Gorenje Joins with Istrabenz to Trade in Electricity May 1, 2004

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European-based home appliance maker Gorenje announced it has signed a deal with Istrabenz Energetski Sistemi (ES), a subsidiary of Slovenian oil trader Istrabenz Group, on a joint venture that would produce and sell electric power, according to a Slovenia Business Week report.

After its first year of operations, Istrabenz-Gorenje is expected to sell between 3,000 and 4,000 GWh of power, said CEO of Istrabenz ES Robert Golob. Istrabenz-Gorenje will not only sell electricity, but also produce it, said Mr. Golob, explaining the company would be too vulnerable to market trends if it were only in the power trade business. The company¹s target markets include Germany, Austria, the Czech Republic, Slovakia, and some countries of the former Yugoslavia.

Istrabenz-Gorenje was set up with a capital injection of 1.26 million euros (approx. U.S. $1.5 million).

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