Serbia: NIS to collect entire debt from Srbijagas in 2016

30. May 2016. / News Serbia Energy

In accordance with the dynamics stipulated by the law, on 31 December last year NIS collected 20 % of the debt from state budget, while it is planned that two installations, representing 16 % of the total debt each, should be paid in 2016.

Late last year, the Serbian Parliament has passed a law, according to which the Serbian state will repay the debt of Srbijagas to oil company NIS in the amount of 188.6 million euros. Late last year, the Serbian Parliament has passed a law, according to which the Serbian state will repay the debt of Srbijagas to oil company NIS in the amount of 188.6 million euros.

In accordance with the dynamics stipulated by the law, on 31 December last year NIS collected 20 % of the debt from state budget, while it is planned that two installations, representing 16 % of the total debt each, should be paid in 2016 (on 31 May and 31 December). However, CFO of NIS Anton Fedorov said that the company is planning to resell these receivables to banks and it has already received some good offers, but it is still not certain whether that will happen since some changes of regulations are needed in order to realize the sale.

Since during the period 2008-2013, Srbijagas was operating under non-economic terms due to disparity of gas prices and illiquidity of the companies to which gas was supplied to, there has been a delay in settling Srbijagas’ obligations to oil company NIS, which is owned by Russian Gazprom. Therefore, NIS and the Government of Serbia signed a memorandum on settling Srbijagas’ obligations to NIS. For years NIS had a problem of collecting receivables from public companies. The issue regarding national air operator Air Serbia was resolved last year, but petrochemical plant Petrohemija still owes NIS some 97.2 million euros, transmits Serbia-energy.eu

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