Comico Oil not to pay land rent to Smederevo

Comico Oil is not going to pay the rent for the land for an oil refinery in Smederevo due to disagreements between members of the company management, the Serbian national broadcasting corporation RTS reported Sunday (3 February 2013).

Comico Oil should pay the rent of RSD 652 million by February 4th for initially agreed 113 hectares of land to build a refinery on.

Comico Oil was established in December 2007 as a subsidiary of the US-Dutch consortium Comico Overseas from Amsterdam.

This consortium is comprised of companies Brayan Marrey, Basic Equipment and Globalgas Energy Group.

Brayan Marrey is an investment fund headquartered in New York, Basic Equipment produces equipment for refineries, while Globalgas has oil rigs in Nigeria and former Soviet republics.

Comico Oil promised to build a USD 250 million oil refinery in 36 months and hire 700 workers, announcing the possibility of beginning the construction in March 2013.