Pursuant to the Conclusion No.03-1506/2 reached by the Government of the Republic of Montenegro as of 29thMarch 2007, and in compliance with the Companies Act (»Official Gazette of the Republic of Montenegro«, issue6/02), and based on the Article 31 of the Articles of Association of »Montenegro Bonus« d.o.o. Cetinje and by the Decision No.01–856/1 made by the Board of Directors on 25th December 2006,the Company »Montenegro Bonus« d.o.o. Cetinje hereby announces

PUBLIC INVITATION

FOR SUBMITTING BIDS FOR FOUNDATION OF JOINT VENTURE COMPANY WITH »MONTENEGRO BONUS« D.O.O. CETINJE

  1. »Montenegro Bonus d.o.o. Cetinje hereby invites all interested bidders to submit their bids for foundation of a joint venture company with founding shares in the ratio of 50:50%.

Joint venture company will have its main office in Cetinje, Republic of Montenegro, and the decision about foundation will be made in accordance with the applicable law and regulations in Montenegro and will be verified by the competent state authorities.

  1. The main goals of foundation of a joint venture company are as follows:

-Development of energy sector operations, construction and reconstruction of energy facilities, installations and infrastructure, all in compliance with the EU standards, and aimed to the production of and trade with energy products, securing competitivness of goods and services, with full impementation and compliance with ecology and environmental protection standards.

-Company management in accordance with best acknowledged international standards.

-Business conducted on sound commercial principles in accordance with sound and good business practice.

  1. The Business of joint venture companyshall be performed through the following projects:
  2. The acquisition, construction, ownership, exploitationandoperationof retail assets, including, but not limited to gasoline (petrol) stations;
  3. The acquisition, construction, ownership, exploitationandoperationof the warehouses and storage facilities for oil, oil products and LPG, loading and unloading terminals and other facilities related to the foregoing;
  4. The acquisition, construction, ownership, exploitationandoperationof thepipelines for the distribution of natural gas and other facilities related to the foregoing.
  1. As to meet the Qualification criteria for participation in the procedure of evaluation of the bids, the bidders should have:

–Generated profit of at least € 5 millionsfor each of the last three business years;

–Long-standing experience in the oil products trading activities;

–Experience in operating activities related to LPG and LNG trade and distribution network;

–Long-standing experience in management of the storage facilities and transport of the oil products;

–Retail network of at least 100 petrol stations;

–Storage facilities of at least 100,000 m3 capacity for oil products;

–Storage facilities for LPG;

–Internationally accredited Quality Certificates ISO 14001 i ISO 9001;

–Long-standing experiance in performing oil products quality analises;

  1. A bid should include as follows:

- Relevant evidence/proof of the fulfilment of the conditions as above stated in the

item 4.

-Businessplan which should include the projects for the following:

a)Construction of storage facilities for oil products of at least 20,000 m3 capacity;

b)Construction of LPG/LNG terminal of at least 8,000 m3capacity;

c)Construction of at least 15 petrol stations on the territory of the Republic of Montenegro.

-Investment programfor the above stated projects, with the obligation of the bidder that all the above stated projects will be completed within the period of 5 yearsas of the date of the execution of jont venture agreement,and with the obligation of the bidder that the above stated projects will be realized in full compliance with and implementation of the EU environmental protection standards and in accordance with the applicable law and regulations in the Republic of Montenegro as related to the construction of special purpose facilities;

-Audited financial statements for each of the last three business years;

-Social program which should envisage employment of about 100 new employees for the purpose of and aimed to the realization of the projects as provided for under the Investment program, with the obligation of the bidder as to transfer new technology and know-how.

  1. Bidder is obliged to submit a guarantee for the bid in the amount of € 100.000 (one hundred thousand euros), by effecting payment of deposit money, i.e. by submitting an irrevocable unconditional bank guarantee in the same amount as deposit money and payable on first demand and with the validity period of 90 days as of the expiry date of the bid submission deadline, and issued by AAA bank acceptable to »Montenegro Bonus« d.o.o. Cetinje.
  1. At their request, interested bidders will be provided, by registered mail, e-mail or fax message, with the payment instructions for the purchase of tender documents in the amount of € 10.000 (ten thousand euros), along with the confidentiality statement. Interested bidders are obliged to submit without delay the confidentiality statement duly signed, as well as the proof of having effected the payment for the purchase of the tender documents.Upon receipt of duly signed confidentiality statement and the proof of having effected the payment for the purchase of tender documents, »Montenegro Bonus«shall provide the interested bidders, by registered mail, e-mail or fax, with the tender documents (Instructions for Bidders, Draft Joint Venture Agreement).
  1. The bids are to be submitted both in English and Montenegrin language, whereby, in case of discrepancies, the Montenegrin version shall prevail.
  1. For general information about »Montenegro Bonus« company please visitthe website:
  1. Detailed information regarding the subject of this public invitation can be taken in direct contacts with the authorized representatives in the Ministry for Economic Developmentand »Montenegro Bonus« - Cetinje.

Authorised contact persons:Biljana Jestrović, Ministry for Economic Development,

Contact phone no.: + 381 81 234 022

Fax: + 381 81 234 131

e-mail:

and

Vesna Lagator, Montenegro Bonus – Cetinje,

Contact phone no: + 381 86 230 272, + 381 67 222 264

Fax: + 381 86 230 273, + 381 86 230 271

e-mail:

  1. Deadline for submission of the bids is 45 daysfrom the date of publishing the public invitation. The bids are to be submitted in a sealed envelope directly at the address: »Montenegro Bonus« d.o.o., Donje polje bb., Cetinje, Montenegro, until 17:00 hlocal time, no later than 45th day from the date of publishing the public invitation, and marked: »Do not open«, Bid for foundation of a joint venture company.
  1. »Montenegro Bonus«retains the right to change the deadlines of this public invitation, and to modify, cancel or announce the tender as failed. Bidders accept the terms and conditions of this public invitation and tender documents by the act of submitting their bids.