The Government of the Republic of Srpska (RS) plans to offer 124 million euros to purchase Rashid Serdarov’s company, Comsar Energy RS.
Energy and Mining Minister Petar Djokic said the cabinet had reviewed information from state energy firm Gas Res and authorized it to continue negotiations with the Russian company. An internationally certified auditor valued Comsar between 119 and 147 million euros, with the Government’s working figure set at 124 million euros. Comsar is now expected to respond to the offer, after which Gas Res will submit a final decision for approval.
Earlier this year, the initial valuation was around 120 million euros. Comsar then hired its own auditor, who in February estimated the company’s value at nearly 150 million euros. In 2013, Comsar was granted a concession to build and operate the coal-fired thermal power plant Ugljevik 3, along with three related concessions, including mining rights at the Ugljevik Istok 2 deposit. The coalfield, worth about 250 million euros, was intended to supply TPP Ugljevik 3, which was never built. Despite this, the concession contracts remained valid, prompting the RS Government to now offer 124 million euros to recover a resource it had effectively given away.
Although negotiations are ongoing, the Government approved in early April a first tranche of 30 million euros to initiate the takeover and reclaim the concession. Officials say the buyback is urgent because the existing TPP Ugljevik is facing coal shortages that could disrupt operations. Critics argue that the public is paying the price for poor past decisions, as authorities must now spend hundreds of millions to regain control over key natural resources.