| Ugljevik |
Construction and operation of the “Ugljevik 3” Thermal Power Plant |
"Comsar Energy Republika Srpska" d.o.o. Banja Luka |
Concession agreement |
BAM 1.061.112.648 |
31.12.2013. |
GAS-RES / RITE "Ugljevik" a.d. Ugljevik |
Republika Srpska Government / "Comsar Energy Republika Srpska" d.o.o. Banja Luka |
N/A |
"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. |
| Ugljevik |
Coal exploitation at the “Ugljevik East 2” deposit |
"Comsar Energy Republika Srpska" d.o.o. Banja Luka |
Concession agreement |
BAM 444,161,763 |
30.7.2013. |
GAS-RES / RITE "Ugljevik" a.d. Ugljevik |
Republika Srpska Government / "Comsar Energy Republika Srpska" d.o.o. Banja Luka |
N/A |
“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. |
| Ugljevik |
Limestone extraction at the “Baljak” deposit |
"Comsar Energy Republika Srpska" d.o.o. Banja Luka |
Concession agreement |
BAM 5,980,170 |
22.3.2016. |
GAS-RES / RITE "Ugljevik" a.d. Ugljevik |
Republika Srpska Government / "Comsar Energy Republika Srpska" d.o.o. Banja Luka |
N/A |
“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. |
| Ugljevik / Lopare |
Coal extraction at the “Delići and Peljave – Tobut” deposit |
"Comsar Energy Republika Srpska" d.o.o. Banja Luka |
Concession agreement |
BAM 265,128,155 |
6.11.2014. |
GAS-RES / RITE "Ugljevik" a.d. Ugljevik |
Republika Srpska Government / "Comsar Energy Republika Srpska" d.o.o. Banja Luka |
N/A |
“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. |
| Rudo |
Construction and operation of the HPP “Mrsovo” |
ERS-Obnovljivi izvori energije d.o.o. Ljubinje |
Concession agreement |
BAM 188,544,996 |
29.11.2012. |
Mixed holding Elektroprivreda Republike Srpske a.d. Trebinje |
Vlada Republike Srpske / “ERS-Obnovljivi izvori energije“ d.o.o. Ljubinje |
N/A |
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. |
| Rudo |
Extraction of Varde construction stone, Rudo |
ERS-Obnovljivi izvori energije d.o.o. Ljubinje |
Concession agreement |
3.366.824 |
22.4.2015. |
Mixed holding Elektroprivreda Republike Srpske a.d. Trebinje |
Government of Republika Srpska / ERS-Obnovljivi izvori energije d.o.o. Ljubinje |
BAM 101,005 |
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. |
| Kalinovik |
Construction and operation of the “Jezernica” hydropower system on the Jezernica River Basin |
ERS-Obnovljivi izvori energije d.o.o. Ljubinje |
Concession agreement |
BAM 15,646,640 |
27.11.2015. |
Mixed holding Elektroprivreda Republike Srpske a.d. Trebinje |
Government of Republika Srpska / ERS-Obnovljivi izvori energije d.o.o. Ljubinje |
BAM 126,000 (by December 31, 2018) |
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. |
| Banja Luka |
Construction of an autonomous liquid petroleum gas (LPG) supply system in the City of Banja Luka |
TEPLOGAZSERVISPROEKT OVERSIZ Moskva |
Concession agreement |
162.000.000 |
19.9.2012. |
TEPLOGAZSERVISPROEKT OVERSIZ Moskva |
Government of Republika Srpska / TEPLOGAZSERVISPROEKT OVERSIZ Moskva |
N/A |
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. |
| Foča, Kalinovik, Čajniče i Novo Goražde |
Construction of four HPPs on the Bistrica and Janjina Rivers |
Hidroelektrane "Bistrica" d.o.o. Foča |
Concession agreement |
BAM 106,000,000 |
30.8.2006. |
Subsidiary company Hidroelektrane na Drini a.d. Višegrad |
Government of Republika Srpska / Z.P. Hidroelektrane na Drini a.d. Višegrad |
N/A |
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. |
| Brod |
Shareholding company “Rafinerija nafte Brod” a.d. |
AO NJEFTEGAZINKOR Moscow |
Share sale agreement |
BAM 1,457,657,000 (for both refineries and the company) |
2.2.2007 |
"Njeftegazinkor" Moscow |
AO "Njeftegazinkor" Moscow and Republika Srpska Government |
At least BAM 508,508,000 |
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. |
| Modriča |
Shareholding company “Rafinerija ulja Modriča” |
AO "NJEFTEGAZINKOR" Moskva |
Share sale agreement |
BAM 1,457,657,000 (for both refineries and the company) |
2.2.2007 |
Njeftegazinkor Moscow |
AO "Njeftegazinkor" Moscow and Republika Srpska Government |
N/A |
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. |
| Banja Luka |
Construction of the Vrbas Hydropower System (HPP “Krupa” and HPP “Banjaluka Niska”) |
"HES Vrbas" a.d. Banja Luka |
Concession agreement |
N/A |
2004 |
VIADUCT d.o.o. Portorž and GRAĐEVINAR GP d.o.o. Kraljevo (Rodoljub Vujičić) |
HES Vrbas / Republika Srpska Government |
N/A |
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. |
| Nevesinje |
Construction and operation of the Trusina Wind Farm |
EOL PRVI d.o.o. |
Concession agreement |
BAM 150,000,000 |
19. 10. 2012. |
"Kermas Energija" d.o.o. Zagreb
Opština Nevesinje |
EOL PRVI/ RS Government |
N/A |
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. |
| Gacko |
Construction of the Gacko 2 Thermal Power Plant |
ČEZ a.s. Prague and "Elektroprivreda Republike Srpske" |
Implementation agreement |
BAM 2,700,000,000 |
16.5.2007. godine |
Joint venture “Nove elektrane Republike Srpske” |
ČEZ a.s. Prague and "Elektroprivreda Republike Srpske" |
|
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. |
| Tuzla |
Construction of Block 7 of the Tuzla Thermal Power Plant |
Chinese consortium led by China Gezhouba Group Company Ltd, with China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd as a consortium member |
Engineering, Procurement, and Construction (EPC) Agreement |
BAM 1,802,685,202 |
27.8.2014. |
"Elektroprivreda BiH" d.d. Sarajevo |
“Elektroprivreda BiH” and the Chinese consortium |
BAM 100,509,170 |
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. |
| Trebinje |
Construction of the Trebinje Airport |
"Aerodrom Trebinje" d.o.o. Trebinje |
Direct investments |
BAM 390,000,000 |
3.9.2020. |
"Aerodromi Srbije" d.o.o. Niš |
Government of the Republic of Serbia/ "Aerodromi Srbije" d.o.o. Niš |
BAM 4,610,477 |
"Aerodromi Srbije" d.o.o. Niš osnovali su "Aerodrom Trebinje" d.o.o. 2020. godine. Ova firma bi trebala graditi aerodrom sa pistom od 3,5 km u blizini Trebinja za koji je Srbija spremna uložiti oko 200 miliona eura. Sredinom 2026. godine još se radilo na izradi dokumentacije. Do tada je osnivački kapital firme od početnih 10 KM povećan na 4.610.476 KM.
Prethodno je postojalo istoimeno akcionarsko društvo koje je osnovala Vlada Republike Srpske 2008. godine kapitalom od 50.000 KM. Do 2013. dodijeljeno mu je milion maraka za "redovne aktivnosti", ali aerodrom nije izgrađen, a preduzeće je pripojeno JP "Aerodromi Republike Srpske" a.d. Banja Luka. |
| Motajica / Majevica / Istočna Hercegovina |
Exploration and extraction of crude oil and natural gas in Republika Srpska territory |
"Jadran- Naftagas" d.o.o. Banja Luka |
Concession agreement |
BAM 345,000,000 |
26.9.2011. |
"Naftna industrija Srbije" a.d. Novi Sad |
Republika Srpska Government/"Naftna industrija Srbije" a.d. Novi Sad |
BAM 19,500,000 |
„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. |
| Nevesinje / Berkovići / Bileća |
Construction of the Dabar Hydroelectric Power Plant |
"Hidroelektrana Dabar" d.o.o. Trebinje |
Concession agreement |
BAM 661,070,540 |
28.7.2011. |
Zavisno preduzeće "Hidroelektrane na Trebišnjici" a.d. Trebinje |
Republika Srpska Government/ Z.P. "Hidroelektrane na Trebišnjici" a.d. Trebinje |
BAM 290,606,609 |
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. |
| Foča |
Upper Drina Hydropower System (construction of the Buk Bijela, Foča and Paunci hydropower plants) |
HES "Gornja Drina" d.o.o. Foča |
Concession agreement |
BAM 861,586,144 |
3.6.2016. and 19.2.2019. |
HES "Gornja Drina" d.o.o. Foča |
Vlada Republike Srpske / Mješoviti holding "Elektroprivreda Republike Srpske" a.d. Trebinje / Elektroprivreda Srbije a.d. Beograd |
BAM 82,606,778 |
“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. |
| Zvornik, Karakaj |
Privatisation of the “Birač” alumina plant |
"Ukio Banko Investicine Grupe", Kaunas Litvanija |
Privatisation (sale of state-owned capital through an international tender) |
BAM 56,115,190 |
4.10.2001. |
"Ukio Banko Investicine Grupe", Kaunas Litvanija, vlasnik 63,86% i ostali akcionari |
Republika Srpska Directorate for Privatisation |
BAM 11,193,850 |
Litvanski konzorcij "Ukio Banke Investicine Grupe" kupio je 63,86% državnog kapitala Fabrike glinice "Birač" iz Zvornika 2001. godine. Prvobitna cijena je sporazumom sa Vladom RS-a smanjena sa 10 na 6 miliona KM.
Tokom 2003. godine "Birač" osniva sestrinske firme sa kompletnim udjelom u kapitalu koje se brzo transformišu u društvo sa ograničenom odgovornošću: "Alumina", "Mehanika" i "Birač Energo" pa fabrika glinice orijentiše poslovanje na upravljanje i finansiranje zavisnih društava i odlazi u stečaj 2013. godine. Fočanska korporacija "Pavgord" otkupljuje većinu potraživanja od litvanske grupacije, okončava stečaj i postaje većinski vlasnik "Birača" 2025. godine. |
