PEOP Shareholders Agreement signed

22.04.2008. 12:47

Bucharest – Continuing with the activities on the implementation of the PEOP Project (Pan European Oil Pipeline), today, 22 April 2008, the Shareholders Agreement was signed in Bucharest. The Agreement was signed by the representatives of JANAF from Croatia, CONPET and OIL TERMINAL from Romania, as well as by TRANSNAFTA from Serbia. On behalf of JANAF, the Agreement was signed by Mr. Vladimir Vranković, Board Member.

“The Shareholders Agreement represents the basic document and the first step in establishing the company, whose task shall be to promote the PEOP Project, to prepare all relevant documents necessary to organize the investors’ conference, as well as to attract all those potentially interested for that project,” emphasized Mr. Vranković, JANAF’s Board Member after signing the Agreement.

According to Mr. Vranković, in the next two months after signing the Agreement, the company will need to be established, with its registered seat in London, and all its business shall be operationally managed in accordance with the UK laws.

“This signed document leaves a possibility for Slovenia and Italy, both signatories to the Ministerial Declaration, to become subsequently involved in the PEOP company management and operation under the same conditions as the present signatories to the Agreement,” Mr. Vranković mentioned and added that Italy would most probably do that after forming a new government, while Slovenia joining is expected.

The Shareholders Agreement is based on the Ministerial Declaration from April 2007, the conclusions of the PEOP Interstate Committee and the EU support. The Croatian Government by its Conclusion of 19 March 2008 supported JANAF Plc. to participate, as shareholder, in the establishment and operation of the PEOP Project Development Company.