Serbian Parliament Ratifies NIS Deal
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Thursday, 11 September 2008 |
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Serbian lawmakers this week ratified a pre-membership agreement with
the European Union and an oil and gas deal with Russia after months of
heated debate over the direction of the country's policies.
Serbian National Oil Company (NIS) has been valued by Deloitte & Touche with an estimated value of €2.2bn. NIS' assets alone were at EUR 1.7 billion, the consultant said. Serbia will sell its stake in NIS, to Russian Gazprom for €400 million, while Gazprom has to spend another €500 million in investments.
Belgrade and Moscow agreed the sale of 51% of NIS earlier this year, as well as the development of Serbia's wing of the South Stream pipeline that will carry natural gas from Russia via Serbia to European markets.
The deal with Russia envisages part of a pan-European pipeline running through Serbia and that the Russians will buy Serbia's state oil monopoly, NIS.
Government officials have described the deal as "historic," but the liberal opposition has warned that it will give Russia full control over Serbia's energy sector. They also said that the price of euro400 million ($568 million) for NIS is too low.
The agreements, both considered crucial for the Balkan nation's future, were signed earlier this year but needed parliamentary approval before they could be implemented.
The Stabilization and Association agreement with the EU will give Serbia access to EU funds and will ease trade with EU countries.
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