"New conditions for NIS sale"

Serbia has set new demands to Gazpromneft over the sale of the Serbian Oil Industry (NIS), daily Politika writes, quoting sources close to the negotiations.

Izvor: FoNet

Wednesday, 05.11.2008.

16:52

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Serbia has set new demands to Gazpromneft over the sale of the Serbian Oil Industry (NIS), daily Politika writes, quoting sources close to the negotiations. Instead of bringing the negotiating process to the end, the Russians are now being asked to invest an additional EUR 500mn to buy up an additional 19.5 percent stake in NIS. "New conditions for NIS sale" The request comes after the Russian company’s plan to pay EUR 400mn in cash to buy a majority 51 percent stake in the company and a further EUR 500mn minimum to modernize the company. The revised figure would be in line with NIS’s value of EUR 2.2bn, as estimated by Deloitte & Touche consultants. The daily has learned that the NIS management is aware of the plan, though they do not expect the Russian partners to agree, and that the entire scenario seems to augur the collapse of the gas arrangement with Russia, despite it having already been ratified by the Serbian parliament.

"New conditions for NIS sale"

The request comes after the Russian company’s plan to pay EUR 400mn in cash to buy a majority 51 percent stake in the company and a further EUR 500mn minimum to modernize the company.

The revised figure would be in line with NIS’s value of EUR 2.2bn, as estimated by Deloitte & Touche consultants.

The daily has learned that the NIS management is aware of the plan, though they do not expect the Russian partners to agree, and that the entire scenario seems to augur the collapse of the gas arrangement with Russia, despite it having already been ratified by the Serbian parliament.

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