Dinkić: NIS valuation must be respected

Economy Minister Mlađan Dinkić says the valuation of NIS carried out by Deloitte & Touche must be respected.

Izvor: Beta

Tuesday, 09.09.2008.

16:29

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Economy Minister Mladjan Dinkic says the valuation of NIS carried out by Deloitte & Touche must be respected. The consulting house valued the Serbian Oil Industry’s (NIS) assets at EUR 2.2bn Dinkic: NIS valuation must be respected Dinkic said that Gazpromneft would be legally bound to buy shares in the company from employees and citizens at the minimum price, which takes into account the Deloitte valuation. According to the minister, it had been estimated that 24,126 people in NIS were entitled to EUR 200 per working year, which came to 491,000 working years altogether, thus giving employees a 4.43-4.46 percent of shares in the company. He said that the state would have 29.6 percent, the public 15 percent, and Gazpromneft 51 percent. Dinkic confirmed that the Deloitte & Touche report would be discussed at a cabinet meeting in the near future, but that there would not be any discussion of figures, and that it would merely come down to “respecting technicalities”. The minister is convinced that “the Russians know that it isn’t a fair arrangement“, adding that “this is why there is room for negotiations“. At a press conference, he pointed out that there is a big difference between the sale price of EUR 800mn and the EUR 2.2bn that the company’s bookkeeping assets are valued at. Dinkic said that Serbia would attempt to negotiate a “fair price“ during further talks, adding that “it’s completely irrelevant where the difference that the Russians need to make up, is carried out“--be it in the pockets of the tax payer, or in infrastructure or the state. Meanwhile, Gazpromneft said that it welcomed the Serbian parliament’s decision to ratify the agreement, stating that energy cooperation between the two countries was entering a new phase. Earlier, Deputy Prime Minister Bozidar Djelic said that all the loose ends concerning the energy agreement would be tied up by the end of the year. “I expect now that Serbia has kept the word given by the state leadership during the visit to Moscow in January, that the time frame stipulated in the agreement will also be respected, and that all loose ends will be tied up by the end of the year,“ Djelic told journalists in parliament. Mladjan Dinkic (FoNet, archive)

Dinkić: NIS valuation must be respected

Dinkić said that Gazpromneft would be legally bound to buy shares in the company from employees and citizens at the minimum price, which takes into account the Deloitte valuation.

According to the minister, it had been estimated that 24,126 people in NIS were entitled to EUR 200 per working year, which came to 491,000 working years altogether, thus giving employees a 4.43-4.46 percent of shares in the company.

He said that the state would have 29.6 percent, the public 15 percent, and Gazpromneft 51 percent.

Dinkić confirmed that the Deloitte & Touche report would be discussed at a cabinet meeting in the near future, but that there would not be any discussion of figures, and that it would merely come down to “respecting technicalities”.

The minister is convinced that “the Russians know that it isn’t a fair arrangement“, adding that “this is why there is room for negotiations“.

At a press conference, he pointed out that there is a big difference between the sale price of EUR 800mn and the EUR 2.2bn that the company’s bookkeeping assets are valued at.

Dinkić said that Serbia would attempt to negotiate a “fair price“ during further talks, adding that “it’s completely irrelevant where the difference that the Russians need to make up, is carried out“--be it in the pockets of the tax payer, or in infrastructure or the state.

Meanwhile, Gazpromneft said that it welcomed the Serbian parliament’s decision to ratify the agreement, stating that energy cooperation between the two countries was entering a new phase.

Earlier, Deputy Prime Minister Božidar Đelić said that all the loose ends concerning the energy agreement would be tied up by the end of the year.

“I expect now that Serbia has kept the word given by the state leadership during the visit to Moscow in January, that the time frame stipulated in the agreement will also be respected, and that all loose ends will be tied up by the end of the year,“ Đelić told journalists in parliament.

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