The Russian energy company Gazprom has paid Serbia 400 million euros for 51 percent of the shares of the Oil Industry of Serbia (NIS), and the entire amount is held in the foreign currency account of the National Bank of Serbia, Belgrade electronic media reported on Monday.
It is currently unknown how this will affect the stability of the Serbian currency, and by the end of the day, half of this amount is expected to be transferred to the budget of Vojvodina, where most of the company’s assets are located.
Serbian Minister of Energy Petar Škundrić stated that the date for the shareholders’ meeting of NIS has not yet been determined. At this meeting, a new Board of Directors is to be elected, consisting of 11 members – six from Gazprom and five from NIS.
Representatives of Serbia and Russia signed an energy cooperation agreement in Moscow on December 24, 2008, and the presidents of the two countries, Boris Tadić and Dmitry Medvedev, then signed a presidential statement guaranteeing the implementation of this agreement. The agreement includes the sale of 51 percent of NIS, the construction of the “South Stream” gas pipeline through Serbia, as well as the construction of the gas storage facility “Banatski dvor.” Investments in the modernization of NIS worth 550 million euros are also planned. (H)
