Vrdoljak optimistically awaits a return visit from Qatar

After a prolonged period of relative closure, the new Minister of Economy, Ivan Vrdoljak, has decided to collaborate more closely with journalists.

Presenting the most important laws concerning energy and investments, the minister confirmed that the new Law on Strategic Investment Projects will be submitted to the Government within a day or two, aiming to significantly shorten and expedite the documentation approval process without which neither public nor private projects can be initiated within the desired timelines. 

It is the Government that will determine the criteria for inclusion on the list of priority projects for the state, but Vrdoljak proposes that the threshold for capital investments in industry be set at 150 million kuna (20 million euros) and for those in tourism at 375 million kuna (50 million euros), amounts that are achievable. Vrdoljak also announced a fight for increased competitiveness, with specific measures to be revealed soon.
However, journalists were interested in more concrete matters, such as the status of the bankruptcy process of Dine and the situation regarding the land for LNG. Ante Ramljak, the minister’s advisor, claims that HEP will soon send an offer to Turkish investors (owners of the company Ćuf) for the purchase of land on Krk, but no details on the amounts were provided, except that the funds are already secured in the company’s budget. Regardless of how the pre-bankruptcy settlement of Dine ends, the state will acquire part of that land, he asserts. He also stated that a new strategic partner will be sought if production does not commence.

The Ministry (currently optimistic) is still awaiting a return visit and a letter of intent from Qatar, with which it aims to conclude a contract for the supply of LNG (primarily to avoid Russian monopoly). Once an agreement on gas supply is reached, discussions about ownership in the terminal may take place, as this involves project financing for which a partner will be sought. Among the laws ready for procedure, Vrdoljak announced the Law on the Electricity Market and the Law on Mining, which will be presented to the Government next week, while the Law on the Gas Market is expected to be adopted the week after. In a few weeks, the Law on Construction and Spatial Planning will be completed, important because it should facilitate and simplify obtaining all necessary permits for investment. By the end of the year, the key Law on Strategic Investment Projects, which will also provide a new impetus for private investments, is expected to be passed.