Serbia’s Government may discuss the valuation of Serbian state oil company NIS ahead of an expected sale of the company to Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, by gobal consultancy Deloitte Touche Tohmatsu in its next session by September 12, 2008, media reports showed.
Negotiations for NIS will not interfere with Serbia’s plans to achieve a strategic energy deal with Russia, said Serbia’s Deputy Prime Minister, Bozidar Djelic.
However, Djelic has not elaborated on the position of the Cabinet in Belgrade in case Deloitte’s estimate exceeds the original valuation of NIS by Gazprom at 400 mln euro ($579 mln). Serbian experts have put NIS’s market price at as much as 2.5 bln euro ($3.6 bln).
[Editor’s note: Gazprom Neft reached a deal in January 2008 to buy 51 pct in the state-owned Serbian oil refiner, but Serbian politicians said that the offered price was too low and they called for the deal to be renegotiated.
As part of the deal, Gazprom agreed to route a northern branch of its South Stream pipeline project with Italian Eni through Serbia and make Serbia a major transit hub for supplies.
The Russian company also agreed to invest 500 mln euro ($736.5 mln) by 2012 in the development of NIS, which dominates the Serbian market in terms of refining and a network of 500 petrol stations.]
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