"Serious repercussions if gas deal falls through"

If Serbia decides against selling its oil industry to Gazprom, Russia will ban the import of Fiat vehicles from Kragujevac, writes daily Politika.

Izvor: Politika

Friday, 05.12.2008.

11:04

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If Serbia decides against selling its oil industry to Gazprom, Russia will ban the import of Fiat vehicles from Kragujevac, writes daily Politika. According to the daily, the Serbian side has still to receive firm guarantees that a major artery of the South Stream pipeline will pass through Serbia. "Serious repercussions if gas deal falls through" Russia opposes the signing of an umbrella agreement covering all three elements of the deal—South Stream, the Banatski Dvor reservoir and the Serbian Oil Industry (NIS). Politika adds that Russians are unwilling to fork out EUR 500mn for the modernization of NIS, and would prefer NIS to do this independently by underwriting a loan for them, which Gazpromneft would then pay off instead of them. The Russians want to Serbia to import derivates that meet Euro 5 standards during the modernization of NIS, while a provision on the prohibition of derivate export, giving guarantees for a monopoly on fuel import, would remain in force. Should the Serbian side reject the Russian proposal today, the Russians would outline the consequences of pulling out of the agreement. The daily writes that should the contract fail to be signed by December 31, Russia would launch legal proceedings against Serbia before international courts for failure to honor its commitments in an Inter-State Agreement, while the export of Fiat cars to Russia would also be put in jeopardy.

"Serious repercussions if gas deal falls through"

Russia opposes the signing of an umbrella agreement covering all three elements of the deal—South Stream, the Banatski Dvor reservoir and the Serbian Oil Industry (NIS).

Politika adds that Russians are unwilling to fork out EUR 500mn for the modernization of NIS, and would prefer NIS to do this independently by underwriting a loan for them, which Gazpromneft would then pay off instead of them.

The Russians want to Serbia to import derivates that meet Euro 5 standards during the modernization of NIS, while a provision on the prohibition of derivate export, giving guarantees for a monopoly on fuel import, would remain in force.

Should the Serbian side reject the Russian proposal today, the Russians would outline the consequences of pulling out of the agreement.

The daily writes that should the contract fail to be signed by December 31, Russia would launch legal proceedings against Serbia before international courts for failure to honor its commitments in an Inter-State Agreement, while the export of Fiat cars to Russia would also be put in jeopardy.

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