NIS capital evaluation by September

Serbia will negotiate the sale of 51 percent of its oil monopoly NIS once the company's value has been evaluated. This is according to a Saturday statement from the G17 Plus-controlled Ministry of Economy State Secretary Nebojsa Ciric, who added that the estimate is expected by September. NIS capital evaluation by September According to him, the strategic energy agreement signed between Serbia and Russia on January 25 this year "does not determine the price of NIS, which is only mentioned in an accompanying protocol, itself not subject to ratification". Asked by Beta news agency how negotiations could take place, since the protocol in question is binding, Ciric says that the protocol, "no matter what it says, cannot come before laws and parliamentary decisions". Last week, the government adopted a proposal to call a public invitation for the selection of an adviser in the process of the NIS capital assessment, he added. Official data shows that at the end of 2005, NIS had the registered capital in the amount of EUR 993.8mn, while at the end of 2007 it came to EUR 1.3bn according to the exchange rate of that time. The Russian energy deal is due for ratification in parliament after several delays, and envisages the sale of a 51 percent stake in NIS to gas and oil giant Gazprom. The price of EUR 400mn and investments worth EUR 500mn are mentioned in the protocol, which, according to the document, "comes into force with the signing of the Agreement between the representatives of the two governments". The protocol was published on the government website, and also stipulates that the sale contract must be signed by the end of 2008. The energy agreement also includes construction of a part of the South Stream natural gas pipeline and depots in Serbia.

NIS capital evaluation by September

According to him, the strategic energy agreement signed between Serbia and Russia on January 25 this year "does not determine the price of NIS, which is only mentioned in an accompanying protocol, itself not subject to ratification".

Asked by Beta news agency how negotiations could take place, since the protocol in question is binding, Ćirić says that the protocol, "no matter what it says, cannot come before laws and parliamentary decisions".

Last week, the government adopted a proposal to call a public invitation for the selection of an adviser in the process of the NIS capital assessment, he added.

Official data shows that at the end of 2005, NIS had the registered capital in the amount of EUR 993.8mn, while at the end of 2007 it came to EUR 1.3bn according to the exchange rate of that time.

The Russian energy deal is due for ratification in parliament after several delays, and envisages the sale of a 51 percent stake in NIS to gas and oil giant Gazprom.

The price of EUR 400mn and investments worth EUR 500mn are mentioned in the protocol, which, according to the document, "comes into force with the signing of the Agreement between the representatives of the two governments".

The protocol was published on the government website, and also stipulates that the sale contract must be signed by the end of 2008.

The energy agreement also includes construction of a part of the South Stream natural gas pipeline and depots in Serbia.