Serbia will not buy 5% stake in NIS from Russia: Djedovic clarifies procedure - this is the only way

Photo: PS/MojaPrva

Minister Dubravka Djedovic was on TV Prva this morning when she talked about the recent agreement Hungary's MOL managed in a bid to eventually acquire NIS, Petroleum Industry of Serbia, which is under US sanctions.

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She said the agreement was reached on Sunday evening and "allowed her team to send a letter to the US administration (that is to eventually approve or reject it) on Monday morning."

"When the conditions were there, an agreement was reached with MOL. MOL sent the letter around 19:00, and we sent it around 22:00 to the American administration. The letter was delivered around 05:00 (the next day), which gave them enough time to consider the situation," said Djedovic.

This move, she pointed out, is part of coordinated activities in order to resolve the situation in a timely manner and in accordance with all relevant procedures.

"March 24 is the deadline, and the sales contract should be closed by that date. We managed to get confirmation (of being allowed) to buy extra 5% (ownershipt stake in NIS). MOL can buy all the shares from the Russians, while we can buy the 5% from them."

Is it true that the Russians would sell NIS shares to "anyone" except Serbia, the minister was asked.

"The truth is is that we did not want to clash with Russia. The nationalization (of NIS) has no basis. We did not want to conduct a policy of stealing, we want a policy of doing business, that we are not the kind to steal, but to make sure they are safe. Being among the countries seizing the opportunity and making hasty decisions is bad."

Serbia was ready to buy all NIS shares

"We were ready if a good solution had not been reached. We followed a policy of neutrality, which is not easy, but it is correct. Our citizens can go to various parts of the world and be well received everywhere. We are waiting for the decision of the US administration, which should arrive by the end of this week, and we should know where we stand. It's important that the (Pancevo) refinery works, and now it's important that the negotiations get successfully completed. Depending on that, we can say whether or not we have been successful. Serbia is a country that knows what it wants - and that is the message we want to send. The energy sector must strengthen, continue to grow," said Djedovic.

She added that "based on the documents, the US administration believed that there was no signed paper that Russia wanted to sell its share, although it was stated that there was an intention, but this was not convincing."

"There were many verbal messages, they have no basis as a legal document. The US administration for the first time demanded that the Russians completely withdraw from NIS in October. They wanted to stay, of course, but there were many options, and in the meantime MOL appeared. When it comes to energy, the interest is both political and economic."

Serbia's additional 5% share in NIS

"This means more influence, participation in the profits. We have a sufficient package of shareholders to stop decisions that do not suit us. Also, we will be more respected at the negotiating table when decisions are made. It's important that we have a good relationship with the future owner, but also to protect our interests," said the minister.

(Telegraf Biznis)