Srbijagas CEO: Three contracts by year’s end

Srbijagas CEO Dušan Bajatović has told B92 that three contracts for the energy agreement with Russia will be signed by the end of the year.

Izvor: B92

Tuesday, 09.12.2008.

12:51

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Srbijagas CEO Dusan Bajatovic has told B92 that three contracts for the energy agreement with Russia will be signed by the end of the year. “There are some expectations that this could happen by December 20, but the final deadline for the sale of a 51 percent stake in NIS is December 31,” Bajatovic told B92. Srbijagas CEO: Three contracts by year’s end “The sale of a 51 percent stake in NIS is due to be signed, as is an agreement on the basic conditions of the energy agreement—that is, the details of the South Steam gas pipeline, which is a central issue for the Russian side. For us, the dominant issue currently is NIS, and the third thing is the Banatski Dvor underground storage facility,” Bajatovic said. “As you see, all three agreements will be signed at the same time. Initially, it was thought that NIS would be signed first, and then South Stream, but we have agreed to sign all three at the same time,” he said. Bajatovic said that he had been given guarantees that South Stream would pass through Serbia, because it is of strategic interest to Russia, adding that some details had already been agreed upon. He said that Gazprom would by a 51 percent stake in NIS for EUR 400mn, but that talks were ongoing as to how much Russia would invest in modernizing the Serbian oil giant. “We agreed over what needs to be done with the refinery. A transition to a modern mode of production, derivatives in accordance with the Euro 5 standard ... NIS has its own proposal on what the investment should look like, how much it will cost, the timeframe for its completion. We plan on negotiating this week and harmonizing our positions with the Russian side,” Bajatovic explained.

Srbijagas CEO: Three contracts by year’s end

“The sale of a 51 percent stake in NIS is due to be signed, as is an agreement on the basic conditions of the energy agreement—that is, the details of the South Steam gas pipeline, which is a central issue for the Russian side. For us, the dominant issue currently is NIS, and the third thing is the Banatski Dvor underground storage facility,” Bajatović said.

“As you see, all three agreements will be signed at the same time. Initially, it was thought that NIS would be signed first, and then South Stream, but we have agreed to sign all three at the same time,” he said.

Bajatović said that he had been given guarantees that South Stream would pass through Serbia, because it is of strategic interest to Russia, adding that some details had already been agreed upon.

He said that Gazprom would by a 51 percent stake in NIS for EUR 400mn, but that talks were ongoing as to how much Russia would invest in modernizing the Serbian oil giant.

“We agreed over what needs to be done with the refinery. A transition to a modern mode of production, derivatives in accordance with the Euro 5 standard ... NIS has its own proposal on what the investment should look like, how much it will cost, the timeframe for its completion. We plan on negotiating this week and harmonizing our positions with the Russian side,” Bajatović explained.

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