Russians paid money for NIS - transfer to budget account to be completed on February 2nd

The Minister of Energy and Mining, Petar Škundrić, said that Russians paid 400m EUR to Serbia on Saturday (January 31, 2009) for 51% of Petroleum Industry of Serbia (NIS).

- The transfer of money is in progress, the money has already been transferred to a bank in Belgrade, and the transfer to the budget account will be completed on Monday - Škundrich said for Radio Beograd.

He said that Serbia wanted to pay as minimum banking expenses as possible, which had prolonged the transaction.

Škundrić said that the payment would be followed by the transfer of 51% of stocks of NIS to Russian petroleum giant "Gazpromneft", as well as the change in organization and the management of the company.

- Once the transfer of 51% of capital is done, the new assembly of stockholders will be held and the board of managers will be appointed on that occasion. "Gazpromneft" will give six representatives for the Administrative Board, while Serbian side will give five - Škundrić specified.

He added that the President of the Administrative Board of NIS would, most probably, be the representative of "Gazpromneft", Dmitrij Mališev.

Minister said that all employees would keep their jobs, but he announced possible changes in the managerial positions. He added that the workers who wanted to leave NIS were free to do that in the agreement with the company's management. According to his claims, these workers will get better compensation than the other workers in the companies that have been privatized so far.

NIS a.d. Novi Sad

Gazprom Moscow

Petar Škundrić

Dmitrij Mališev

Contract on sale of majority package of stocks of Petroleum Industry of Serbia