Visitors:
To
Peter Reiniger
Energy and Telecommunications Business Group Director
European Bank for Reconstruction and Development
One Exchange Square, London EC2A 2JN
UK
Skopje, 07.10.2005
Subject: Skopje Thessaloniki crude oil pipeline
Dear Mr. Reiniger,
We would like to thank you for replying to our letter concerning this issue. We will of course contact Hellenic Petroleum as you have suggested. However, we would still like to receive answers to specific questions that were targeted to the EBRD and not to Hellenic Petroleum which were not fully addressed in your reply.
We understand that the EBRD is very careful in disclosing information related to private sector operations. Nevertheless, whether or not the Bank has received the balance sheets for the last three years from Hellenic Petroleum should not be a subject to confidentiality. We - and we assume that the Macedonian government as well have seen the information available on http://www.hellenic-petroleum.gr/english/investors/investors.htm. Let us then reformulate our original questions:
Does the EBRD receive from Hellenic Petroleum any additional economic information then the ones available at www.hellenic-petroleum.gr ?
Please note that we are not asking for any details about the additional information but whether or not they exist and whether they are made available to the EBRD.
Concerning our question "Does the loan agreement contain any provision related to the protection of minority shareholders?" we would like you to note that we are not asking about any details of such provisions, but whether such provisions exist. In case you are not able to answer this question specifically for the Skopje- Thessaloniki Crude Oil Pipeline Project we would like to ask you a more general question:
Does the EBRD include in the loan agreements for its private sector investments any provisions related to the protection of minority shareholders?
What are the main principles of such provisions?
In relation to our question "Does the loan agreement contain any provisions regarding minimum level of access to information related to business results?" we would like you to note that we are not asking about the details of such provisions, but whether such provisions exist. In case you are not able to answer this question specifically to the Skopje- Thessaloniki Crude Oil Pipeline Project we would like to ask you a more general question:
Does the EBRD include in the loan agreements for its private sector investments any provisions regarding minimum level of access to information related to business results?
What are the main principles of such provisions?
Concerning our last question "Did the EBRD have any discussion with Hellenic Petroleum about the participation in the Extractive Industries Transparency Initiative and if yes, what were the results of such discussion?" we will try to split it in two for your convenience:
Did the EBRD have any discussion with Hellenic Petroleum about the participation in the Extractive Industries Transparency Initiative?
What were the results of such discussion?
We would appreciate if you can provide us with answers to each of the questions separately.
Looking forward to hearing from you soon.
Best regards,
Ana Colovic
Eco-sense
Macedonia