“NIS-Gazprom signing to be delayed”

The acquisition contract between the Serbian Oil Industry (NIS) and Russian Gazprom will probably not be signed by November 22, as planned. Quoting sources close to the negotiating groups, Belgrade daily Politika writes that the Serbian negotiating team has asked the Russian partners for the deadline to be extended to the end of the year, which is in accordance with the NIS Protocol. “NIS-Gazprom signing to be delayed” The Serbian side wants to “iron out all the details about the acquisition of the 51 percent stake in NIS.” Politika writes that one of the main reasons for this delay is the fact that it is still not clear how Gazprom will secure the EUR 500mn needed to modernize NIS. Even though the Serbian negotiating team expected EUR 500mn to be paid in cash and the modernization to start immediately after the signing of the agreement, “different messages are coming from the other side.” Politika writes that the Russian company would prefer NIS to take out a EUR 500mn loan, with Gazprom as the guarantors, thus taking advantage of all the loopholes in the Moscow agreement, whereby the Russian side “is not obliged to pay that figure in cash. " The daily writes that the Serbian side will use the next negotiations to oblige Gazprom to acquire the Petrohemija company for between EUR 100 and 200mn, as otherwise, Petrohemija employees’ jobs could come into peril if the company is detached from NIS.

“NIS-Gazprom signing to be delayed”

The Serbian side wants to “iron out all the details about the acquisition of the 51 percent stake in NIS.”

Politika writes that one of the main reasons for this delay is the fact that it is still not clear how Gazprom will secure the EUR 500mn needed to modernize NIS.

Even though the Serbian negotiating team expected EUR 500mn to be paid in cash and the modernization to start immediately after the signing of the agreement, “different messages are coming from the other side.”

Politika writes that the Russian company would prefer NIS to take out a EUR 500mn loan, with Gazprom as the guarantors, thus taking advantage of all the loopholes in the Moscow agreement, whereby the Russian side “is not obliged to pay that figure in cash. "

The daily writes that the Serbian side will use the next negotiations to oblige Gazprom to acquire the Petrohemija company for between EUR 100 and 200mn, as otherwise, Petrohemija employees’ jobs could come into peril if the company is detached from NIS.