Consulting company "Deloitte&Touche" to appraise value of "Petroleum Industry of Serbia" - report until September

Consulting company "Deloitte&Touche" will appraise the value of Petroleum Industry of Serbia (NIS) prior to the beginning of September, says Mlađan Dinkić.

Minister of Economy of Serbia explains that, based on that, the price could be negotiated with Russians.

- It is completely clear that the gas agreement does not include the price of NIS as an element. There is a protocol that was signed on the basis of "Gazprom's" appraisal at the time, but it is not a part of the agreement - said Dinkić.

- Based on that, annual profit of NIS will be close to 400m EUR, which is the amount offered for 51% of the company's capital. That means that the whole company could be bought for two-year profit if the price from the protocol remained the same, which seems pretty unreal - he pointed out.

Dinkić explained that the former Government had negotiated with Russians about NIS, but that it had not had the company's value appraised.

- The only thing that is known is the accounting value of the capital that amounted to 1.2 billion EUR in 2007 - he pointed out and added that the market value had never been determined.

He says that he believes that the final contract for NIS will contain the arrangement that both sides will find satisfying.