Serbia finalizes privatization plans for national oil giant NIS
Monday, 24, July 2006 11:48:00 AM
http://www.portfolio.hu/en/cikkek.tdp?cCheck=1&k=1&i=8990
The Serbian government has adopted the final plan for the long-delayed privatization of national oil and gas monopoly Naftna Industrija Srbije (NIS), Reuters reported last Friday, citing an announcement made earlier that day by Serbian Minister of Energy and Mining Radomir Naumov. According to the plan, in the first phase of the privatization process, 37.5% of NIS would be offered to a strategic investor, and a further 25% would be distributed through a share issue. In the second phase, the company would undergo a recapitalization worth euro 250 million-euro 300 million, as well as the sale of shares up to the amount of 49% to the strategic partner, Naumov said. He added that the tender for selling 49% of NIS to a strategic partner would be announced in September or October. According to Serbia's existing legislation, the Serbian government can sell only 70% of NIS, while the remainder will be distributed to employees (15%) and to a Privatization Fund (15%) that will issue free shares to Serbian citizens. Most analysts predict a three-horse race between Russian oil major Lukoil, Hungary's MOL and Austrian OMV and Hellenic Petroleum. They speculate that the Russian company could well have the strongest chance in the race, having already signed a memorandum of understanding in late June 2005 to form a joint venture with the Serbian company to co-operate on oil exploration and supply, and the modernization of NIS' refineries. NIS holds Serbia's two refineries, the 100,000 b/d Pancevo and the 60,000 b/d Novi Sad plants, and supplies some 70% of former Yugoslavia's retail fuel market. The company has said it needs some $1 billion in investments, mostly to expand and modernize its gas distribution business.
Salı, Temmuz 25, 2006
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