Serb City Scraps Comico Oil Refinery Project on Deadline

Smederevo, a Serbian city, will seek new investors for its industrial area after Comico Oil failed to pay land lease for the location where it planned a $250 million oil refinery.

Comico Oil, the Serbian unit of U.S.-Dutch Comico Overseas, missed its third and final deadline yesterday to pay 652 million dinars ($7.93 million) for a 99-year lease, Jasna Avramovic, the mayor of the city located 40 kilometers (25 miles) east of Belgrade, said in a phone interview today.

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