Comsar Energy seals contracts for coal exploration in Bosnia's Serb Republic.

By bne IntelliNews November 15, 2011
Serb Republic's minister of industry, energy and mining Zeljko Kovacevic and the company Comsar Energy Republika Srpska have signed two concession contracts for detailed coal exploration at two sites located in the municipalities of Ugljevik and Lopare, ONASA news agency reported. The investment in exploration will be worth BAM 12.7mn (EUR 6.5mn). The period of the concessions is 2.5 years and the company paid a concession fee of BAM 0.22mn. The detailed geological prospecting is a prerequisite for continuing the EUR 400mn thermal power project for building a new 400 MW unit at the state-owned coal mining and electricity generation complex RiTE Ugljevik. Cyprus-based Comsar Energy Limited owns a 90% stake of Comsar Energy Republika Srpska, and the remaining 10% are held by RiTE Ugljevik. Russian businessman Rashid Serdarov owns Comsar Energy Limited.

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