The first session of the tender committee for Društvo za proizvodnju ulja rafinerija nafte društvo sa ograničenom odgovornošću, Beograd

The first session of the Tender Committee for monitoring of the tender procedure for sale of 70% of the total registered capital of the company: Društvo za proizvodnju ulja Rafinerija nafte društvo sa ograničenom odgovornošću, Beograd, commenced on November 27, 2006. Continuation of the first session and public opening of the bids for acquisition of the company’s capital took place on December 4, 2006.

By the final deadline for submission of bids - November 17, 2006 by 17:00 hours local time, six bids were submitted, as follows: Cyclon Hellas s.a., Athens, Greece; Evropetroleum ood, Plovdiv, Bulgaria; Orlen Oil Sp. z.o.o., Krakow, Poland; Neochimiki L.V. Lavrentiadis S.A., Greece; Consortium MBS (comprising of Res Trade d.o.o. Novi Sad and MBS Tehno d.o.o. Beograd) and Prista Oil , Sofia, Bulgaria .

Based on the analysis of the qualification documents submitted by all six Bidders, and the opinion of the Advisor to the Privatization Agency, the Tender Committee established that the Bidders Evropetroleum ood, Plovdiv, Bulgaria; Neochimiki L.V. Lavrentiadis S.A., Greece; Consortium MBS (comprising of Res Trade d.o.o. Novi Sad and MBS Tehno d.o.o. Beograd) and Prista Oil, Sofia, Bulgaria, fulfill the qualification requirements defined in the Public Invitation and Instructions to Bidders, whereas the bids submitted by the Bidder Orlen Oil Sp. z.o.o., Krakow, Poland and the Bidder Cyclon Hellas s.a., Athens, Greece, were rejected as incomplete.

Taking into account that the shares of some of the bidders are listed in international financial markets, the Privatization Agency hereby preliminarily announces the basic elements of the bids that were subject of the public opening:

Basic elements of the bid submitted by the Bidder Neochimiki L.V. Lavrentiadis S.A., Greece:

1. Purchase Price in the amount of EUR 16.380.000,00
2. Total Investment Program in the amount of EUR 15.000.000,00

Basic elements of the bid submitted by the Bidder Evropetroleum ood, Plovdiv, Bulgaria:

1. Purchase Price in the amount of EUR 13.230.000,00
2. Total Investment Program in the amount of EUR 15.382.500,00

Basic elements of the bid submitted by the Bidder Prista Oil , Sofia, Bulgaria:

1. Purchase Price in the amount of EUR 11.518.000,00
2. Total Investment Program in the amount of EUR 4.625.000,00

Basic elements of the bid submitted by the Bidder Consortium MBS (comprising of Res Trade d.o.o. Novi Sad and MBS Tehno d.o.o. Beograd):

1. Purchase Price in the amount of EUR 5.501.325,00
2. Total Investment Program in the amount of EUR 15.382.500,00


Official results of the tender shall be announced after the second session of the Tender Committee scheduled for the next week, and upon evaluation of the bids in accordance with procedure set out in the Instructions to Bidders and final ranking of the bidders in the tender process for sale of 70% of the total registered capital of the company: Društvo za proizvodnju ulja Rafinerija nafte društvo sa ograničenom odgovornošću, Beograd.