome su stvoreni povoljni uslovi za poboljšanje strukture prometa roba, a to već donosi sopstvene pozitivne rezultate. Tako je, na primer, povećanje srpskog izvoza u prvih osam meseci 2008. godine iznosio više od 53 odsto. Ruski izvoz u Srbiju u istom periodu povećao se na 57 odsto, između ostalog za račun isporuke mineralnih đubriva, kao i proizvoda metalurške i automobilske industrije u Srbiju. Na žalost, u ruskom izvozu kao i ranije preovladavaju energenti, sa 79 odsto, i u skladu sa tim mi nastavljamo rad na daljem razvoju uzajamne trgovine. RUSKE INVESTICIJE U SRBIJI Posebna pažnja posvećuje se poboljšanju investicione klime između naših zemalja. Zainteresovanost ruskih investitora za ulaganja u srpsku privredu i dalje je veoma visoka. I to je neraskidivo povezano sa time da se u Srbiji odvija proces privatizacije državnih preduzeća, među kojima su i velika preduzeća, koja predstavljaju osnovu nacionalne privrede. Jedan od najvećih realizovanih stranih investicionih projekata u Srbiji je kupovina preduzeća za skladištenje i realizaciju naftnih derivata ’Beopetrol’ od strane ruske kompanije OAO ’Lukojl’. Uralska rudarsko-metalurška kompanija kupila je AD ’Fabriku bakarnih cevi’ u Majdanpeku. Ruska kompanija ’Metropol’ kupila je najstarije turističko preduzeće u Srbiji ’Putnik’. ZAO ’Metallorukav’ postao je vlasnik preduzeća za proizvodnju gumarskih proizvoda ’Fadip koncern’ iz Bečeja. Kompanija iz Uljanovska ’Avtodetalj servis’ postala je vlasnik fabrike za proizvodnju autobusa ’Ikarbus’ iz Zemuna. Ukupne ruske investicije u privredu Srbije iznose više od 500 miliona US dolara.

TRADE

op in three directions: construction of a Serbian section of the Russian gas pipeline to be used for transit and delivery of natural gas to other European countries – the South Stream gas pipeline; construction of the underground gas storage in Banatski Dvor; development of Petroleum Industry of Serbia. In terms of these first two directions, the plan is for Gazprom and Srbijagas to form a joint venture company. According to the aforementioned Protocol, Gazprom Neft will buy a 51% share in NIS for €400 million. In addition to that, the Russian company undertakes to invest at least €500 million in reconstructing and modernising NIS’s technological complex.

One of the biggest foreign investment projects in Serbia is Russian company OAO Lukoil’s acquisition of Beopetrol, a company that deals in the storage and sale of oil derivatives. Also, Ural Mining and Metallurgical Company bought Copper Pipe Factory in Majdanpek. Russian company Metropol bought the oldest tour operator in Serbia, Putnik, while ZAO Metallorukav acquired a rubber products plant Fadip from Bečej SERBIAN INVESTMENTS IN RUSSIA We have also noticed a significant increase of Serbian investments in Russia during this period. According to the 2007 results, close to $64.4 million was invested in the Russian economy, with $45.7 million being direct investments. Pharmaceutical company Hemofarm spent over €34 million on construction of a solid medical products factory in the town of Obninsk in the Caluga region. The factory can produce up to 1.5 million tablets a year.

INVESTICIJE U GASOVOD I NIS Najvažniji pravac u razvoju investicione saradnje predstavlja učešće ruskih kompanija u izgradnji objekata gasne i naftne privrede na teritoriji Republike Srbije i u privatizaciji državnog preduzeća ’Naftna Industrija Srbije’. 25. januara 2008. godine u Moskvi, u prisustvu predsednika naših država potpisan je Sporazum između Vlade Ruske Federacije i Vlade Republike Srbije o saradnji u oblasti naftne i gasne privrede. Istovremeno je potpisan Protokol o osnovnim uslovima kupovine kontrolnog paketa akcija ’Naftne industrije Srbije’ od strane Otvorenog akcionarskog društva ’Gasprom neft’. Ovim dokumentima se pretpostavlja strateško partnerstvo Ruske Federacije sa Republikom Srbijom u tri pravca: - izgradnja srpskog dela gasovodne mreže iz Rusije za tranzit i isporuku prirodnog gasa u druge zemlje Evrope - ’Južni tok’; - izgradnja podzemnog skladišta gasa na bazi iscrpljenog nalazišta gasa ’Banatski Dvor’; - razvoj kompanije ’Naftna industrija Srbije’. U vezi sa prva dva pravca planira se formiranje zajedničkih preduzeća između OAD ’Gazprom’ i DP ’Srbijagas’. Prema potpisanom Protokolu kompanija OAD ’Gazprom neft’ će za 400 miliona evra kupiti 51 odsto osnovnog kapitala NIS-a. Osim toga, OAD ’Gazprom neft’ se obavezuje da investira u rekonstrukciju i modernizaciju tehnološkog kompleksa kompanije NIS minimum 500 miliona evra. SRPSKE INVESTICIJE U RUSIJU Istovremeno, primećuje se i značajno povećanje srpskih investicija u Rusiji. Prema rezultatima za 2007. godinu, u privredu Rusije investirano je 64,4 miliona US dolara, od kojih direktne investicije iznose 45,7 miliona US dolara. Između ostalih, farmaceutski koncern ’Hemofarm’ investirao je u izgradnju fabrike za proizvodnju čvrstih medicinskih preparata u gradu Obninsku, Kaluška oblast, više od 34 miliona evra. Kapacitet fabrike je 1,5 milijardi tableta godišnje.

Flooring producer Sintelon, from Bačka Palanka, is also increasing its investments in Russia. In 2007 a new line for production of homogenous floor coverings was opened in the company’s first Russian factory for the production of household linoleum from a foam PVC base. The line’s annual capacity is five million square metres; while the factory’s total capacity is close to 90 million square metres of floor coverings a year. Sintelon has also bought an 8.3-acre plot in the city of Mitishi, which is situated in the Moscow region. This project envisages the building of a new laminate factory with an annual production capacity of 20 million square metres. As we can clearly see, a positive development of Russian-Serbian economic relations is noticeable in almost all directions. We are confident that your magazine will provide a realistic picture of the present situation and the future of this mutually beneficial co-operation between our two countries, as well as provide help for businessmen aiming to establish and widen their bilateral contacts.

Povećava se priliv investicija u Rusiju i od strane srpskog preduzeća za proizvodnju podnih pokrivača ’Sintelon’ iz Bačke Palanke. 2007. godine na bazi prve ruske fabrike za proizvodnju linoleuma za domaćinstvo širine četiri metra na penastoj PVC osnovi, otvorena je nova linija za proizvodnju homogenih pokrivača ukupnog kapaciteta pet miliona kvadratnih metara godišnje. Ukupni kapacitet proizvodnje iznosi oko 90 miliona kvadratnih metara godišnje. Istovremeno, ’Sintelon’ je 2007. godine pristupio realizaciji novog projekta Mitishi. U tu svrhu je u gradu Mitishi koji se nalazi u Moskovskoj oblasti, ’Sintelon’ kupio zemljište površine 8,3 hektara. Projektom se predviđa izgradnja nove fabrike za proizvodnju laminata ukupnog kapaciteta 20 miliona kvadratnih metara godišnje. Kao što vidimo, praktično u svim pravcima imamo pozitivni razvoj rusko-srpskih ekonomskih odnosa. Sigurni smo da će Vaše izdanje sadržati realnu procenu stanja i perspektiva obostrano korisne saradnje naših zemalja i da će pružiti pomoć privrednicima prilikom uspostavljanja i širenja bilateralnih veza.

VITAFON IS A DEVICE THAT HAS A VIBROACOUSTIC EFFECT GENERAL INFORMATION Vibroacoustic therapy is widely used today and has been recognised in many countries as a conventional medical treatment. VITAFON is a device that provides a complete range of vibroacoustic effects, altering its frequency and amplitude in a cyclic manner and, thus, effecting all 220 tissue types. This is what makes the

device a perfect technological solution in the vibroacoustic field. All devices from the Vitafon programme bear the CE 1304 certificate, issued by the relevant European institute. HOW IT WORKS By using micro vibration stimulation, Vitafon reduces resistance to blood flow through an artery structure (vascular resistance is lowered). Additionally, by mimicking the vasomotor contraction of capillaries it improves the blood and lymph flow. The frequency of contact between biological components in the interstitial is increased, resulting in more intense immunological and other biochemical reactions. APPLICATION The Vitafon device is used in the prevention and treatment of a wide spectrum of illnesses. It proves to be most efficient in the following cases: spondylosis, radiculitis, joint pains, arthritis, arthrosis, rheumatoid polyarthritis, prostate adenoma, bronchial asthma; diseases of peripheral blood circulation, diabetes mellitus, regulating the level of cholesterol in blood, high blood pressure and glaucoma. Vitafon is produced in Russia. Vitafon has been sold in Serbia since 2003. The device is intended for home treatments following recommendations of a specialist doctor, as well as for application in medical clinics, spas and sanatoriums.

Company FIP-KOMERC doo, Belgrade, 3, Cvijićeva Street, tel. 011/208-33-36, is an authorised distributor for Europe and the U.S. Company website: www.vitafon.rs; Email: nezelo@eunet.rs

YOUR RELIABLE CONSTRUCTION PARTNER Forty-six years since a regional road maintenance company was set up in Užice back in 1962, the PUTEVI GROUP has grown to become a strategically renowned name in the civil engineering and building construction sectors. The clear vision of then aspiring young engineer Mr. Vasilije Mićić, coupled with the contributions of many associates and employees, created the necessary prerequisites for the company’s long-term business orientation. Today, thanks to our strategic orientation and the ability to simply let our projects speak for themselves, PUTEVI has become a synonym for high quality construction on both a local and international level. Thanks to our high level of expertise, quality and efficiency, alongside the application of new technologies, PUTEVI has managed to solidify its position among the most successful general contractors. The company’s mission is to become an elite enterprise in all fields of construction; to carry out the most complex construction endeavours, using our own resources. To that end, PUTEVI has constantly expanded its business and operational activities through planned investments, while PUTEVI GROUP has grown into a holding company, with 12 daughter companies under its wing. Moreover, the company’s local subsidiaries have now gone international (Putevi Russia, Putevi Italy, Putevi Cyprus, Putevi USA). The Group employs a team of 5,000, and investing in the company’s personnel and their training is our imperative. Highly qualified workers, construction machinery, the last-generation equipment and facilities are always the winning team, and PUTEVI’s construction sites always attract the attention of specialised colleges, faculties, competition and future investors. The up-to-date equipment we use in primary and secondary production of construction components, materials and parts has created a system to be reckoned with - PUTEVI. PUTEVI’s production programmes are as follows: production of technical stone and aggregates at our 12 quarries; concrete factories at all construction sites; fully automated high capacity reinforcement plants; production of precast elements for civil engineering and building construction; production of railway sleepers, etc. Additionally, PUTEVI has been granted a licence to produce BAMTEC reinforcement carpets for the territory of the Balkans and Russia. PUTEVI’s production programme includes: powdered materials (like glue and smooth coat products), marble and granite processing for building construction, aluminium and PVC doors, windows and facades, metal structures. PUTEVI’s business partners are the leading global producers of construction machinery, equipment and materials. Hence, the company would like to thank its partners for their long-term co-operation: CAT, VOLVO, LIEBHERR, PUTZMEISTER, BAUER, SCHUCO, MARAZZI, MAPEI, GLAVERBEL, SAINT GOBAIN, GEWISS, ELECTROLUX, et al.

Od regionalnog preduzeća za održavanje puteva, osnovanog 1962. godine u Užicu, danas nakon 46 godina, „PUTEVI GROUP“ postaju strateško ime kako u putnoj privredi tako i u oblasti visokogradnje. Jasna vizija tada mladog inženjera Vasilija Mićića i doprinos saradnika i zaposlenih, bili su preduslov za dugoročnu poslovnu orijentaciju. Danas, zahvaljujući strateškom opredeljenju i afirmacijom iskljucivo preko izvedenih projekata, PUTEVI postaju sinonim dobre gradnje, kako na lokalnom, tako i na medjunarodnom nivou. Visok stepen stručnosti i efikasnosti, kvalitet, primena novih tehnologija, omogućio je PUTEVIMA da učvrste svoje mesto na listi najuspešnijih „General Contractora“. Misija PUTEVA je da, u gradjevinarstvu u širem smislu, postane elitno preduzeće i da isključivo sopstvenim resursima konkuriše u izvodjenju najsloženijih gradjevinskih poduhvata. S tim u vezi, planskim ulaganjem u sopstvene resurse, delatnost PUTEVA se proširuje, a PUTEVI GROUP postaje Holding kompanija sa 12 preduzeća, dok lokalni karater prerasta u medjunarodni („Putevi Rusija“, „Putevi Italija“, „Putevi Kipar“, „Putevi USA“). Grupacija PUTEVI zapošljava 5.000 radnika. Ulaganje u kadar i stručno usavršavanje predstavlja najveći imperativ svih zaposlenih. Visoko kvalifikovani kadar, gradjevinska mehanizacija, savremena oprema i postrojenja su Tim koji uvek pobedjuje, a gradilIšta PUTEVA su uvek u centru pažnje i interesa stručnih škola, fakulteta, konkurencije i budućih investitora. Savremeno opremljena primarna i sekundarna proizvodnja gradjevinskih komponenti, materijala i gradjevinske galanterije, od grupacije PUTEVI stvorila je sistem. Proizvodni programi PUTEVA su: proizvodnja tehničkog kamena i agregata u vlastitim kamenolomima (12 kamenoloma), fabrike betona na svim gradilištima, potpuno automatizovani armirački pogoni visokih kapaciteta, proizvodnja prefabrikovanih elementa za niskogradnju i visokogradnju, proizvodnja betonskih pragova za železničke pruge. Zatim, licencirana proizvodnja armaturnih mreža BAMTEC za Balkan i Rusiju, prozivodnja praškastih materijala (lepkova, glet masa), prerada mermera i granita za potrebe visokogradnje, prozivodnja aluminijumske i pvc stolarije, proizvodnja metalnih konstrukcija i galanterije. Partneri PUTEVA su vodeći svetski proizvodjači gradjevinskih mašina, opreme i materijala. U to ime, PUTEVI su zahvalni na dugogodišnjoj saradnji najvećim svetskim imenima: CAT, VOLVO, LIEBHERR, PUTZMEISTER, BAUER, SCHUCO, MARAZZI, MAPEI, GLAVERBEL, SAINT GOBAIN, GEWISS, ELECTRROLUX, ….

PUTEVI’s reference list shows that quality has no alternative:

CIVIL ENGINEERING

BUILDING CONSTRUCTION

Reference list covering the period of the last 3 years: 1 “Preševo” border crossing 2 M-19/1 Road, Užice bypass L=4,85km (construction of a bridge and roads) 3 LOT- 4 Kokin Brod -Kolovrat L=38,64 km (road construction) 4 LOT -6e E-75(M-5)Ovčar Banja L=1,534km (construction of a bridge, roads and tunnel) 5 Reconstructing the Šargan M-5 Užice –Višegrad tunnel 6 LOT 2.2 Belgrade -Novi Sad (construction a motorway section) 7 LOT -8 Pečenjevci -Djep -Preševo L=94,32 km (road construction) 8 LOT -11 Niška Banja – Bulgarian border, L=70,88km (road construction) 9 LOT -12 Mataruš.banja -Ušće -Ribarići L=62,48 km (road construction) 10 E-75 Motorway Levosoje – Macedonian border (motorway construction)) 11 Bijelo Polje bypass (road, bridge and viaduct construction) 12 LOT 5c Borova Glava - Uvac L=17,50km (construction of roads and seven bridges)

Completed projects 1. Sberbank – Moscow / Russia 2. 16 branch offices of Sberbank – Moscow / Russia 3. International Airport Niznyvartovsk (runway and airport building) - Russia 4. International Airport Raduznyi (runway) – Russia 5. Hotel Pobeda 3* – Sochi / Russia 6. Hotel Kavkaz 3* – Sochi / Russia 7. Hotel Black Sea 5* – Sochi / Russia 8. Hotel Dolina Narzanov 4* – Kislovodsk / Russia 9. Hotel Zeleni Gaj 4* – Tuapse / Russia 10. Hotel Sanatorium Derzinski – Sochi / Russia 11. Hotel Rodina SPA 5* - Sochi / Russia 12. Private residences and villas – Sochi and Moscow / Russia 13. Hotel Angara 4* – Anapa / Russia 14. Residential complex Aleksandriski Mayak – Sochi / Russia

CURRENT PROJECTS 1. Multi-functional complex Crystal Towers (149.000 m2) – Sochi / Russia 2. Residential complex New Alexandria (56.000 m2) – Sochi / Russia 3. Residential complex Bitha (66.000 m2) – Sochi / Russia 4. Residential complex Adler (22.000 m2) – Adler -Sochi / Russia 5. Residential complex Anapa (65.000 m2) – Anapa / Russia 6. Residential complex Olympic Plaza (18.000 m2) – Sochi / Russia 7. Multi-functional complex Sputnik (24.000 m2) – Sochi / Russia 8. Regional court building in Krasnodar (33.500 m2) – Krasnodar / Russia 9. Sanatorium Izumrud (12.000 m2) – Izumrud-Sochi – Russia 10. Residential complex Aktjor (60.000 m2) – Sochi / Russia 11. Residential complex Krasna 2 (18.000 m2) – Sochi / Russia

Contact: Head office - Civil Engineering: PUTEVI AD Uzice 38, Nikole Pasica 31000 Uzice, Serbia www.puteviyu.com

Head office - Building Construction: PUTEVI AO Uzice 2, Baranovskoe Shosse 354.000 Sochi / Dagomis, Russia www.putevi.com

If you can dream it, we can build it.

INTERVIEW

Dr. Nenad Popović, President of ABS Holdings

AMAZING OPPORTUNITIES FOR COMMERCIAL SUCCESS “The potential of this huge market is simply unbelievable. Today, this market is going through the biggest global investment boom and is where the world’s largest companies are present”

By Miroslava Cvejić-Kovačević ABS Holdings currently employs around 5,000 people and has an annual turnover of over $500 million. What was it like in the beginning? ABS Holdings was founded in 1994. This year we have ended up with business revenue of close to $600 million and over 5,000 employees. There are 16 companies and two scientific and research institutes within ABS Holdings and we are present in the Russian Federation, the former Soviet republics, the Republic of Serbia, the Balkan countries, the People’s Republic of China and United Arab Emirates. The company’s core activity is the production of electrical energy equipment and related facilities, as well as automating production and electrical processes. An important part of our business operations, which is also our competitive advantage on the market, is designing and constructing energy facilities and complex electrical energy turnkey solutions.

Danas ABS Holdings zapošljava oko 5.000 ljudi i ima godišnji promet od preko 500 miliona američkih dolara. Kako su izgledali Vaši počeci? ABS Holdings je osnovan 1994. godine. Tekuću godinu smo završili sa ostvarenim poslovnim prihodom od blizu 600 miliona američkih dolara i više od 5.000 zaposlenih. U okviru ABS Holdingsa posluje 16 kompanija i dva naučno – istraživačka instituta, a poslujemo u Ruskoj Federaciji, bivšim republikama SSSR-a, Republici Srbiji i zemljama Balkana, Narodnoj Republici Kini i Ujedinjenim Arapskim Emiratima. Osnovna delatnost kompanije je proizvodnja elektroenergetske opreme, postrojenja, automatizacija proizvodnih i električnih procesa. Važan deo poslovanja, koji predstavlja našu konkurentsku prednost na tržištu su usluge projektovanja i izgradnje energetskih objekata, projektovanje i izvođenje kompleksnih elektroenergetskih rešenja po sistemu ključ u ruke.

A significant percentage of your activities are carried out on the Russian market. What do you think of the potential of the Russian market; do you think the global economic crisis is being felt in Russia and, if so, to what extent? The potential of this huge market is simply unbelievable. Today, this market is going through the biggest global investment boom and is where the world’s largest companies are present. Still, my advice to business people from Serbia is to look for their piece of the market outside of Moscow, in Russia’s regions, since the Moscow market is oversaturated, while the regions aren’t. You need to find a good quality local partner, research the market’s potential

Značajan deo Vaših poslova se odvija i na ruskom tržištu. Vaša ocena potencijala ruskog tržišta i da li se svetska ekonomska kriza, i u kojoj meri oseća, u Rusiji? Potencijal koje ima ovo ogromno tržište je neverovatan. Danas ono doživljava najveći investicioni bum u svetu i teren je na kome su prisutne najveće svetske kompanije. Ipak, moj savet poslovnim ljudima iz Srbije je da svoje tržište traže van Moskve, u ruskim regionima, jer je tržište Moskve danas zasićeno. U regionima je, međutim, situacija drugačija. Potrebno je pronaći kvalitetnog lokalnog partnera, ispitati potencijal i karakteristike tržišta i uspeh je uz dobru poslovnu ideju zagarantovan. Rusija danas nudi neslućene mogućnosti za poslovni

and characteristics and, providing you have a good business idea, success is virtually guaranteed. The financial crisis that is gripping the world is certainly felt in the Russian Federation too, but the Russian Government, with Prime Minister Putin at its helm, has been making some wise economic moves which have protected the country’s favourable economic environment from serious upheavals. How much have you invested in this market so far? During its existence, ABS Holdings Company has invested significantly both in the Russian Federation and Serbia. I would just like to mention one of our latest investments in Russia and that is construction of an industrial complex and the first technology park on the territory of the Republic of Chuvashia, called ABS Tehnopark. Over $120 million will be spent on constructing the first phase. The production facilities will cover 120,000 square metres and business premises 60,000 square metres. Once we complete this investment, we will hire an additional 1,500 people. What Russian companies are your partners and what kind of co-operation do you have with them? You have proposed abolishing visas for Russian citizens. What kind of results do you expect from this initiative? Our clients are large Russian companies like the Russian and regional electrical power industry, as well as federal, regional and local companies that manage electricity networks, distribution of electrical energy, metallurgy combines, Russian Railways, oil companies, et al. So far we have had excellent collaboration which has resulted in an increased number of deliveries to these extremely demanding buyers when it comes to the product quality and delivery deadlines. Our plan for next year is to have over $800 million in revenue and maybe even as much as a billion in a year or two. We also want to position ourselves as a reliable partner of Russian companies that want to come to the Republic of Serbia, providing them with necessary assistance in order to launch their businesses here. At this moment, Serbia needs Russian small and medium enterprises to arrive and with them a significant number of Russian tourists which are, I have to say, the most desirable tourists in the world today. When I said to then Prime Minister Koštunica a year ago that we needed to abolish visas for Russian citizens, my belief, as it is today, was that this was in the best economic interests of Serbia and the right way to attract investors from this friendly country. What is your view of the energy treaty between Serbia and Russia? The energy treaty with the Russian Federation is the best economic agreement that Serbia has made in the last 40 years. With regards to construction of the gas pipeline, Serbia will gain the single largest investment, amounting to €1.5 billion and annual revenue from gas transit fees amounting to around €200 million. Moreover, if the pipeline’s throughput increases revenue will be over €300 million. Close to 100,000 people in Serbia are going to be engaged in construction of the pipeline. Also, it has been estimated that the domestic companies which will service a newly formed joint venture company stand to cash in between €100 and €200 million a year. Serbia will no longer have to worry about the stability, regularity and reliability of gas deliveries to either households or industrial consumers. Aside from that, there is no longer any dilemma that Serbia will become a more desirable partner for the European Union following the construction of this pipeline. The status of the main transit country through which gas will be distributed to EU member states will prompt them to invite Serbia to start serious

uspeh. Finansijska kriza koja je zahvatila ceo svet svakako ostavlja posledice i u Ruskoj Federaciji, ali je Vlada na čelu sa premijerom Putinom dosad povlačila mudre ekonomske poteze koji su povoljan ekonomski ambijent zaštitile od ozbiljnijih potresa. U kojoj meri ste dosad investirali na ovo tržište? Kompanija ABS Holdings je tokom svog postojanja investirala značajna sredstva kako u Ruskoj Federaciji, tako i u Srbiji. Pomenuću Vam samo jednu, poslednju u nizu naših investicija u Rusiji, a to je izgradnja industrijskog kompleksa i prvog tehnološkog parka na teritoriji ruske Republike Čuvašije – ABS Tehnopark. Radi se o investiciji koja će samo u prvoj fazi vredeti više od 100 miliona dolara. Ukupna

površina kompleksa je 500.000 metara kvadratnih, a površina proizvodnog prostora 120.000 metara kvadratnih i poslovnih prostorija 60.000 metara kvadratnih. Po završetku ove investicije zaposlićemo dodatnih 1.500 ljudi. Koje ruske kompanije su vaši partneri i kakvu saradnju sa njima ostvarujete? Inicirali ste ukidanje viza za ruske građane i kakve rezultate od toga očekujete? Naši kupci su velike ruske kompanije poput ruske i regionalnih elektroprivreda, federalne, regionalanih i lokalnih kompanija koje uprav-

Still, my advice to business people from Serbia is to look for their piece of the market outside of Moscow, in Russia’s regions, since the Moscow market is oversaturated, while the regions aren’t ljaju elektromrežom, elektrodistribucijom, metalurškim kombinatima, Ruskom železnicom, naftnim kompanijama ... Dosad smo imali odličnu saradnju koja je rezultirala povećanjem broja isporuka za ove izuzetno zahtevne kupce u pogledu kvaliteta proizvoda i rokova isporuke. Planiramo da već u narednoj godini ostvarimo više od 800 miliona dolara prihoda, a za koju godinu i čitavu milijardu. Želimo takođe, da se pozicioniramo kao pouzdan partner ruskih kompanija koje žele da nastupe na tržištu Republike Srbije i da im pružimo svu neophodnu pomoć za započinjanje biznisa. Srbiji je u ovom trenutku potreban dolazak ruskog malog i srednjeg biznisa, ali i dolazak velikog broja ruskih turista koji su danas najpoželjniji svetski turisti. Kad sam

INTERVIEW

pre više od godinu dana tadašnjem premijeru Koštunici predložio ukidanje viza za ruske građane verovao sam kao i sada, da je to u najboljem ekonomskom interesu Srbije i da je to pravi put za privlačenje investitora iz ove, nama prijateljske zemlje. Kako ocenjujete Gasni sporazum Srbije i Rusije? Energetski sporazum sa Ruskom Federacijom je najbolji ekonomski sporazum za Srbiju u poslednjih 40 godina. Što se tiče izgradnje gasovoda, Srbija će dobiti najveću direktnu stranu investiciju u vrednosti od 1,5 milijardi evra i godišnji prihod od tranzita gasa u treće zemlje od oko 200 miliona evra, a pri povećanju propusne moći gasovoda i više od 300 miliona. Izgradnja gasovoda će zaposliti blizu 100.000 ljudi u Srbiji. Takođe, procenjuje se da će domaće kompanije samo od usluga koje će pružati novo osnovanoj zajedničkoj kompaniji zarađivati godišnje između 100 i 200 miliona evra. Srbija neće više brinuti o stabilnosti, redovnosti i pouzdanosti isporuka gasa za domaćinstva i privredu i ne samo to, nema više dileme da će Srbija izgradnjom gasovoda postati mnogo poželjniji partner za Evropsku Uniju nego što je to danas. Status glavne tranzitne zemlje za distribuciju gasa zemljama članicama EU, motivisaće zemlje članice da Srbiju u što kraćem roku pozovu na započinjanje ozbiljnih pregovora za prijem u članstvo, ali i popraviti našu energetsku poziciju u regionu i našu specifičnu težinu u partnerstvu Ruske Federacije i Evropske Unije.

negotiations about joining the EU. It will also improve our energy position in the region and our role in the partnership between the Russian Federation and the European Union. What do you think about the Russian offer for acquisition of Petroleum Industry of Serbia, NIS? By selling a 51% stake in NIS to Russian Gazprom Neft, Serbia will receive €400 million in direct investments, after which reconstruction and modernisation projects worth €500 million will be carried out, which is a lifeline for NIS. Secondly, the most important thing is the fact that Serbia will be able to buy oil directly from a producer at a time when the global crude oil price is high and when safety and reliability of supply is the priority of any country – and that is a producer that not only boasts its own sources, but has a plan to make NIS the energy leader of the region and the biggest regional oil producer. By establishing this partnership, NIS will gain a completely reconstructed and modernised technology complex and revitalised petrol stations. NIS is expected to start exploration and exploitation of new deposits, as well as to prevent the dissipation of existing deposits and provide noticeable growth in production. The state will certainly benefit from the dividends it will receive as a result of the fact that it owns 49% of the company. What are your plans for the coming period? I view the coming period as one of great challenges on Serbia’s development path. Along this path, we need to have more meaningful bilateral co-operation with the Russian Federation and take advantage of all the benefits brought by the construction of the gas pipeline, underground gas storage facility and reconstruction and modernisation of NIS. We should also not forget about the Free Trade Agreement with the Russian Federation, which we haven’t used enough so far. I will advocate even closer economic co-operation with Russia, since I think that is in the best economic interests of Serbia and all its citizens following the difficult period that we, as a country and society, have gone through. Our citizens deserve more jobs and better living standards.

Šta mislite o ruskoj ponudi za kupovinu Naftne industrije Srbije - NIS? Srbija prodajom 51 odsto kapitala Naftne industrije Srbije ruskom Gazprom neftu dobija 400 miliona evra direktnih investicija, posle čega će biti izvršena rekonstrukcija i modernizacija u vrednosti od dodatnih 500 miliona evra, koja je od životne važnosti za NIS. Druga, veoma važna stvar je činjenica da će Srbija u trenucima kad je cena nafte na svetskom tržištu visoka i kad je sigurnost i pouzdanost u snabdevanju prioritet svake zemlje, moći da nabavlja naftu direktno od proizvođača. Proizvođača koji osim što poseduje sopstvene izvore, ima nameru da Naftnu industriju Srbije učini energetskim liderom u regionu, i najvećim regionalnim proizvođačem nafte. Naftna industrija Srbije će partnerstvom dobiti potpuno rekonstruisan i modernizovan tehnološki kompleks i rekonstruisane benzinske pumpe. Očekuje se da NIS započne sa otkrivanjem i eksploatacijom novih nalazišta,

Our plan for next year is to have over $800 million in revenue and maybe even as much as a billion in a year or two. We also want to position ourselves as a reliable partner of Russian companies that want to come to the Republic of Serbia zaustavljanjem opadanja postojećih i značajan rast proizvodnje. Od svega toga veliku korist će imati i država koja će na račun vlasništva nad 49 odsto kapitala dobijati dividende. Koji su Vaši planovi za naredni period? Na predstojeći period gledam kao na period velikih izazova na putu razvoja Srbije. Na tom putu je potrebno ostvariti mnogo značajniju, dvosmernu saradnju sa Ruskom Federacijom i iskoristiti sve pogodnosti koje sa sobom nosi izgradnja gasovoda, podzemnog skladišta gasa i rekonstrukcija i modernizacija Naftne industrije Srbije. Ne smemo zaboraviti na Sporazum o slobodnoj trgovini sa Ruskom Federacijom koji dosad nismo na pravi način iskoristili. Zalagaću se dakle za što bližu ekonomsku saradnju sa Rusijom, jer smatram da je to u najboljem ekonomskog interesu Srbije i svih njenih građana koji su posle teškog perioda kroz koji smo kao zemlja i društvo prošli, zaslužili više posla i bolji standard.

TRANSPORT

TRANSPORT DIFFICULTIES It would cost you between €4,000 and €5,000 to transport goods by lorry, while transporting by ship will set you back between €10 and €15 per tonne By Miroslava Cvejić-Kovačević

espite being probably the most expensive mode of transport, almost 90% of goods are transported overland by lorries between the two countries. According to information provided by the Commercial and Technical Bureau of the Serbian Embassy in Moscow, transport that is supposed to be cheaper – rail – is used only in five to seven per cent of cases. Air cargo takes only one to two per cent, while the cheapest way of transport – by ship via the Danube River and the Black Sea – is used in only four to five per cent of cases. “Transporting goods between Serbia and Russia is quite difficult. Not only do lorries need to pass through several countries, but they sometimes have to wait for hours, even days, at state borders. Also, certain countries have quotas when it comes to transporting goods by lorry. The problem is that it is very difficult to find goods to transport back. As such, the goods go only one way and lorries come back empty and are, therefore, under utilised,” says Miroslav Mitković, Acting Director of the Commercial and Technical Bureau in the Serbian Embassy in Moscow. According to Mitković, such a high levy is especially hard on companies that transport cheaper goods such as fruit. Although rail is one of the cheapest modes of transport, it is by no means the safest, is relatively slow and often lacks appropriate containers. Moreover, rail tracks in Serbia are narrower than those in Russia, hence it is necessary to trans-ship goods in the town of Chop, which is located between Ukraine, Hungary and Russia. If you use a ship to transport goods during winter, there is a problem with the Danube River freezing. “It is true that transporting goods by ship is the cheapest way, but the problem is that Serbia is not exporting sufficient quantities to make this kind of transport viable. Simply put, there is no appropriate logistics chain. Also, there aren’t adequate containers for transporting goods, especially containers that can only be loaded onto ship or lorry,” Mitković notes. Serbia exports five per cent of its goods to the Russian market, while Russian goods makeup between 15 and 20% of imports to Serbia. When it comes to Serbian exports to Russia, we are mostly talking about retail goods. The Russian market wants Serbian agricultural products, wine, selected rubber products and construction material (roof and ceramic tiles). Russia exports strategic raw materials to Serbia, as well as equipment and production materials.

pored toga što je to možda i najskuplji vid prevoza, čak 90 odsto robe između dve zemlje obavlja se šleperima. Po informacijama Komercijalno-tehničkog biroa pri Ambasadi Srbije u Moskvi, prevoz koji bi trebalo da je jeftiniji, a to je voz, za prevoz robe koristi se samo u pet do sedam odsto slučajeva. Kargo avionima prevozi se svega jedan do dva odsto proizvoda, a najjeftinijim vidom prevoza – brodom, preko Dunava i Crnog mora, samo četiri do pet odsto robe. “Transport između dve zemlje je znatno otežan. Ne samo da se prolazi kroz nekoliko zemalja, već su tu i višečasovna, a nekad i po nekoliko dana zadržavanja na granicama. Takođe, za prevoz robe kamionima pojedine države imaju ograničenu kvotu. Problem je i što ima malo povratnih kamionskih tura, odnosno, roba ode u jednom pravcu, ali se kamion često vraća prazan u suprotnom smeru, zbog čega je nedovoljna iskorišćenost prevoza“, objašnjava Miroslav Mitković, v.d. direktora Komercijalno-tehničkog biroa pri Ambasadi Srbije u Moskvi. Po njegovim rečima, tako veliki namet posebno teško pada preduzećima koji prevoze jeftiniju robu, kao što je na primer voće. Iako, je železnica jedna od jeftinijih prevoza robe, ona je dosta nesigurna, spora i često nema kontejnere. Koloseci u Srbiji su uži u odnosu na ruske, zbog čega se u Čopu, na granici između Ukrajine, Mađarske i Rusije vrši pretovar robe. Tokom zime problema ima i kod prevoza brodom, najčešće zbog zaleđivanja Dunava. “Tačno je da je prevoz robe brodom najjeftiniji, međutim, problem je i taj što se iz Srbije ne prevozi ozbiljnija količina robe, zbog čega brod nije isplativ. Jednostavno ne postoji logistički lanac. Takođe, ne postoje ni kontejneri za prevoz robe, posebno kontejneri koji se utovaruju na brod, ali i na kamion”, navodi Miroslav Mitković. Na rusko tržište, inače, usmereno je oko pet odsto izvoza Srbije, dok Rusija u ukupnoj strukturi uvoza Srbije učestvuje sa čak 15 do 20 odsto. U strukturi izvoza Srbije u Rusiju najznačajniji je izvoz robe široke potrošnje. Na ruskom tržištu traženi su srpski poljoprivredni proizvodi, vino, neke vrste gumenih proizvoda, građevinski materijal (crep, keramičke pločice). Iz Rusije se naše tržište snabdeva strateškim sirovinama, opremom i repromaterijalom.

CORPORATE

Ljiljana Raičević, owner and director of Montavia

CIVIL ENGINEERS’ AIRLINE For the past 18 years, Montavia has been successfully resolving transportation issues for its clients by transporting workers, equipment and material from Serbia to the former USSR and vice versa, thereby reducing expenses and travel time

By Ana Stojanović

ontavia Beograd was founded in 1990 and provides diverse airline services. Montavia has branch offices in Belgrade, Moscow and Sochi, where the company’s personnel provide a complete range of services to passengers who stay in hotels that are usually booked out solely for them in advance. The company’s successful operations provided reason enough for us to talk to Montavia owner and director, Ljiljana Raičević.

You launched the company back in the 1990s? Our first flight was on 19th July 1991, bound for Sochi. My husband Bora’s idea was for Montavia to be the airline for the Serbian construction industry. At that time, our biggest construction companies were engaged in Sochi. Following the introduction of this new flight service, there was a significant cut back on business expenses in many domestic companies, since the regular airline charged $1,000 per ticket, while our ticket cost $260 at the time. We leased the planes from Russian com-

Počeli ste sa radom devedesetih godina? Prvi let je bio 19. jula 1991. godine za Soči. Ideja mog supruga Bore je bila da Montavia bude avio servis za domaće građevinare. U to vreme u Sočiju su radile poznate domaće građevinske firme. Sa uvođenjem ove linije došlo je do racinalizacije troškova u domaćim firmama, jer je avio karta na redovnim linijama koštala 1000, a u Montaviji 260 dolara. Avione smo zakupljivali od ruskih firmi i od JAT-a. Međutim, kasnije smo prešli u totalnu izolaciju i totalnu zabranu.

Expansion Plans “I spoke to one of the directors in Gazprom when they came to Serbia. We shall see what they are planning. We don’t have enough manpower to set up new flights, but perhaps Gazprom will use its own airline in this new phase of doing business in Serbia, so we can become partners. This remains to be discussed, but one sure thing is that the business will expand. Regardless, we will remain the construction industry’s airline.”

ontavia Beograd, preduzeće za multimodalne delatnosti u vazduhoplovstvu, formirano je 1990 godine. Montavia ima predstavništva u Beogradu, Moskvi i Sočiju, gde njeni predstavnici obavljaju kompletno opsluživanje putnika, uglavnom u trajno zakupljenim hotelskim kapacitetima, sa pratećim uslugama. Upravo dugogodišnji uspešan rad Montavie bio je povod za razgovor sa Ljiljanom Raičević, vlasnikom i direktorom firme.

Kako ste tada radili? Sankcije su nam uvedene 1992. i tada smo prešli na vojni arodrom u Temišvaru, odakle smo leteli četiri i po godine, uz plaćanje visokih rojaliti taksi. Kad je otvoren naš aerodrom krenuli smo ponovo da letimo iz Beograda. Osnovno obeležje Montavije je da ne prodajemo avio karte nego putovanja. Pored prevoza ljudi, potrebno je organizovati i prevoz alata. Zatim radili smo i kargo letove za njihovu robu i mašine. Imamo godišnje i višegodišnje ugovore o zakupu aviona. Na primer sa Gazpromavijom, ćerkom firmom Gazproma, imamo petogodišnji ugovor. Konretno od njih uzimamo, u zavisnosti od broja putnika, tri različita aviona

panies and JAT. Then the country went into total isolation and all outward flights were banned. How did you manage to stay afloat then? When sanctions were imposed in 1992 we transferred our operations to the Timisoara military airport. We flew from there for four or five years, paying huge surcharges. When the Belgrade airport was re-opened we started using it again. Our philosophy is that we don’t sell airline tickets, but rather transports. In addition to transporting people, we are equipped to transport tools and machinery. So we also do cargo flights for our clients’ goods and machines. We have annual and long term contracts covering plane leases with, for example, Gazprom Avia, a daughter company of Gazprom. The contract with them has been signed for a five-year-period. Depending on the number

koji su u ponudi. Letimo uvek subotom i držimo Moskvu i Soči. Naravno, iz Moskve putnici idu dalje, za Sibir, a mi obezbeđujemo kompletan transfer i do najudaljenijih mesta. Radite sa preko 100 domaćih firmi? Da, imamo ugovore sa 120 firmi. Pored toga, imamo izuzetnu saradnju sa ruskim institucijama u Srbiji, ruskom ambasadom, Ruskim dom, Ruskom crkvom i školom. Svima ruskim državljanima u Srbiji izlazimo u susret. Prema Vašem iskustvu da li je danas manje domaćih firmi koje posluju sa Rusijom? Mislim da ne. Istina, od velikih firmi nastale su male, ali one i dalje rade s Rusijom. Pored toga, tu su i firme iz Republike Srpske, iz Bosne i Hercegovine, oni svi lete sa nama. Makedonija cela ide, takođe, preko

U Rusiji je trenutno u građevinarstvu velika konkurencija. Turci sada drže dosta građevinskih objekata i velika su konkurencija našim građevinarima of passengers, we usually take three different planes from them. We always fly on Saturday and we fly to only Moscow and Sochi. Of course, the passengers are not staying in Moscow, but transferring elsewhere, such as far away Siberia. And we are the company that provides a complete transfer service, even to the remotest of places. You co-operate with over 100 domestic companies? Yes, we have contracts with 120 local companies. In addition to that, we have exceptional co-operation with the Russian institutions in Serbia, such as the Russian Embassy, Russian House, the Russian Church and school. We are trying to accommodate all Russian citizens living in Serbia. In your experience, is the number of Serbian companies doing business with Russia lower today than it was before? I think not. It’s true that big companies became small, but they are still doing business with Russia. Also, there are companies from Republika Srpska and elsewhere in Bosnia & Herzegovina that also fly with us. Macedonian companies are also flying their staff to Russia via Serbia. Both JAT and Aeroflot’s planes are packed full and they have seven flights each, just like we do. There is always an extra ticket wanted, especially in the season. What do you mean when you say ‘in the season’? Previously, the season ran from April to October, but this has now changed. I guess that both people and materials have adapted to working at extremely low temperatures, so nobody is thinking of season any longer, especially not in Sochi. Everything is being moved there because of the Olympics. Our companies have opened many branch offices. The construction sector in Russia is very competitive at the moment. Turkey is building quite a few buildings there, while our construction companies are even seeing each other as competition. Currently, the cheapest work force comes from Ukraine, Tajikistan and other former Soviet republics, but I do think that our companies are the strongest, judging by the work they do there. Putevi Užice is quite active in Russia, Energoprojekt has four construction sites in Kazakhstan, I won’t even go into Moscow...

Srbije za Rusiju. Puni su letovi i JAT-a, i Aeroflota, koji ima po sedam letova, baš kao i mi. Uvek se traži karta više, pogotovo kad je sezona. Kada je sezona kod Vas? Ranije je sezona bila od aprila do oktobra. Međutim, to se promenilo. Verovatno su i supstance i ljudi prilagođeni da rade i po hladnoći. Tako da se sezona više ne oseća, pogotovu u Sočiju. Danas se sve seli tamo zbog Olimpijade. Mnoge naše firme su otvorile predstavništva. U Rusiji je trenutno u građevinarstvu velika konkurencija. Turci sada drže dosta građevinskih objekata i velika su konkurencija našim građevinarima. U ovom momentu jeftiniju radnu snagu imaju Ukrajinci, Tadžekistanci i drugi, pa i pored toga mislim da su naše firme najjače. Što se vidi i po tome šta naše firme tamo rade. Putevi Užice drže deo poslova u Rusiji, Energoprojekt u Kazahstanu ima tri, četiri gradilišta, o Moskvi i da ne pričam.

Planovi „Imala sam kontakt sa jednim od direktora Gazpromove firme, jer su došli u Srbiju. Videćemo šta oni planiraju. Ne raspolažemo tolikom snagom da sada otvaramo nove linije. Možda Gazprom u ovom novom procesu sa Srbijom ima neku želju sa svojom avijacijom, a mi možemo da im budemo partneri. Ostalo je na tome da ćemo prvo razgovarati. Sigurno je da će se poslovi širiti. U svakom slučaju ostajemo i dalje servis za građevinare.“

INTERVIEW

Miloš Bugarin, President of the Serbian Chamber of Commerce

NEW PRODUCTS FOR AN OLD MARKET Since the democratic changes of 2000, a total of $500million worth of Russian investments have been made in Serbia. Indeed, the main features of co-operation between Serbia and Russia have been: a constant deﬁcit on the Serbian side; an under-exploited bilateral Free Trade Agreement that facilitates the conquering of an old market with new products

By Danijela Jovanović

raditionally good relations and a high level of continuity in dialogue, coupled with the mutual willingness to improve bilateral relations, represent a good basis of economic cooperation between the Republic of Serbia and the Russian Federation. The fact that the Russian economy has continued to record growth for five consecutive years is a reason to further solidify Serbian positions on the Russian market. As Miloš Bugarin, President of the Serbian Chamber of Commerce, said in an interview

Customs the Russian Federation’s customs duties are classified in six categories and range from 5% to 30%. Some 120 countries do business under these regulations. The preference regime, with its reduction of 25% on the basic custom duty, is used by 105 countries, while the duty free trade is reserved for the CIS countries and the Republic of Serbia. Also, at least 48 underdeveloped countries can trade with the Russian Federation without customs duty being applied.

radicionalno dobri odnosi, kontinuitet dijaloga na visokom nivou i obostrana spremnost za dalje unapređenje odnosa dve zemlje, predstavljaju dobru osnovu privredne saradnje Republike Srbije i Ruske Federacije. Čijenica da ruska privreda već petu godinu za redom beleži visoke stope privrednog rasta, razlog je više da povratimo naše pozicije na ruskom tržištu. Kako u invervjuu za naš list ističe Miloš Bugarin, predsednik Privredne komore Srbije, u Ruskoj Federaciji se poslednjih godina intenzivno radi na stimulisanju izvoza industrijskih roba, kako bi se sadašnja nepovoljna struktura izvoza promenila u korist izvoza roba višeg stepena obrade. Generalno posmatrano, u ovom momentu ekonomija Ruske Federacije jedna je od najperspektivnijih u svetu, sa ogromnim mogućnostima za ekspanziju u mnogim oblastima. Poslednjih godina u Rusiji je zabeležen i pravi potrošački bum? Upravo to je i motivisalo strane investitore da ulože kapital u različite sektore ruske privrede. Rastući potencijal ruskog tržišta podrazumeva ogromna prirodna bogatstva koja se prostiru na preko 17 miliona

for our publication, during the past five years the Russian Federation has been stimulating the export of industrial goods in order to change the unfavourable structure of export in favour of exporting higher processed goods. Currently, the Russian economy is, in general terms, the most prospective in the world, based on its huge possibilities of expansion in many regions. Russia has recorded a real consumer boom in the last couple of years. That is exactly what inspired foreign investors to invest their capital in different sectors of the Russian economy. The growing potential of the Russian market lies in its huge natural resources, which stretch over 17 million square kilometres, and its huge market, which covers a population of 150 million. The current situation ensures that the only commodity that can be sold on the market is quality. Serbia is the only country beyond the Commonwealth of Independent States (CIS), which has signed a Free Trade Agreement with Russian Federation – in place since August 2000. Yes, but that agreement has not opened the doors to the Russian market for Serbian companies wide enough. A Russian consumer sees the quality of Serbian products as being the same as Polish products, so he expects the price to be lower (by 10% or 15%) than the price of similar products originating in Germany, Italy, France, etc. Companies from all over the world are present on the Russian market. Because of the Free Trade Agreement, there is much interest shown by foreign capital to join forces with Serbian production in order to jointly appear on the Russian market. Which particular countries are we talking about? In the last decade and a half, the Republic of Serbia has lost its traditional position on the Russian market, although the Russian Federation is still one of our most important economic partners. This position was retained thanks to a very high continuous level of the total bilateral exchange of goods. For the last seven months of this year this amounted $2.5 billion, due largely to the import of energy products, which participate with 82 to 88% of the import structure, with an extreme deficit on our side, because exports covers only 16% of the total import! However, the developing trend of exporting to the Russian Federation, which began in 1999, is still encouraging, as are a number of actions we undertook to renew our presence on this market this and last year, such as the presentation of Serbian products and commercial relations in Moscow. This will surely contribute to Serbian products finding their place on the Russian market, in spite of the tough competition.

Imports & Exports the products that we export to Russia the most are as follows: floor coverings and wallpaper with impregnated templates (11%), paper, paste board, plastic tinctures (7.47%), pharmaceuticals (7%), caravans and trailers (6.67%), lab machines and equipment (6.65%), floor plates (5.71%), refined copper tubes (2.99%), fresh and processed apples (2.75%), wires (1.95%), shears (1.83%), corn and hybrids (1.75%). We import mainly: oil (mostly crude) (52%), natural gas (23.28%), aluminium (3.87%), copper wires (2.18%), light processing oils for specific purposes (1.64%), potassium chloride (1.51%), mono-ammonium phosphate and the mixture with di-ammonium phosphate (1.29%).

Carine Raspon carina u Ruskoj Federaciji, koje su svrstane u šest kategorija, kreću se od pet do 30 odsto i po tom režimu posluje 120 zemalja. Režim preferencijala, sa umanjenjem od 25 odsto na baznu carinu, koristi 105 zemalja, dok se bescarinski promet odnosi na zemlje ZND i Republiku Srbiju, uz napomenu da je 48 najnerazvijenijih zemalja sveta, takođe, oslobođeno carine za većinu proizvoda. kvadratnih kilometara i tržište sa oko 150 miliona stanovnika. Međutim, na tom tržištu sada može da se prodaje samo kvalitet. Srbija je jedina zemlja van Zajednice nezavisnih država, koja ima potpisan Sporazum o slobodnoj trgovini sa Ruskom federacijom od avgusta 2000. godine? Da, ali taj sporazum nije u dovoljnoj meri otvorio vrata sprskim preduzećima na ruskom tržištu. Kvalitet roba iz Srbije ruski potrošač doživljava kao kvalitet robe iz Poljske i očekuje da cena bude za 10 do 15 odsto niža od sličnih proizvoda iz Nemačake, Italije, Francuske... Inače, danas su na ruskom tržištu prisutne firme iz celog sveta. Zbog Sporazuma o slobodnoj trogivni, postoji sve veći interes stranog kapitala da se, udruženo sa našom proizvodnjom, pojavi na ruskom tržištu. Iz kojih zemalja, konkretno? Reč je najviše o firmama iz Slovenije, Italije, Nemačke i Velike Britanije. Međutim, to često liči na mukotrpan posao obezbeđenja nužnih 51 odsto domaćeg porekla proizvoda, koji je u suštini destimulativan za stranca. Sve to govori da su naši politički odnosi još uvek iznad ekonomskih. Jer, Srbija ima i ogroman trgovinski deficit sa ovom zemljom. Kako ocenjujete dosadašnju privrednu saradnju Srbije i Rusije? Republika Srbija je u poslednjoj deceniji i po izgubila svoje tradicionlano mesto na ruskom tržištu iako je i dalje Ruska Federacija jedan od naših najznačajnijih privrednih partnera. Ova pozicija je zadržana zahvaljujući kontinuirano visokom nivou ukupne bilateralne robne razmene. Ona iznosi oko 2,5 milijardi dolara u poslednjih sedam meseci ove godine, kao posledica uvoza energenata koji učestvuju sa 82 do 88 odsto u uvozu, uz izrazit deficit na našoj strani zbog čega pokrivenost uvoza izvozom ne prelazi 16 odsto! Međutim, rastući trend izvoza u Rusku Federaciju od 1999. godine ipak ohrabruje i niz preduzetih akcija za ponovno osvajanje ovog tržišta u prošloj i ovoj godini, kao što je prezentacija srpskih proizvoda u trgovinskim lancima u Moskvi. To će sigurno učiniti da srpski proizvodi nađu svoje

INTERVIEW

In your view, which direction will this co-operation take? It is obvious that we have not made use of the fact that the door to that market has been opened to us, whether we want to go through it alone or with other countries. We have a possibility of extending that co-operation even further once we introduce new products: foreign investors are coming to Serbia. They are producing new high quality products, which will fly off the shelves on the Russian market. For example, this is the direction that the biggest fair of Serbian economy will take when it’s held in Krasnodar. Big deals

Republika Srbija je u poslednjoj deceniji i po izgubila svoje tradicionlano mesto na ruskom tržištu iako je i dalje Ruska Federacija jedan od naših najznačajnijih privrednih partnera Šta se uvozi i izvozi will be made here, because this is where the Olympic Games will be held. Additionally, I think Serbia should strengthen its weakest point, which is diplomacy. I think this is one of the reasons why we have such a high trade deficit, not only with Russia, but with the world - $8.2 billion during the first eight months of 2008. In your opinion, why have most of Russia’s investments been avoiding Serbia to date? During the period from 2000 to 2007, total Russian investments in our country amounted to around $500 million. Now we expect this amount to get even higher with new deals being made - NIS, constructing the gas pipeline, etc. So far, the acquisition of Beopetrol by Lukoil in 2003 is considered as the biggest Russian investment project in Serbia, with total investments of €210 million. British-Russian industrial investment company Midland Resource Holding invested around €30 million in the Serbian economy. This company has acquired a controlling stake in large meat processing company Carnex in Vrbas for €14 million, as well as the same stake in company Gumaplast from Inđija. Apart from that, they own of a chain of Serbian restaurants, Stari grad, then 48% of the capital of the Port of Pančevo and, together with East Point, they have also bought the controlling stake in Belgrade Baking Industry. Through the acquisition of 84% ($3.3 million) of its capital, Russian-Swiss company, Alpina Group, became the owner of Serbian copper tube producer Majdanpek. English com-

Companies the following companies export to Russia the most: Tarkett - Bačka Palanka, Hemofarm - Vršac, Tetra-Pak production - Belgrade, HIP-AZOTARA - Pančevo, Lohr Somb - Novi Sad, Copper Tube Factory - Majdanpek, Goša- Smederevska Palanka, Novosadska fabrika kabela - Novi Sad, Moskomerc - Belgrade, Metalac - Gornji Milanovac. The following companies are the biggest importers of goods from Russia: Petroleum Industry of Serbia - Novi Sad, Srbijagas - Novi Sad, Lukoil-Beopetrol - Belgrade, Impol Seval - Sevojno, Petrobart - Belgrade, Copper Tube Factory – Majdanpek, Nafta Belgrade, HIP-PETROHEMIJA - Pančevo, Mercatus – Belgrade, and Promist - Novi Sad.

najzastupljeniji proizvodi u našem izvozu u Rusiju su: pokrivači podova i tapete od impregnisane podloge (11 odsto), hartija, karton, premazi plastičnim masama (7,47 odsto), lekovi (sedam odsto), prikolice i poluprikolice (6,67 odsto), uređaji ili laboratorijska oprema (6,65 odsto), podne ploče (5,71 odsto) cevi od rafinisanog bakra (2,99 odsto), jabuke sveže i ostale (2,75 odsto), provodnici (1,97 odsto) dizalice (1,83 odsto), kukuruz i hibridi (1,75 odsto). Najzastupljeniji proizvodi na uvoznoj strani su: nafta, sirova i ostalo (52,42 odsto), gas prirodni (23,28 odsto), aluminijum (3,87 odsto), žica od rafinisanog bakra (2,18 odsto), urea (1,9 odsto), laka ulja za preradu u specifičnim procesima (1,64 odsto), kalijum hlordi (1,51 osto), monoamonijum fosfat i mešavina sa diamonijum fosfatom (1,29 odsto). mesto i pored tako oštre konkurencije. U kom pravcu bi po Vašem mišljenju ta saradnja mogla da napreduje? Očito je da mi nismo iskoristili otovrena vrata za to tržište: da nastupamo sami, ali i sa trećim zemljama. Širenje saradnje moguće je i kada dobijemo nove proizvode: u Srbiju dolaze strani investitori, proizvode nove kvalitetne proizvode, koji će imati prođu na ruskom tržištu. Primera radi, na tom putu je i najveći sajam srpske privrede u Krasnodaru. Uz sve to mislim da Srbija treba da ojača svoju najslabiju tačku, a to je ekonomska diplomatija. Mislim da je i to jedan od razloga zašto imamo visok trgovinski deficit ne samo sa Rusijom već i sa svetom: za osam meseci 8,2 milijarde dolara. Šta mislite, zašto je do sada izostao veći broj ruskih investicija u našu zemlju? Ukupne ruske investicije u našu ekonomiju, u periodu od 2000. do 2007. godine, iznose oko 500 miliona dolara. Sad se očekuje njihovo povećanje sa novim poslovima, NIS-om, izgradnjom gasovoda... Do sada je najvažniji ruski investicioni projekat u Srbiji predstavljala kupovina ‘Beopetrola’ od strane ‘Lukoila’ 2003. godine, sa ukupnim investicijama od 210 miliona evra. Britansko-ruska indsutrijsko investiciona kompanija Midland Resource holding, investirala je u privredu Srbije oko 30 miliona evra. Ova komopanija je kupila za 14 miliona evra kontrolni paket akcija velikog mesnog prerađivačkog kombinata

pany, Salford, which is registered in Gibraltar with Russian capital and operates as an investment fund, bought 40% of shares in the company Bambi for $13.5 million and has also bought five dairies in Serbia. Apart from this, Russian capital has entered the company GoĹĄa and some other smaller firms.

â&#x20AC;&#x2DC;Carnexâ&#x20AC;&#x2122; u Vrbasu, zatim isto toliko akcija u preduzeÄ&#x2021;u â&#x20AC;&#x2DC;Gumaplastâ&#x20AC;&#x2122; u InÄ&#x2018;iji. Pored toga vlasnici su i 37 odsto kapitala lanca srpskih restorana â&#x20AC;&#x2DC;Stari gradâ&#x20AC;&#x2122;, pa 48 odsto kapitala â&#x20AC;&#x2DC;Luke PanÄ?evoâ&#x20AC;&#x2122;, a zajedno sa firmom â&#x20AC;&#x2DC;East Pointâ&#x20AC;&#x2122; kupili su i kontrolni paket akcija Beogradske

Will more Russian investments be forthcoming following the ratification of the gas arrangement? We hope that, together with Russian companies, a great number of local companies will be hired as sub-conductors in construction. By staying here, foreign constructors will generate more revenue from tourism. However, everybody is looking for political and economic stability, which will bring them profit. We had much turbulence...Foreign investors have been coming, and between 2000 and the beginning of this year they brought a total of $13.5 billion. That is not a negligible amount, but we need more. We are satisfied with the fact that not even one foreign partner has left our country.

The Agreement is not used enough at all. There are many reasons for this, as well as many reasons for exploiting it

What are Russian investors most interested in, and what can we offer the Russian market? The Moscow Government and the Governor, Boris Gromov, have initiated more intensive co-operation between the Moscow Region and the Republic of Serbia. At the end of October 2005 a Memorandum was signed to stimulate co-operation in the area of trade, industry, technological development, investment in development projects, exchange of business information, etc. In addition to this, with the support of the Government of Serbia, the National Exhibition of the Serbian Economy was organised in Moscow at the end of 2005, under the name Serbia 05. Export deals signed during or after this exhibition have contributed to higher export activities. Then a deal was concluded covering the delivery of 1,000 con-

pekarske industrije. Rusko-ĹĄvajcarska kompanija â&#x20AC;&#x2DC;Alpina groupâ&#x20AC;&#x2122; kupovinom 84 odsto kapitala (3,3 miliona dolara) vlasnik je srpskog preduzeÄ&#x2021;a za proizvodnju bakarnih cevi â&#x20AC;&#x2DC;Majdanpekâ&#x20AC;&#x2122;. Engleska firma Salford koja je registrovana na Gibraltaru, a koja radi kao investicioni fond kupila je oko 40 odsto akcija u preduzeÄ&#x2021;u â&#x20AC;&#x2DC;Bambiâ&#x20AC;&#x2122; u vrednosti od 13,5 miliona dolara. InaÄ?e, ova kompanija je sa svojim kapitalom uĹĄla u pet mlekara u Srbiji. Pored toga ruski kapital je uĹĄao u â&#x20AC;&#x2DC;GoĹĄuâ&#x20AC;&#x2122; i joĹĄ nekoliko manjih firmi. Da li Ä&#x2021;e sada, posle ratikovanja gasnog aranĹžmana, uslediti veÄ&#x2021;i broj ruskih investicija? Nadamo se i da Ä&#x2021;e posao dobiti veliki broj naĹĄih domaÄ&#x2021;ih firmi koje Ä&#x2021;e biti podizvoÄ&#x2018;aÄ?i radova zajedno sa ruskim kompanijama. Jer, i sam boravak stranih graditelja na ovom podruÄ?ju znaÄ?iÄ&#x2021;e donoĹĄenje veÄ&#x2021;eg deviznog priliva Ä?ak i kroz turizam. MeÄ&#x2018;utim, svi traĹže politiÄ?ku i ekonomsku stabilnost, koja Ä&#x2021;e im doneti profit. Mi smo imali dosta turbulencija: kreni pa stani... Strani investitori su dolazili, doneli su od 2000. godine do poÄ?etka ove oko 13,5 milijardi dolara. To nije malo,

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INTERVIEW

tainers of peas and sweet corn for the Russian market. Our fruit is also in quite high demand: in 2007, 70,000 tonnes of apples were exported to the Russian market. Moreover, Bačka Palanka based Sintelon, which has its own factories in Russia, concluded quite a few important business deals. Then there is the Institute of Field and Vegetable Crops from Novi Sad, which sells significant quantities of their seeds to the Russian market. The Russian market is also interested in buying furniture from Serbia. When we talk about food, we have great prospects for marketing fresh, frozen and tinned fruits and vegetables, dry plums, confectionery products, meat products, pasta, high quality wines, children’s food... But the hardest thing to do in Russia is to push your way through to the market around Moscow. It is a huge area which provides great opportunities in the whole region.

ali nama treba više. Zadovoljni smo što i pored svih teškoća koje su bile, nijedan strani partner nije otišao odavde. Za šta su ruski investitori najzainteresovaniji u Srbiji, a šta mi možemo da ponudimo tržištu Rusije? Vlada Moskovske oblasti i gubernator Boris Gromov inicirali su intenziviranje saradnje između Moskovske oblasti i Republike Srbije. Krajem oktobra 2005. godine potpisan je i Memorandum koji omogućava podsticanje međusobne saradnje u oblasti trgovine, industrije, razvoja tehnologije, podsticanja investiranja u razvojne projekte, razmeni poslovnih informacija... Takođe krajem 2005. godine uz podršku Vlade Srbije realizovan je Projekat organizacije Nacionalne izložbe privrede Srbije u Moskvi pod nazivom ‘Srbija 05’. Izvozni aranžmani koji su potpisani u toku ili posle izložbe doprineli su povećanju izvoza. Tada je ugovorena i isporuka 1.000 šlepera graška i kukuruza šećerca za rusko tržište. Od nas je veoma traženo voće, pa je iz Srbije u 2007. godini u Rusiju izvezeno čak 70.000 tona jabuka. Uz to, ogromne poslove ima bačkopalančki ‘Sintenon’ koji u Rusiji ima svoje fabrike, zatim Institut za ratarstvo i povrtarstvo iz Novog Sada, koji značajan deo izvoza svojih semena prodaje baš na ruskom tržištu. Rusko tržitše zainteresovano je i za kupovinu nameštaja iz Srbije. Kada je reč o prehrambenim proizvodima, u ovoj oblasti postoje velike šanse za plasman svežeg, zamrznutog i konzervisanog voća i povćra, suvih šljiva, konditorskih proizvoda, mesnih prerađevina, testenina, kvalitetnih vina, dečije hrane... Ali, kada govorimo o Rusiji, najteže se probiti na tržištu u okolini Moskve. A, mislim da je to ogroman prostor i da pruža velike šanse na ovom celom području.

Preduzeća Najveći izvoz u Rusiju ostvaruju ,Tarkett’ - Bačka Palanka, ‘Hemofarm’ Vršac, ‘Tetra pak production’- Beograd, HIP-AZOTARA Pančevo, ‘Lohr Somb’-Novi Sad, Fabrika bakarnih cevi - Majdanpek, ‘Goša’- Smederevska Palanka, Novosadska fabrika kabela - Novi Sad, ‘Moskomerc’ - Beograd, ‘Metalac’ - Gornji Milanovac. Najveći uvoznici iz Rusije su: Naftna industrija Srbije - Novi Sad, ‘Srbijagas’-Novi Sad, ‘Lukoil-Beopetrol’Beograd, ‘Impol Seval’- Sevojno, ‘Petrobart-Beograd, Fabrika bakarnih cevi - Majdanpek, ‘Nafta’ - Begorad, HIP-PETROHEMIJA - Pančevo, ‘Mercatus’ - Begorad, ‘Promist’- Novi Sad. How can Serbia achieve a higher presence in Russia? There are still huge untapped possibilities, such as modernising the roads, building railways, installing containers… Apart from the standard things we already do, we can also offer seedling materials, shears, cranes, special vehicles, different kinds of mini mobile plants, car battery plants, electric-motor plants, processing equipment... These are all products which the Russian market requires and we can successfully provide.

Kako i sa kojim radovima Srbija može da obezbedi veće prisustvo u Rusiji? Tu su još velike neiskorišćene mogućnosti. To je modernizacija autoputeva, izgradnja železnica, montaža kontejnera. Pored onog standardnog što već radimo, možemo da ponudimo sadni materijal, dizalice, kranove, specijalna vozila, razne mini mobilne fabrike, fabrike akumulatora, elektormotora, procesnu opremu... To su proizvodi koji trebaju ovom tržištu, a mi možemo sa uspehom da ih proizvodimo.

To what extent do local companies use the Free Trade Agreement with Russia? The Agreement is not used enough at all. There are many reasons for this, as well as many reasons for exploiting it. The main feature of co-operation between Serbia and Russia is the constantly present deficit on the Serbian side, i.e. a growing trend of export and import. On the import side, energy products dominate with 75% to 80%. The import / export ratio is very low and during the first five months of this year imports covered only about 15.6% of exports.

U kojoj meri ovdašnje kompanije koriste Sporazum o slobodnoj trgovini sa Rusijom? Sporazum nije ni približno iskorišćen. Razloga ima dosta, kao što sada ima još više razloga i podsticaja da krenemo u njegovo korišćenje. Osnovna karakteristika privredne saradnje Srbije sa Rusijom su stalno prisutan deficit na srpskoj strani, rastući trend uvoza i izvoza. Na uvoznoj strani godinama dominira učešće energenata u rasponu od 75 do 80 odsto. Stopa pokrivenosti uvoza izvozom je mala i iznosi oko 15,6 odsto za prvih pet meseci ove godine.

INTERVIEW

CORPORATE

ank of Moscow je osnovana 1995. godine i jedna je od Ä?etiri najveÄ&#x2021;e banke u Rusiji Ä?iji je veÄ&#x2021;inski akcionar grad Moskva sa 44 odsto. MeÄ&#x2018;u akcionarima su i Moskovska osiguravajuÄ&#x2021;a kompanija sa 15,37 odsto, Rosbanka sa 12,21 odsto, kao i druge vodeÄ&#x2021;e ruske i internacionalne kompanije. Banka poslovanje obavlja putem jedne od najrazvijenijih i najrasprostranjenijih poslovnih mreĹža u Ruskoj Federaciji koja se prostire na 11 vremenskih zona u 61 regionu, a Ä?ini je 383 ekspozitura i preko 9500 zaposlenih. MreĹža korepsondentnih banaka sa kojima Banka ima izuzetno dobru saradnju broji viĹĄe od 850 banaka u 85 zemalja.

The Bank was awarded the Dresdner Bank Award for the â&#x20AC;&#x2DC;Best Foreign Bank in International Payment Operationsâ&#x20AC;&#x2122; in 2007.

One of the four biggest banks in Russia records proďŹ t growth of over 50%

he Bank of Moscow, founded in 1995, is one of the four biggest banks in Russia. Its largest single shareholder is the City of Moscow, with a 44% stake, while other shareholders include Moscow Insurance Company, with 15.37%, Rossbank, with 12.21%, and other leading Russian and international companies. The bank has one of the most developed and extensive networks in the Russian Federation, spanning 11 time zones and 61 regions, and including 383 points of sale with over 9,500 employees. The Bank of Moscow has established exceptional cooperation with a network of corresponding banks, comprising 850 banks in 85 countries.

RATING The bankâ&#x20AC;&#x2122;s quality and reliability has been confirmed by reputable global ratings agencies. According to Moodyâ&#x20AC;&#x2122;s Investors Service, the bankâ&#x20AC;&#x2122;s long-term rating is Baa1, while the rating forecast is â&#x20AC;&#x2DC;positive outlookâ&#x20AC;&#x2122;. Fitch Ratings Agency gave the bank a BBB rating, with a rating forecast of â&#x20AC;&#x2DC;stableâ&#x20AC;&#x2122;. FINANCIAL INDICATORS r $BQJUBM FYDFFEJOH CJMMJPO r 0WFS NJMMJPO JTTVFE QBZNFOU DBSET r .PSF UIBO DPSQPSBUF DMJFOUT r 0WFS NJMMJPO SFUBJM DMJFOUT r "OOVBM QSPÄ&#x2014;U HSPXUI PG r "OOVBM HSPXUI JO UIF OVNCFS PG DPSQPSBUF DMJFOUT PG GEOGRAPHIC COVERAGE The Bank has been quite successful in Lithuania, Ukraine, Belarus and Estonia. It also has a Western European representative PÄ&#x2018;DF JO 'SBOLGVSU "T PG 0DUPCFS UIJT ZFBS #BOL PG .PTDPX #FMgrade became operational in Serbia.

REJTING Kvalitet i pouzdanost Banke su potvrdile i najuglednije svetske agencije za ocenu rejtinga. Prema Moodyâ&#x20AC;&#x2122;s Investors Service dugoroÄ?ni kreditni rejting je Baa1, prognoza rejtinga positive outlook. Agencija Fitch Ratings: dugoroÄ?ni kreditni rejting BBB, prognoza rejtinga stabilna. FINANSIJSKI POKAZATELJI r 7FMJË JOB LBQJUBMB QSFLP NJMJKBSEJ EPMBSB r 1SFLP NJMJPOB QMBUOJI LBSUJDB r 7JĂ&#x2DC;F PE IJMKBEB LPSQPSBUJWOJI LMJKFOBUB r 1SFLP EFWFU NJMJPOB LMJKFOBUB Ä&#x2014;[JË LJI MJDB r (PEJĂ&#x2DC;OKJ SBTU QSPÄ&#x2014;UB PETUP r (PEJĂ&#x2DC;OKJ SBTU LPSQPSBUJWOJI LMJKFOBUB PETUP HPEJĂ&#x2DC;OKF GEOGRAFSKA RASPROSTRANJENOST Banka uspeĹĄno posluje na teritoriji Litvanije, Ukrajine, Belorusije i Estonije, a predstavniĹĄtvo za zapadnu Evropu nalazi se u 'SBOLGVSUV OB .BKOJ 0E PLUPCSB NFTFDB QPË FMB KF TB SBEPN J .Pskovska banka Beograd u Srbiji.

CSR projekti Principe druĹĄtveno odgovornog poslovanja Banka je ukljuÄ?ila kao deo svoje strateĹĄke orijentacije. U skladu s tim, banka uÄ?estvuje u brojnim projektima iz oblasti kulture, obrazovanja, humanitarne pomoÄ&#x2021;i i sporta. Banka je stalni sponzor BoljĹĄoj teatra, literarnih konkursa, foto bijenala i drugih kulturnih i obrazovnih institucija. Bank of Moscow obezbedila je celokupan nagradni fond Kupa Kremlja u iznosu od 2.438.000 dolara. Banka podrĹžava Kup Kremlja od 1998. godine, a od 2003.godine je i generalni sponzor i obezbeÄ&#x2018;uje celokupan nagradni fond turnira. Banka je organizovala i brojne prateÄ&#x2021;e aktivnosti: teniski turnir predstavnika novinara koji se veÄ&#x2021; tradicionalno odrĹžava od 2006.godine, konkurs deÄ?ijih crteĹža â&#x20AC;&#x17E;Crtam tenisâ&#x20AC;&#x153; koji se odrĹžava po sedmi put kao i nagraÄ&#x2018;ivanje najboljih regionalnih teniskih klubova i federacija u oblasti organizaciono sportskih i trenerskih aktivnosti.

INTERVIEW

Vladimir Zečar, Chairman of the Executive Board of the Bank of Moscow Belgrade

SAFE & STRONG “Bank of Moscow Belgrade came to Serbia free of the burden imposed by the previous money ﬂows. We are 100% liquid and we dispose of fresh and strong capital for ﬁnancing business projects”

By Ana Stojanović

ank of Moscow Belgrade became operational on 13th October 2008, as the first Russian bank in the region and the first Greenfield investment in the Serbian banking sector in the last seven years. Founded by reputed Russian bank, Bank of Moscow, the bank’s core capital amounts to €15 million and will be increased through the accumulation of profit, as well as following the shareholders’ decision to set aside funds from their own resources. Bank of Moscow Belgrade is a universal bank, which means that it offers products and services both to business and the retail sector. When it comes to business operations, the bank offers a wide range of products and services – loans, deposits, payment operations, payment cards, documentary activities, safety deposit boxes, E-banking, etc. During its first phase, granted loans will be mainly short-term credits used to finance working capital. Retail operations include granting loans, deposits, brokerage services, trading in securities, E-banking, foreign currency exchange, debit and credit cards. The Bank of Moscow’s arrival in Serbia prompted us to interview Vladimir Zečar, Chairman of the Executive Board of the Bank of Moscow Belgrade Has Bank of Moscow suffered as a consequence of the global financial crisis, bearing in mind that you have just started to work in Serbia and only recently carried out your first transaction in Serbia? As we announced when the National Bank of Serbia granted our operating license, Bank of Moscow Belgrade started offering services at the beginning of October. The first transaction we executed, which was related to a deposit, just shows that people trust

oskovska banka Beograd je počela poslovanje sa klijentima pravnim licima 13. oktobra 2008. godine kao prva ruska banka u regionu i prva greenfield investicija u srpskom bankarskom sektoru posle sedam godina. Osnivač Moskovske banke Beograd je renomirana ruska banka Bank of Moscow. Osnivački kapital iznosi 15 miliona evra, a uvećavaće će se akumulacijom iz ostvarene dobiti, ali i odlukama akcionara o izdvajanju sredstava iz sopstvenih izvora. Moskovska banka Beograd je po tipu univerzalna banka, što znači da svojom ponudom obuhvata proizvode i

CSR Projects The Bank has included the principles of socially responsible business operations in its strategic orientation, and is taking part in many cultural, educational, charity and sports projects. The Bank of Moscow is a standing sponsor of the Bolshoi Theatre, literary competitions, photo biennales and other cultural and educational institutions. The Bank of Moscow has also provided funds in the amount of $2,438,000 for the Kremlin Cup Awards. The bank has been sponsoring the Cup since 1998, and in 2003 it became the Cup’s general sponsor – providing the total award money. The Bank of Moscow organises various additional activities, including a tennis tournament for journalists, which has been taking place since 2006, a children’s drawings competition called ‘I am drawing tennis’, which is being held for the seventh year in a row, as well as providing awards for the best regional tennis clubs and federations for their involvement in providing sport and training activities.

INTERVIEW

usluge namenjene kako privrednom sektoru, tako i stanovništvu. Pravnim licima Banka na raspolaganje stavlja širok spektar proizvoda i usluga: kredite, depozite, platni promet, platne kartice, dokumentarne poslove, sefove, E-banking... U prvoj fazi poslovanja kreditni poslovi će biti orijentisani na kratkoročno finansiranje obrtnog kapitala. Fizičkim licima su na raspolaganju: krediti, depoziti, brokerske usluge, poslovanje sa hartijama od vrednosti, E-banking, menjački poslovi, debitne i kreditne kartice. Upravo je početak poslovanja u Srbiji bio povod za razgovor sa Vladimirom Zečarom, predsednikom Izvršnog odbora Moskovske banke Beograd. Da li Moskovska banka oseća posledice globalne finansijske krize, s obzirom da ste, ostvarenjem prve transakcije, upravo počeli rad u Srbiji? Moskovska banka Beograd je, kao što smo i najavili kada smo dobili dozvolu od NBS, počela poslovanje s klijentima početkom oktobra. Upravo prva transakcija koju smo ostvarili, a reč je o depozitu, najbolje govori o poverenju u našu banku. Svetska finansijska kriza nije uticala na poslovanje naše matične banke Bank of Moscow, a samim tim ni na naše poslovanje. Na tržište Srbije smo došli sa svežim i zdravim kapitalom. To je baza koja nam obezbeđuje da poslovne planove sprovodimo po unapred utvrđenoj dinamici. our bank. The global financial crisis did not affect the operations of our mother bank – Bank of Moscow – or ours. We came to the Serbian market with fresh, healthy capital, and this is a foundation that will enable us to carry out our business plans in line with the dynamics defined in advance. Don’t all banks dispose of fresh and healthy capital? Bank of Moscow Belgrade came to Serbia free of any burden imposed by previous capital flows. Hence, we can freely say that we are 100% liquid and that we have fresh and strong capital. As such, we have enough strength to finance business projects, regardless of whether they are projects of the state or private projects, as well as to grant loans and provide guarantees for all deposits. We have seen the global financial crisis gripping Russia too. Are you a privately-owned or state-owned bank and what ensures your stability in these turbulent times? Our mother bank, Bank of Moscow, is a state-owned bank. Its largest single shareholder is the City of Moscow, with a 44% stake, while other shareholders include Moscow Insurance Company, with 15.37%, Rossbank, with 12.21%, and other leading Russian and international companies. The bank has one of the most developed and extensive networks in the Russian Federation, spanning 11 time zones and 61 regions, and including 383 points of sale with over 9,500 employees. The Bank of Moscow has established exceptional cooperation with a network of corresponding banks, comprising 850 banks in 85 countries.

Awards The Bank has received many awards and acknowledgements as confirmation of its success and quality. During 2007 alone, the Bank was awarded the Dresdner Bank Award for the ‘Best Foreign Bank in International Payment Operations’ and the award for the best advertising campaign in 2007, awarded by web portal www.banki.ru

Zar sve banke ne raspolažu sa svežim i zdravim kapitalom? Moskovska banka Beograd je u Srbiju ušla neopterećena predhodnim plasmanima novca. U tom smislu kažemo da smo 100 odsto likvidni, da imamo svež i jak kapital. Kao takvi, imamo snagu da finansiramo privredne projekte, nezavisno od toga da li su državni ili privatni, kao i da garanutjemo za sve depozite i plasiramo kredite.

Bank of Moscow Belgrade came to Serbia free of any burden imposed by previous capital flows. Hence, we can freely say that we are 100% liquid and that we have fresh and strong capital Svedoci smo da kriza zahvata i Rusiju. Zato se postavlja pitanje, da li ste privatna ili državna banka? Naša matična banka je Bank of Moscow koja je državna banka i njen većinski akcionar sa 44 odsto je grad Moskva. Među akcionarima su i Moskovska osiguravajuća kompanija sa 15,37 odsto, Rosbanka sa 12,21 odsto, kao i druge vodeće ruske i internacionalne kompanije. Banka poslovanje obavlja putem jedne od najrazvijenijih i najrasprostranjenijih poslovnih mreža koja se prostire na 11 vremenskih zona u 61 regionu, a čini je 383 ekspozitura i preko 9500 zaposlenih. Mreža korepsondentnih banaka sa kojima Banka ima izuzetno dobru saradnju broji više od 850 banaka u 85 zemalja, od kojih je jedna i Srbija. Najavili ste rad sa pravnim licima. Da li to isključuje rad sa privatnim licima u ovom trenutku? Naravno da ne. Građanima će na raspolaganju biti atraktivna ponuda proizvoda za stanovništvo. U našoj Banci će u vrlom kratkom roku moći da otvore račune, štede novac, obavljaju platni promet i koriste usluge elektronskog bankarstva. Prilikom ulaska na tržište Srbije, obavestili smo javnost da će se Banka prvo ponudom obratiti pravnim licima, dakle privrednim subjektima, ali to ni u jednom momentu nije isključivalo mogućnost da i građani koji žele baš nama da ukažu poverenje, postanu naši klijenti.

You have announced that you will provide corporate services to businesses. Does that mean that retail operations to citizens are not something that you provide at the moment? Of course it doesn’t. Citizens will be offered quite attractive retail products. They will be able to open an account with our bank fairly quickly; they can save money, make payments and use E-banking services. When we came to Serbia we said that the bank would first provide services to businesses, but that does not exclude the possibility of regular citizens becoming our clients too. What level of interest is currently being shown for doing business with Bank of Moscow Belgrade? Interest in our services has been beyond our expectations and we expect this trend to continue to the mutual satisfaction of both us and our clients. As I said earlier, Bank of Moscow Belgrade is carrying out operations normally, with no obstructions, and our business plans are being carried out in line with the dynamics that have been defined in advance. Judging by the initial interest shown, I believe that we will fulfil our goals for this market and play an important role in the success of our clients. You’ve said that the bank represents a synergy between strong capital and experience of the domestic bankers. What is the most noticeable evidence of this? This synergy is created primarily by domestic banking experts, who were carefully selected and offered work in Bank of Moscow Belgrade, and standards that have been set in accordance with the highest European standards. As we expected, this has yielded excellent results – even during these early days. We are offering our clients a contemporary banking concept, where each client is treated as special and where the bank’s success is measured by the level of client satisfaction. We have put together an attractive range of products and services, and now, in our every day dealings with clients, the bank’s team is successful in dealing with the challenges and clients’ expectations.

Nagrade Banka se može pohvaliti brojnim nagradama i priznanjima kao potvrdama uspešnosti i kvaliteta poslovanja. Samo tokom prošle, 2007. godine, Banka je dobila sledeća priznanja i nagrade: nagrada Drezdener banke za najbolju inostranu Banku u oblasti međunarodnog plaćanja za 2007. godinu, nagrada za najbolju reklamnu kampanju u 2007 godini dodeljenu od strane portala Banki.ru. Kakvo je trenutno interesovanje za saradnju sa Moskovskom bankom Beograd? Interesovanje za usluge koje nudimo je zaista iznad naših očekivanja, i očekujemo da će se tako i nastaviti. I to na obostrano zadovoljstvo: kako naših klijenata koji su nam ukazali poverenje, tako i nas. Kao što sam već napomenuo, Moskovska banka radi normalno, bez ikakvih smetnji, a poslovni planovi obavljaju se prema unapred definisanoj dinamici. Ako je suditi prema početnom interesovanju, verujem da ćemo uspeti da ostvarimo svoje ciljeve na domaćem tržištu, ali i budemo važan faktor uspeha svojih klijenata. Izjavili ste da ste sinergija jakog kapitala i iskustva domaćih bankarskih iskustava. U čemu se to najviše ogleda? Pre svega tu sinergiju čine domaći bankarski stručnjaci koji su pažljivo odabrani da rade u Moskovskoj banci Beograd i standardi koji su definisani u skladu sa evropskim. To je već u prvim danima, kako smo i očekivali, dalo rezultate. Svim svojim klijentima nudimo savremen koncept bankarstva, gde se svaki klijent tertira kao poseban i gde je merna jedinica uspeha banke upravo zadovoljstvo tih klijenata. Prvo smo formirali atraktivnu paletu proizvoda i usluga, a sada u svakodnevnom radu sa klijentima, tim Moskovske banke odgovara izazovima i uspeva da ispuni njihova očekivanja.

FINANCE

Russian banks are interested in coming to Serbia, despite the global financial crisis

GAZPROM BANK BEFORE SOUTH STREAM

Gazprom plans to buy a Serbian bank before construction of a gas pipeline begins. The Bank of Moscow has been granted an operating licence, while IEFK Bank opens a branch ofﬁce By S. Ćurić

espite the massive financial crisis that is shaking up the world, Russian banks are still keen on penetrating the Serbian market. One of them in particular is Gazprom Bank, which is hoping to be included in implementation of the South Stream gas pipeline project. Due to its specific interest, Gazprom Bank hasn’t even applied to the National Bank of Serbia for a greenfield licence. Rather, it is negotiating to buy an established bank with a developed network. The Serbian state has stopped selling its share in domestic banks, due to its assessment that the timing isn’t right. As such, Gazprom is left with the only option of buying a privately-owned bank. Unofficial sources have named possible acquisitions as Hun-

elika finansijska kriza uveliko potresa ceo svet, ali i pored toga ruske banke su itekako zainteresovane da uđu na tržište Srbije. Posebno je zainteresovana Gazprom banka, koja želi da učestvuje u realizaciji Južnog toka. Upravo zbog toga, ova ruska banka i ne pokušava da dobije greenfield dozvolu od Narodne banke Srbije, već pregovara o kupovini banke sa već razvijenom mrežom. Kako je država odustala od prodaje svog udela u domaćim bankama, jer smatra da nije vreme za to, Gazpromu je preostalo da kupi neku privatnu banku. Nezvanično se govori o mađarskoj banci OTP, ali i o Univerzal i Agrobanci. Ukoli su tačne informacije da Gazprom kupuje OTP banku, malo je neobično da je izbor pao na ovu mađarsku banku, koja u Srbiji ima

OTP Banka OTP banka je je u Srbiji zvanično startovala polovinom prošle godine, prethodno kupivši tri male banke. Za Kulsku banku je dala 119 miliona evra, za Cepter 32 miliona evra, a za Nišku banku 14 miliona evra, odnosno, ukupno 160 miliona evra. OTP ima razvijenu mrežu za rad sa stanovništvom i veliki broj ekspozitura. Spekuliše se da bi mogla da se proda za iznos od 200 do 400 miliona evra.

garian bank OTP or Serbia’s own Univerzal banka or Agrobanka. If speculation of Gazprom Bank’s acquisition of OTP is proved true, it will be a decidely unusual choice – bearing in mind that the Hungarian bank is primarily engaged in retail operations in Serbia and the Russians are not seeking to penetrate this sector; Gazprom Bank will be hoping to provide assistance to Gazprom and Gazprom Neft, as opposed to generating more retail clients. That said, it is well known that the Hungarian bank is hoping to secure enough funding to facilitate its expansion into Russia and Ukraine. According to the latest speculation, Gazprom is set to buy OTP’s Serbian operations for between €300 and €400 million. “The banking market in Serbia is already divided among the banks present here,” says Đorđe Đukić, a professor at the Belgrade Faculty of Economics. “There are no banks that would provide loans to big business systems. Russian banks want to be of assistance to their companies in Serbia, like Gazprom, and they are not very interested in retail operations. However, maybe they will engage in the retail sector at a later stage, bearing in mind the high interest rates on loans in our country.” Experts say that Gazprom’s offer is twice the real value of OTP’s operations in Serbia, i.e. double the value of the division’s market. However, things have changed somewhat since OTP publicly released information stating that the bank currently had no plans to withdraw from Serbia in order to expand its operations in Ukraine and other former Soviet republics. OTP’s initial plans were for the bank to withdraw from Serbia and Slovakia and relocate to Russia. The second take-over-candidate, Serbia’s Univerzal banka,

pre svega razvijen rad sa stanovništvom, što nije u osnovi delatnost ruske banke. Sasvim sigurno je da Gazprom ne zeli da razvija retail, već da bude podrška Gazpromu i Gazprom neftu. S druge strane, mađarska banka želi da obezbedi novac za svoje proširenje i to na području Rusije i Ukrajine. U javnosti se pominjala cifra od 300 do 400 miliona evra koju Gazprom namerava da izdvoji za OTP. „U Srbiji je uglavnom podeljen tržišni kolač među bankama“, smatra Đorđe Đukić, profesor Ekonomskog fakulteta u Beogradu, „Ali, nema banaka koje bi kreditirale velike privredne sisteme. Ruske banke, nameravaju da na našem području prate svoje velike kompanije, kao što je na primer, Gazprom, a manje su zainteresovane za rad sa

Agrobanka Agrobanka could also be interesting to Gazprom Bank, but the state of Serbia has been solidifying its position in this bank lately. At the last Shareholders Assembly, six out of nine members of the bank’s Managing Board were representatives of the state. CEO of Agrobanka, Dušan Antonić, confirmed that nobody has spoken to him as yet about the possible acquisition of Agrobanka. He added that Agrobanka has opened an account in Gazprom Bank and the two banks are co-operating. suddenly came into the focus of interest because it has practically everything that Gazprom Bank needs: it is not too big and it has excellent co-operation with corporate clients in Serbia. Considering Univerzal’s moderate size, it could be argued that a price of RSD8 billion for the bank is somewhat steep. However, it is a healthy bank with a clear ownership structure. Gazprom Bank is the third biggest bank in Russia, with net assets of $34 billion. The state-owned Sterbanka and VTB take the number one and two spots respectively, but following the global financial crisis both banks have lost close to 50% of their market value in the last year and a half. Gazprom currently has a 41.73% share in Gazprom Bank, while another 42.89% is in the hands of the IFC, close to seven per cent is owned by Gazprom’s retirement fund, Gazfond, while 6.3% belongs to company New Financial Technologies. In August this year, a 4.5% share in Gazprom Bank was sold to Gazfond for about €660 million. The total value of the bank currently stands at $14.6 billion. In addition to Gazprom’s ambitions to enter Serbia and the Bank of Moscow, which recently became operational in Serbia, a third Russian bank, IEFK Bank, is also hoping to penetrate the Serbian market.

stanovništvom. Možda će retail za njih da postane interesantan kasnije, s obzirom na kamatne stope koje se primenjuju na kredite u našoj zemlji.“ Poznavaoci prilika smatraju da je ponuda Gazproma duplo veća od stvarne vrednosti OTP banke u Srbiji, odnosno, od njene tržišne vrednosti. Međutim, stvari su se nešto promenile od kada je OTP javno izašla u javnost sa informacijom da za sada ne namerava da se povlači sa srpskog tržišta, kako bi se širila u Ukrajini i drugim zemljama bivšeg SSSR. Naime OTP banka je nameravala da se povuče sa srpskog i slovačkog tržišta i da se preseli u Rusiju. Tako je druga kandidatkinja za preuzimanje, Univerzal banka do-

Agrobanka Za rusku Gazprom banku bila je interesantna i Agrobanka, međutim, u njoj država jača poziciju. Na poslednjoj skupštini akcionara od devet članova Upravnog odbora, čak šestoro su predstavnici države. Inače, kako je potvrdio Dušan Antonić, prvi čovek Agrobanke, niko sa njim nije razgovarao o kupoprodaji, ali da Agrobanka ima otvoren račun u Gazprom banci i da dobro sarađuju.

FINANCE

bila na značaju. Domaća Univerzal banka ima praktično sve što treba Gazprom banci, nije glomazna, a ima i dobru saradnju sa koorporativnim klijentima u Srbiji. Možda je ona s obzirom na svoju veličinu sa tržišnom cenom od nešto preko osam milijardi dinara relativno skupa, ali je zdrava banka sa jasnom vlasničkom strukturom. Treba napomenuti da je Gazprom banka treća po veličini banka u Rusiji, po neto aktivi od 34 milijarde dolara iza dve državne banke Sterbanke i VTB, koje se kotiraju na berzi i zbog svetske kreditne krize izgubile su do 50 odsto svoje tržišne vrednosti

I ruska VTA banka planira ulazak u Srbiju i tokom sledeće godine. Pitanje je da li će s obizrom na krizu u celom svetu da se okrene investicijama i radu sa korporacijama ili poslovanju sa stanovništvom i malim biznisom IEFK Bank already has a branch office in Bosnia’s Republika Srpska and it was the first Russian bank to operate on the territory of South East Europe. IEFK was granted a permit to open its branch office in Serbia at the beginning of this year. IEFK Bank is one of ten banks owned by East European Financial Corporation, VEFK, which is based in St. Petersburg and is one of Russia’s financial leaders, especially in the St. Petersburg Region. IEFK Bank is focused on developing economic co-operation with Russian companies in our region. According to Nebojša Dželebdžić, Director of IEFK’s branch office, the office is currently only providing information on the services that the bank offers. In addition, the office will attempt to establish permanent economic and business relations with potential clients. This bank has been operational for the past 15 years. Its total assets amount to €2.2 billion and the bank has a capital value of €217 million. Russian VTA Bank also plans to come to Serbia next year. The question is whether the bank will turn to investing and the corporate sector or whether it will focus on retail and SME operations, bearing in mind the global crisis. If the bank chooses the latter option, then certain Austrian and Italian banks in Serbia – specialised in providing

OTP Banka OTP Bank officially came to Serbia in mid-2007 by acquiring there smaller banks. The bank paid €119 million for Kulska banka, €32 million for Zepter banka and €14 million for Niška banka, i.e. €160 million in total. OTP has a developed retail network and a large number of branch offices. Some are speculating that the bank could be sold for between €200 and €400 million. these services – will find themselves facing serious competition. Speculation is also rife that Converse Bank could also become operational in Serbia. This banking group comprises a consortium of banks from Lithuania, Latvia and Russia. It is still unknown whether the bank has made concrete steps to facilitate its arrival in Serbia or if it plans a greenfield investment or acquisition. However, we do know that Converse Bank has already applied for a licence in Montenegro.

za poslednjih godinu i po dana. Za sada Gazprom ima udeo u Gazprom banci od 41,73 odsto, a 42,89 odsto nalazi se u upravljanju IFC Lidera. Oko sedam odsto je u vlasništvu Gazpromovog penzijskog fonda Gazfonda i 6,30 odsto pripada kompaniji Nove finansijske tehnologije. U avgustu ove godine 4,5 odsto Gazprom banke je prodato Gazfondu za oko 660 miliona evra. Vrednost ove banke se procenjuje na oko 14,6 milijardi evra. Osim Moskovske banke koja je počela da radi u Srbiji i želje Gazprom banke da joj se pridruži, na srpskom tržištu je i predstavništvo IEFK banke, koja već posluje u Republici Srpskoj. To je prva banka sa ruskim kapitalom na tlu jugoistočne Evrope, koja je početkom ove godine dobila dozvolu da otvori svoje predstavništvo u Srbiji. Ova banka je deseta banka u sastavu Istočnoevropske finansijske korporacije VEFK, čije je sedište u Sankt Peterburgu i jedna je od finansijskih lidera u Rusiji, posebno u Lenjingradskoj oblasti. Među osnovnim ciljevima IEFK banke razvoj ekonomske saradnje ruskih kompanija sa kompanijama u našem regionu. Za sada će predstavništvo, kako kaže Nebojša Dželebdžić, direktor predstavništva IEFK, da obavlja propagandne i informativne poslove vezane za usluge koje banka inače, pruža. Uz to radiće na uspostavljanju trajnih ekonomskih i poslovnih odnosa sa potencijalnim komitentima. Inače, ova banka u drugim zemljama, gde radi, pruža usluge i stanovništvu i privredi. Ova banka posluje već 15 godina, a ukupna aktiva prošle godine je iznosila 2,2 milijarde evra, dok je ukupni kapital dostigao 217 miliona evra. Ruska VTA banka planira ulazak u Srbiju tokom sledeće godine. Pitanje je da li će s obzirom na krizu u celom svetu da se okrene investicijama i radu sa korporacijama ili poslovanju sa stanovništvom i malim biznisom. Ako bi to bila druga opcija, onda bi neke austrijske i italijanske banke na našem tržištu, koje protežiraju ovaj vid kreditiranja, imale ozbiljnu konkurenciju. Ima najava da bi na našem tržištu mogla da se pojavi i Converse banka, koju čine banke iz Litvanije, Letonije i Rusije. Još se ne zna da li je ova grupacija već imala neke korake na tom planu, ali je poznato da je podnela zahtev za izdavanje licence u Crnoj Gori. Takođe je nepoznato da li želi da kupi neku banku u Srbiji ili bi ušla kroz greenfield investiciju, kao što je učinila Moskovska banka.

CORPORATE

REPRESENTATIVE OFFICE IN BELGRADE E

EFC BANK A.D. Banja Luka is the first bank located on the territory of South-East Europe that has a share of Russian capital. The Bank was founded on June 12, 2007 and became the ninth memberbank of the East European Finance Corporation, Saint Petersburg. The main objectives of Bank EEFC Banja Luka include such tasks as contributing to further economic development of the countries of South-East Europe and to the growth of the living standards of the local population as well as promoting economic ties and cooperation between Russian companies and the companies of the South-East Europe. The operations of Bank EEFC Banja Luka as well as the business-activities of all other EEFC banks are aimed at providing a wide selection of banking services to retail clients and legal entities. In addition, the Bank provides a number of unique services for companies that have business relationships with EEFC Bank in Banja Luka Russian partners or for clients that would be interested in development of such partnerships. One of the core objectives of EEFC Bank refers to establishing of a universal and secure Bank in accordance with high international standards and main goals are expanding of network of Banks’ branches, improving the quality and range of our services. The first step in expending of our network is opening of branch of EEFC Bank in Laktasi City. By opening of Representative office in Belgrade we have started with activities in Belgrade as well.

BANK OFFERS FOLLOWING SERVICES: Services for corporate clients: Domestic and foreign payment operations;Loan and documentary operations; Overdraft; Short-term loans; Long-term loans; Documentary operations and international settlements; Deposit operations; Services for VIP clients- corporate clients; Advantages for VIP clients: Personal manager, Individual approach in solving financial questions, Possibility to hold meetings in client’s office, Possibility of providing some services without commission ( by agreement ), E banking Services for retail clients: Maintaining and opening of account –free of charges; Savings at extremely favorable conditions; Domestic and foreign payment operations; Loans; Foreign exchange operations; Standing order; Services for VIP clients- retail clients; E-banking.

BANKA NUDI SLEDEĆE USLUGE: Usluge za pravna lica: Platni promet u zemlji i inostranstvu; Kreditno – dokumentarni poslovi; dopušteno prekoračenje – overdraft; kratkoročni krediti; dugoročni krediti; dokumentarni poslovi i spoljnotrgovinsko finansiranje; Depozitni poslovi; VIP usluge za VIP klijente – pravna lica; Prednosti koje imaju VIP klijenti: lični menadžer, individualni pristup rešavanju finansijskih pitanja, mogućnost sastanka u klijentovoj kancelariji, odsustvo provizije; Elektronsko bankarstvo Usluge za fizička lica Otvaranje i vođenje tekućih računa - bez naknade; Štednja – po izuzetno povoljnim uslovima; Platni promet u zemlji i inostranstvu; Krediti; Menjački poslovi; Trajni nalog; VIP usluge za VIP klijente – fizička lica; Elektronsko bankarstvo.

EFK BANKA A.D. Banja Luka – prva banka na teritoriji Jugoistočne Evrope sa udelom ruskog kapitala. Banka je osnovana 12. juna 2007. godine i postala jednom od devet banaka u sastavu Istočno – Evropske Finansijske Korporacije, iz St.Peterburga. IEFK BANKA A.D. Banja Luka je postavila sebi za cilj doprinos razvoju ekonomije država jugoistočne Evrope, rastu blagostanja mesnog stanovništva, a takođe, razvoju ekonomske saradnje ruskih preduzeća sa preduzećima iz regiona jugoistočne Evrope. Delatnost IEFK BANKE A.D. Banja Luka, je usmerena kao i u drugim bankama IEFK korporacije na pružanje širokog spektra bankarskih usluga, kako za pravna, tako i za fizička lica. Pored toga, Banka pruža jedinstvene usluge za preduzeća koja posluju sa partnerima iz Rusije ili one koji su zainteresovani za razvoj sličnih odnosa. Kao jedan od osnovnih ciljeva naše delatnosti postavili smo stvaranje univerzalne sigurne Banke koja će biti na visokom svetskom nivou, a kao osnovne zadatke formiranje mreže filijala, povećanje lepeze usluga i stalno povećanje kvaliteta usluga za naše klijente. Prvi korak ka širenju mreže filijala je otvaranje filijale IEFK BANKE u Laktašima. IEFK BANKA je počela da deluje i na teritoriji Srbije otvaranjem Predstavništva u Beogradu.

INTERVIEW

Andrey N. Hripunov, Head of the Russian Trade Office

GAS TREATY: ECONOMIC STIMULANT “Russia has been successfully cooperating with EU members and that doesn’t interfere with our co-operation with other countries, including Serbia”

By Elena Vasiljeva & Ana Stojanović Photo Stanislav Milojković

ussia and Serbia have been trade partners for many years. However, the volume of bilateral co-operation has dipped markedly in recent years and today Serbia has a visible foreign trade deficit with Russia. We spoke to Andrey N. Hripunov, Head of the Russian Trade Office in Serbia, about the trade exchange structure and volume, as well as the importance of the gas treaty to trade relations between the two countries.

How do you view the development dynamics of economic cooperation between Russia and Serbia? In overall terms, it is positive. Economic relations between Russia and Serbia have been developing successfully and dynamically for years. In 2007, for the first time in the last 15 years, we achieved over three billion dollars worth of foreign trade. I am sure that Russia takes the leading position among Serbia’s foreign trade partners, with a share in Serbia’s total foreign trade turnover of over 12%. This year we plan to reach a figure of $4 billion. Statistics for this year so far show that we are exporting more processed goods than raw materials to Serbia. This is very important for us, because energy products have traditionally made up the biggest

Kako ocenjujete dinamiku razvoja rusko-srpske ekonomske saradnje? U celini: pozitivno. Rusko-srpski ekonomski odnosi se, već godinama, razvijaju dinamično i uspešno. U 2007. godini smo, po prvi put u poslednjih 15 godina, prešli granicu od tri milijarde u obimu spoljnotrgovinskog prometa. Rusija sigurno zauzima vodeće mesto među spoljnoekonomskim partnerima Srbije. Udeo Rusije u srpskom ukupnom spoljnotrgovinskom prometu je veći od 12 odsto. Ove godine planiramo da se približimo iznosu prometa od četiri milijarde dolara. Ovogodišnji podaci kazuju da se povećava udeo izvoza roba, koje nisu sirovine, u Srbiju. To je za nas veoma važno zbog toga što tradicionalno najveći deo izvoza i u Srbiju, i u druge zemlje predstav-

usija i Srbija su dugogodišnji trgovinski partneri. Poslednjih godina obim te saradnje je bio manji nego ranije, sa izraženim spoljnotrgovinskim deficitom. Da li će se u narednom periodu promeniti obim razmene, kao i njegova struktura, te šta za međusobne trgovinske odnose znači gasni sporazum, bile su povod za razgovor sa Andrejom Hripunovim, šefom Trgovinskog predstavništva Ruske Federacije u Srbiji

NIS is set to become one of the leading producers and distributors of oil products not only in Serbia, but also in the region

share in our export structure in the case of Serbia, as well as other countries. I am happy to see that Serbia is also exporting more to Russia, which will lead to a lowering of the negative balance in Russian – Serbian trade relations. There is also an expansion of Serbian producers on the Russian market, following their participation in various fairs in Russia. The latest example is the organising of an exhibition of Serbian business successes in Krasnodar. The Free Trade Agreement between Russia and Serbia also plays an important role in trade relations between the two countries. What economic effects will the implementation of the gas treaty have on Serbia? The gas treaty contains three main directions: modernising Petroleum Industry of Serbia (NIS), constructing the underground gas storage facility in Banatski Dvor and building the South Stream gas pipeline section through Serbia. The timely conclusion of organisational details, setting up joint venture companies in charge

Organisational Assistance According to Andrey N. Hripunov, Head of the Russian Trade Office, “Both Serbian and Russian organisations that ought to contribute to establishing new partnership relations are fairly well known. They are the Russian Embassy, its Trade Office, which I am fortunate to be at the helm of, and the Chamber of Commerce, with its extensive network in Russia. We are approached by both Russian and Serbian companies on a daily basis and we are trying to find common ground and offer concrete assistance to companies from both countries. Regions play an important role in the development of our relations and there are representatives of the Russian Ministry for Economic Development in each of them. In Serbia these are the Serbian Chamber of Commerce and regional structures”.

ljaju energenti. Raduje i povećanje srpskog izvoza u Rusiju, što nam dozvoljava da kažemo da će se disbalans u rusko-srpskim odnosima smanjivati. Sada čak možemo da govorimo i o ekspanziji srpskih proizvođača na ruskom tržištu, čemu doprinosi učešće na raznim izložbama. Poslednji primer toga je organizacija izložbe dostignuća srpske privrede u Krasnodaru. Važnu ulogu u našim odnosima ima Sporazum o slobodnoj trgovini između naših zemalja. Kakve će ekonomske efekte imati realizacija gasnog sporazuma za Srbiju? Gasni sporazum se sastoji od tri osnovna pravca – to su modernizacija Naftne industrije Srbije (NIS), izgradnja podzemnog skladišta gasa ’Banatski dvor’ i izgradnja same deonice gasovoda Južni tok. Najbrži mogući završetak organizacionih momenata, formiranje zajedničkih preduzeća za realizaciju tih projekata, potpisivanje potrebnih ugovora i bilateralnih sporazuma o realizaciji tog projekta bezuslovno će pozitivno uticati na razvoj naših odnosa. Taj sporazum je obostrano koristan – i za Rusiju i za Srbiju. Pre svega, Srbija će od zemlje koja je konačni potrošač da postane aktivni igrač na evropskom tržištu u oblasti distribucije tokova gasa. Sada je teško reći tačne cifre, koliko će Srbija dobijati od tranzita gasa, jer to zavisi i od cene gasa i od obima njegove isporuke. Sporazum predviđa najmanje deset milijardi kubnih metara gasa, ali tehničke mogućnosti omogućavaju da se obim gasa poveća. Naravno, to će u mnogome zavisiti od toga koje će cifre biti navedene u ugovoru sa Srbijom i od količine koja će biti ugovorena sa zemljama – potrošačima u Evropi i od drugih faktora. Što se tiče NIS-a, uveravam vas da Gazprom neft želi da kupi kontrolni paket NIS-a pre svega zbog toga da modernizuje i razvija Naftnu industriju Srbije. Tako će NIS postati, ne samo u Srbiji, već i u regionu, jedan od vodećih proizvođača i isporučilaca tih proizvoda. To je strateški projekat koji treba da povuče za sobom realizaciju mnogo drugih projekata u pratećim grana-

INTERVIEW

of implementing these projects, signing specialised contracts and bilateral agreements for the project’s implementation will definitely effect the development of our trade relations. This treaty is mutually beneficial for Russia and Serbia. Serbia, which is currently just the energy end-user, will become an active player on the European market when it comes to distribution of gas. It is difficult to talk exact numbers at the moment, i.e. how much Serbia will earn from gas transit fees, since that depends on the gas price and delivery volume. The treaty stipulates that at least 10 billion cubic metres of gas will be delivered, but the technical possibilities exist for this quantity to be even higher. Of course, this will depend on the numbers

ma privrede, kao što je proizvodnja cevi, kablova i tako dalje. U Srbiji je zabranjeno korišćenje nuklearne energije. Ako se promeni zakon, da li će Rusija ovde graditi nuklearne elektrocentrale? Još u vreme postojanja SSSR-a i SFRJ na međudržavnom nivou se radilo na izgradnji četiri objekta nuklearne energije na teritoriji bivše Jugoslavije. Posle donošenja tog zakona, rad na tome je prekinut. Nuklearna energija je perspektivni pravac razvoja energetike u celom svetu. Ruska preduzeća nuklearne energije konkurentna su u celom svetu i spremna su da učestvuju na tenderima koji će, ako taj moratorijum bude ukinut, biti raspisani. Energetika je osnova rusko-srpske saradnje. Koji su veliki projekti osim Gasnog sporazuma u toj oblasti planirani? Energetika je osnova razvoja bilo koje privrede. Tradicionalno je prisustvo Rusije na energetskom tržištu Srbije. Na teritoriji bivše Jugoslavije ona je izgradila više od 30 objekata. Za to vreme, u

Gasni sporazum se sastoji od tri osnovna pravca – to su modernizacija Naftne industrije Srbije (NIS), izgradnja podzemnog skladišta gasa ’Banatski dvor’ i izgradnja same deonice gasovoda Južni tok to be stipulated in the contract with Serbia and the quantity to be delivered to consumers in Europe, as well as many other factors. With regard to NIS, I would like to assure you that Gazprom Neft wants to buy a majority stake in NIS primarily to modernise and develop the company. NIS is set to become one of the leading producers and distributors of oil products not only in Serbia, but also in the region. This strategic project will lead to the implementation of many other projects that will support economic branches like the production of pipes, cables, etc. The utilisation of nuclear energy is banned in Serbia. If the relevant law changes, is Russia going to build nuclear plants here? Back during the time of the USSR and Socialist Federal Republic of Yugoslavia, both governments discussed building four nuclear plants on the territory of the former Yugoslavia. Before this law was passed, all activities pertaining to nuclear plants had already been stopped. Nuclear energy is a development direction that energy sectors around the world are going to take. Russian nuclear companies are considered competitive in the world and are ready to take part in tenders that will be invited on condition that this moratorium is abolished. Energy is the foundation of Russian–Serbian co-operation. What other projects, aside from the gas treaty, do you plan to implement in this sector? Energy is the foundation for the development of any economy. Russia has been traditionally present on the Serbian energy market. Russia built over 30 energy facilities on the territory of the former Yugoslavia. During the whole of this period, these facilities have been operating flawlessly, but now certain reconstruction and modernisation work needs to be carried out. So, one of our first aims is to reconstruct and modernise the Đerdap I hydro-electric power plant. Currently, Russian company Silovye Mashini and Electric Power Industry of Serbia (EPS) are negotiating. The majority of the equipment has already been produced in Russia and is ready to be delivered, but there is still one thing that the two sides need to agree on: prices. The prices that were stipulated by the previous

prvih 25-30 godina oni su potvrdili svoju pouzdanost, odnosno rade besprekorno, ali sada je potrebno izvršiti određene rekonstrukcije i modernizacije. Zato je jedan od prvih pravaca projekat rekonstrukcije i modernizacije hidroelektrane Đerdap-1. U toku su pregovori između ruske kompanije ’Silovije mašini’ i Elektroprivrede Srbije. Značajni deo opreme već je proizveden u Rusiji i spreman za isporuku, ali ostaje pitanje o kome tek predstoji dogovor, a to su: cene. Cene koje su bile unete u ugovor pre nekoliko godina već ne odgovaraju realnosti. Nadamo se da će u najskorije vreme pregovori o usaglašavanju ugovorenih cena biti završeni i da će ugovor biti potpisan, zato što je to pitanje već bilo razmatrano u toku nedavne posete gospodina Šojgua sa rukovodstvom Republike Srbije. Od drugih projekata može se pomenuti projekat termoelektrane Kostolac-1 sa ruskom organizacijom Tehnopromeksport. Izvršena je rekonstrukcija energetskog bloka od 100 megavata, sada su u toku pregovori o rekonstrukciji drugog energetskog bloka od 240 kilovata Termoelektrane Kostolac A. Bezuslovno postoji interes za učešće ruskih preduzeća za tender termoelektrane Kolubara B i termoelektrane Nikola Tesla B. Takođe, InterRAO ES

Organizaciona pomoć „Organizacije u Srbiji i Rusiji, koje treba da doprinesu stvaranju novih partnerskih odnosa su dobro poznate. To su Ambasada Ruske Federacije, Trgovinsko predstavništvo, kojim imam sreću da rukovodim i Privredna komora koja ima široko razgranatu mrežu u celoj Rusiji. Svakodnevno nam se obraćaju i ruski i srpski predstavnici firmi, i trudimo se da pronađemo zajedničke tačke i da pružimo konkretnu pomoć subjektima naših zemalja. Važnu ulogu u razvoju naših odnosa imaju regioni, gde postoje predstavnici Ministarstva za ekonomski razvoj Rusije. U Srbiji je to Privredna komora Srbije i regionalne strukture,“ kaže Andrej N. Hripunov, šef Trgovinskog predstavništva Ruske Federacije u Srbiji

contract, concluded some years ago, do not correspond to the current situation. We hope that negotiations about the prices will be finalised soon and the contract will be signed. This issue was one of the issues discussed during Mr. Shoigu’s recent visit to Serbia. I would also like to mention the Kostolac 1 thermo-electric power plant, which is a project that will be implemented with Russian company Tehnopromexport. A 100-megawatt energy block has been reconstructed, while the two companies are currently negotiating about reconstructing the second 240-kilowatt block at the Kostolac A thermo-electric power plant. Russian companies are showing definite interest in participating in a tender for the Kolubara B and Nikola Tesla B thermo-electric power plants. Inter RAO ES also signed a partnership agreement with EPS last year. Another major project being implemented in Novi Sad pertains to construction of a steam and gas thermo-electric power plant called Novi Sad 2. Here we are talking about two 450-kilowatt blocks. This is not directly linked to the gas treaty, but this thermo-electric plant will use gas, thus gas system installation in Serbia will contribute to the implementation of the project. Do you see Serbia’s desire to join the European Union as a good thing or a bad thing as far as Russian-Serbian economic relations are concerned? To be honest, your question is not entirely fair. Russia is leading a constructive policy towards all countries that we co-operate with and this policy will not jeopardise anybody’s interests. In this county you often hear warnings - particularly during pre-election campaigns - that Serbia must either join the EU or co-operate with Russia. Serbia joining the EU is an objective process because, territorially speaking, Serbia is in Europe. We are ready to continue cooperating with Serbia economically, regardless of Serbia joining the EU. Russia has been successfully co-operating with EU members and that doesn’t interfere with our co-operation with other countries, including Serbia. We shouldn’t necessarily concentrate on the negatives, but rather on the positives. There are quite a few positive examples of co-operation. For example, a French company has invested in the production of train carriage platforms in Bačka Topola that are much sought after on the Russian market.

Russian companies are showing definite interest in participating in a tender for the Kolubara B and Nikola Tesla B thermo-electric power plants What Serbian goods and services is Russia interested in? We are primarily talking about competitive goods. We are interested in hi-tech goods. We are also seeing greater exports of agricultural products from Serbia. Moreover, it’s well known that highly skilled construction workers are wanted all over Russia. The main problem of our trade relations is not the quality, but rather the quantity of deliveries This is absolutely correct. The capacity of selected Serbian producers and the size of the Russian market cannot even be compared. That said, when it comes to large or small deliveries, organisational problems, transport costs, certification and similar issues are the same. For example, fruit and vegetable producers in Vojvodina have joined forces and are delivering to Russia as the Association of Fruit and Vegetable Producers. They have joint storage facilities; they order transport in a centralised way... Each producer’s share is different, but they are appearing as one legal entity and the product volume they deliver is sufficient to cater for a market like that of Moscow.

prošle godine je potpisao ugovor o partnerstvu sa EPS. Još jedan veliki projekat izrađuje se u Novom Sadu u vezi sa izgradnjom termoelektrane na paru i gas Novi Sad-2. Radi se o dva bloka po 450 kilovata. Ja to ne povezujem sa Gasnim sporazumom, ali ta termoelektrana će raditi na gas i zato će gasifikacija Srbije doprineti realizaciji tog projekta. Da li je težnja Srbije ka ulasku u Evropsku Uniju plus ili minus za rusko-srpske ekonomske odnose? Vaše pitanje nije sasvim korektno. Rusija vodi konstruktivnu politiku u odnosu na sve države sa kojima sarađujemo i ta politika

nije ni u kom slučaju usmerena ka ugrožavanju bilo čijih interesa. Ovde često može da se čuje teza: ili ulazak u Evropsku Uniju, ili saradnja sa Rusijom. Što se posebno često pojavljuje za vreme svih predizbornih kampanja. Stupanje Srbije u EU je objektivni proces, zato što se Srbija i teritorijalno nalazi u Evropi. Mi smo spremni da nastavimo saradnju sa Srbijom na ekonomskom planu, nezavisno od toga kada će i na koji način Srbija biti primljena u članstvo EU. Rusija i sama uspešno sarađuje sa zemljama članicama EU, i to nam ne smeta da sarađujemo i sa drugim zemljama, među kojima je i Srbija. Bezuslovno ne treba tražiti minuse, već pluseve. Postoje veoma pozitivni primeri saradnje. Evo, na primer, jedna francuska firma investirala je u proizvodnju autoplatformi iz Bačke Topole. I ti autovozovi su veoma traženi na ruskom tržištu. Za koje robe i usluge iz Srbije je Rusija zainteresovana? Pre svega za konkurentnu robu. Zainteresovani smo za povećanje udela robe visoke tehnologije u isporuci na rusko tržište. Što se tiče Srbije, mi pratimo povećanje isporuka poljoprivrednih proizvoda. Takođe, znamo da su kvalifikovani graditelji široko traženi na ruskom tržištu. Ali osnovni problem naših trgovinskih odnosa nije kvalitet, već kvantitet isporuka? To je potpuno tačno. Mogućnosti izdvojenih srpskih proizvođača i obimi ruskog tržišta ne mogu se porediti. Radi se o tome da su i kod velikih obima isporuka, kao i kod malih, organizacioni problemi i troškovi transporta, sertifikacije i slično, skoro isti. I zato je za ruske potrošače isplativije da rade ili sa veoma krupnim proizvođačima ili sa udruženjima proizvođača. Evo, na primer, u Vojvodini su se proizvođači voća i povrća udružili tako da nastupaju kao asocijacija proizvođača voća i povrća i centralizovano rade sa Rusijom. Oni imaju zajedničko skladište, centralizovano naručuju transport... Ulog svakog od preduzimača je različit, ali oni nastupaju kao jedno pravno lice i obimi proizvoda koji oni isporučuju već mogu da se mere sa potrebama tržišta kakvo je moskovsko.

ECONOMY

All the things you need to think of when doing business with Russia

THE ABC OF DOING BUSINESS WITH RUSSIA Excellent bilateral co-operation between Serbia and Russia dates back to the time of the former Socialist Federal Republic of Yugoslavia (SFRJ). Serbia is considered Russia’s strategic partner in the Balkans, and now relations between the two countries are going through a pretty dynamic development phase By Ines Novosel, SIEPA Advisor for Marketing & Research

here are only a few countries in the world that can reach such sales growth and record such results as Russia. An increasing number of companies and institutions, be they economic or administrative, are being transferred from Moscow to other Russian regions, where start-up conditions are much better. We can conclude that the Russia of today is an excellent country to do business in; a country where competition is developed and fierce, with only the strongest in business surviving, i.e. those that have studied this specific market in detail and adjusted their operations to it.

ali je broj zemalja gde se mogu postići takve stope rasta prodaje i ostvariti takvi rezultati, kao što se postiže u Rusiji. Sve veći broj kompanija se premešta iz Moskve u ruske regione, u kojima su znatno povoljniji uslovi za otpočinjanje biznisa, počev od ekonomskih do administrativnih. Na osnovu svega može se zaključiti da danas Rusija predstavlja veoma pogodno tle za poslovanje, ali i zemlju u kojoj vlada visoki stepen konkurencije i bezpoštedna konkurentska borba, iz koje kao pobednici izlaze najsposobniji i oni koji su na pravi način proučili ovo specifično tržište i prilagodili mu se.

INDUSTRY AND PURCHASE POWER Territorially speaking, the Russian Federation is the biggest country in the world. With 145 million inhabitants, a highly qualified work force and abundant natural wealth, Russia has huge economic potential. Following the collapse of the Soviet Union in 1991, Russia commenced on a reform course with the aim of transforming the centralised economy into a free market system. These changes required the carrying out of a comprehensive privatisation process. As a result, today over 75% of the Russian economy is privately owned. During the last eight years, growth of gross domestic product (GDP) has been constant, averaging 6.7% a year. Salaries are growing faster than the inflation rate, thus the salary and living standard of an average Russian keeps on growing. Today, Russian GDP per capita is just over $4,000. Russians are now more inclined towards their national currency – the Rouble – than the U.S. dollar or Euro, for instance. All savings are in Russian Roubles and the inflation rate ranges from 9% to 11%. This huge country is also recording a surplus of $160 billion in its foreign trade exchange; it is offloading huge reserves of gold and foreign currency, as well as being one of the biggest exporters of oil and gas in the world.

INDUSTRIJA I KUPOVNA MOĆ Ruska Federacija je najveća zemlja po površini u svetu. Sa populacijom od 145 miliona stanovnika, visoko obrazovanom radnom snagom i obilnim prirodnim bogatstvom, Rusija ima ogroman ekonomski potencijal. Po raspadu Sovjetskog Saveza, 1991. godine, Rusija je pokrenula reforme koje su imale za cilj transformisanje centralizovane ekonomije u sistem slobodnog tržišta. Promene su podrazumevale i sveobuhvatan proces privatizacije, tako da je sada više od 75 odsto ruske ekonomije u privatnom vlasništvu. U poslednjih osam godina zabeležen je konstantan rast bruto društvenog proizvoda (BDP) koji u proseku iznosi 6,7 odsto godišnje. Zarade zaposlenih rastu bržim tempom od inflacije, pa smo svedoci stalnog rasta realnih zarada i životnog standarda građana Rusije. U Rusiji je danas BDP po glavi stanovnika nešto veći od 4.000 dolara. Rusi više cene svoju nacionalnu valutu, rubalj, od dolara ili evra, sva štednja je u domaćoj valuti, a inflacija se kreće od devet do 11 odsto. Ta velika zemlja ostvaruje suficit u spoljnotrgovinskoj razmeni sa svetom od 160 milijardi dolara i raspolaže velikim zlatno-deviznim zalihama, a veliki je svetski proizvođač i izvoznik nafte i plina.

In the last few years, the situation on the Russian market has changed – the market economy is now dominant and large global companies have arrived

SERBO-RUSSIAN TRADE The excellent bilateral co-operation between Serbia and Russia dates back to the time of the former Socialist Federal Republic of Yugoslavia (SFRJ). Serbia is considered Russia’s strategic partner in

TRGOVINSKA RAZMENA RUSIJE I SRBIJE Odlična bilateralna saradnja Srbije i Rusije datira još iz vremena bivše SFRJ. Srbija se smatra strateškim partnerom Rusije na Balkanu i odnosi dveju zemalja se razvijaju dinamično. Robna razmena je najznačajniji oblik ekonomske saradnje naše zemlje sa Rusijom. Samo

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Ramstore Shopping Mall in Moscow

the Balkans, and now relations between the two countries are going through a pretty dynamic development phase. The exchange of goods is the most important aspect of economic co-operation between Serbia and Russia. Only last year, the trade exchange between the two countries amounted to over $2.4 billion, which is a huge increase in relation to the mere $300 million recorded back in 2000. In 2006, Serbia’s trade deficit with Russia was $1.8 billion, mostly as a result of high imports of energy products from Russia. In terms of exports to Russia, Serbian companies Hemofarm and Sintelon are considered the most successful. The market strategy of these two companies should serve as an example to other companies aiming to penetrate the Russian market. During the period of international sanctions, Serbian companies lost their positions on the Russian market to other foreign companies. In the last few years, the situation on the Russian market has changed – market economy is now dominant and large global companies have arrived, including Microsoft, Coca Cola, General Motors and many others. They are pretty active on the

u prošloj godini trgovinska saradnja Srbije i Rusije iznosila je više od 2,4 milijarde dolara, što je ogromno povećanje u odnosu na 300 miliona dolara koliko je ta saradnja iznosila u 2000. godini. Deficit Srbije u 2006. godini bio je 1,8 milijardi dolara, najviše zbog uvoza energenata iz Rusije. U izvozu na rusko tržište najuspešnije su kompanije ‘Hemofarm‘ i ‘Sintelon‘. Strategija nastupa

Donošenje odluka u ruskim firmama ne traje dugo, veoma su operativni i ukoliko postoji interes vrlo brzo će doći do finaliziranja saradnje ovih kompanija trebalo bi da posluži kao primer i drugim preduzećima koja pretenduju na rusko tržište. Tokom sankcija, srpske firme su dosta izgubile na ruskom tržištu. To mesto koje su zauzimale ranije bilo je upražnjeno i zauzele su ga firme iz drugih zemalja. Poslednjih godina potpuno se promenila situacija na ruskom tržištu, preovlađuje tržišna privreda,

Free Trade Agreement The intergovernmental Free Trade Agreement between Russia and Serbia is the first agreement that Russia has made with a ’foreign country far away’. It governs the liberalisation of the foreign trade regime. The Agreement was signed on 28th August 2000 with the goal of widening and stimulating trade and economic relations between the two countries, as well as increasing employment rates, achieving production and financial stability, securing conditions for loyal competition and harmonising customs procedures and the application of regulations concerning the origin of goods. The Agreement came into force the moment it was signed, but it still hasn’t been ratified by the Russian State Duma. The Serbian Parliament, as the then Parliament of the Federal Republic of Yugoslavia, ratified the Agreement back in August 2001. The Agreement calls for the gradual abolition of import customs duty on all goods originating in either of the two countries. During the five years in which this is expected to happen, the relevant authorities of both countries need to define a list of products which are not included in the free trade regime. The following products are considered exempt from this regime (applicable only to Serbian import): chemical and mineral fertilisers, air pumps, gas compressors, ventilators, valves and relevant armature, ball bearings, electric engines and generators, transformers, car batteries, tractors, passenger and freight vehicles. When it comes to goods exported to Russia, the following are not included in the free trade regime: poultry, starch, sausages, sugar, confectionery, chocolate, apple juice, beer, grape wine, alcohol, cigarettes, medicine, soap and other detergents, wool and cotton fabrics, yarn, refrigerator compressors, refrigerators, washing machines, cash registries, television and radio appliances, tractors, passenger vehicles, wooden furniture, sleeping bags and bedding. Aside from this, there is a list of 140 medicines for which lower customs duties are applied when imported to Russia.

Russian market and competition is growing stronger. It is imperative that Serbia not merely regain the position it lost, but also preserve and expand that position, which entails great effort, strength and the exploration of new ways and means of doing business aside from classical trading. Serbia could export more agricultural products, juices, mineral water, wine, meat products, footwear, furniture and other products, which could prove quite competitive on the Russian market. However, it is failing to do so at present. The only problem is satisfying the demand of such a huge market by securing sufficient quantities – a problem that domestic companies with underdeveloped production operations are unable to cope with. Serbia is currently exporting medicine, floor coverings and construction services to Russia – all of which are undergoing a return to the Russian market. Serbian builders are renowned for the good quality of their work and experience. They are now, once again, being included in the implementation of various projects in cities like Moscow and St. Petersburg. The competition in Russia is fierce in these cites, and so Serbian construction companies could be well advised to turn to some of the other 80 regions where they are more likely to find their place. EXPORT PROCEDURES AND STANDARDS A ‘FORM A’ certificate proving the origin of goods is needed in order to export to the Russian market. Here in Serbia this certificate is issued by the Serbian Chamber of Commerce or authorised customs offices. In order to take advantage of the benefits of the free trade regime, one needs to obtain a pink FORM A, while

Decision making at a Russian company doesn’t take long, as they are very operative and if they feel their interests are met then co-operation will be implemented fairly quickly a yellow FORM A is required if one wants to take advantage of the preferential regime. In addition to this, other standard documentation, such as the CMR and the Russian quality certificate GOST R are required, regardless of the standards the would-be exporter may already possess, such as an ISO or similar. The company can certify its own products, as well as the complete production. Certificates are issued by Russian certification institutions. Additional information can be obtained from the Standardisation Agency or the Russian Embassy’s Trade Office. Aside from

pojavljuju se firme iz čitavog sveta (‘Microsoft‘, ‘Coca Cola‘, ‘General Motors‘...) koje aktivno posluju na ruskom tržištu, a to znači da se konkurencija pojačava. Izgubljenu poziciju treba ne samo povratiti nego potom i zadržati, što iziskuje puno snage, napora, traženje nekih novih pristupa osim klasične trgovine. Srbija bi mogla da izvozi, a to ne čini, više poljoprivrednih proizvoda, sokova, kisele vode, vina, mesnih prerađevina, obuće, nameštaja i drugih proizvoda koji bi bili konkurentni na ruskom tržištu. Jedini problem je zadovoljiti tako veliko tržište dovoljnim količinama proizvoda, što domaće kompanije, zbog nedovoljne proizvodnje, ne mogu da izdrže. Od srpskih proizvoda trenutno su prisutni lekovi, podovi, podne obloge, kao i građevinske usluge, koje su bile prisutne i ranije, a sada se vraćaju na rusko tržište. Srpski građevinari, poznati po kvalitetu rada i svom iskustvu, ponovo učestvuju na tenderima za realizaciju različitih projekata u velikim gradovima kao što su Moskva i Sankt Peterburg, gde je konkurencija velika, ali možda bi trebalo da se okrenu i poslovima u drugim ruskim regionima, kojih ima više od 80, a gde je izvesnije da će srpske firme pronaći svoje mesto. IZVOZNE PROCEDURE I STANDARDI Za izvoz robe na rusko tržište neophodno je posedovanje sertifikata FORM-A o poreklu robe. Sertifikat se izdaje od strane Privredne komore Srbije ili ovlašćenih carinskih ispostava. Da bi se iskoristile povlastice režima slobodne trgovine neophodno je imati sertifikat FORM-A roze boje, dok je za režim preferencija potreban sertifikat FORM-A žute boje. Neophodni su i svi stan-

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Serbian company Hemofarm’s facility in Obinisk, Russia

the FORM A, each product needs to have a label in Russian, an excise stamp and an appropriate bank guarantee. BUSINESS PRACTICES In order to successfully do business in Russia, foreign entrepreneurs need to invest a lot of money and effort into conquering a market on which all major multinational companies have already taken their places. For example, one minute of advertising on some

Poslednjih godina potpuno se promenila situacija na ruskom tržištu, preovlađuje tržišna privreda, pojavljuju se firme iz čitavog sveta of Moscow’s TV stations costs $25,000. As such, entrepreneurs are advised to take their business to smaller Russian towns where they can save money. Companies also need to produce enough goods to satisfy the demands of such a large market. Here good quality Ser-

dardni dokumenti, tovarni list i drugi, kao i ruski sertifikat kvaliteta GOST R, bez obzira da li kompanija već ima neke od ISO ili drugih standarda. Bilo koja roba da se isporučuje u Rusiju mora biti sertifikovana ovim standardom. Kompanija može da sertifikuje sam proizvod, ali i kompletnu proizvodnju. Sertifikati se dobijaju od ruskih sertifikacionih kuća, a dodatne informacije o tome kako dobiti sertifikat možete dobiti od Agencije za standardizaciju ili od Trgovinskog predstavništva Ruske Ambasade. Osim sertifikata Form-A svaki proizvod mora da ima etiketu na ruskom jeziku, kao i akciznu markicu, a obavezna je i bankarska garancija. POSLOVNI OBIČAJI Govoreći o aktuelnoj problematici poslovanja u Rusiji treba istaći da danas strani preduzetnici moraju da ulože puno novca i truda u osvajanju tržišta na kojem su se pozicionirale sve svetske multinacionalne kompanije. Kao primer treba istaći da jedan minut oglašavanja na nekoj od moskovskih televizija iznosi oko 25.000 dolara. Stoga se savetuje preduzetnicima da svoje proizvode plasiraju u nekim od manjih gradova u unutrašnjosti Rusije

Sporazum o slobodnoj trgovini Međuvladin sporazum o slobodnoj trgovini između Rusije i Srbije je prvi sporazum Rusije sa zemljom iz ’dalekog’ inostranstva u sferi liberalizacije spoljnotrgovinskog režima, potpisan 28. avgusta 2000. godine. Sporazum je usmeren na proširenje i stimulisanje uzajamnih trgovinsko-ekonomskih odnosa, povećanja zaposlenosti, postizanje proizvodne i finansijske stabilnosti, obezbeđivanja uslova za lojalnu konkurenciju, kao i harmonizaciju carinskih procedura i postupka primene propisa o poreklu robe. Sporazum se primenjuje od momenta potpisivanja, ali još uvek nije ratifikovan od strane ruske Dume. Skupština Srbije, odnosno, tadašnje SR Jugoslavije, ratifikovala je sporazum još avgusta 2001. godine. Sporazum predviđa etapno eliminisanje, u periodu od pet godina, uvoznih carinskih dažbina za robu, koja vodi poreklo iz jedne od ugovornih strana. U toku tog perioda, komponentni organi obe zemlje definišu spisak proizvoda na koje se režim slobodne trgovine ne primenjuje. U spisak izuzetaka iz režima slobodne trgovine pri uvozu u Srbiju ušli su sledeći proizvodi: hemijska i mineralna đubriva, vazdušne pumpe, gasni kompresori, ventilatori, ventili i analogna armatura, kotrljajući ležajevi, električni motori i generatori, transformatori, akumulatori, traktori, putnička i teretna vozila. Pri izvozu u Rusiju izuzeci iz režima slobodne trgovine primenjuje se na sledeće domaće proizvode: živinsko meso, skrob, kobasičarski proizvodi, šećer, konditorski proizvodi, čokolada, sok od jabuke, pivo, vino od grožđa, alkohol, cigarete, lekovi, sapun i sredstva za pranje, vunene tkanine, pamučne, predivo, kompresori za frižidere, frižideri, mašine za pranje rublja, kase, televizori i radioprijemnici, traktori, putnička vozila, nameštaj od drveta, vreće za spavanje, posteljno rublje. Osim toga, usaglašen je spisak od 140 pozicija lekova, pri čijem se uvozu u Rusiju primenjuju specijalne (umanjene) carinske dažbine.

bian products, such as food and furniture, definitely have a chance. In addition to constantly conducting market research, companies are advised to take part in tenders invited by the state. Tenders are awarded to the best bidder and several Serbian companies have secured the right to do business on the Russian market in this way. Russia is aiming to further develop the production side of its economy, as opposed to trading. However, tax breaks and other incentives offered by the state are not particularly significant. Russia’s policy is fairly strict, and foreign investors are in practically the same position as any Russian producer or investor. However, Russians are adept at making companies invest in a way that will protect domestic producers. If a foreign company wants to successfully participate in large state programmes and funds, or is hoping to sell goods to Russian citizens, then said company practically needs to be a domestic producer. Today’s Russia is spoiled and arrogant. In Russia, companies either invest and operate long-term, both financially and in terms of personnel, or they don’t work at all. One can forget about doing business in Russia in the same way it is done in the Western world. In Russia a company literally needs to be physically present for at least two years and set aside at least $500,000 to ’work’ the market and develop its network. Don’t count on spending two or three days at some fair and making a deal while you’re there. Even if you manage to do so, you are probably not going to conclude a deal with a serious business partner. Russians still very much behave according to their proverb “I would rather lose a million dollars with a friend, than earn two with a fool”. A Russian businessman will show you due respect if you dedicate time, eat, drink and have fun with him. If you manage to do that, then the doors will be wide open to you. The biggest advantage of doing business in Russia is the mar-

što će im biti lakše i jeftinije. Preduzeća, takođe, moraju da vode računa da svojom proizvodnjom mogu da zadovolje potrebe tog velikog tržišta, na kojem sigurno ima mesta i za kvalitetne srpske proizvode poput proizvoda prehrambene industrije i nameštaja. Osim konstantnog istraživanja tržišta, preporučuje se kompanijama da se prijavljuju na tenderima koje objavljuje država. Tendere dobija onaj ko ponudi bolje uslove. Primer za to je nekoliko domaćih preduzeća koja već godinama uspešno posluju na ruskom tržištu. U Rusiji je sve izraženija namera da se razvija ekonomija, prvenstveno proizvodnja, a ne samo trgovina. U onom klasičnom smislu olakšice nisu tako velike, kada, na primer, govorimo o oslobađanju od poreza. Politika je dosta stroga i strani investitor je praktično u istoj poziciji kao i ruski proizvođač ili investitor. Ali Rusi vas teraju u investicije na drugi način, a to je zaštita domaćih proizvođača. Da biste uspešno radili i učestvovali u velikim programima države i njenih fondova i snabdevali ruske građane svojim proizvodima, praktično morate biti domaći proizvođač. Rusija je danas razmažena i arogantna. U Rusiji ili radite i investirate dugoročno, kadrovski i finansijski, ili ne radite uopšte. U Rusiji se mogu zaboraviti načini poslovanja uobičajeni u zapadnom svetu. Ovde morate biti fizički prisutni i to najmanje dve godine, ako želite poslovati s Rusima, i izdvojiti najmanje pola miliona dolara za obradu tržišta i sklapanje poznanstava. Možete zaboraviti to da ćete doći na sajam, biti dva-tri dana i sklopiti ugovor. Ako to i uspete, verovatno se neće raditi o pravim partnerima. Kod Rusa još vredi poslovica koja je neshvatljiva zapadnom tržištu, “radije ću izgubiti milion dolara s prijateljem, nego zaraditi dve s budalom”. Ruski biznismen će vas poštovati samo ako mu

A ‘FORM A’ certificate proving the origin of goods is needed in order to export to the Russian market. Here in Serbia this certificate is issued by the Serbian Chamber of Commerce or authorised customs offices ket’s huge potential and the fact that purchase power keeps growing year-on-year, while business conditions are becoming more and more competitive. Companies are constantly fighting to make their product as competitive as possible in terms of quality, price and quantity. MEETING A RUSSIAN PARTNER Significant transition developments have led to major changes in the way business is done in Russia. Nowadays Russians use technology quite a lot in their communication – Internet and fax, as well as personal contacts and meetings. A working day in Russia starts at 9am and ends at 6pm, in is standard in Russia for a working week to cover 40 hours. Of course, if there is work to be done everybody will do overtime. Lunch breaks generally start at 1pm and last for an hour. Partners need to prepare themselves for the huge traffic jams that are common to large Russian cities. Without knowledge of transport norms, one could arrive at a meeting as much as three hours late, which is an everyday occurrence in Moscow. Hence, Russian partners often use public transport. Price is the key factor when making a business decision. Cooperation depends on the price offered and sometimes deals can be made pretty quickly. Decision making at a Russian company doesn’t

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posvetite vreme, s njim jedete, pijete i provodite se. Ispunite li taj uslov, možete ovde uspeti apsolutno u svemu. Najveća prednost poslovanja u Rusiji je u tome što ona ima ogroman tržišni potencijal, što kupovna moć potrošača raste iz godine u godinu i što postoje konkurentni uslovi poslovanja. Konstantna borba je prisutna i proizvod mora da bude konkurentan po kvalitetu, ceni i količini.

take long as they are very operative and if they feel their interests are met then co-operation will be implemented fairly quickly. If they are not interested at all, they will say ’No’ immediately. If a deal has been reached, be sure to sign a contract, or at least a preliminary contract, immediately. A bank guarantee, issued by an authorised bank, is a must. It serves as a way of ensuring that the payment will be made. Only after you get this document can goods enter or leave Russia. Without it, no foreign trade operation will pass through the country’s rigorous control, especially when exporting. Any company set on doing serious business in Russia needs to open a local branch in the country. As of this year, the whole process has been simplified and made more transparent. The earlier norm of lengthy delays has been overcome and today a onestop-shop means that all necessary information and documentation can be obtained at one counter. There is a list of documents that have to be submitted and deadlines that have to be met if one hopes to establish a branch office. RUSSIAN TRADE OFFICE The Russian Trade Office provides assistance to Serbian businessmen every day. This includes giving out additional information about the Russian legal system, how to set up a company, customs duty, certification or finding a business partner in Russia. The services offered by the Trade Office are free of charge and the Trade Office appeals to everybody hoping to co-operate with Russia to come before they even start doing business, as this will ensure that the company will face fewer problems on the Russian market. Practice has shown that Serbian companies only tend to approach the Embassy once a problem arises – a problem that could have been avoided all together. In order to avoid doing business with companies that are unsafe, domestic entrepreneurs are urged to check companies’ financial standings at the Russian Federation’s Chamber of Commerce and Industry. The Chamber has a representative in the Russian Trade Office in Belgrade. This service is also free of charge.

SASTANAK SA RUSKIM PARTNEROM Značajne promene poslednjih godina u Rusiji dovele su i do promena u poslovanju. U poslovanju ruskih partnera veoma je zastupljena tehnologija, podjednako se koristi internet, faks, lični kontakti, sastanci i drugo. Radni dan u Rusiji je standardan, od 9 do 18 časova, 40 radnih sati nedeljno i većina kompanija tako posluje. Naravno ukoliko ima posla, ljudi rade i duže. Pauza za ručak, oko 13 časova, obično traje oko sat vremena. Domaći partneri treba da se pripreme na velike gužve u saobraćaju koja je specifičnost velikih gradova. Tako da se može desiti da se na sastanak stigne i sa zakašnjenjem od dva do tri sata, što je u velikim gradovima poput Moskve sasvim normalna pojava. Tako da ruski poslovni partneri praktikuju gradski prevoz. U donošenju poslovnih odluka ključnu ulogu određuje cena. Saradnja zavisi od ponuđene cene. Tako da ponekad poslovi mogu da se ugovore veoma brzo. Donošenje odluka u ruskim firmama ne traje dugo, veoma su operativni i ukoliko postoji interes vrlo brzo će doći do finaliziranja saradnje. Ukoliko nisu zainteresovani isto tako su spremni da odmah kažu ’Ne’. Ukoliko je dogovor postignut obavezno se potpisuje ugovor ili predugovor. Obavezna je i bankarska garancija koja se izdaje od strane ovlašćene banke, koja vrši neku vrstu monitoringa do dana dok se ne izvrši isplata. Tek nakon dobijanja ovog dokumenta, roba ili može da uđe odnosno izađe iz Rusije. Bez toga nijedna spoljna trgovinska operacija ne može da prođe rigoroznu kontrolu, pogotovu u izvozu bez avansnog plaćanja. Ukoliko neko namerava ozbiljno da posluje na tržištu Rusije, neophodno je da otvori svoje predstavništvo. Od ove godine taj proces otvaranja je znatno olakšan i transparentan. Ranije se dugo čekalo, dok danas sve neophodne informacije i dokumenta mogu da se dobiju na jednom šalteru. Postoji spisak dokumenata koji moraju da se podnesu i određeni rokovi u okviru kojih je firma, odnosno, predstavništvo registrovano. TRGOVINSKO PREDSTAVNIŠTVO RUSKE FEDERACIJE Svakodnevno, Trgovinsko predstavništvo Ruske Federacije domaćim privrednicima nudi razne vrste pomoći, od saradnje po pitanju razjašnjavanja ruskog zakonodavstva, otvaranju preduzeća, carinskih stopa, pitanja sertifikacije, do pružanja pomoći pri pronalaženju partnera u Rusiji. Iz ovog predstavništva, čije su sve usluge besplatne, apeluju da se preduzeća jave na samom početku razmatranja poslovanja u Rusiji, jer će tada i samo preduzeće imati manje problema. Praksa je pokazala da se domaća preduzeća obraćaju Ambasadi tek kada se javi neki problem koji je mogao biti izbegnut. Da bi izbegli poslovanje sa nesigurnim firmama, domaći preduzetnici mogu da provere bonitet ruskih partnera u Trgovinskoindustrijskoj komori Ruske Federacije, čiji se predstavnik nalazi pri Trgovinskom predstavništvu Ruske Federacije. Ova usluga se naplaćuje.

CorD \ .OVEMBER

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REGULATIONS

TICKET TO RUSSIA

Conﬁrmation of compulsory product harmonisation certiﬁcates for the market of the Russian Federation By Galina Ilyinichna Popovec, General Director of Minex

hen it comes to export and import volume, Russia holds significant foreign trade exchange rankings with numerous countries around the world. According to Russian law, goods produced by foreign manufacturers and exported to Russia must correspond to international quality standards and, thus, be certified. Certification can be given to an individual product or the production activity of a certain company. Goods that have undergone the certification process and are subsequently granted a certificate have no problems passing through customs controls.

CERTIFICATION EXPLAINED Certification is the basic procedure by which we confirm the quality and safety of goods that are sold on the Russian market. This protects the consumer from dishonest producers and retailers. Moreover, by certifying goods we are able to check whether they are dangerous to the environment, life, health or property. COMPLAINCE CERTIFICATE SUBMISSION A certificate, or confirmation of the issued certificate, is submitted to the customs authorities together with the goods’ customs declaration. These are compulsory for the granting of an import licence for the territory of the Russian Federation.

rema obimu izvoza i uvoza proizvoda Rusija zauzima značajno mesto u spoljnotrgovinskom poslovanju mnogih zemalja na svetu. Prema zakonima RF, roba stranih proizvođača koja se uvozi u zemlju mora da odgovara međunarodnim standardima kvaliteta i zato podleže sertifikaciji. Sertifikat može da poseduje kako sama roba, tako i proizvodna delatnost firme. Za robu koja je prošla proceduru sertifikacije i koja je, prema rezultatima ekspertize, dobila sertifikat usklađenosti, carinske formalnosti se obavljaju bez teškoća. ŠTA JE TO SERTIFIKACIJA? Sertifikacija je osnovna procedura kojom se potvrđuje kvalitet i bezbednost robe koja se realizuje na ruskom tržištu. Time je potrošač zaštićen od nesavesnih proizvođača ili prodavaca. Takođe, na taj način se kontroliše i da li je roba opasna po okolinu, život, zdravlje ili imovinu. U KOJIM SLUČAJEVIMA JE NEOPHODNO PODNOŠENJE SERTIFIKATA USKLAĐENOSTI? Sertifikati ili potvrde o njihovom priznavanju podnose se carinskim organima zajedno sa robnom carinskom deklaracijom i to su neophodna dokumenta za dobijanje dozvole za uvoz robe na teritoriji Ruske Federacije. Radnik carine može da pozove i zatraži potvrdu organa koji je izdao sertifikat na telefone navedene u sertifikatu usklađenosti. Postojanje sertifikata usklađenosti na prodajnom punktu, takođe, mogu da potvrde saradnici poreske inspekcije i sanitarnoepidemiološke službe.

A customs official can request on the spot confirmation of the issued certificate from the authority that issued the certificate. Tax inspectors and sanitary & epidemiological officers can also do so at the retail facility where said goods are sold. CERTIFICATE ISSUANCE Certificates are issued by independent organisations that have been accredited by relevant ministries. They can be issued by an authorised certification organisation on the basis of submitted documentation. CERTIFICATION TYPES Compliance confirmation for the territory of the Russian Federation is drawn up and applied independently from the product’s country of origin. Certification is divided into several different categories: per principle (compulsory and voluntary) and per system affiliation (hygienic, product quality, fire resistance, construction, etc.) COMPULSORY CERTIFICATION Most goods and equipment produced in Russia or imported from abroad are subjected to the certification process. VOLUNTARY CERTIFICATION This is an opportunity for companies to improve the status of their goods. Voluntary certification is carried out in cases when

Any company that applies for certification is entitled to choose the form and layout of the compliance confirmation, as envisaged by the technical rule book for certain types of goods goods are not subject to compulsory certification. Goods or services that are certified in this way demonstrate to a buyer or business partner that the producer is certain of the quality, reliability and efficiency of his own goods. LETTER OF TERMINATION This is an official document, issued by an authorised organisation, confirming that certain goods are not the subject of compulsory certification. A letter of termination is necessary when it is not obvious whether the goods should undergo certification. These are used goods or goods that are branded as spare parts, samples of goods to be certified, or goods to be used by embassies, international intergovernmental organisations and their members. APPLICANT RIGHTS & OBLIGATIONS Any company that applies for certification is entitled to choose the form and layout of the compliance confirmation, as envisaged by the technical rule book for certain goods type. The company in question can approach any certification organisation that is authorised to certify such goods, as well as to submit a complaint to the accreditation authorities if the certification organisation and test laboratories failed do their job properly. A certificate applicant also needs to harmonise their goods with the relevant technical rule books, i.e. to make sure that they sell goods that have been confirmed as compliant once the compulsory compliance procedure has been carried out, as well as to postpone or cease selling goods of which their compliance certificate or declaration has been abolished or has expired. When issuing a certificate, we need to take into consideration

KO IZDAJE SERTIFIKATE? Nezavisne organizacije koje su akreditovale odgovarajuće službe ministarstava. Njih može da izda ovlašćeni organ za sertifikaciju na osnovu predočenih dokumenata. KAKVE POSTOJE SERTIFIKACIJE? Potvrda usklađenosti se na teritoriji Ruske Federacije sačinjava i primenjuje nezavisno od zemlje i mesta porekla proizvoda. Sertifikacija se deli na različite kategorije: Po principu – obavezna i dobrovoljna; Prema pripadnosti sistemu – higijenski, kvaliteta proizvoda, protivpožarni, građevinski i drugi.

REGULATIONS

OBAVEZNA SERTIFIKACIJA Obaveznoj sertifikaciji podleže većina vrsta roba i opreme koje se proizvode u Rusiji ili se uvoze iz inostranstva. DOBROVOLJNA SERTIFIKACIJA To je mogućnost da se poveća status sopstvene robe. Dobrovoljna sertifikacija se vrši u slučaju da roba ne podleže obaveznoj sertifikaciji. Roba ili usluge koje su sertifikovane na taj način pokazaće kupcima i partnerima da je proizvođač uveren u kvalitet, pouzdanost i efikasnost svoje robe. ŠTA JE TO OTKAZNO PISMO? To je zvanični dokument koga je izdao ovlašćeni organ i u kome se kaže da roba ne podleže obaveznoj sertifikaciji. Otkazno pismo potrebno je kada nije potpuno očigledno da li data roba podleže sertifikaciji. To se tiče polovne robe; robe koja se uvozi kao rezervni delovi; robe koja se uvozi kao probna i kao uzorci za ispitivanje u cilju sertifikacije; robe koja je predviđena za zvanično korišćenje predstavništava stranih država i međunarodnih međuvladinih organizacija, kao i za njihove članove. that goods sold in the Russian Federation bear a certain informative label. For example, they may need to have a label which is compulsory following Order No. 49 of the Russian Federation’s Ministry for Health Protection and Social Development from 19th January 2007, which states: “Children and persons under the age of 18, pregnant women, nursing mothers, sufferers of a mental illness or kidney disease, liver or other digestive organ disorders are not allowed to consume alcohol.” PROCEDURAL TIMEFRAME The deadline for issuing a compliance confirmation depends on: whether there are previously issued certificates in the relevant certification area; the type of goods, their quantity (lot, contract, serial production, etc.) and specificity. After reviewing the submitted documents, experts will set the deadlines for certification. PRICING POLICY The price of certification depends on the features of the goods that are being certified; the existence of other certificates and tests that need to be carried out in order for goods to be certified.

CERTIFICATION TYPES The compliance confirmation for the territory of the Russian Federation is drawn up and applied independently from the product’s country of origin. Certification is divided into several different categories: per principle (compulsory and voluntary) and per system affiliation (hygienic, product quality, fire resistance, construction, etc.) CERTIFICATION Most goods and equipment produced in Russia or imported from abroad are subjected to the certification process. VOLUNTARY CERTIFICATION This is an opportunity for companies to improve the status of their goods. Voluntary certification is carried out in cases when goods are not subject to compulsory certification. Goods or services that are certified in this way demonstrate to a buyer or business partner that the producer is certain of the quality, reliability and efficiency of his own goods.

PRAVA I OBAVEZE PODNOSIOCA PRIJAVE Podnosilac prijave ima pravo da izabere oblik i shemu potvrde usklađenosti, od onih koji su predviđeni tehničkim pravilnikom za datu vrstu robe. Zatim, da se za obaveznu sertifikaciju obrati bilo kom organu za sertifikaciju, čija oblast se odnosi na datu robu, da se obrati organu za akreditaciju sa žalbama na nepravilna

Sertifikati ili potvrde o njihovom priznanju podnose se carinskim organima zajedno sa robnom carinskom deklaracijom i oni su neophodna dokumenta za dobijanje dozvole za uvoz robe na teritoriju Ruske Federacije postupanja organa za sertifikaciju i ispitnih laboratorija. Podnosilac prijave obavezan je da obezbedi usklađenost robe sa važećim tehničkim pravilnicima, da u promet pušta robu za koju je obavezna potvrda usklađenosti koja se dobija tek pošto se izvrši procedura obavezne potvrde usklađenosti. Takođe, da odloži ili prekine realizaciju robe ako je rok važenja sertifikata usklađenosti istekao ili je važenje sertifikata usklađenosti ili deklaracije o usklađenosti prekinuto ili je isteklo. Prilikom sastavljanja dokumenata potrebno je uzeti u obzir da roba koja se prodaje na teritoriji Ruske Federacije mora da poseduje dodatne informativne etikete. Na primer: naredbom Ministarstva za zaštitu zdravlja i socijalni razvoj Ruske Federacije broj 49 od 19.01.2007. godine obavezno je da na potrošačkoj ambalaži alkoholnih pića postoji upozoravajući napis: „Alkohol je zabranjen za decu i omladinu do 18 godina, trudnice, dojilje, licima sa oboljenjima centralnog nervnog sistema, bubrega, jetre i drugih organa za varenje.“ KOLIKO TRAJE PROCES SERTIFIKACIJE ROBE? Rok za dobijanje potvrde o usklađenosti zavisi od postojanja ranije dobijenih sertifikata u ovoj oblasti sertifikacije, od tipa robe, njene količine (partija, ugovor, serijska proizvodnja) i njenih specifičnosti. Posle razmatranja svih podnetih dokumenata eksperti će odrediti rokove za obavljanje predstojeće sertifikacije. OD ČEGA ZAVISI CENA USLUGA SERTIFIKACIJE? To zavisi od specifičnosti same robe, postojanja drugih sertifikata i specifičnosti testova za sertifikaciju koji se obavljaju.

PHARMACEUTICALS

CURE FOR AN AILING MARKET Erste Group’s analysts: pharmaceutical companies from Central and East Europe are withstanding the ‘ﬁnancial turmoil’ By Ana Stojanović

opovec The world’s stock markets have remained unstable over recent weeks. Indices across the planet have continued to drop to record lows, reflecting the growing financial crisis and its affect on the global economic growth. However, the defensive nature, continued solid prospects and sound payment balance sheets of the Central and Eastern European (CEE) pharmaceutical sector have provided pharmaceutical companies from CEE with a makeshift shelter from this financial storm. Erste Group analysts think that pharmaceutical companies from CEE will continue to show just how resistant they are in the context of worsening business conditions. According to Vladimíra Urbánková, Erste Group’s pharmaceutical sector analyst, “The impact of the gloomy economic outlook on the pharmaceutical business is set to be limited, as all the major factors supporting pharmaceutical markets, and specially the generics segment, remain in place. Furthermore, the rather minimal external indebtedness of CEE companies, coupled with their sufficient ability to finance their investment plans without tapping into financial markets, means that the implications of the currently tightening availability of credit resources for their financial results are minimal”. Another significant factor for consideration is the weakening of regional currencies in CEE, which is beneficial for exportoriented CEE pharmaceutical companies. This, together with the drop in interest rates (with the exception of Hungary), bodes well for valuations. Last, but not least, the final aspect to be taken into account is the impact of the economic slowdown in Western Europe, with the expected stagnating GDP prognosis and tempered growth of CEE markets. Erste Group analysts continue to emphasise that generics – the core business of CEE-based pharmaceutical companies – should be the least affected as they represent an attractive alternative to more expensive original drugs for underfunded healthcare budgets both in CEE and Western European countries.

erze širom sveta prethodnih nedelja su i dalje bile nestabilne i padale ka novim rekordno niskim nivoima, odražavajući sve veću krizu u finansijskom sektoru i njen uticaj na globalni privredni rast. Defanzivna priroda, i još uvek solidne perspektive i adekvatni bilansi stanja farmaceutskog sektora iz centralne i istične Evrope – CIE, pružila je akcijama farmaceutskih kompanija iz CIE samo delimično sklonište od finansijske bure. Analitičari Erste Grupe smatraju da će farmaceutske kompanije iz CIE nastaviti da pokazuju svoju otpornost čak i u kontekstu pogoršavanja privrednih uslova. „Očekuje se da uticaj sumorne privredne perspektive na farmaceutsku delatnost bude ograničen, jer svi glavni faktori koji podržavaju tržišta farmaceutskih proizvoda, naročito segment generičkih lekova, ostaju prisutni. Osim toga, praktično minimalna eksterna zaduženost kompanija iz CIE, i dovoljna sposobnost da finansiraju investicione planove bez angažovanja finansijskih tržišta, znači da su implikacije trenutno opadajuće raspoloživosti kreditnih resursa za njihove finansijske rezultate minimalne,“ navodi Vladimíra Urbánková, analitičar farmaceutskog sektora u Erste Grupi. Drugi značajan faktor koji treba razmotriti jeste slabljenje regionalnih valuta u CIE, koje je korisno za izvozno orijentisane farmaceutske kompanije iz CIE. To je, zajedno sa pomeranjima kamatnih stopa naniže, osim u Mađarskoj, dobar predznak za procene vrednosti. Poslednji aspekt koji treba uzeti u obzir jeste uticaj privrednog usporavanja u zapadnoj Evropi, uz očekivanu stagnaciju BDP-a i ublažen tempo rasta na tržištima CIE. Analitičari Erste Grupe i dalje ističu da generički lekovi, osnovna delatnost farmaceutskih kompanija sa sedištem u CIE, treba da budu najmanje pogođeni, jer predstavljaju atraktivnu alternativu skupljim originalnim lekovima za budžete zdravstvene zaštite kako u CIE tako i u zapadnoevropskim zemljama, koji podjednako oskudevaju u novcu.

PHARMACEUTICALS

TOUGH COMPETITION

Hemofarm’s President M. Babić,Y. Primakov, President of the Russian Chamber of Trade & Industry and S. Milosavljević Serbian Trade & Services Minister

Of the 1,000 pharmaceutical companies operating in Russia, Serbia’s Hemofarm holds the 30th place with a one per cent market share By Ana Stojanović

ontemporary Russia is a country that boasts huge energy, technology and economic potential. Russian state policy is geared towards developing the economy, while focusing on production, followed by trade. The state’s priorities are pushing regional development and fighting corruption and excessive bureaucracy. The Government prefers to use the country’s own capacities in order to satisfy market needs – says Gordana Velovan, PR Director of Hemofarm. “Foreigners were practically forced to have the same position as domestic producers and investors if they wanted to succeed in doing business. Bearing in mind the policy to protect domestic producers, participating in extensive state programmes and funds used as the foundation for further operations, as well as

Chance for Serbian Companies “It is certainly not easy to win a market position in this country, but the Serbian economy has realistic chances of making an even bigger impact in Russia, considering the Free Trade Agreement that we’ve signed. Agricultural products have the greatest chance. Here we are not referring to raw materials, but rather processed foods and final products with appealing packaging and a carefully considered marketing approach,” Hemofarm says.

usija je danas država sa ogromnim energetskim, tehnološkim i ekonomskim potencijalom. Državna politika Rusije usmerena je na razvoj ekonomije, primarno fokusirana na proizvodnju, a potom na trgovinu. Kao prioritetne zadatke, država je, uz borbu protiv korupcije i birokratizacije, postavila i razvoj regiona. Vlada je akcenat stavila na korišćenje sopstvenih kapaciteta za zadovoljavanje tržišnih potreba., kaže Gordana Velovan, direktor PR Hemofarma. „Strance je praktično dovela u situaciju da, ako žele da uspešno posluju, treba da budu u istoj poziciji kao domaći proizvođači i investitori. Imajući u vidu politiku zaštite domaćih proizvođača, učešća u velikim programima države i njenih fondova kao osnova za poslovanje, odnosno, snabdevanje građana lekovima, praktično ste primorani da budete domaći proizvođač“, ističe Velovan. Hemofarm, kompanija iz Srbije, je na ruskom tržištu prisutna više od 20 godina. Predstavništvo u Moskvi funkcioniše 15 godina, a otvoreno je u ambijentu, koji je tada bio daleko od tržišnog. „Gro poslova se u tim okolnostima bazirao na međudržavnim dogovorima. Reformama su direktna međudržavna dogovaranja prestala da budu motor izvoza lekova iz Srbije. Razvoj tržišta uslovio je da i Hemofarm promeni način poslovanja. Investiranjem 32 miliona evra u fabriku za proizvodnju fabrike čvrstih formi po GMP standradima, u Obinisku 2006. Hemofarm je u Rusiji stekao status domaćeg proizvođača“, objanjava

supplying people with necessary medicine, one is virtually forced to become a domestic producer,” explains Velovan. Hemofarm has been present on the Russian market for over 20 years. Hemofarm’s branch office in Moscow has been operational for the last 15 years. It was opened at a time when the country’s business environment was far from market orientated. “The majority of our business operations were carried out in accordance with intergovernmental agreements. Reforms led to direct intergovernmental negotiations not being a generator of Serbian medicine export any longer. Market development made us change our way of conducting business. By investing €32 million in a solid medicine factory in Obnynsk, near Moscow, in 2006, in line with GMP standards, in Obnynsk 2006. Hemofarm finally received the status of a domestic producer in Russia”, Velovan explains, adding: “We invested substantial funds in contemporary technology. By so doing, we earned certain benefits as a local producer, including more rational distribution channels. When STADA Group took the decision to acquire Hemofarm, I am sure they were aware of the important influence that investments had on the potential and perspectives of the Russian market, bearing in mind that the Group already had a factory in the town of Nishfarm specialising in the production of pharmaceutical ointments and gels”.

Konkurencija je žestoka, te je neophodan, konkretan strateški dobro osmišljen i pragmatičan nastup. Hemofarm, kao lider na srpskom, na ruskom farmaceutskom tržištu ima oko jedan odsto učešća As is the case with all great nations, Russia and Russians have their own quirks that need to be considered when a company arrives on the market. “Russia is a Eurasian country, with many nationalities and diverse mentalities. These are also reflected in their views of trading and doing business. Russia’s territory covers a sixth of the planet and spans over 11 time zones. With this in mind, one of the keys to successful business is undoubtedly having good logistics. The state itself is extremely centralised in terms of administration and social policy, although the individual members of the federation are quite decentralised, with each federation member having executive power. “Competition is tough and, thus, one needs a concrete, strategically well devised and pragmatic approach. As the leader on the Serbian market, Hemofarm has a 1% market share in Russia. At first glance, this doesn’t seem like much, but when we compare it to other countries we can see that this is quite a good rating, especially considering that the Obnynsk factory became operational only two years ago,” Velovan notes. There are 1,000 pharmaceutical companies operating in Russia. This speaks volumes about how strong the competition is. Within such a fierce battle for a market share, Hemofarm has secured the 30th place and has excellent prospects of making it to the top ten.

Velovan i dodaje, Ulaganjem značajnih sredstava u savremenu tehnologiju, stekli smo određene beneficije kao lokalni proizvođač i dobili znatno racionalniju distribuciju. Sigurno je i STADA Group imala u vidu, između ostalog, i značaj reflek-

tovanja investicije kroz potencijale i perspektive ruskog tržišta kada je donosila odluku o preuzimanju Hemofarma, s obzirom da je u Rusiji već imala fabriku, u gradu Nišfarmu STADA, specijalizovanu za proizvodnju farmaceutskih preparata u obliku masti i gelova.“ Tada je marketinški koncept promenjen, a aktivnosti su intenzivirane. „Zaposlili smo veliki broj saradnika koji obilaze lekare, apotekare i upoznaju ih kroz direktne kontakte sa našim portfoliom, ali i prednostima lekova koji u Rusiju stižu iz Hemofarmovih pogona“, kaže naša sagovornica. Kao svaka velika zemlja i nacija, Rusija i Rusi imaju svoje specifičnosti koje treba imati na umu prilikom ulaska na tržište, mišljenja su u Hemofarmu. „Rusija je evroazijska država, ima mnogo nacionalnosti i raznorodnosti mentaliteta, što se odražava na poglede na trgovinu i poslovanje. Rusija obuhvata jednu šestinu ukupnog kopna planete i ima 11 vremenskih zona. U tim okolnostima dobra logistika je jedan od ključeva uspešnog poslovanja. Država je izuzetno centralizovana u domenu kadrovske i socijalne politike, iako je globalno decentralizovana na subjekte federacije, kojima je delegirana celokupna izvršna vlast. Konkurencija je žestoka, te je neophodan, konkretan strateški dobro osmišljen i pragmatičan nastup. Hemofarm, kao lider na srpskom, na ruskom farmaceutskom tržištu ima oko jedan odsto učešća. Na prvi pogled to deluje malo, ali poređenjem sa ostalim zemljama zaključujemo da je to solidan rejting, posebno imajući u vidu da je fabrika u Obninsku puštena u rad tek pre dve godine“, naglašava Velovan. Podatak da je u Rusiji zastupljeno 1000 farmaceutskih kompanija dovoljno svedoči o konkurentnosti. U takvoj, žeostokoj borbi Hemofarm je na 30 mestu, uz tendenciju da što pre nađe u ’top ten’ grupi.

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INTERVIEW

Aleksandar Gračanac, Director of the Share Fund of the Republic of Serbia

SPORADIC RUSSIAN INTEREST Since 2002, 1,405 companies have been privatised, generating a total revenue of close to €700 million. Some 360 companies remain to be sold

By Danijela Jovanović

n addition to the Serbian Privatisation Agency, the Share Fund also plays an important role in the privatisation process in Serbia. The Fund’s role is quite specific. Its main task is to sell stateowned shares in companies through privatisation. According to Dr. Aleksandar Gračanac, Director of the Share Fund, as of 2002 the Fund’s portfolio comprises minority state shares in companies which, according to the old laws, were partially privatised and have been sold in the meantime. “So far a total of 1,405 minority shares have been privatised, with 200 still to go. Also, the 2005 amendments to the Privatisation Law stipulate that following the termination of a sales contract between the Privatisation Agency and former buyers these companies’ capital is transformed into a share capital and deposited in the Share Fund’s portfolio in order to be resold at a later stage if possible. So far, close to 300 companies have been ‘transferred’ to the Share Fund portfolio, with some of them being resold and some to be declared bankrupt, while we still need to find buyers for 166 of them,” explains Gračanac.

How many companies from the Share Fund portfolio have been privatised this year, and how much money was gained from those sales? This year, up to 30th October, 280 of the Share Fund portfolio companies have been privatised for total generated revenue of €81 million. Since 2002, 1,405 companies have been privatised, with the total generated revenue close to €700 million.

z Agenciju za privatizaciju, važnu ulogu u procesu privatizacije u Srbiji ima i Akcijski fond. Njegova uloga je specifična, a osnovni zadatak je da prodajom privatizuje državne akcije kompanija, preo-

1.405 KOMPANIJA privatizovano od 2002. godine, uz ukupan prihod od 700 miliona Evra 81 MILION EVRA prihodovan u ovoj godini od prodaje manjiskih paketa akcija u 280 kompanija 360 KOMPANIJA preostalo za prodaju od ukupnog portfelja Akcijskog fonda, zajedno sa kompanijama iz Agencije za privatizaciju, gde su ugovori raskinuti stalih po ranijim zakonima. Dr Aleksandar Gračanac, direktor Akcijskog fonda, ističe da portfelj Fonda, od 2002. godine, čine manjinski državni paketi akcija u kompanijama koje su po ranijim zakonima delimično privatizovane, a koje su u međuvremenu prodate. „Ukupno do sada je privatizovano 1.405 manjinskih paketa kompanija, a ostalo je još oko 200 manjinskih paketa akcija kompanija. Takođe, izmenom Zakona o privatizaciji iz 2005. godine, predviđeno je da se posle raskida kupoprodajnog ugovora između Agencije

In which ways does the Fund sell these companies’ shares? Pursuant to the Privatisation Law, the Share Fund Law and the Privatisation Agency Law, as well as the Law on the Securities Market, the Share Fund applies methodology identical to that of trading on the Belgrade Stock Exchange, as well as to the tender procedure as defined by the Privatisation Agency and takeover methodology as defined by the Securities Commission.

za privatizaciju i bivših kupaca, kapital tih firmi pretvara u akcionarski kapital, i prebacuje se u portfelj Akcijskog fonda radi ponovne prodaje, gde je to moguće. Tako je do sada u portfelj Akcijskog fonda prebačeno oko 300 kompanija, s tim što je jedan deo ponovo prodat, drugi deo je predviđen za stečaj i preostalo je 166 kompanija za koje se ponovo traži kupac,“ ističe dr Gračanac. Koliko je, tokom ove godine, privatizovano preduzeća iz portfelja Akcijskog fonda, i koliko je tom prilikom prihodovano? U ovoj godini, do 30.oktobra, privatizovano je iz portfelja Akcijskog fonda, manjinskih paketa akcija u 280 kompanija, a prihod iznosi 81 milion evra. Ukupno, počev od 2002. godine do danas, privatizovano je 1.405 kompanija i ostvaren ukupan rezultat oko 700 miliona evra.

What remains to be sold? Since the Share Fund became active in 2002, close to 360 companies from the Fund’s portfolio, including those from the Privatisation Agency’s portfolio that have had their sales contracts terminated, remain to be sold. These include Simpo from Vranje, Belgrade-based Lasta, Progres from Belgrade, Jagodina Brewery, Savremena from Belgrade, Beogradmontaža from Belgrade, Mostogradnja, also from Belgrade, Panon Alcohol Destillery from Crvenka, Tehnoproces from Novi Sad, Toza Marković from Kikinda, BAS from Belgrade, Čoka from Čoka, Mlinoservis from Novi Sad, Župa - Kruševac, Fontana - Vrnjačka Banja, Takovo Transport from Belgrade, Zorka zaštita bilja from Šabac, Ventil from Aleksandrovac, Belgrade-based Beogradšped, Elektroizgradnja from Bajina Bašta, Minelpo-Belgrade, and many more.

Na koji način Fond prodaje akcije preduzeća? Shodno Zakonu o privatizaciji, Zakonu o Akcijskom fondu i Zakonu o Agenciji za privatizaciju, kao i Zakona o tržištu hartija od vrednosti, Akcijski fond u svojoj aktivnosti primenjuje metodologije berzanskog poslovanja na Beogradskoj berzi, tendersku proceduru sa Agencijom za privatizaciju i metodu ponude za preuzimanje akcija pred Komisijom za hartije od vrednosti.

1,405 COMPANIES privatised since 2002, with total generated revenue of €700 million €81 MILLION generated from selling minority shares in 280 companies this year alone 360 COMPANIES from the Share Fund portfolio remain to be sold, including those from the Privatisation Agency portfolio which had their sales contracts terminated

Šta je još preostalo za prodaju? Od ukupnog portfelja, od početka aktivnosti Akcijskog fonda, to jest od 2002. godine do danas, preostalo je iz portfelja AF, zajedno sa kompanijama iz Agencije za privatizaciju gde su ugovori raskinuti, nešto više od 360 kompanija. Među njima su i ‘Simpo‘ Vranje, ‘Lasta‘ Beograd, ‘Progres‘ Beograd, ‘Jagodinska pivara‘ Jagodina, ‘Savremena‘ Beograd, ‘Beogradmontaža‘ Beograd, ‘Mostogradnja‘ Beograd, ‘Fabrika alkohola Panon‘ Crvenka, ‘Tehnoproces‘ Novi Sad, ‘Toza Marković‘ Kikinda, BAS Beograd, ‘Čoka‘ Čoka, ‘Mlinoservis‘ Novi Sad, ‘Župa‘ Kruševac, ‘Fontana‘ Vrnjačka Banja, ‘Takovo transport‘ Beograd, ‘Zorka zaštita bilja‘ Šabac, ‘Ventil‘ Aleksandrovac, ‘Beogradšped‘ Beograd, ‘Elektroizgradnja‘ Bajina Bašta, ‘Minelpo‘ Beograd...

Are there any Russian companies interested in buying shares from the Share Fund portfolio and, if so, is that interest as high as it was in the past? In the previous period, Russian interest in Serbian shares was somewhat sporadic. So far in the privatisation process, Russian companies have bought shares in the following companies: Jarmenovci from Jarmenovci, Termoelektro, Putnik, Ikarbus and Beopetrol, all from Belgrade, and Jastrebac from Niš.

Da li su neke ruske kompanije zainteresovane za kupovinu akcija iz portfelja Akcijskog fonda? Kakva je, u tom pogledu, bila situacija u prethodnom periodu? U prethodnom periodu ruske kompanije su se pojavljivale periodično. U dosadašnjem toku privatizacije iz portfelja Akcijskog fonda, ruske kompanije su privatizovale akcije u sledećim kompanijama: ‘Jarmenovci‘ Jarmenovci, ‘Termoelektro‘ Beograd, ‘Putnik‘ Beograd, ‘Ikarbus‘ Beograd, ‘Beopetrol‘ Beograd, ‘Jastrebac‘ Niš.

INTERVIEW

Dzuraev Adlazan Habibulaevich, Commercial Director of UGMK - OCM

EXPORTING TO EUROPE “It is much easier to do business in Serbia today, because there is understanding and a desire to help. Problems are resolved in a very efﬁcient manner.”

By Ana Stojanović

GMK is one of the leading copper producers in Russia and the facility the company owns in Serbia’s mining town of Majdanpek is one of the ten biggest exporters in Serbia. We talked to Dzuraev Adlazan Habibulaevich, Commercial Director of UGMK - OCM, during his recent business trip to Serbia.

GMK je jedan od lidera u proizvodnji bakra u Rusiji. Fabrika u Majdanpeku, u vlasništvu UGMK je danas među deset najboljih izvoznika u Srbiji. To je bio i povod za razgovor sa Džuraevim Adlažanom Habibulaevičem, komercijalnim direktorom UGMK - OCM, prilikom njegove poslovne posete Srbiji.

Could you tell us something about your company? Ural Mining and Metallurgical Company (UGMK) is one of the biggest copper producers. We produce 350,000 tonnes of copper, 150,000 tonnes of copper and 50,000 tonnes of lead. We own a mine, a production facility, smelting plants and processing facilities for nonferrous metals. The company is made of seven large enterprises, three of which are the biggest non-ferrous processing plants in Russia, as well as a factory in the Caucasus region and a mine. This also includes the Majdanpek factory in Serbia, which produces copper pipes. We sell 80% of Majdanpek’s production to Europe, Asia and Africa. We

Molimo Vas da nam predstavite Vašu kompaniju? Uralska Rudarsko-Metalurška Kompanija je jedna od najvećih kompanija za proizvodnju bakra. Proizvodimo 350.000 tona bakra, 150.000 tona cinka, 50.000 tona olova. Posedujemo rudnik, prerađivačku proizvodnju, topionice, pogone za obradu obojenih metala i pogone za proizvodnju sopstvenih proizvoda. Lično predstavljam upravni odbor pogona za preradu obojenih metala. On uključuje sedam velikih preduzeća, od kojih tri predstavljaju najveće pogone za obradu obojenih metala u zemlji, jednu fabriku na Kavkazu, plus proizvodnju rude. Tu je uključe-

have also started selling its products on the Russian market. The Majdanpek factory is one of the biggest exporters in Serbia. The quality of our production is good and the products are competitive on Russian and Europeans market alike. Hence, we will expand Majdenpek production even further. The task of the factory’s General Director, Pavel Leonidovich Avdeyev, is to increase production in the following three years (i.e. from 2011 and 2012), from the current 11,000 tonnes to 14,000 or even 15,000 tonnes per year.

na i fabrika u Majdanpeku, u Srbiji, koja proizvodi bakarne cevi. Prodajemo 80 odsto njene proizvodnje u Evropi, Aziji, Africi. Trenutno plasiramo proizvode fabrike u Majdanpeku na rusko tržište. Fabrika u Majdanpeku ulazi u deset najboljih velikih izvoznika u Srbiji. Kvalitet nam je dobar, konkurentan i na ruskom, i na evropskom tržištu. Zato ćemo širiti proizvodnju. Generalnom direktoru fabrike, Pavlu Leonidoviču Avdejevu, smo postavili zadatak da za tri godine od 11 tona do 2011. odnosno 2012. godine poveća proizvodnju na 14 do 15 hiljada tona godišnje.

Bearing in mind that Serbia is known as having good agricultural conditions and a free trade agreement that has been signed by Russia and Serbia, we can say that we are going to have a favourable price policy in this field

What is your impression of the economic situation in Serbia? It is much easier to do business in Serbia today, because there is understanding and a desire to help. Problems are resolved in a very efficient manner. The Serbian side, coupled with our Embassy and Trade Office, provide us with adequate assistance. The last time I came to Serbia I met with the CEO of YU Point, Mr. Drakulić. We discussed a few interesting projects and I hope that our relations with YU Point will be even better next year. I have been following the factory’s operations for the past two years and have been to Serbia close to a dozen times. I like Serbia and I feel welcome here.

Quality Assured “Our company’s policy is to have high quality products in order to fulfil our partnership obligations, sell our products fast and successfully orientate ourselves towards long-term co-operation. I should stop bragging about my company, because I might sound prejudiced. I should let renowned international consultancies, like Deloitte & Touche and KMPG, which supervise our work, have their say about us. You can see from their reports that they have no objections to how we work. Last week we received a report form KPMG’s Russian division, which also audited Majdanpek. Along with the internationally recognised quality of our products, we can also boast about their report.

Kakvi su Vaši utisci o privrednoj situaciji u Srbiji? Sada je mnogo lakše raditi u Srbiji zato što postoji razumevanje i postoji želja da se izađe u susret. Pitanja koja se danas pojave rešavaju se efikasno. U tome nam pomažu kako srpska strana, tako i naša ambasada i trgovinsko predstavništvo. Kada sam dolazio prošloga puta imao sam susret sa rukovodiocem „Ju-Pointa“ gospodinom Drakulićem. Dogovorili zaista par vlo interesantnih projekata. Nadam se da će od sledeće godine naši odnosi sa „Ju-Pointom“ biti bliži. Konkretno, ja neposredno pratim fabriku tokom više od dve godine i u Srbiji sam bio desetak puta. Srbija mi se dopada, u njoj se osećam prijatno. Veoma me raduje to što ovde počinje aktivno da se pojavljuje ruski biznis. Smatram da je bitno da ovde radimo i zarađujemo, plaćamo poreze, otvaramo nova radna mesta. U Evropi i u Rusiji Majdanpek predstavljamo kao srpsko preduzeće, a njegove proizvode – kao srpske proizvode. Da li će nakon potpisivanja gasnog aranžmana biti više ruskih investicija, i u kojim oblastima možemo da očekujemo nove ruske investicije? Naravno. Sa dolaskom Gasproma, koji je glavni ruski igrač, drugima će biti prenet signal – ako se ovde ulaže tako veliki novac, znači da je zemlja stabilna i da ovde može da se dođe. Prisustvo Gasproma je samo po sebi velika investicija. Osim toga, sa radom počinje Banka Moskve, Gasprom dovodi ovde

INTERVIEW

Dzuraev Adlazan Habibulaevich and Pavel Avdeev, General Manager FBC Majdanpek

I’m happy to see Russian business being actively present in Serbia. I think that it is really important for us to work here, earn money, pay taxes and create new jobs. In Europe and Russia we present Majdanpek as a Serbian company and its products as Serbian products. Do you think that more Russian investments will be made here once the gas arrangement is signed? In which areas will Russian companies invest? Of course. The arrival of Gazprom, which is one of the most important Russian companies, will clearly demonstrate that we consider this country to be safe and that everybody can come here. Gazprom’s presence is sufficient confirmation of that. In addition, the Bank of Moscow has become operational in Serbia and Gazprom will bring Gazprom Bank to Serbia, i.e. the Russian banking system is set to arrive. Bearing in mind that Serbia is known as having good agricultural conditions and a free trade agreement that has been signed by Russia and Serbia, we can say that we are going to have a favourable price policy in this field. Car production is also taking off in your country. FIAT has arrived and its products will definitely be in demand in Russia. I know that your cable factories are also quite interested in co-operating with Russian companies. What does the Free Trade Agreement mean to you? Serbia is one of the rare countries to have signed a Free Trade Agreement with Russia; our country has concluded such agreements only with the countries of CIS [Commonwealth of Idependent States]. Not paying customs duties means more competitive products. When you consider that the import customs duty is five per cent, this translates into an advantage on a competitive market. For example, if the cost-effectiveness of a certain company in Russia stands at two or three per cent, abolishing a five per cent customs duty is very benefi-

GaspromBank. Odnosno, pojavljuje se ruski bankarski sistem. Za bankarskim sistemom, ako se uzme u obzir da su u Srbiji uslovi za poljoprivredu dobri, a postoje uslovi bescarinske trgovine u mnoštvu pozicija između Rusije i Srbije, moći će da se govori o stvaranju povoljne politike cena u tom pravcu. Kod vas se razvija proizvodnja automobila, došao je Fiat, i njegova proizvodnja će naići na tražnju na ruskom tržištu. Znam da su vaše fabrike kablova vrlo zainteresovane za saradnju sa ruskim kompanijama. Šta za Vas znači Sporazum o slobodnoj trgovini? Srbija je jedna od malog broja zemalja koja s Rusijom ima Sporazum o slobodnoj trgovini. Takav sporazum Rusija ima samo sa zemljama ZND, a neplaćanje taksi znači konkurentnije proizvode. Ako dažbine za uvoznu robu iznose pet odsto, na konkurentnom tržištu to je velika vrednost. Recimo, naše preduzeće ima rentabilnost dva do tri odsto, i za nas je nepostojanje dažbina u

Kvalitet Politika naše kompanije su visok kvalitet proizvoda, strogo ispunjenje svih partnerskih obaveza, brzi plasman, orjentacija ka dugoročnoj saradnji. Međutim, ukoliko počnem da hvalim svoje preduzeće, biće neobjektivno. A objektivno o nama govore nezavisne međunarodne prestižne konsalting kompanije koje kontrolišu naš rad, kao što su “Dilloit & Touch”, KPMG i u njihovim izveštajima tačno može da se vidi da na nas nema primedbi. Upravo je prošle nedelje dobijen izveštaj moskovskog odeljenja KPMG, koje je u okviru holdinga kontrolisalo i Majdanpek. Njihov izveštaj, kao i međunarodno priznati kvalitet naših proizvoda je ono čime možemo da se pohvalimo.

iznosu od pet odsto velika prednost. A i za Srbiju je to korisno. Znamo da se iz Srbije izvoze proizvodi od mesinga i bakra, a da postoje dažbine, ne bi bilo ni zainteresovanosti za trgovinu. U režimu bez dažbina svaka od strana pobeđuje: Srbija pobeđuje zato što dobija porez na dobit, a Rusija zato što optimizira cenu gotovih proizvoda koji se proizvode od tih sirovina.

cial to both us and Serbia. We know that Serbia exports brass and copper products, but if there were customs duties imposed I don’t think there would be much interest shown in these products. In a customsfree regime, everybody’s a winner. Serbia is ‘winning’ because it gets money from the profit tax, while Russia can form an optimum price for products made from these raw materials. The thing that bothers foreign investors the most in Serbia is our legal regulations. What is your opinion on that issue? All changes have to go through a trial and error phase. While you’re learning, you’re deciding on your system orientation. As such, you face new laws and legal relations. Of course, from the French or English legal perspective your laws don’t seem right, but on a foreign market many things are different to what you’ve grown accustomed to, which is why they seem irregular. There are still certain things that you [the foreign investor] need to learn, but certain things also have to be accepted here, with national interests taken into consideration. You can take English legislation and just transfer it to your country, but what would happen to your national interests and specificities then? Naturally, everybody should fight for their own interests. When our interests are at stake, we hire lawyers and auditors; we contest, we submit evidence, but all within the framework of Serbian legislation. We didn’t bring Russian laws with us.

Ono što nama zameraju strani investitori je zakonodavna regulativa. Vaše mišljenje? Sve promene nose probe i greške. Sve dok učite, sistematski se orijentišete i kod vas se pojavljuju novi zakoni i novi pravni odnosi. Naravno, sa tačke gledišta francuskog i ili engleskog zakonodavstva čini će se da su oni nepravilni. Ali, kada izlazite na tržište druge zemlje, mnoge stvari se čine drugačije od onih na koje ste navikli, i čini se da su nepravilne. Vi treba neke stvari da naučite, ali i oni moraju nešto da prihvate, zato što ipak i vaši nacionalni interesi moraju da se uzmu u obzir. Možete vi da uzmete englesko zakonodavstvo i da ga jednostavno prenesete na srpsku zemlju. Ali šta će onda biti sa nacionalnim interesima, nacionalnim uslovima, posebnostima? Naravno, da svako treba da se bori za svoje interese. Kada su naši interesi ugroženi, i mi angažujemo advokate, revizore, osporavamo, dokazujemo, ali sve to u okvirima srpskih zakona. Ne donosimo mi rusko zakonodavstvo sa sobom. Kakvi su Vaši planovi u vezi sa srpskim tržištem? Da li planirate da u Beogradu otvorite robnu kuću obojenih metala? Upravo sam zbog toga i došao da na licu mesta, kako bismo razmotrili pitanje otvaranja predstavništva ovde. Ono bi se bavilo realizacijom proizvoda UGMK. Ali, pre svega treba da proučimo tržište i ako taj pravac bude ekonomski isplativ, razvijaćemo i taj pravac. U ukupnim planovima imamo program širenja našeg prisustva ovde i to ne samo u vezi sa proizvodnjom, već i u vezi sa iznošenjem naših proizvoda na srpsko tržište. Taj program se sada nalazi u fazi izrade, i ako bude prihvaćen od strane našeg Saveta od 2009. počećemo sa njegovom realizacijom.

We are set on developing this business direction and our overall plans include expanding our presence in Serbia, not only in the production sector, but also in selling our products on the Serbian market

What plans do you have for the Serbian market? Do you plan to open a non-ferrous ‘department store’ in Belgrade? This is why I came here personally to discuss opening a branch office that would sell UGMK products. However, before we do that we need to research the market in detail to ensure this business direction will be profitable. We are set on developing this business direction and our overall plans include expanding our presence in Serbia, not only in the production sector, but also in selling our products on the Serbian market. The programme is currently being written and, if approved by our Council, implementation will start in 2009.

32212 Preljina, Èaèak, Serbia T. +381 (0)32 381 991, 381 992 F. +381 (0)32 351 440 ofﬁce@vapeks.rs, www.vapeks.rs

AGRICULTURE

PROMISED LAND FOR SERBIAN FOOD

Although Serbia has a $2 billion trade deficit with Russia, Serbia’s agricultural and food industry could significantly contribute to the reduction of this deficit By Tina Lazarević

he Russian market, just like any other, craves quality products, quantity and continuity in production. Serbia usually falls short when it comes to meeting these conditions, since most of the country’s producers are not strong enough to deliver goods in the required quantities and intensity to cater for a large market like that of Russia. In order to stimulate progress and offer Serbian producers greater opportunities to sell their products to this market, the bilateral Free Trade Agreement (FTA) was signed some eight years ago. This FTA stipulates the abolishment of customs duties, thus ensuring that Serbian goods are more competitive on the Russian market.

ržištu Rusije, kao i svakom drugom, treba ponuditi kvalitetne proizvode. Posebno su bitni kvantitet i kontinuirana proizvodnja. Srbija to najčešće ne može da ispuni, jer naši proizvođači, uglavnom, nisu ’dovoljno jaki’ da mogu masovno i intenzivno da isporučuju robu na velika tržišta kakvo je rusko. Kako bi se ipak nešto promenilo, i kako bi srpski proizvođači dobili malo veće šanse da svoje robe plasiraju na to tržište, pre osam godina je potpisan Sporazum o slobodnoj trgovini, koji omogućava, ukidanjem carina, veću konkurentnost naših roba na tamošnjem tržištu. Ruska federacija će najverovatnije do kraja godine ratifikovati taj sporazum i to sa proširenom listom proizvoda, što bi prema nekim procenama sledeće godine trebalo da poveća izvoz za

The Russian Federation will probably ratify the agreement containing the extended list of products by the end of this year. According to some estimates, this should lead to a 30% increase in export levels. At the same time that the FTA was signed, Serbia embarked upon its European integration path – thus raising the issue of whether Serbia should first export to Russia or the EU, considering that the country doesn’t produce enough goods to export to both of them. Experts claim that the Russian market is slightly more suitable for exports from Serbia, since the EU market is burdened

30 odsto. Paraleleno sa potpisivanjem ovog dokumeta, Srbija je krenula put evropskih integracija, pa se postavilo pitanje kome pre da izvezemo, Rusima ili EU, jer nemamo dovoljno i za jedne i za druge. Poznavaoci prilika tvrde da je rusko tržište ipak malo ’zgodnije’ za izvoz, jer je EU tržište, pre svega manje, a i opterećeno gomilom propisa, pravila, standarda koje svaki ozbiljan izvoznik treba da ispunjava, kako bi mu dozvolili izvoz. To, naravno, ne znači da i u Rusiji nema pravila. Naprotiv. Ruski potrošači su sada probirljiviji i žele robu sa visokim standardima kvaliteta, a dobijanje ne-

by a multitude of laws, regulations and standards that an exporter needs to adhere to. Of course, this doesn’t mean that Russia is a rule-free market. On the contrary, Russian consumers have become extremely selective and want only high quality goods. Obtaining sanitary certificates, which are a must for exporting to Russia, is a process that considerably slows down the trade exchange. Traditionally good relations between Serbia and Russia, coupled with the FTA, have encouraged Serbian producers to initiate attempts to conquer one of the biggest global markets. Serbia’s export trump card is undoubtedly food. This has prompted the agriculture and food sector in Serbia to ‘take a bite out of this huge cake’. Serbia has recorded significant growth in exports of fruit to Russia. This can be seen in the fact that Serbian producers exported 114% more fruit last year than in 2006 – and in 2006 exports grew by 432% compared to 2005, when the value of Serbia’s exports to

ophodnih fitosanitarnih sertifikata, kako bismo uopšte izvezli u tu zemlju, od Rusije je proces koji u mnogome usporava razmenu. Tradicionalno dobri odnosi, istorijske veze Srbije i Rusije i Sporazum o slobodnoj trgovini, ipak su opredelile naše prozvođače da krenu u osvajanje jednog od najvećih tržišta na svetu. Po svemu sudeći, najveći izvozni adut Srbije je hrana, pa je to najpre nateralo poljoprivredno-prehrambeni sektor u Srbiji, da ’zagrize veliki kolač’. Do sada je Srbija zabeležila značajan rast u izvozu voća u Rusiju, koji se ogleda u povećanju od 114 odsto prošle godine u poređenju sa 2006. godinom. Dok je povećanje izvoza u 2006. godini iznosilo 432 odsto u odnosu na 2005. godinu, budući da je tada izvoz u Rusiju bio svega 2,5 miliona dolara. Ukupan izvoz poljoprivredno-prehrmbenih proizvoda u Rusiju iznosio je 28 miliona dolara prošle godine, dok je 2006. godine bio 13,1 milion dolara. Pri tome su najbolje rezultate zabeležile kompanije iz sektora voća i povrća, a posebno su se izvozile sveže

Po svemu sudeći, najveći izvozni adut Srbije je hrana, pa je to najpre nateralo poljoprivredno-prehrambeni sektor u Srbiji, da ’zagrize veliki kolač

Veća razmena, ali veći i deficit U 2007. godini ukupna robna razmena Srbije i Rusije dostigla je 3,07 milijardi dolara. Iako izvoz iz Srbije beleži porast od oko 43,7 odsto, njegova dostignuta nominalna vrednost je 451,5 miliona dolara. Uvoz ,takođe, beleži porast od oko 22,5 odsto i dostigao je 2,62 milijarde dolara. I pored daljeg negativnog salda u robnoj razmeni Rusija je i dalje prvi partner Srbije kod uvoza sa učešćem od 14,34 odsto, a peti u izvozu sa učešćem od 5,11 odsto. Za osam meseci ove godine, uočen je trend rasta trgovinske razmene. Ukupna razmena u ovom periodu iznosila je 2,8 milijardi dolara i beleži porast od oko 54 odsto u odnosu na isti period prošle godine. Izvoz iz Srbije beleži porast od oko 52 odsto u odnosu na isti period prošle godine i njegova nominalna vrednost iznosi 385,5 miliona dolara. Uvoz takođe beleži porast od oko 54 odsto i dostigao je 2,5 milijardi dolara. Negativan saldo u trgovini Srbije sa Rusijom je veći od dve milijarde dolara. Rusija je i dalje prvi partner Srbije kod uvoza sa učešćem od 15,31 odsto , a peti u izvozu sa učešćem od 4,98 odsto.

AGRICULTURE

Russia was a mere $2.5 million. Last year saw Serbia export food and agricultural products worth $28 million to Russia, while in 2006 total exports in this sector amounted to just $13.1 million. The best export results were achieved by fruit and vegetable processing companies, with emphasis placed on the export of fresh apples, which made up 2.69% of the total export to Russia. Last year Serbia exported close to $15 million worth of fruit to Russia. According to Dragan Satarić, Director General of PIK Bečej, businessmen always find a way to co-operate. As an aside, PIK Bečej has been exporting to Russia since 2004. “All that matters is that we have a product that Russians are interested in,” Satarić claims. He adds that of late both the Russian and European Union markets have become the same in terms of the conditions that an exporter needs to meet in order to sell its products. However, he has found that the Russian market more interested because of its size and the FTA.

jabuke, koje pokrivaju čak 2,69 odsto od ukupnog izvoza u Rusiji. Konkretno, prošle godine izvezeno je oko 15 miliona dolara voća. Kako je istakao Dragan Satarić, generalni direktor PIK ‘Bečeja’, kompanije koja od 2004. godine ostvaruje veliki izvoz u ovu zemlju, privrednici uvek nađu način da sarađuju. “Ako imamo proizvod za kojim u Rusiji postoji interes, sve ostalo je manje bitno”, tvrdi Satarić. On objašnjava da su se u poslednje vreme rusko i evropsko tržište u suštini izjednačili u pogledu zahteva koje treba ispuniti da bi se dospelo na rafove tamošnjih prodavnica, ali da je Rusija interesantnija utoliko što je veća, i zbog toga što sa njom imamo potpisan Sporazum o slobodnoj trgovini. S druge strane, Olivera Kiro, sekretar Odbora za ekonomske odnose sa inostranstvom u Privrednoj komori Srbije (PKS), kaže da se tek očekuje značajniji proboj srpskih proizvoda na rusko tržište.

Higher Exchange and Higher Deficit In 2007, the total trade exchange between Serbia and Russia reached a figure of $3.07 billion. Serbia’s exports grew by 43.7%, with a nominal value of $451.5 million. Imports are also growing (by 22.5%) and currently stand at $2.62 billion. . Despite this balance, Russia remains Serbia’s number one import partner, with a 14.34% share, and the fifth partner when it comes to exports, with a 5.11% share. During the first eight months of this year, there was a noticeable increase in the trade exchange. In this period the total exchange amounted to $2.8 billion, which is a 54% increase in relation to the same period last year. Serbia’s exports grew by around 52% and reached a figure of $2.5 billion. The negative trade balance between the two countries amounts to $2 billion. When it comes to imports, Russia is still the first partner to Serbia, with a 15.31% share, while it maintains fifth place in exports, with a 4.98% share.

On the other hand, Olivera Kiro, Secretary of the Foreign Economic Relations Committee of the Serbian Chamber of Commerce (PKS), says that Serbian products are yet to make a breakthrough on the Russian market. “We need to exercise patience, as it was only two years ago that Serbian businessmen had very limited access to global markets. We should not expect too much,” says Kirova. According to her, in order to conquer the Russian market Serbia needs to create a synergy between all foreign trade institutions first, i.e. Serbia needs to bring together the so-called real sector, chambers of commerce and the state. The second step is to turn more towards other parts of Russia, rather than Moscow. “The Russian provinces are not too swamped with competition, as is the case in the country’s central areas. This is where we see our chance, especially when we are talking about food and agricultural products. The third step could be opening branch offices of Serbian companies in Russia, but let’s take it one step at the time,” Kirova adds.

Last year Serbia exported close to $15 million worth of fruit to Russia The PKS official says that businessmen should have the final say when it comes to collaborating with their Russian counterparts; they are the ones that need to calculate whether it is profitable for them to pay €4,000 for a truck to transport goods to Russia or to open a branch office which costs close to €100,000 a year to operate. The Committee Secretary also says that the best thing would be for several companies to join forces and open a single branch office. “In any case, Russians are definitely interested in our products. Practically everything we produce could be sold to the Russian market. Ratifying the FTA, including the extended list of products, is of exceptional importance, since this will widen the range of Serbian products,” Kirova says, adding that she expects a lot from the meeting in Krasnodar, where the National Exhibition of Serbia was held. Over 50 Serbian companies took part in this event, 20 of which were from the food and agriculture sector. “The Krasnodar Region, which is famous for the Sochi resort, is one of the areas of Russia which does not belong to its central part and where we can sell our products and services. This could lead to a decrease in the deficit that we have in the trade exchange with Russia,” Kirova claims, adding that the import-export volume can never be equal because Serbia imports oil and gas from Russia. “Still, chances do exist and I am confident that we are going to utilise them,” Kirova concludes.

“Moramo da budemo strpljivi, jer mora da se zna da srpski privrednici do pre dve godine, praktično, i nisu mogli da se najslobodnije kreću po svetu. Ali, ne treba očekivati ni previše”, tvrdi Kirova. U osvajanju ruskog tržišta, prema njenim rečima, najpre moramo ostvariti sinergiju svih institucija koje bave spoljnom trgovinom. Pre svega je reč o grupisanju realnog sektora, privrednih komora i države. Drugi korak je okret iz Moskve ka unutrašnjosti Rusije. „Unutrašnjost Rusije nije zaražena konkurencijom kao njeni centralni delovi. Tu je naša ogromna šansa i to posebno kad je o poljoprivredno prehrambenim proizvodima reč. Treći korak bi moglo da bude osnivanje p re d s t av n i š t av a srpskih kompanija u Rusiji, ali korak po korak“, kaže Kirova. Prema njenim rečima, privrednici su ti koji odlučuju o tome da li će biti saradnje sa ruskim kolegama ili ne. Takođe, privrednici će izračunati da li im se više isplati da plaćaju šleper do Rusije oko 4.000 evra ili će da otvore svoju kancelariju čije održavanje i rad sa samo jednim zaposlenim u toku jedne godine košta više od 100.000 evra. Sekretar Odbora kaže da bi možda najbolje bilo kad bi se nekoliko kompanija udružilo i otvorilo jednu kancelariju. „U svakom slučaju postoji interesovanje Rusa za našim proizvodima. Praktično sve što mi proizvodimo moglo bi da ide na tržište Rusije. Ratifikacija Sporazuma sa proširenom listom proizvoda, od izuzetne je važnosti jer će se tako proširiti dijapazon srpskih proizvoda“, kaže Kirova za ‘The Guide to Russian Investment in Serbia 123’, i dodala da mnogo očekuje od susreta u Krasnodaru, gde je održana Nacionalna izložba Srbije.

Do sada je Srbija zabeležila značajan rast u izvozu voća u Rusiju, koji se ogleda u povećanju od 114 odsto prošle godine u poređenju sa 2006. godinom Više od 50 kompanija iz Srbije učestvovalo je na tom sajmu od čega čak 20 dolazi iz oblasti poljoprivredno-prehrambene industrije. „Krasnodar region u kom se nalazi čuveno letovalište Soči, je jedan od delova Rusije van njenog centralnog dela, gde bismo mogli da plasiramo svoje proizvode i ponudimo svoje usluge. To bi moglo značajno da smanji deficit koji imamo u trgovini s Rusijom“, tvrdi Kirova i dodaje da potpuna pokrivenost uvoza sa izvozom, nemoguća, jer mi iz Rusije uvozimo naftu i gas. “Ipak šanse postoje, i sasvim sigurno ćemo ih iskoristiti”, tvrdi Kirova.

TOURISM

FROM SEASHORE TO SPA

The Sijarinska Spa

Russian investors haven’t invested much in Serbian tourism so far, with Putnik Company and the Sijarinska Spa representing the ﬁrst Russian investments in Serbian tourism. The new proprietor of Putnik travel agency, Russian company Metropol, bought St. Marko’s island off the coast of Montenegro in September. By Jelica Putniković

ussian investments in Serbia’s tourism capacities have only been symbolic in comparison to their investments in Montenegro and Croatia. When it comes to the former Yugoslav republics, Russians have spent years buying not only hotels, but also weekend retreats, apartments and plots of land for building hotels. Serbia has been quite eager to attract Russian investments, but, aside from Russian businessman Mikhail Slypenchuk - who bought ATD Putnik last year

Business Above All Metropol owner Mikhail Slypenchuk holds the 127th spot on Forbes’ Billionaire List. Speaking in Belgrade last summer, Slypenchuk said: “Money does not bring freedom, as many think, but a huge responsibility for the people that take part in your business.” He added that “the aim should be developing the business, not only earning money. If a person sets himself the goal of becoming a billionaire and doesn’t manage to become one, then he has wasted his life… As time goes by, I am getting to know what money is all about. You can set yourself the most difficult tasks and achieve the highest goals, but none of them should be solely about money. Money is only a universal instrument to implement your goals,” Slypenchuk concluded.

usko ulaganje u turističke kapacitete u Srbiji gotovo da je simbolično, u odnosu na ulaganja ruskih firmi i građana u Crnoj Gori i Hrvatskoj. U ovim ‘ex YU‘ državama Rusi već godinama kupuju ne samo hotele, već i vikendice, stanove, placeve, na kojima grade hotelsko – ugostiteljske objekte. U Srbiji se dolazak ruskih investicija priželjkivao i najavljivao, ali osim Mihaila Slipenčuka, ruskog biznismena, koji je prošle godine kupio ATD ‘Putnik‘, tek letos je najavljena nova ruska investicija u sferi turizma. Prema nezvaničnim informacijama, Rusi su zainteresovani i za kupovinu vikendica i placeva na Fruškoj Gori i oko Novog Sada. U Agenciji za privatizaciju i ministarstvu ekonomije i regionalnog razvoja, u čijem resoru je i turizam, nemaju detaljnije informacije o svemu ovome. Navodeći da nijedna ruska firma nije kupila neki od hotelskih, niti ugostiteljskih objekata u Srbiji, na nekom od tendera ili aukcija, u ministarstvu ekonomije i regionalnog razvoja nemaju ni podatke o novom vlasniku „Putnika“, jedne od najstarijih turističkih kompanija u Evropi, koja postoji od 1923. godine. Najstariju turističku kuću u Srbiji, koja je letos proslavila 85. rođendan najpre je kupio srpski biznismen Srba Ilić, ali je zbog nepoštovanja obaveza preuzetih prilikom prodaje, ta privatizacija poništena. Potom ruska kompanija ‘Metropol‘, čiji je Mihail Slipenčuk vlasnik, 85 odsto akcija ‘Putnika‘ kupuje preko kiparske firme ‘Akciona‘ za 43 miliona evra. Odmah po kupovini novi ve-

- there is only one new Russian investment in tourism. According to unofficial information, Russians are interested in buying weekend retreats and plots on Fruška Gora Mountain and elsewhere near Novi Sad. The Serbian Privatisation Agency and Ministry of Economy and Regional Development, which are in charge of the country’s tourism development, haven’t been informed of this in more detail. According to them, not a single Russian company has bought hotels or any other tourist facilities in Serbia, be that via tender or auction. The Ministry also has no information about the new owner of Putnik, which, having been founded in 1923, is one of the oldest tour operators in Europe. The oldest travel agency in Serbia, which celebrated its 85th anniversary last summer, was initially bought by a Serbian businessman, Srba Ilić, but this privatisation was annulled when he failed to meet the contractual obligations. Then Russian company Metropol, owned by Mikhail Slypenchuk, stepped in to buy an 85% stake in Putnik, via Akciona Company from Cyprus, for €43 million. Immediately after the purchase, the new holder of the controlling interest in Putnik promised that he would first settle the company’s debts, amounting to €11 million, then pay the overdue salaries owed to Putnik’s employees and give a €500 bonus to each employee. After that, the new owner promised to start investing. In addition to the aforementioned, Slypenchuk promised to renew Putnik’s existing capacities and buy new hotels on Serbian mountains and in spas. He also said that he would work on bringing Russian

ćinski vlasnik „Putnika“ obećava da će, najpre, vratiti dugove naše najstarije turističke agencije u iznosu od 11 miliona evra i zaposlenima isplatiti zaostale plate, i podeliti bonus naknadu od 500 evra u dinarskoj protivvrednosti, a tek potom početi da ulaže u ovu kompaniju. Novi vlasnik ‘Putnika‘ obećao je renoviranje postojećih kapaciteta, kao i kupovinu novih hotela u planinskim centrima i banjama Srbije. Kako reče, radiće se na tome da ‘Putnik‘ dovodi turiste iz Rusije, koje zanima banjski turizam jer, tamošnji bogataši šalju roditelje u banje od 15 do 90 dana godišnje. Zbog toga banje moraju da imaju luksuzan smeštaj i dobre velnes i ostale sadržaje. Radeći na ovim planovima ‘Metropol‘ je za godinu dana uložio u ‘Putnik‘ 100 miliona evra. Mihail Slipenčuk je na konferenciji povodom 85. godina rada „Putnika“ kazao da je plan da se ta firma razvija u tri oblasti: hotelijerstvo, iznajmljivanje vozila i turističko-agencijsko poslovanje, s ciljem da postane najveća turistička kompanija u Evropi. - Godinu dana proučavali smo situaciju u ‘Putniku‘, saznali smo u kakvoj je situaciji, ispunili sve obaveze koje su preuzeli, a ono što nismo ispunili obavezno ćemo ispuniti - rekao je Slipenčuk napominjući da pokušavaju da utvrde svu imovinu ‘Putnika‘ u zemljama bivše Jugoslavije, za šta su angažovali pravnog konsultanata. Ističući da mu je poznato da je ‘Putnik‘ decenijama bio vodeća turistička kompanija, ne samo u Srbiji već i u regionu, Slipenčuk ističe da planiraju da 2009. godine završe restrukturiranje Putnika. Grupa naših stručnjaka sada radi u Beogradu. Njihov zadatak je

This summer also saw Russian capital invested in the Sijarinska Spa. Russian investors bought an attractive location and announced the construction of a large, contemporary hotel complex

Metropol preuzeo ostrvo Sveti Marko u Crnoj Gori Novi vlasnik beogradske turističke firme ‘Putnik‘, ruska kompanija ‘Metropol‘, u septembru je postala i zvanično vlasnik ostrva Sveti Marko u Crnoj Gori. Metropol je ugasio crnogorsku firmu Putnik Crna Gora i postao zvanično vlasnik sve imovine te firme u Crnoj Gori, prvenstveno ostrva Sveti Marko i turističkog naselja ‘Putnik‘ u Bečićima. Iz ‘Metropola‘ najavljuju izgradnju novog superluksuznog turističkog kompleksa na Svetom Marku sa čak sedam zvezdica. Studija lokacije novog kompleksa treba da bude gotova do novembra, nakon čega sledi izrada glavnog izvođačkog projekta, što će potrajati oko godinu dana. Nakon usvajanja studije lokacije počeće uređivanje terena i uklanjanje postojećih objekata koji su u ruševnom stanju. Da je ‘Metropol‘ vrlo ozbiljno prišao ovom poslu ističe i sam Slipenčuk koji objašnjava da će na ostrvu Sveti Marko biti stvoren jedinstven prostor za odmor, sa privatnim vilama, marinama i hotelom de lux klase. “Angažujemo najpoznatije svetske kompanije, kako za izradu koncepta ovog projekta, tako i za njegovu realizaciju. Naš konsultant i partner u ovom poslu je engleska kompanija ‘Savills‘, koja će se takođe baviti organizacijom prodaje. Menadžer projekta je kompanija Bovis Land Lease, glavni izvođač radova je kompanija ‘Woods Bagot‘, dok je za inženjering odgovorna kompanija ARUP. To su sve kompanije koje imaju svetsko ime. Na ostrvu Sveti Marko, na strani koja gleda prema aerodromu izgradićemo veliku marinu, hotel i zabavne sadržaje, a na drugoj strani luskuzne apartmane. Marina će imati od 100 do 120 vezova, a posebne vezove za jahte imaće i svaka rezidencijalna vila na ostrvu. Projekat ćemo predstaviti narednog marta u Kanu, kad i novi grad Metropolija, koji će biti izgrađen na mestu fabrike Moskvič u Rusiji,” kaže Slipenčuk.

TOURISM

tourists to Serbia who are eager to experience spa tourism, since wealthy Russians send their parents to spend anywhere from 15 to 90 days a year in spas. Hence, the spas should offer luxury accommodation and provide good wellness services. While implementing these plans, Metropol invested close to €100 million in Putnik in the space of a year. At a press conference marking the 85th anniversary of Putnik, Slypenchuk said that his plan was for the company to develop in three directions: hotel services, rent-a-car and tour operations, with the aim of becoming the biggest travel company in Europe. “We have been studying the situation at Putnik for about a year. We found out all about the predicaments that Putnik was in, fulfilled all obligations that we undertook, and we are going to continue fulfilling them,” Slypenchuk said, adding that the company was trying to ascertain what property Putnik had disposed of in the former Yugoslav republics, for which they hired a legal consultant. Slypenchuk pointed out that he was aware of the fact that Putnik had been a leading tour operator for years, not only in Serbia, but in the region too. He outlined that Putnik’s restructuring was scheduled for completion in 2009. “A group of our experts are currently in Belgrade. Their task is to determine the company’s main development directions and precisely define the accounting and financial control system in the company. We want to restore Putnik to its glory days, when the company was known all over Europe,” said Slypenchuk. This summer also saw Russian capital invested in the Sijarinska Spa. Russian investors bought an attractive location and announced the construction of a large, contemporary hotel complex. Moreover, it is expected that many Russians will buy land plots and holiday houses in Serbia. The Sijarinska Spa has a unique natural hot water spring and 18 medicinal mineral water wells. The spa is 40 kilometres from Priština

da odvoje osnovne pravce u delatnosti kompanije, da precizno definišu sistem vođenja knjigovodstvene evidencije i kontrole. Namera mi je da Putniku vratimo staro slavno ime, poznato u celoj Evropi - kaže Slipenčuk. Ovog leta ruski kapital stigao je i u Sijarinsku banju. Rusi su kupili jednu atraktivnu lokaciju i najavili gradnju velikog modernog hotelskog kompleksa, kao i dolazak brojnih zemljaka zainteresovanih da ovde kupe placeve i kuće. Sijarinska banja poseduje jedinstveni prirodni gejzir tople vode u Evropi i 18 izvora lekovitih mineralnih voda. Od Sijarinske banje do Prištine je oko 40 kilometara, a banja je gotovo na administrativnoj granici prema Kosovu. Ranije je u banji boravilo dosta Albanaca sa Kosova, uglavnom u hotelu ‘Gejzer‘, ali i u privatnom smeštaju. Međutim, u poslednje vreme ih je sve manje.

U Srbiji se dolazak ruskih investicija priželjkivao i najavljivao ali, osim Mihaila Slipenčuka, ruskog biznismena, koji je prošle godine kupio ATD „Putnik“, tek letos je najavljena nova ruska investicija u sferi turizma Sada, međutim, dolaze Rusi. Bračni par iz Rusije planira da u Sijarinskoj banji gradi hotel s četiri zvezdice i apartmansko naselje. U Sijarinskoj Banji, jedinom centru te vrste u Jablaničkom okrugu, Srpska pravoslavna crkva prodala je ovog leta 50 ari zemlje ruskim investitorima, koji nameravaju da naredne godine sagrade velelepni hotel. - Očekujemo da ruski investitori podignu hotel sa četiri zvez-

Metropol takes over St. Marko’s Island in Montenegro The new proprietor of Putnik travel agency, Russian company Metropol, bought St. Marko’s island off the coast of Montenegro in September. Metropol closed down Montenegrin company Putnik Crna Gora in order to become an official owner of the company’s property in Montenegro, primarily St. Marko’s island and tourist complex Putnik in Bečići. Metropol also announces construction of a new super luxurious seven star tourist complex on St. Marko’s. The location study for this new complex should be finished by November. It will be followed by the compiling of a main design project which will last for a year. After the study has been approved, the terrain will have been prepared and the old buildings will be torn down. Slypenchuk said that Metropol was very serious about this project, adding that St. Marko’s would be an ideal leisure location, with private villas, marinas and a deluxe hotel. “We have hired the most renowned world companies to devise the project’s concept and subsequently implement it. Our consultant and partner in this business is a British company, Savills, which will also be included in organising the sale. The project manager is Bovis Land Lease Company and the construction works will be carried out by Woods Baggot, while engineering is in the hands of ARUP. These are all reputable companies. We are going to build a large marina, hotel and entertainment facilities on the side of the island that overlooks the airport, while luxury apartments will be built on the other side. The marina will be able to handle between 100 and 120 boats, while each villa will include special berths for several yachts. The project will be presented in Cannes next March. We are also going to present our new city called Metropoly, which will be built on the site of the former Moskvich factory in Russia,” said Slypenchuk.

A unique natural hot water spring at the Sijarinska Spa

and is situated along the administrative border with Kosovo. It was once a popular destination for Kosovo Albanians, who usually stayed at the Gejzir Hotel or in privately-owned accommodation. However, there have been fewer guests from the province lately. Now, though, the Russians are coming. The new Russian owners of Sijarinska Spa plan to build a four-star hotel and separate apartments. The Serbian Orthodox Church sold 50 acres of land at the Sijarinska Spa, the only facility of that kind in the Jablanički County, to the Russian investors. “We expect the Russian investors to build a four-star hotel and separate apartments here. These investments will mark a new era in the development of spa tourism in our region,” says Slobodan Drašković, President of the Medveđa Municipality where the spa is situated.

Serbia has been quite eager to attract Russian investments, but, aside from Russian businessman Mikhail Slypenchuk, who bought ATD Putnik last year, there is only one new Russian investment in tourism No details are available about the level of investments, while design documentation is still not ready. The Russians have said that they plan to build a four-storey hotel with 300 beds, to be finished in two year’s time. “These are the first Russian investors in the Jablanički County. We expect several similar facilities to be built, aside from the hotel, which will be frequented by domestic and foreign tourists alike,” said Drašković, adding that those investments would influence development of the retail sector, as well as local arts and crafts, while also providing jobs for locals from Medveđa.

Biznis pre svega Mihail Slipenčuk, vlasnik Metropola, moskovske investicione finansijske kompanije, je na 127. mestu Forbsove liste milijardera. “ Pare ne predstavljaju određeni stepen slobode, kako se to često misli, nego veliku odgovornost pred ljudima koji učestvuju u vašem biznisu”, izjavio je Slipenčuk letos, prilikom boravka u Beogradu za ovdašnje medije, napominjući da pri tom cilj treba da bude razvijanje biznisa, a ne samo zarađivanje novca, jer, ako je čovek postavio sebi cilj da postane milijarder i to nije uspeo, znači da je ceo život uzalud protraćio... Kako prolazi vreme, ja sve više shvatam suštinu novca. Možete sebi zadati najteže zadatke, najviše ciljeve, ali to ne može da bude novac. Novac je samo univerzalni instrument realizacije ciljeva. dice, kao i apartmansko naselje, a početak ove investicije će označiti novo razdoblje u istoriji banjskog turizma u našem kraju ističe Slobodan Drašković, predsednik Opštine Medveđa, na čijoj teritoriji se nalazi Sijarinska banja. Rusi, po njegovim rečima, u centru Sijarinske banje nameravaju da kupe još tri hektara zemljišta. O samoj vrednosti investicije još se ne znaju detalji, jer projektna dokumentacija još nije završena. Rusi kažu da će graditi hotel s četiri sprata, kapaciteta od oko 300 ležajeva. Hotel treba da bude završen za dve godine. - To će biti prvi investitori iz Rusije na području Jablaničkog okruga. Očekujemo da će pored tog hotela nići nekoliko sličnih objekata i da će se tako stvoriti uslovi i za dolazak gostiju i iz inostranstva - kaže Drašković, komentarišući da će ove investicije uticati i na razvoj trgovinskog sektora i domaće radinosti, odnosno, upošljavanje lokalnog stanovnistva u opštini Medveđa.

DIRECTORY State Institutions & Representative Offices The Ministry of Foreign Affairs of the Russian Federation Smolenskaya sq-Sennaya 32/34 119200 Moscow Tel: +7 (495) 244 1606 Email: ministry@mid.ru www.mid.ru Embassy of the Republic of Serbia to Russia Mosfilmovskaya Street 46, 119285 Moscow Tel (office): +7 (495) 147 4221, 147 4105, 147 4106, 147 9008 Russian Centre for International Scientific and Cultural Co-operation within the Russian Ministry of Foreign Affairs Vozdvizhenka Street 14 119200 Moscow Tel: +7 (495) 290 1245 www.rusintercenter.ru, rciscc@gov.ru The Russian Centre for Science and Culture of Russian House St. Queen Natalia 33, 11000 Belgrade Tel: +381 (11) 264 2178 Email: ruskidom@ruskidom.rs www.rcnk.co.yu The Ministry of Economic Development of the Russian Federation A-47, 1 St. Tverskaya-Yamskaya Street 1, 3, 125993, GSP-3, Moscow Tel: +7 (495) 694 0353 Fax: +7 (495) 251 6965 Email: mineconom@economy.gov.ru www.economy.gov.ru Commercial Office of the Russian Federation in Serbia Katićeva 8-10, 11000 Belgrade Tel: +381 (11) 264 1656, 264 2255 Fax: +381 (11) 264 1088 Email: mintorg@infosky.net Federal Customs Service of the Russian Federation, Ministry of Economic Development of Russia Novozavodskaya Street 11/5, 121087 Moscow Supplemental service: +7 (495) 449 7205, 449 8383 Press office: +7 (495) 449 7252, fax: +7 (495) 449 7319 www.customs.ru The Ministry of Education and Science of the Russian Federation Tverskaya 11, 125993 Moscow Tel. +7 (495) 629 7062 Fax +7 (495) 921 70 48 www.mon.gov.ru Moscow City Government Florida Street 13, 125032 Moscow Novy Arbat Street d.36/9, 121205 Moscow Help desk: + 7 (495) 777 7777 www.mos.ru The Department of Foreign Economic Relations in Moscow Tverskaya 13, 125023 Moscow Tel: (+7 495) 633 6541 Email dvms@mos.ru www.moskvaimir.mos.ru

Department of International Co-operation, Ministry of Education and Science GSP-3, Tverskaya 11 125993 Moscow Tel: +7 (495) 629 2045, 629 5773, 629 3620 www.mon.gov.ru/str/dep/ GOSINKOR (Public Investment Corporation) Myasnitskaya Street 35, 101990 Moscow Tel: +7 (495) 204 1387, 208 9944 Fax: +7 (495) 207 6936 Email: document@gosincor.ru www.gosincor.ru Commercial & Entrepreneurial Associations Chamber of Commerce & Industry of the Russian Federation Ilyinka Street 6, 109012 Moscow Tel: (495) 620 0009 Fax: (495) 620 0360 Email: tpprf@tpprf.ru Committee for the Promotion of Foreign Trade Okhotny Ryad 1, 107802 Moscow Tel: (495) 692 4260, 692 7387 Fax: (495) 692 7387 Email. glazyev@duma.gov.ru Web: www.tpprf.ru/ru/main/committee/ komved/komved1/ Commission on Trade and Economic Co-operation, MTPP, with partners in foreign countries Academic Pilyugina Street 22 117393 Moscow Tel: (495) 132 0822 Fax: (495) 132 7429 Email: extrade@mttp.org www.mtpp.org International Congress of Industrialists and Entrepreneurs Kotelnicheskaya nab. 17 109240 Moscow Tel: +7 (495) 748 3921, 748 3933 Fax: +7 (495) 748 3927 Email. info@icie.ru www.icie.ru ELN Soyuzexpertiza TPP RF (SOEKS) The largest and oldest independent inspection company in Russia, operating in the area of quality control, examination, assessment and certification of goods and services M. Dmitrovka Street d.13/17, p.1 125009 Moscow “SOEKS-STiSE” +7 (495) 624 2089, 606 8028, 624 6390 +7 (495) 624 2089 “SOEKS-Agro” +7 (495) 699 9034, 650 0381 +7 (495) 650 0365, 699 9459 “SOEKS-TSRRS” +7 (495) 606 7941 +7 (495) 621 5675 “SOEKS-GALANT” +7 (495) 699 4841, 650 0363 +7 (495) 699 9459

“SOEKS-CA and EPB” +7 (495) 660 5869 +7 (495) 660 5869 “SOEKS-SSOT” +7 (495) 623 5196, 621 5224 +7 (495) 623 5196 “SOEKS-QUALITY” +7 (495) 660 5868 +7 (495) 621 5675 “SOEKS-GEATS” +7 (495) 699 5606, 699 6120 +7 (495) 699 9459 “SOEKS-TSSEO” +7 (495) 624 3225 +7 (495) 624 3225 “SOEKS-ENERGOMASHKONTROL” +7 (495) 628 9925, 606 7828, 623 4136 +7 (495) 623 4136 “SOEKS-TECHNO” +7 (495) 650 0418, 699 2064 +7 (495) 699 8297 “SOEKS-HIMPEKS” +7 (495) 650 0416, 699 5840 +7 (495) 699 9459 “SOEKS-silhouette” +7 (495) 699 8041, 650 0415 +7 (495) 699 9459 “SOEKS-PROFKONTROL” +7 (495) 785 6248, Regional Organisations Ltd. “SOEKS-AZOV” 347922, Rostov Region, g.Taganrog st. Oktyabrskaya Square. 2 Tel: (8634) 39 3828, 39 3280 Fax: (8634) 39 3621 Email: val-tour@mail.ru; expert@ticci.ru http://azov.soex.ru Ltd. “SOEKS-ARHANGELSK” Trinity travel 52 163061 Arkhangelsk Tel: (8182) 21 0173, 21 1158 Fax: (8182) 21 0173, 21 1158 Email: tpp@arh.ru http://arhang.soex.ru Ltd. “SOEKS-BRYANSK” St. Komsomolskaya 11, 241035 Bryansk Tel: (4832) 56 4424, fax: (4832) 56 6806, Email: mailbox@btpp.org http://bryansk.soex.ru Ltd. “SOEKS-BALTIYA” St. Kutuzova 34, 236010 Kaliningrad Tel.: (4012) 95 7220, 95 8231, 21 4728 Fax: (4012) 95 8231 Email: soexbalt@kaliningrad.ru http://balt.soex.ru ELN “SOEKS-VOLGA” St. Markina 1, 410048 Saratov Tel.: (8452) 50 3060 Fax: (8452) 50 2540 Email: antonov@sartpp.ru http://volga.soex.ru

Ltd. “SOEKS-Vologda” Lermontova Street 15 160035 Vologda Tel: (8172) 72 1480, 72 4687 Fax: (8172) 72 3258 Email: expert@vologdatpp.ru http://vologda.soex.ru Ltd. “SOEKS-VYATKA” Profsoyuznaya Street 4, room 11 610004 Kirov, Tel: (8332) 35 0606, 38 5838 Email: iac@vtpp.kirov.ru http://vyat.soex.ru Ltd. “SOEKS-EAST” Sheronova Street 113 680000 Khabarovsk Tel: (4212) 30 4770, 32 8233 Fax: (4212) 30 5458 Email: krug@dvtpp.ru http://vostok.soex.ru Ltd. “SOEKS-Voronezh” 9th January Street d.36, 394030 Voronezh Tel: (4732) 77 2487 Email: mail@oootpp.vrn.ru http://voron.soex.ru ELN “SOEKS-Dagestan” Umahanova Lane 12, Makhachkala 367008 Republic of Dagestan, Tel.: (8722) 67 0289, 67 0461 Fax: (8722) 67 0289, 67 0461, 67 0462 Email: SOEX-DAGESTAN@yandex.ru http://dagestan.soex.ru Ltd. “DAL-SOEKS” Ocean Avenue a 13, Vladivostok 690600 Primorsky Krai, Tel.: (4232) 26 9630, 26 7563 Fax: (4232) 22 7226, Syutkin 302 495 Email: palata@online.vladivostok.ru http://dal.soex.ru Ltd. “SOEKS-IZH” Izhevsk, Lenin 101, PO Box 2505, 426067 Republic of Udmurtia Tel: (3412) 90 0210 Fax: (3412) 90 0213 Email: udmtpp@udmtpp.ru http://izh.soex.ru Ltd. “SOEKS-Kalmykia” Gubarevich Street 2, Halmg Tangch, g.Elista, 358000 Republic of Kalmykia Tel: (84722) 52 405 Fax: (84722) 57 572 Email: tpp@elista.ru http://kalm.soex.ru Donekspertiza Company pr.Kirovsky, 40A, office. 3rd floor 344022 Rostov-on-Don Tel. (8632) 68 7639, 68 7630 Fax (8632) 68 7637 Email: donexpert@rostel.ru ELN “SOEKS-KABARDA” Lenin Avenue 32, Hotel Russia, apts. 234, 235, 236, 238 360000 Nalchik Tel: (8662) 44 3481, 44 2008 Fax: (8662) 42 6076 Email: tppkbr@mail.ru; soixtpp@mail.ru http://kabarda.soex.ru

Ltd. “SOEKS-Caucasian mineral water” Pyatigorsk, Fevralskaya Street 3 375500 Stavropol Territory Tel: (8793) 97 3780, 33 4629 Email: tppregionkmv@mail.ru http://kavkaz.soex.ru

Ltd. “SOEKS-Omsk” Gertsena Street 51/53 644007 Omsk Tel: (3812) 25 43 50, 23 19 52 Email: omtpp2@omsknet.ru http://omsk.soex.ru

Ltd. “SOEKS-GAS” Ilinka Street 5/2 109012 Moscow Tel. 623 0788, 698 3023 Email: soexgost@yandex.ru

Ltd. “SOEKS-OSKOL” Demokraticheskaya Street 26, City Stary Oskol 309530 Belgorod region Tel: (4725) 22 1770 Email: stoexpert@yandex.ru http://oskol.soex.ru

Ltd. “SOEKS-KRYMSK” g. Krymsk Street, Communist 46 353380 Krasnodar region Tel. (86131) 2 0293, 2 2580, 2 2123 Email: krymskayatpp@mail.ru http://krymsk.soex.ru Ltd. “SOEKS-Lipetsk” 398.600 Hobart Str., Pervomayskaya Street d.78, Lipetsk, Tel. (4742) 22 6069, 22 6073 Fax: (4742) 22 6004 Email: star@cci.lipetsk.su http://lipetsk.soex.ru Ltd. “SOEKS-Magadan” Gagarina Street 12, kab.251 685000 g.Magadan, Tel/Fax (4132) 65 1438 Email: info@soex-magadan.ru Ltd. “SOEKS-Griffith” Bolshevitskaya Street 28a, g.Saransk, 430000 Republic of Mordovia Tel: (8342) 47 0556 Email: pakshin@tpprm.ru http://mord.soex.ru Ltd. “SOEKS-Magnitogorsk” G.Magnitogorsk 455002 Chelyabinsk Region, St. Kirov 70, City of Magnitogorsk, 455004 Chelyabinsk Region Tel. (3519) 24 8216 Fax. (3519) 24 8217 Email: cla@mtpp74.ru Ltd. “SOEKS-Mari El” Yoshkar-Ola, Stroiteley Street 95, apt. 313, 424006 Republic of Mari El, Tel.: (8362) 45-23-27 Fax: (8362) 63-04-26 Email: palata@mari-el.ru http://mariel.soex.ru Ltd. “SOEKS-Saha” Pr Lenin, d.22, apt.412, 677000 g.Yakutsk Tel. (4112) 421-966 Email: tpp@tppsakha.ru Ltd. “SOEKS-OBNINSK” Obninsk, st. Gorky 60 249033 Kaluga region Tel: (48439) 5-74-84 Fax: (48439) 5-74-94 Email: tpp@obninsk.com http://obninsk.soex.ru ELN “SOEKS-OKA” St. K. Libknehta, 18 of 310, 248016 Kaluga Tel: (4842) 59 1820, Fax: (4842) 59 1819, 55 7103 Email: soex-oka@planetatelecom.ru http://oka.soex.ru

Ltd. “PETRO-SOEKS” Petrozavodsk, st. Engels 4 185000 Republic of Karelia Tel: (8142) 78 4541, 78 3040 Fax: (8142) 78 2610, 76 5478 Email: petrosoex@karelia.ru http://petro.soex.ru Ltd. “SOEKS-RK” K.Libknehta Street, 18 of 310 248016 Kaluga Tel: (4842) 59-18-20 Fax: (4842) 59-18-19 Email: soex-oka@planetatelecom.ru http://rk.soex.ru Ltd. “SOEKS-Reut” G.Reutov Street New 19, 143966 Moscow Region, Tel: (495) 791-7079 Fax: (495) 791-7083 Email: osrtpp@mail.ru http://reut.soex.ru Ltd. “SOEKS-St.Petersburg” Chaykovskogo Street 46-48 191123 St. Petersburg Tel/Fax: (812) 719 7667 Email: soex@spbcci.ru http://stpet.soex.ru Ltd. “SOEKS-SG” Lenin Street 24, g.Sovetskaya Harbor 682880 Khabarovsk Territory Tel: (42138) 4 1163 Fax: (42138) 4 1163, D 44 8 64 Email: tpp@mail.sovgav.ru http://sg.soex.ru Ltd. “SOEKS-NORTH” 183960, Papanin Street 4, rm 15 Murmansk Tel: (8152) 47 3978 Fax: (8152) 45 1286, 45 0707 soexsev@com.mels.ru http://sever.soex.ru Ltd. “SOEKS-SIBERIA” 630049, Krasny prospect 220, k.10 office. 408 p / 443, Novosibirsk Tel: (3832) 25 0052, 23 9849 Fax: (3832) 25 0052 Email: info@ngtpp.ru, ludmila@ngtpp.ru http://sibir.soex.ru Ltd. “SOEKS-TATARSTAN” A.Puskin Street 18, Kazan, 420503 Republic of Tatarstan Tel: (8432) 64 6207, 64 3582 Fax: (8432) 36 0966 Email: soex@tpprt.ru; expert@tpprt.ru http://tat.soex.ru

DIRECTORY Ltd. “SOEKS-TOMSK” Nakhimov Street 13 / 1, office. 107 634050 Tomsk Tel: (3822) 41 2491 Fax: (3822) 41 2736 Email: tpp@soex.tomsk.ru http://tomsk.soex.ru

Eastern European commodity exchanges Gilyarovskogo Street, House 53, Office 14, 129110 Moscow Tel/Fax: +7 (495) 681 9839, 681 9973 Email: info@vetsb.ru www.vetsb.ru The Committee of International Activities, Moscow Association of Entrepreneurs Skakovaya Street 9, 125040 Moscow Tel: (495) 243 3324, 243 2337, 203 4327 Fax: (495) 243-3324 Email: sam@iva.ru

Ltd. “SOEKS-Togliatti” G.Tolyatti, Pobedy Street d.19A 445009 Samara region Tel: (8482) 31 8619 Fax: (8482) 31 8622, 36 6433 Email: soex@ccitogliatti.ru http://togl.soex.ru

ZAO MKPTSN (Mezhdunarodnarodny consulting and legal centre on taxation, auditing firm) Krivokolenny Lane 3, p.1, 101000 Moscow Tel: (495) 621 1015 Fax: (495) 621 5687 Email: office@mkpcn.ru www.mkpcn.ru

Ltd. “SOEKS-SOUTH” Kuban Street 15, 354000 Sochi Tel: (8622) 64 7395, 62 3195, 64 7741 Email: tpp@sochi.ru, http://yug.soex.ru Ltd. “SOEKS-Yugra” G.Surgut Street 30let Victory, 34a 628403 Tyumen region Tel: (3462) 50 0950 Email: tpp@stpp.surguttel.ru http://yugra.soex.ru Ltd. “SOEKS-UTPP” 432063, Ulyanovsk region, g.Ulyanovsk, K.Marksa Street 19, Tel: (8422) 79 4061 Fax: (8422) 79 4159 Email: info@ultpp.ru, http://utpp.soex.ru Ltd. “EKSO” Kuznetsky Most Street, d.21 / 5 of 5062, 109012 Moscow Tel/Fax: (495) 502 8228 Email: ekso@eksotpp.ru Ltd. “SOEKS-Profkontrol” Rusakovskaya Street 13, 107140 Moscow Tel: (495) 785 6248 Mob: 8 903 718 8605 Email: soexprof@mail.ru Armenian Apostolic Church Minresursekspertiza (Mineks) Moscow Tel: (495) 974 9560 Email: arhipov@minex.ru www.minex.ru Managers Association Krasnopresnenskaya Embankment, Tower B, 15th Floor, 123317 Moscow Tel: +7 (495) 975 8370 Fax: +7 (495) 975 8369 Email: info@amr.ru, www.amr.ru

D.18,

IRU International Road Transport Union Krasnopresnenskaya Embankment 12 under 6, Suite 417, 123610 Moscow Tel: +7 (495) 258 1759 Fax: +7 (495) 258 1760 Email: moscow@iru.org www.iru-cis.ru “Development”: Association of Agencies Supporting SMEs Mosfilmovskaya Street d.17b 117330 Moscow Tel: (495) 143 7321, 939 9937 Fax: (495) 143 7321 Email: ra@siora.ru , www.siora.ru

OOO “Soyuzpatent” – Service Companies Myasnitskaya Street 13, p. 5, 101000 Moscow Tel: (495) 221 8880, 221 8881 Fax: (495) 221 8885, 221 8886, 221 8887 Email: info@sojuzpatent.com www.sojuzpatent.com Serbian Institutions Serbian Ministry of Foreign Affairs Kneza Miloša 22-26, 11000 Belgrade Tel: +381 (11) 3615 055, 3616 333 Fax: +381 (11) 3618 366, 3618 379 Email: mfa@smip.sv.gov.yu www.mfa.gov.yu Embassy of the Republic of Serbia to Russia Mosfilmovskaya Street 46, 119285 Moscow Tel (office): +7 (495) 147 4221, 147 4105, 147 4106, 147 9008 The Serbian Ministry of Economy and Regional Development Boulevard Kralja Aleksandra 15, Belgrade Tel: +381 (11) 3347 231 Fax: +381 (11) 3346 770 www.merr.sr.gov.yu The Serbian Ministry of Mining and Energy Kralja Milana 36 11000 Belgrade Tel: +381 (11) 3631 595 Fax: +381 (11) 3616 603 Email: kabinet@mem.sr.gov.yu www.mem.sr.gov.yu

Produktna Stock Exchange Boulevard oslobođenja 5, 21000 Novi Sad Tel: +381 (21) 443 413 www.proberza.com Tourist Organisation of Serbia Omladinskih brigada 1, SIV 3, 11070 Novi Beograd Tel: +381 (11) 3232 586 Fax: +381 (11) 322 1068 Email: office@serbia.travel www.serbia-tourism.org, www.srbija.travel Department for International Promotion and Co-operation Tourist Organisation of Belgrade, Masarikova 5/IX, 11000 Belgrade Tel: +381 (11) 3139 789 www.tob.co.yu, www.belgradetourism.org.yu Belgrade Fair Boulevard Vojvode Mišića 14, 11000 Belgrade Tel: +381 (11) 2655 001, 2655 865, 2655 855 www.sajam.co.rs Companies & Enterprises Company for the transportation of oil Derivatives Lukoil-Beopetrol AD Mihajlo Pupin 165d, 11070 Novi Beograd Tel: +381 (11) 2220 200 Fax: +381 (11) 2220 294 Email: office@lukoil.co.yu PUTNIK Dragoslava Jovanovića 1, 11000 Belgrade Tel: + 381 11 3208 709, 3208 741 Fax: + 381 11 3208 708 Email: info@putnik.com www.putnik.com Aeroflot office SERBIA Knez Mihailova 30, 11000 Belgrade Tel: +381 (11) 328 6071, 328 6064 Fax: +381 (11) 328 6083 Email: begtosu@aeroflot.ru www.serbia.aeroflot.aero Copper tubing factory Canada Industrial zone BB, Bor/Majdenpek Tel: +381 (30) 453 000 Fax: + 381 (30) 453 033, 453 093 Email: cu@fbc-m.com, www.fbc-m.com/ IKARBUS AD Factory for buses and specialised vehicles Highway 24, 11000 Belgrade Tel: +381 (11) 314 9229 Email: ikarbus@eunet.yu www.ikarbus.co.yu

The Serbian Ministry of Trade and Services Nemanjina 22-26, Belgrade Tel: +381 (11) 3618 852, 3613 404 Fax: +381 (11) 3610 258 Email: trgovina@mtu.gov.rs www.mtu.sr.gov.yu

Moscow BANK AD BELGRADE Karađorđeva 89, 11000 Belgrade Tel: +381 (11) 395 2200 Fax: +381 (11) 361 3419 www.moskovskabanka.rs

The Serbian Privatisation Agency Takovska 23/VI, 11000 Belgrade Tel: +381 (11) 3020 800 Fax: +381 (11) 3020 828 Email: info@priv.yu

“Fadip” ad Novalja Trg liberation 3, Novi Sad Tel: +381 (21) 6915 971, 6913 126 Fax: +381 (21) 6915 971 Email: info@fadip.co.yu

Belgrade Chamber of Commerce Kneza Miloša 12, 11000 Belgrade Tel: +381 (11) 2641 355 www.kombeg.org.rs

OAO Power Machines Bulevar Mira 13b/3, Belgrade Tel/Fax: +381 (11) 367 4255, 357 4268 Email: Serbia@power-m.ru