Zagreb – Today, 10 July 2008, the Shareholders Meeting of the PEOP Project Development Company (PEOP PDC Plc.) was held in Zagreb. The company’s Articles of Association were adopted on the meeting and the decisions were made as regards the appointment of the members to the Board of Directors. The main task of the Board of Directors is to involve the Italian partners in order for them to join the company and, according to the Shareholders Agreement from April, to promote the Project and to find the investors and users of the potential pipeline, within the next year.
In April of this year, the Shareholders Agreement was signed in Bucharest. Its signatories were the representatives of JANAF from Croatia, CONPET and OIL TERMINAL from Romania and TRANSNAFTA from Serbia. The Shareholders Agreement is based on the Ministerial Declaration from April 2007, the conclusions of the PEOP Interstate Committee and the EU support. Slovenia and Italy, both signatories to the Ministerial Declaration, have not signed the Shareholders Agreement, but nevertheless a possibility has been left for them to become subsequently involved under the same conditions as the companies that signed the Agreement. In case those two countries, especially Italy, would not become involved in the company management and operation, the entire project would be compromised.