Project description

"Comsar Energy Republike Srpske" d.o.o. Banja Luka was granted a concession on 31 December 2013 for the construction and operation of the Ugljevik 3 thermal power plant. The company was established by Rašid Sardarov’s Cyprus-based Comsar Energy Group Limited and the subsidiary company Rudnik i Termoelektrana Ugljevik a.d. Ugljevik, with foreign capital holding a 98.40 per cent stake. A one-off concession fee of BAM 4,507,888 was paid, but the power plant had still not been built by 2026. The Republika Srpska Concessions Commission says work had been carried out on documentation, preparatory activities and efforts to find a construction partner, while the COVID-19 pandemic slowed progress. In 2025, Sardarov sold his stake, valued at BAM 71,424,141, to the public company GAS-RES d.o.o. Banja Luka for BAM 240,567,090. The money was paid from the Republika Srpska budget.

Project description

“Comsar Energy Republika Srpska” d.o.o. Banja Luka was granted a concession in July 2013 to extract coal from the Ugljevik East 2 deposit. The company was established by Rašid Sardarov’s Cyprus-based “Comsar Energy Group Limited” and the subsidiary company “Rudnik i Termoelektrana Ugljevik” a.d. Ugljevik, with foreign capital holding a 98.40 per cent stake. The company paid a one-off concession fee of BAM 2,623,488, but never proceeded with coal extraction. The Republika Srpska Concessions Commission says certain stages of the project were carried out, but the project was subsequently halted due to the COVID-19 pandemic and the search for a partner. In 2025, Sardarov sold his stake, valued at BAM 71,424,141, to the public company GAS-RES d.o.o. Banja Luka for BAM 240,567,090. The money was paid from the Republika Srpska budget.

Project description

“Comsar Energy Republika Srpska” d.o.o. Banja Luka was granted a concession in March 2016 to extract limestone from the Baljak deposit. The company was established by Rašid Sardarov’s Cyprus-based “Comsar Energy Group Limited” and the subsidiary company “Rudnik i Termoelektrana Ugljevik” a.d. Ugljevik, with foreign capital holding a 98.40 per cent stake. The company paid a one-off concession fee of BAM 668,753, but never proceeded with limestone extraction. The Republika Srpska Concessions Commission said the project was linked to the construction of a thermal power plant, which was never built. In 2025, Sardarov sold his stake, valued at BAM 71,424,141, to the public company GAS-RES d.o.o. Banja Luka for BAM 240,567,090. The money was paid from the Republika Srpska budget.

Project description

“Comsar Energy Republika Srpska” d.o.o. Banja Luka was granted a concession in November 2014 to extract coal from the Delići and Peljave–Tobut deposits. The company was established by Rašid Sardarov’s Cyprus-based “Comsar Energy Group Limited” and the subsidiary company “Rudnik i Termoelektrana Ugljevik” a.d. Ugljevik, with foreign capital holding a 98.40 per cent stake. They paid a one-off concession fee of BAM 537,059, while the Republika Srpska Concessions Commission said they had carried out certain activities and prepared a study on the classification and categorisation of coal reserves, but that the COVID-19 pandemic had affected the work. In 2025, Sardarov sold his stake, valued at BAM 71,424,141, to the public company GAS-RES d.o.o. Banja Luka for BAM 240,567,090. The money was paid from the Republika Srpska budget.

Project description

In November 2012, the concession for the construction and operation of the Mrsovo hydropower plant was awarded to Comsar Energy Hidro, a company owned by Rašid Sardarov. The company paid a one-off concession fee of BAM 123,750, but did not build the hydropower plant. In 2022, Sardarov sold the concession-holding company to ERS-Obnovljivi izvori energije d.o.o. Ljubinje for BAM 68.6 million.

Project description

The concession for the exploitation of stone was awarded in 2015 to Comsar Energy Hidro, a company owned by Rašid Sardarov, with a one-off concession fee of BAM 101,005 paid by the company. The stone, intended for the construction of the Mrsovo hydropower plant, was never extracted. In 2022, the concession-holding company was sold to ERS-Obnovljivi izvori energije d.o.o. Ljubinje for BAM 68.6 million.

Project description

In 2015, the concession was awarded to Hydro Power Group, a company founded by Bridge Engineering d.o.o. Banja Luka, OJSC GIDROENERGOSTROJ TPM and OJSC POWERMACHINE CONSTRUCTION BUREAU from Moscow. The concession-holding company was later sold to ERS-Obnovljivi izvori energije. According to data from the Republika Srpska Concessions Commission, there were no significant activities on the implementation of the project in 2025. The concessionaire’s reports and information from the relevant ministry confirm that, to date, only a feasibility study and a project study have been completed.

Project description

In 2012, the concession was awarded to TEPLOGAZSERVISPROEKT OVERSIZ for the construction, operation and maintenance of a system for the autonomous supply of liquefied petroleum gas (LPG) in the City of Banja Luka. The concession was granted for a period of 30 years. A concession-holding company, Gazservis RS d.o.o. Banja Luka, was subsequently established, to which the rights and obligations arising from the concession agreement were transferred. A concession fee of BAM 190,000 was paid. The original agreement was amended several times, with the changes relating to the provision of bank guarantees and the extension of the preparatory period. According to a report by the Republika Srpska Concessions Commission, the concessionaire failed to submit a report for 2025 and has not yet commenced commercial operations.

Project description

In 2006, ZP “Elektrodistribucija” a.d. Pale was granted a 30-year concession to build and operate four hydropower plants on the Bistrica and Janjina rivers. It subsequently established the company HPP “Bistrica” in Foča to implement the project. By 2018, shares in the company had also been acquired by the domestic company “Kaldera” and the Czech company “Energo Bosna”. In 2019, they sold “Bistrica” to ZP “Hidroelektrane na Drini” a.d. Višegrad for BAM 20.7 million. As of 2026, the hydropower plants have still not been built.

Project description

In 2024, “Rafinerija nafte Brod” employed 311 people, compared to 1,330 workers in 2007, when the company was privatised. In the same year, the company’s accumulated loss stood at BAM 882,928,186. Following the 2018 fire, crude oil processing was completely halted, and operations are now based on gas resale with Croatia. Russian stakeholders provide annual guarantees to fund the refinery’s operations and have stated that they do not intend to liquidate the company in the current year.

Project description

Over the past 10 years, oil refinery “Modriča” has experienced a significant decline in revenue and workforce. In 2014, the refinery employed 521 people, compared to 187 workers a decade later.

Project description

The Slovenian company Viaduct initiated international arbitration after the Government of Republika Srpska granted an additional concession for the construction of a small hydropower plant near the planned HPPs. In 2022, a Washington court ruled that the Government was obliged to pay BAM 90 million. As the Government did not make timely payment, the debt had grown to over BAM 110 million by 2025 due to accrued interest. Consequently, in the summer of 2025, the High Representative in Bosnia and Herzegovina, Christian Schmidt, imposed a decision allowing the debt of BAM 110,688,333 to be paid to the Slovenian company. The funds were taken from toll revenues allocated to Republika Srpska.

Project description

The Government of Republika Srpska unilaterally terminated the concession agreement in March 2019. In March 2018, the Energy Regulatory Commission denied the permit for the construction of the wind farm. In its 2018 report, the Concessions Commission stated that the investor had failed to meet concession obligations and had not submitted the required bank guarantee.

Project description

The project was never implemented because ČEZ filed a lawsuit against Elektroprivreda Republike Srpske for breach of contract. Specifically, Elektroprivreda failed to contribute the power plant and coal mine to the joint venture Nova elektrana Republike Srpske. International arbitration proceedings was initiated in 2009 and concluded in 2014. The Czech investor stated that, under the arbitral award, Elektroprivreda Republike Srpske was required to pay approximately 15 million BAM, along with guarantees. ČEZ also said that the project’s construction permit was uncertain, which led the company to propose termination of the contract.

Project description

The construction of the replacement Block 7 of the Tuzla Thermal Power Plant was long promoted as the largest energy project in the Federation of Bosnia and Herzegovina, intended to secure its energy supply. Work on the investment began in 2008. Over the following years, Elektroprivreda BiH sought a strategic partner, eventually succeeding in 2014 with a Chinese consortium. The project was initially estimated at BAM 1.8 billion, including a BAM 1.2 billion loan from a Chinese bank, with the remainder to be financed through domestic bank loans and Elektroprivreda’s own funds. Meanwhile, the global energy market increasingly shifted towards renewable sources, which ultimately led to the project’s suspension. Specifically, the Chinese consortium responsible for procuring key equipment faced cancelled deliveries from American General Electric for quiting the production of coal-fulled facilities. In December 2023, Elektroprivreda terminated both the EPC contract and the loan agreement. The following year, it returned the advance payment of over BAM 211 million. Key project documents related to financing have been classified as “business secrets”, making it impossible to confirm exactly how much money was ultimately spent.

Project description

“Aerodromi Srbije” d.o.o. Niš established “Aerodrom Trebinje” d.o.o. in 2020 to develop an airport near Trebinje, including a 3.5-kilometre runway. Serbia has pledged around €200 million for the project. As of mid-2026, the company was still working on the project documentation. Its initial share capital of BAM 10 had by then increased to BAM 4,610,476. A company with the same name had previously been established by the Government of Republika Srpska in 2008, with initial capital of BAM 50,000. By 2013, it had received BAM 1 million for “regular activities”, but the airport was never built. The company was subsequently merged into the public company “Aerodromi Republike Srpske” a.d. Banja Luka.

Project description

„Naftna industrija Srbije“ a.d. Novi Sad (NIS) i „Neftegazovaja Inovacionnaja Korporacija“ a.d. Moskva (NeftegazInKor) osnovali su „Jadran-Naftagas“ d.o.o. Banja Luka 2010. godine. U septembru 2011. su dobili koncesiju Naftna industrija Srbije a.d. Novi Sad (NIS) and Neftegazovaja Inovacionnaja Korporacija a.d. Moscow (NeftegazInKor) established Jadran-Naftagas d.o.o. Banja Luka in 2010. In September 2011, the company was granted a 28-year concession to explore for and extract crude oil and natural gas in Republika Srpska. In 2012, the company invested BAM 19.5 million in exploration, but failed to identify commercially viable crude oil reserves. The project was valued at BAM 345 million, but exploration was suspended in 2025. The Republika Srpska Concessions Commission said the suspension was due to pump failures at the wells, while the company’s founders said it was caused by US sanctions targeting business partners and a network of companies linked to Milorad Dodik.

Project description

The Dabar hydropower plant is the first in a series of planned hydropower plants forming part of the Gornji horizonti system in Herzegovina. The Republika Srpska Government announced the construction of the plant in 2010, with the project initially scheduled for completion between 2016 and 2020. In 2011, a 30-year concession was awarded to Hidroelektrana Dabar, owned by the state-owned subsidiary Hidroelektrane na Trebišnjici a.d. Trebinje. A loan agreement worth slightly more than BAM 369 million to finance the construction of the hydropower plant was signed in late 2021. According to a report by the Republika Srpska Concessions Commission, the main reasons for delays in construction include complex hydrogeological conditions and ongoing court proceedings.

Project description

“Buk Bijela” is one of three planned hydropower plants in the Upper Drina system. A concession for its construction and operation was granted in 2016 to the mixed holding company “Elektroprivreda Republike Srpske” a.d. Trebinje and its subsidiary “Hidroelektrane na Drini” a.d. Višegrad. In 2020, following a decision by the Republika Srpska government, the latter transferred its stake to “Elektroprivreda Srbije” a.d. Beograd (EPS). EPS subsequently acquired a 51 per cent stake in the concession-holding company “HES Gornja Drina” d.o.o. Foča, which is responsible for developing the Upper Drina Hydropower System, comprising the Buk Bijela, Foča and Paunci hydropower plants. The planned investment was estimated at BAM 861.5 million, but as of August 2026, none of the three plants had been built. The original completion deadline for Buk Bijela was 2023, while Foča and Paunci were scheduled for completion in 2025.

Project description

The Lithuanian consortium “Ukio Banko Investicine Grupe” acquired a 63.86 per cent stake in the state-owned “Birač” alumina plant in Zvornik in 2001. Under an agreement with the Republika Srpska government, the original purchase price was reduced from BAM 10 million to BAM 6 million. In 2003, “Birač” established several wholly owned sister companies, which were subsequently converted into limited liability companies: “Alumina”, “Mehanika” and “Birač Energo”. The alumina plant then shifted its business activities towards managing and financing its subsidiaries and went into bankruptcy in 2013. The Foča-based “Pavgord” corporation acquired most of the claims held by the Lithuanian group, brought the bankruptcy proceedings to an end and became the majority owner of “Birač” in 2025.