Focus on Energy, 2010 - Karanovic & Nikolic

“RUDNIK UGLJA A.D.”, PLJEVLJA (“RUDNIK”)Rudnik is a company principally engaged in coal mining. Its main product is lignite which is used in TPP’sand by industrial plants. The company is also active in the coal exploration services and the wholesaleand retail sale of coal and other products. It is also involved in construction activities and in the supplyof construction materials.In 2009 the Italian company “A2A SpA” acquired 39.49% of the shareholding in Rudnik, whilst thesecond largest shareholder is the State of Montenegro with 31.11% a shareholding. Aco Đukanović, anindividual shareholder holds 10.10% of the shareholding, whilst the rest of the shareholding is held by avariety of minority shareholders.HELLENIC PETROLEUMThe Greek company Hellenic Petroleum holds a 54.31% shareholding in “Jugopetrol Kotor a.d.” (“Jugopetrol”).Jugopetrol is the largest importer, trader and retailer of oil products in Montenegro.MONTENEGRO BONUSThe company Montenegro Bonus is a 100% state owned company engaged in the storage, trade, supplyand distribution of oil and oil derivatives and liquefied petroleum gas.76FOCUS ON ENERGYMONTENEGRIN ENERGY POLICYThe long-term goals for the development of the Montenegrin energy sector are set in the Energy Strategy.The Energy Strategy is an elaborate planning document which provides an overview of the Montenegrinenergy sector, including the available energy resources, the state of the existing energy infrastructure,energy production and consumption statistics and information regarding the availability ofdevelopment opportunities. On the basis of the existing state of energy sector, the Energy Strategy setsout a list of development priorities which include:tionand renewable energy resources, in accordance with the obligations assumed under the EnergyCommunity Treaty;ergy,in accordance with standards set by the European Commission;opment,and in compliance with the applicable UNESCO declarations and the resolutions of theMontenegrin Parliament;sionand distribution of electric energy;On the basis of the Energy Strategy, in October, 2008, the Government issued the previously mentionedAction Plan. The Action Plan sets out a list of concrete projects that need to be carried in anattempt to implement the long-term goals set out in the Energy Strategy, the time frame for theimplementation of these projects, the institutional and regulatory framework needed and financialresources that will be required.