Future NIS owner to get extra EUR 50mn

Serbian oil monopoly NIS annually “saves” around EUR 50mn on account of its raw oil fees payments.

Izvor: Beta

Tuesday, 20.03.2007.

17:47

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Future NIS owner to get extra EUR 50mn

Kvartalni Monitor’s analysts believe this figure will be a gift to the future NIS owner.

The price calculation methodology has not been adequately defined, the publication says, adding the companies were allowed to decide for themselves which prices to base their income calculation on.

The fees have never been paid, providing a direct state subsidy to NIS, in the total amount of EUR 20mn in 2005 and 2006. A rough estimate shows that NIS can make in excess of EUR 200mn on raw oil sales, excluding the transportation costs.

Oil & Gas Journal estimated that Serbia and Montenegro had reserves of up to 78mn tons, translating to several dozen billions of euros worth of raw oil.

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