"Gazprom contract before New Year"

Srbijagas CEO Dušan Bajatović declined to say the exact date that the contract with Gazprom would be signed, but is sure it will happen this year.

Izvor: B92

Friday, 19.12.2008.

09:25

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Srbijagas CEO Dusan Bajatovic declined to say the exact date that the contract with Gazprom would be signed, but is sure it will happen this year. Bajatovic said that progress had been made in the talks and that Gazprom had confirmed that positions on the construction of the South Steam pipeline overlapped. "Gazprom contract before New Year" He added that the contract envisaged financial reimbursement in the event that the Russian side pulled out the pipeline deal, though he refused to divulge any further details. “What was paramount for us in that agreement was that a commitment was partially undertaken to build the pipeline by 2015, that we’ve successfully settled that relationship in terms of management. That means that the Serbian side retains the possibility, in spite of being the minority shareholder, to have a say on the most important matters in the management structure,“ said the Srbijagas CEO. “And what matters to us is that it should be project financing, as we don’t have the money to match Gazprom. Another important part of the talks was that continental law and arbitration in Paris should retain jurisdiction, which is more favorable circumstance than anticipated,“ Bajatovic said. Dusan Bajatovic (FoNet, archive)

"Gazprom contract before New Year"

He added that the contract envisaged financial reimbursement in the event that the Russian side pulled out the pipeline deal, though he refused to divulge any further details.

“What was paramount for us in that agreement was that a commitment was partially undertaken to build the pipeline by 2015, that we’ve successfully settled that relationship in terms of management. That means that the Serbian side retains the possibility, in spite of being the minority shareholder, to have a say on the most important matters in the management structure,“ said the Srbijagas CEO.

“And what matters to us is that it should be project financing, as we don’t have the money to match Gazprom. Another important part of the talks was that continental law and arbitration in Paris should retain jurisdiction, which is more favorable circumstance than anticipated,“ Bajatović said.

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