Visit our website: HTTP://WWW.STOPNATO.ORG.UK --------------------------------------------- "Deals made with the central government may not fully apply to the ethnic Albanian zones. This means double the dealmaking and, possibly, double the corruption and kickbacks." Gligor Tashkovich, executive vice president of AMBO LLC, which is seeking to build the trans-Balkan oil pipeline, says he has met with "both sides" in Macedonia and is confident of the prospects for the $1.1 billion project. AMBO's president, Ted Ferguson, was formerly an executive for a subsidiary of Halliburton Co., which was led until last year by Vice President Dick Cheney. Macedonia Fighting Hurts Investment By Brian Murphy Associated Press Writer Sunday, Sept. 9, 2001; 1:20 p.m. EDT SKOPJE, Macedonia �� They're only dots on a map. But for backers of a proposed pan-Balkan oil pipeline, the sketched out route represents something huge and historic: a chance to bring major foreign investment to one of Europe's most economically stagnant regions. The trouble is the pipeline plans � and other projects spanning the southern Balkans � pass through the heart of tormented Macedonia. Macedonia was once regarded as the stable centerpiece for dreams of a modern communications, transportation and energy corridor stretching from Bulgaria's Black Sea coast to Albanian ports on the Adriatic. Now it's the weak link. And few investors seem willing to assume the risks until a solid truce is reached between Macedonians and ethnic Albanians seeking greater minority rights. "My phone hasn't rang for months with anyone interested in a project in Macedonia," said Ned Cabot, the regional director for the U.S. Trade and Development Agency, which helps American companies seeking overseas deals. Not too long ago, it was quite different. In 1995 � as war roared in other parts of former Yugoslavia � the United States and other nations excitedly promoted the so-called Corridor 8. Its backers envisioned transport links that would speed goods and fuel from the Black Sea region and central Asia to Albania, just across from Italy and the rest of wealthy western Europe. A few stretches of Corridor 8 road and rail have been completed, but it still takes at least 30 hours by truck to make the 450-mile drive from the Black Sea to the Adriatic. Rail connections are hopelessly indirect. Plans for fiber optics and pipelines are gathering dust. "Everything is basically on hold now," said Cabot. It's something Macedonia cannot afford. It emerged from the break-up of Yugoslavia as the poorest new nation � landlocked and dependent on neighbors for trade. Its economic footing has continually been undercut � first by a 1991-95 economic embargo by neighboring Greece, then by international sanctions and NATO warfare against Yugoslavia, a key trading partner. Unemployment now approaches 40 percent. Per capita income stands at $3,800 a year � double Albania's but slightly lower than in Bulgaria. The economic worry is so acute that Macedonia alienated giant China by forging diplomatic relations with Taiwan in 1999 in exchange for aid pledges of up to $130 million. Macedonia reversed the decision in June, leaving the Vatican as Taiwan's sole diplomatic foothold in Europe. Last week, Prime Minister Ljubco Georgievski warned parliament that rejection of a peace agreement designed to end six months of ethnic conflict in Macedonia could completely choke off Western capital. After the accord cleared its first test in parliament, the European Union immediately rewarded Macedonia with a $65 million reconstruction package. The United States, too, has held out the promise of more cash as the prize for stability. In 1999, Macedonia received $1.27 million in U.S. funds to improve its creaky railways as part of the Corridor 8 strategy. But government largesse is easier than sealing deals with nervous private firms. Proposals to privatize the Skopje airport operations and parts of the electricity sector interested U.S. firms, but plans are now on hold, Western officials said. In the EU, some food and retail companies have entered the small Macedonian market. But the big deals have been limited. In 1999, Greece's state-run Hellenic Petroleum began efforts to buy a majority stake in Macedonia's oil refinery OKTA. Last December, a consortium headed by Hungarian telecommunications firm Matav bought 51 percent of Macedonia's mobile telephone network. Now, the prospect of greater ethnic Albanian political autonomy could add another wrinkle. "Deals made with the central government may not fully apply to the ethnic Albanian zones. This means double the dealmaking and, possibly, double the corruption and kickbacks," said James Ker-Lindsay, a regional analyst at Syn SA, an Athens, Greece-based company that advises corporate clients on investment risks. Still, there are those already looking past the turmoil. Gligor Tashkovich, executive vice president of AMBO LLC, which is seeking to build the trans-Balkan oil pipeline, said he has met with "both sides" in Macedonia and is confident of the prospects for the $1.1 billion project. AMBO's president, Ted Furguson, was formerly an executive for a subsidiary of Halliburton Co., which was led until last year by Vice President Dick Cheney. "Oil companies work in far more unstable areas of the world than Macedonia," said Tashkovich. "You think of Angola. You think of Indonesia. You think of Chechnya. What's going on in Macedonia is nothing compared with what these places have experienced." __________________________________________________ Do You Yahoo!? Get email alerts & NEW webcam video instant messaging with Yahoo! Messenger http://im.yahoo.com ------------------------------------------------- This Discussion List is the follow-up for the old stopnato @listbot.com that has been shut down ==^================================================================ EASY UNSUBSCRIBE click here: http://topica.com/u/?a84x2u.a9spWA Or send an email To: [EMAIL PROTECTED] This email was sent to: [email protected] T O P I C A -- Register now to manage your mail! http://www.topica.com/partner/tag02/register ==^================================================================
