DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 46671 -YF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED LOAN IN THE AMOUNT OF EURO 34.9 MILLION (US$50 MILLION EQUIVALENT) Public Disclosure Authorized TO REPUBLIC OF SERBIA FOR PROGRAMMATIC PRIVATE AND FINANCIAL Public Disclosure Authorized DEVELOPMENT POLICY LOAN February 4,2009 Finance and Private Sector Development (ECSPF) South East Europe Country Unit (ECCU4) Europe and Central Asia (ECA) This document has a restricted distribution and may be used by recipients only in the performance oftheir official duties. Its contents may not otherwise be disclosed without World Public Disclosure Authorized Bank authorization. REPUBLIC OF SERBIA - GOVERNMENTFISCAL YEAR January 1 - December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as ofJanuary 13,2009) Currency Unit Serbian Dinar RSD 1.00 US$0.02 US$l.OO RSD 69.4 Metric System ABBREVIATION AND ACRONYMS (As applicable, plus others) ALMP Active Labor Market Programs BSA Bankruptcy Supervisory Agency BSC Bank Supervision Committee BSE Belgrade Stock Exchange BSL Budget System Law CAD Current Account Deficit CAMEL Capital, Assets, Management, Earnings, and Liquidity CAS Country Assistance Strategy CEA Country Environmental Analysis CFAA Country Financial Accountability Assessment CTR Commission for the Protection of Tenderers' Rights DDOR DDOR Novi Sad (Serbia's 2ndlargest insurance company) DF Development Fund DFID UK Department for International Development DIA Deposit Insurance Agency DPL Development Policy Loan EAR European Agency for Reconstruction EBRD European Bank for Reconstruction and Development ECA Europe and Central Asia EMS Electricity Transmission Company EO1 Expression of Interest EPS Elektroprivreda Srbije (Serbia's national electric power utility) EPP Employment Promotion Project ESW Economic Sector Work EU European Union FA Financial Advisor FAU Fiduciary Assessment Update FDI Foreign Direct Investments FSN Financial Sector Note FY World Bank Fiscal Year GDP Gross Domestic Product GNP Gross National Product FOR OFFICIAL USE ONLY GoS Government of Serbia HIPC Heavily Indebted Poor Countries IBRD International Bank for Reconstruction and Development ICA Investment Climate Assessment IDA International Development Association IFC International Finance Corporation IMF International Monetary Fund IPFMA Integrated Public Finance Management Assessment IPO Initial Public Offering JSA Joint Staff Assessment JSC Joint Stock Company LDP Letter of Development Policy LLC Limited Liability Corporation MOI Ministry of Infrastructure MDGs Millennium Development Goals MME Ministry of Mining and Energy MoESP Ministry of Environment and Spatial Planning MOLSP Ministry of Labor and Social Policy MOERD Ministry of Economy and Regional Development MOF Ministry of Finance MOH Ministry of Health MOP Materijalno Obezbedjenje Porodice (Material Support to Families) MSEP Ministry of Science MTEF Medium-Term Expenditure Framework MTPL Motor Third Party Liability MTS Modernized Treasury System NBFI Non-Bank Financial Institutions NBS National Bank of Serbia NES National Employment Service NIS Naftna Industrija Srbije (State Oil Company) NMICS National Mortgage Insurance Corporation of Serbia NPL Non-performing Loans PA Privatization Agency PEIR Public Expenditure Institutional Review PFDPL Programmatic Private and Financial Development Policy Loan PFM Public Financial Management PHRD Japan Policy and Human Resources Development Trust Fund PIER Public Expenditure and Institutional Review PLC Paris London Club PPFDPC- 1 First Programmatic Private and Financial Development Policy Credit PPL Public Procurement Law PPO Public Procurement Office PRSP Poverty Reduction Strategy Paper PSN Private Sector Note ROSC Report on the Observance of Standards and Codes This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not be otherwise disclosed without World Bank authorization. RSD Serbian Dinar SAA Stabilization and Association Agreement SA1 State Audit Institution SAC Structural Adjustment Credit SAP Stabilization and Association Process SBA Stand-By Arrangement SBRA Serbian Business Registers Agency SDP Supervisory Development Plan SDR Special Drawing Rights SEM Serbia Economic Memorandum SIDA Swedish International Development Cooperation Agency SME Small and Medium Enterprises SP Social Program SPA Sale and Purchase Agreement SOB State-Owned Banks SOE Socially-Owned Enterprise TF Transition Fund TPL Third Party Liabilities UNDP United Nations Development Program USAID United States Agency for International Development USD or US$ United States Dollar ZTP Zeleznicko Transportno Preduzece - Belgrade Rail Company Vice President: Shigeo Katsu Country Director: Jane Annitage Sector Director: Fernando Montes-Negret Sector Manager: Lalit Raina Task Team Leader: Irina Astrakhan REPUBLIC OF SERBIA PROGRAMMATIC PRIVATE AND FINANCIALDEVELOPMENT POLICY LOAN TABLEOF CONTENTS LOAN AND PROGRAM SUMMARY ............................................................................. i I. INTRODUCTION................................................................................................... 1 Recent Economic Developments In Serbia ............................................................... 2 I1. THE GOVERNMENT’S PROGRAM .................................................................. 8 I11. BANK SUPPORT TO THE GOVERNMENT’S STRATEGY .......................... 11 Link To Cas ............................................................................................................... 11 Collaboration With The Imf And Other Donors ....................................................... 11 RELATIONSHIP TO OTHER BANK OPERATIONS ............................................ 12 Lessons Learned ........................................................................................................ 13 .. Analytical Underpinnings .......................................................................................... 15 IV. THE PROPOSED PROGRAMMATIC PRIVATE AND FINANCIAL DEVELOPMENT POLICY LOAN .................................................................................. 16 Operation Description ............................................................................................... 16 Policy Areas .............................................................................................................. 17 V . OPERATION IMPLEMENTATION ................................................................... 41 Poverty And Social Impacts ...................................................................................... 41 Implementation, Monitoring And Evaluation ........................................................... 44 Fiduciary Aspects ...................................................................................................... 44 Disbursement And Auditing...................................................................................... 45 Environmental Aspects ............................................................................................. 46 Risks And Risk Mitigation ........................................................................................ 48 VI. ANNEXES ................................................................................................................ 50 Annex 1: PFDPL Policy Matrix ................................................................................ 50 Annex 2: Letter of Development Policy.................................................................... 56 Annex 3: IMF Press Release ..................................................................................... 67 Annex 4: Map (IBRD 34847) .................................................................................... 71 The Programmatic Private and Financial Development Policy Loan (PFDPL) was prepared by an IBRD team consisting of Irina Astrakhan (Task Team Leader). Alexander Pankov. Itzhak Goldberg. Aurora Ferrari. John Pollner. Andrej Popovic (ECSPF); Aleksandar Crnomarkovic (ECSPS). Eugene Gurenko (FPDSN); Bjorn Hamso. (ECSIE); Arvo Kuddo (ECSHD); Tijen Arin (ECSSD); Ardo Hansson. Ronald Hood. Lazar Sestovic (ECSPE); Siew Chai Ting (ECSPS); Dominique Bichara (LEGEM); and Nicholay Chistyakov (LOAFC) . LOAN AND PROGRAM SUMMARY REPUBLIC OF SERBIA PRIVATE AND FINANCIALDEVELOPMENT POLICY LOAN Borrower Republic of Serbia Implementing The Ministry of Finance (MOF) of the Republic of Serbia will be responsible Agency for overall implementation of the proposed operation. Other key ministries and agencies responsible for the implementation of the operation will include: the Ministry of Economy and Regional Development (MOERD), Ministry of Mining and Energy (MME), Ministry of Infrastructure (MOI), Privatization Agency (PA), Deposit Insurance Agency (DIA), National Bank of Serbia (NBS), Elektroprivreda Srbije (EPS), and Naftna Industrija Srbije (NIS). IBRD loan Financing Terms: TBD Data Amount: Euro 34.9 million (US$50 million equivalent) Operation The proposed Programmatic Private and Financial Development Policy Loan Type (PFDPL) is the first in a series of three programmatic Development Policy Loans (DPLs) designed to support a multi-year program of assistance to the Republic of Serbia to address key institution building and reform challenges in both private and financial sectors. The full IBRD loan is expected to be withdrawn in a single tranche
Recommended publications
  • Naftna Industrija Srbije A.D

    Naftna Industrija Srbije A.D

    Naftna industrija Srbije A.D. Consolidated Financial Statements and Independent Auditor’s Report 31 December 2016 This version of the financial statements is a translation from the original, which was prepared in Serbian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original Serbian language version of the document takes precedence over this translation Contents INDEPENDENT AUDITOR’S REPORT CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position 1 Consolidated Statement of Profit and Loss and Other Comprehensive Income 2 Consolidated Statement of Changes in Shareholders’ Equity 3 Consolidated Statement of Cash Flows 4 Notes to the Consolidated Financial Statements 1. Generalinformation 5 2. Summary of Significant Accounting Policies 5 3 Critical Accounting Estimates, Assumptions and Judgments 15 4. Application of New IFRS 18 5. New Accounting Standards 19 6. Financial Risk Management 20 7. Segment Information 24 8. Cash and Cash Equivalents 27 9. Trade and Other Receivables 28 10. Inventories 29 11. Other Current Assets 30 12. Property, Plant and Equipment 31 13. Investment Property 33 14. Goodwill and Other Intangible Assets 35 15. Investments in Joint Venture 36 16. Trade and Other Non-Current Receivables 37 17. Deferred Income Tax 37 18. Other Non-current Assets 38 19. Short-term Debt and Current Portion of Long-term Debt 38 20. Trade and Other Payables 39 21. Other Current Liabilities 39 22. Other Taxes Payable 39 23. Long-term Debt 39 24. Provisions for Liabilities and Charges 41 25.
  • KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial

    KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial

    KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial Statements Year Ended December 31, 2017 and Independent Auditors’ Report KOMERCIJALNA BANKA A.D. BEOGRAD CONTENTS Page Independent Auditors' Report 1-2 Consolidated Financial Statements: Consolidated Income Sheet 3 Consolidated Statement of Other Comprehensive Income 4 Consolidated Balance Statement 5 Consolidated Statement of Changes in Equity 6-7 Consolidated Statement of Cash Flows 8-9 Notes to the Consolidated Financial Statements 10 -192 Group’s Annual Business Report KOMERCIJALNA BANKA A.D. BEOGRAD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 1. ESTABLISHMENT AND OPERATIONS OF THE BANKING GROUP Komercijalna banka ad, Belgrade (hereinafter "The Parent Bank") was established on December 1, 1970, and was transformed into a joint stock company on May 6, 1992. The Bank was registered with the Commercial Court in Belgrade on July 10, 1991, and was legally re-registered in the Business Registers Agency on April 14, 2006. The Bank was granted a banking license from the National Bank of Yugoslavia on July 3, 1991. The tax identification number of the Parent Bank is 100001931. The largest share in the controlling activities of the parent banks is: Republic of Serbia 41.74% EBRD, London 24.43% The parent bank has three dependent legal entities with ownership: - 100% - Komercijalna banka ad, Budva, Montenegro - 100% - Investment Management Company KomBank INVEST ad, Belgrade, Serbia - 99.998% - Komercijalna banka ad, Banja Luka, Bosnia and Herzegovina. The minority owner in Komercijalna banka ad, Banja Luka, with 0.002% is the Agency for Export, Insurance and Financing of the Republic of Serbia. Consolidated financial statements and notes to the consolidated financial statements are the data of the Parent Bank, Komercijalna Banka AD, Budva, Komercijalna Banka ad, Banja Luka and KomBank INVEST ad Investment Company, Belgrade (in further text: "Group").
  • The Mineral Industry of Serbia in 2012

    The Mineral Industry of Serbia in 2012

    2012 Minerals Yearbook SERBIA U.S. Department of the Interior February 2015 U.S. Geological Survey THE MINERAL INDUSTRY OF SERBIA By Yadira Soto-Viruet Serbia’s mineral industry was dominated by copper, iron Euromax Resources Ltd., and Reservoir Minerals Inc., and and steel, and refined petroleum products. Other mineral Orogen Gold plc of the United Kingdom. and mineral-based commodities produced in the country included cement, coal, gold, lead, natural gas, nitrogen, salt, Commodity Review and selenium. Metals Minerals in the National Economy Copper.—In May, state-owned RTB Bor announced the In 2012, Serbia’s gross domestic product (GDP) decreased rehabilitation and reopening of the Cerovo Mine after an by 1.7%. In 2011 (the most recent year for which data were investment of about $23 million. The open pit mine, which was available), mining and quarrying made up about 1.9% of the closed in 2002, is located 15 kilometers (km) northwest of Bor GDP. The value of exports of mining and quarrying products and had estimated reserves of about 150 Mt at an average grade in 2011 was about $92 million, and the value of imports of of 0.35% copper. The company envisioned that initial output mining and quarrying products was about $2.5 billion. About when production resumes at Cerovo would be 2.5 Mt/yr of ore 87% of crude petroleum and 90% of natural gas imports were and would increase to 5.5 Mt/yr after 2015. In 2011, RTB Bor from Russia. The country also imported about 98% of its iron awarded the contract for the modernization of its existing copper ores and concentrates from Ukraine (Statistical Office of the smelting complex to SCN-Lavalin Group Inc.
  • The PE EPS Environmental Report for 2015

    The PE EPS Environmental Report for 2015

    Environmental Protection Electric Power Industry of Serbia 2015 Environmental Report Belgrade, April 2016 PE Electric Power Industry of Serbia Environmental Protection INTRODUCTION .....................................................................................................................................................................................6 1. COAL AND ELECTRICITY PRODUCTION ..................................................................................................................................7 1.1 PE EPS COAL PRODUCTION ...................................................................................................................................................7 1.2 PE EPS ELECTRICITY GENERATION ........................................................................................................................................7 1.3 FUEL CONSUMPTION AND HAZARDOUS AND HARMFUL SUBSTANCES AIR EMISSION FROM PE EPS TPPS ..................................8 1.4 PE EPS WORK INJURIES ......................................................................................................................................................10 1.5 PE EPS HEALTH ..................................................................................................................................................................10 2. KOLUBARA MINING BASIN BRANCH ......................................................................................................................................12 A KOLUBARA MB – OPEN CAST MINES
  • Notes on the the Upstream Oil Market in South East Europe

    Notes on the the Upstream Oil Market in South East Europe

    Notes on the The Upstream Oil Market in South East Europe on the occasion of the IENE 7 th South East Europe Energy Dialogue in cooperation with Athens: 28, Dimitriou Soutsou str. • GR-115 21 • Tel.: +30 210 817 1500 • Fax: +30 210 685 6657/8 Thessaloniki: 17, Ethnikis Antistasseos str. • GR-55134 • Tel.: +30 2310 478640-50-60-70 • Fax: +30 2310 455126 Certified by ISO 9001:2008 www.kgdi.gr KG LAW FIRM REF. NUM.: 2.801.709 Albania Has there been any research, exploration and/or exploitation activity in the last 10 years? Which companies are active in the upstream activity? Albania has many mineral resources, most notably: copper, iron-nickel and coal, as well as petroleum. There is located one of the largest onshore oil fields in Europe: Patos-Marinza, for which an increasing number of international oil companies today are securing oil prospecting licenses. Over the last decade, the country has awarded drilling licenses to a number of American, Austrian, Canadian, Croatian, Greek, and Swedish companies, and an increasing number of international companies are now seeking prospecting licenses. This has led to a growing workforce and an influx of investment in the oil, mining and gas sectors, which provides optimism for a long term recovery in the extractive industries. In the areas of exploration foreign companies prevail and operate on the basis of PSCs entered into with the Albanian state. In addition to minerals, Albania also holds considerable oil and natural gas, and the government is currently in the process of promoting increased production to international oil and gas firms in the wake of its program of privatization.
  • Analiza Efikasnosti Naftnih Kompanija U Srbiji Efficency Analysis of Oil Companies in Serbia

    Analiza Efikasnosti Naftnih Kompanija U Srbiji Efficency Analysis of Oil Companies in Serbia

    ________________________________________________________________________ 79 Analiza efikasnosti naftnih kompanija u Srbiji Efficency Analysis of Oil Companies in Serbia prof. dr. sc. Radojko Lukić Ekonomski fakultet u Beogradu [email protected] Ključne reči: ekspolatacija sirove nafte i gasa, Abstract tržišno učešće, efikasnost poslovanja, financijske Lately, significant attention has been paid to the performanse, održivo izveštavanje evolution of the performance of oil companies around Key words: exploration of crude oil and gas, market the world, by individual regions and countries. Bearing share, business efficiency, financial performance, susta- this in mind, relying on the existing theoretical and inable reporting methodological and empirical results, this paper analyzes the efficiency of operations, financial perfor- mance and sustainable reporting of oil companies in Sažetak Serbia, with special emphasis on the Petroleum Industry of Serbia (NIS). The results of the survey show signifi- U poslednje vreme značajna se pažnja poklanja cant role of mining, i.e. oil companies in creating addi- evoluaciji performansi naftnih kompanija u svetu, tional value of the entire economy of Serbia. Concer- po pojedinim regionima i zemljama. Imajući to u ning the Petroleum Industry of Serbia, it has a signi- vidu, oslanjajući se na postojeće teorijsko-metodo- ficant place in the production and trade of petroleum loške i empirijske rezultate, u ovom radu se analizi- products in Serbia. For these reasons, the efficiency of raju efikasnosti poslovanja, finansijske performanse operations, financial performance and maintenance of i održivo izveštavanje naftnih kompanija u Srbiji, s the Petroleum Industry of Serbia has been complexly posebnim osvrtom na Naftnu industriju Srbije (NIS). analyzed. In this respect, according to many indicators, Rezultati istraživanja pokazuju značajnu ulogu rudar- it is at a satisfactory level in relation to the average of the stva, odnosno naftnih kompanija u kreiranju dodatne world’s leading oil companies.
  • Events on Serbian Capital Market

    Events on Serbian Capital Market

    Dalmatinska 65a 11000 Belgrade, Serbia Events on Serbian capital market tel: +381 11 29-94-394 [email protected] fax: +381 11 32-93-242 April 27, 2012 by Vladan Gajić & Vojkan Janković www.tradeville.rs market overview 900 1.900 c o m m e n t 800 1.700 Leading index of the Belgrade Stock Exchange Belex15 decreased by -0,18% to 494,96 index points with a decrease of turnover compared to yesterday. Today’s total turnover amounted EUR 345.752 . 700 1.500 Bonds traded in amount of EUR 211.865 . General, “benchmark” index of the Belgrade Stock Exchange, BELEXline ended to 979,62 index points. Foreign investor's participation was 27,97%. 600 1.300 The list of winners started by Razvojna Banka Vojvodine ad ( MTBN ) whose price increased by 13,30% to RSD 1.133 with 127 shares sold. Lasta ad ( LSTA ) rose for 10,87% to price RSD 255 with 500 1.100 volume of 21 traded shares. Veterinarski zavod Subotica ad ( VZAS ) had increment of 2,03% with volume of 25 traded shares, whose price ended at RSD 302 . 400 900 The biggest losers were Philip Morris Operations ad ( DINNPB ), Soja protein ad ( SJPT ) and 300 700 Aerodrom Nikola Tesla ad ( AERO ). Philip Morris Operations ad ( DINNPB ) recorded decrease of - 28.4.11 28.6.11 28.8.11 28.10.11 28.12.11 28.2.12 6,90% what was maximum drop per day and recorded value of RSD 810 with volume of 80 traded shares. The share price of Soja protein ad ( SJPT ) decreased by -1,68% with volume of 200 traded shares and ended at RSD 528 .
  • Minutes from the Regular Session of the General Meeting of Bank’S Shareholders Held on January 25Th 2017

    Minutes from the Regular Session of the General Meeting of Bank’S Shareholders Held on January 25Th 2017

    MINUTES FROM THE REGULAR SESSION OF THE GENERAL MEETING OF BANK’S SHAREHOLDERS HELD ON JANUARY 25TH 2017 Belgrade, January 25th 2017 1 KOMERCIJALNA BANKA AD BEOGRAD GENERAL MEETING OF SHAREHOLDERS OF THE BANK No. 33462 Belgrade, January 25th 2017 MINUTES From the regular session of the General Meeting of Shareholders of Komercijalna Banka AD Beograd, held on January 25th 2017 in Belgrade – in the premises of the Bank, 14 Svetog Save St – with the beginning at 12.00 hours Shareholders – holders of ordinary shares specified on the List of Shareholders of the Bank composed on the Cut-off Date on January 15th 2017 with reference to the excerpt from the Central Registry of Securities – were attending the regular session of General Meeting of Shareholder of Komercijalna Banka AD Beograd that was held on January 25th 2017, as follows: 1. Republic of Serbia, proxy Jovanka Kosanović, Chair of the Bank's GMS 2. EBRD London – proxy k Mirjana Vujičić 3. Jugobanka in bankruptcy, Belgrade - proxy Jovanka Kosanović 4. Dunav osiguranje ado Beograd – proxy Mila Pavlović The shareholder IFC CAPITALIZATION FUND, WILMINGTON, USA delivered to the Bank duly completed and certified in absentia voting form. Representatives of the Bank who attended the session were: 1. Alexander Picker, President of the Executive Board, CEO of the Bank 2. Gabrijela Horvat, Director of Legal Affairs Division 3. Marija Tatomirov, Director of Normative Affairs Division 4. Vesna Velemir, Head of the Executive Board Support Unit The session of the General Meeting of Shareholders began at 12:00 hours. Chair of the GMS, Jovanka Kosanović, opened the GMS session by greeting the attending representatives of the shareholders and management of the Bank and informed the General Meeting of Bank's Shareholders that, pursuant to the Law on Bank and Law on Companies, in her capacity of the Chair of the General Meeting, she passed: 1.
  • Javno Preduzeće

    Javno Preduzeće

    PUBLIC ENTERPRISE ELECTRIC POWER INDUSTRY OF SERBIA Consolidated Financial Statements Year Ended December 31, 2012 and Independent Auditors’ Report . Translation of the Auditors’ Report issued in the Serbian language PUBLIC ENTERPRISE ELECTRIC POWER INDUSTRY OF SERBIA CONTENTS Page Independent Auditors’ Report 1 - 3 Consolidated Financial Statements: Consolidated Income Statement 4 Consolidated Balance Sheet 5 Consolidated Statement of Changes in Equity 6 Consolidated Cash Flow Statement 7 Notes to the Consolidated Financial Statements 8 - 66 Translation of the Auditors’ Report issued in the Serbian language Translation of the Auditors’ Report issued in the Serbian language INDEPENDENT AUDITORS’ REPORT To the Board of Directors of the Public Enterprise Electric Power Industry of Serbia, Belgrade We have audited the accompanying consolidated financial statements (pages 4 to 66) of the Public Enterprise Electric Power Industry of Serbia and its subsidiaries (hereinafter: “JP EPS” or the “Company”), which comprise the consolidated balance sheet as at December 31, 2012, and the related consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation of these consolidated financial statements in accordance with the accounting regulations of the Republic of Serbia, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
  • Annual Report 2009

    Annual Report 2009

    2009 Belgrade Stock Exchange j.s.c ANNUAL REPORT 2009 Annual Report 2009 INTRODUCTION As in the previous years, the BSE business operation in 2009 was conditioned by the existing business environment within the current economic and political situation in Serbia. This Annual report should also be viewed in light of the global financial crisis. Under the said circumstances, the BSE strove to realize the tasks projected in the regulatory and technical and technological domains in an attempt to remain a reputable regional institution. The activities were focused on modernisation and establishment of up-to-date, standard and safe working conditions and improvements in the areas of investor protection, corporate governance, transparency in price formation and disclosure. These activities constituted the basis of the BSE’s projected and realized plans. Thus, the BELEXFIX was successfully completed, function of market makers was improved, BSE procedures and rules were modified accordingly, BSE and companies listed at its market were successfuly promoted and the final financial results were good. The year of 2009 was marked by a dynamic international activity of the Republic of Serbia, mostly focused on fulfilling conditions for accessing the EU and on the diplomatic activity with respect to the status of the Serbian southern province. The most significant political events on the domestic and international scene in 2009 are the following: - The global financial crisis and economic recession continued, causing a further drop in GDP, an increase
  • Poisoned by Gas: Institutional Failure, Energy Dependency, and Security

    Poisoned by Gas: Institutional Failure, Energy Dependency, and Security

    POISONED BY GAS: INSTITUTIONAL FAILURE, ENERGY DEPENDENCY, AND SECURITY EMILY J. HOLLAND SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN THE GRADUATE SCHOOL OF ARTS AND SCIENCES COLUMBIA UNIVERSITY 2017 © 2017 EMILY J. HOLLAND ALL RIGHTS RESERVED ABSTRACT POISONED BY GAS: INSTITUTIONAL FAILURE, ENERGY DEPENDENCY, AND SECURITY EMILY J. HOLLAND Many states lack domestic access to crucial energy supplies and must deal with the challenge of formulating an energy security policy that informs their relations with energy producing states. While secure and uninterrupted access to energy is crucial to state security and welfare, some states fail to implement energy security policies and remain dangerously dependent on a foreign supplier. In the post-Soviet region many states even actively resist attempts by the European Union and others to diversify their supplies. Why and under what conditions do states pursue energy security? Conversely, why do some highly dependent states fail to maximize their security vis-à-vis a dominant supplier? I argue that that to understand the complex nature of energy dependence and security it is necessary to look beyond energy markets to domestic political capture and institutional design. More specifically, I argue that initial reform choices guiding transition had long-lasting affects on the ability to make coherent policy choices. States that did not move away from Soviet era property rights empowered actors with an interest in maintaining the status quo of dependence. Others that instituted de facto democratic property rights to guide their energy transitions were able to block energy veto players and move towards a security maximizing diversification policy.
  • 2020 Annual Report

    2020 Annual Report

    Online Annual Report Gazprom Neft Performance review Sustainable 2020 at a glance 62 Resource base and production development CONTENTS 81 Refining and manufacturing 4 Geographical footprint 94 Sales of oil and petroleum products 230 Sustainable development 6 Gazprom Neft at a glance 114 Financial performance 234 Health, safety and environment (HSE) 8 Gazprom Neft’s investment case 241 Environmental safety 10 2020 highlights 250 HR Management 12 Letter from the Chairman of the Board of Directors 254 Social policy Technological Strategic report development Appendices 264 Consolidated financial statements as at and for the year ended 31 December 2020, with the 16 Letter from the Chairman of the Management Board 122 Innovation management independent auditor’s report About the Report 18 Market overview 131 2020 highlights and key projects 355 Company history This Report by Public Joint Stock Company Gazprom Neft (“Gazprom 28 2020 challenges 135 Import substitution 367 Structure of the Gazprom Neft Group Neft PJSC”, the “company”) for 2020 includes the results of operational activities of Gazprom Neft PJSC and its subsidiaries, 34 2030 Strategy 370 Information on energy consumption at Gazprom collectively referred to as the Gazprom Neft Group (the “Group”). 38 Business model Neft Gazprom Neft PJSC is the parent company of the Group and provides consolidated information on the operational and financial 42 Company transformation 371 Excerpts from management’s discussion and performance of the Group’s key assets for this Annual Report. The analysis of financial condition and results of list of subsidiaries covered in this Report and Gazprom Neft PJSC’s 44 Digital transformation operations interest in their capital are disclosed in notes to the consolidated Governance system IFRS financial statements for 2020.