“Srbijagas” buys 25% of shares from “Jugorosgas”

, News Serbia Energy

Proposal of the contract that will enable “Srbijagas” to buy additional 25% of shares from “Jugorosgas” arrived and legal service already reconsiders this suggestion- stated Dusan Bajatovic, CEO of Srbijagas company.

This business should be financed with sharing the part of investment credit that “Srbijagas” got from European Investment Bank, Bajatovic said but he didn’t précised in which amount.

“The offer for equalization of ownership relation between “Srbijagas” and “Gaspromeksport” in “Jugorosgas” is correct. Arrangement is practically arranged and I don’t see a reason for Serbian Government not have positive opinion of it”, Bajatovic said to journalists in Staklara Paracin.

“Srbijagas” has 25% of ownership in “Jugorosgas” currently. “Jugorosgas” is joint company with “Gaspromeksport” which is in charge of gas market for Serbian market. Bajatovic announced that President of “Gasprom” Managing Board, Aleksey Miller will visit “Srbijagas” and that long-term agreement for delivery of Russian gas will be finally signed.

Average price for this year is 370 dollars for 1.000 cubic meters considering that Serbian factories like Azotara, Petrohemija, Metalonsko-sircetni Kombinar will use big amount of gas and will have additional discounts.

Bajatovic announced that conceptual project for South Stream part through Serbia will be finished by 31 March and the main project will be finished by June.

First tenders for pipes and compressor stations’ equipment purchase will be announced after that and tender for work contractors will be announced by the end of the year- he said. Serbian construction companies will be maximally engaged on this project- Bajatovic said.

Talking about reconstruction of “Srbijagas”, he stressed that this process started two years ago and emphasized that financial reconstruction must be done in the first phase because the company management is not guilty for existing indebtedness of “Srbijagas”.
Property reconstruction should follow the financial reconstruction in order to regulate all legal disputes of companies and do organization reconstruction and classification of activities- Bajatovic said. He announced that companies consisted in “Srbijagas” like “Agroziv”, Azotara and Metalonsko-sircetni kombinat (MSK) will find its strategic partners during this year.

Negotiations for searching the strategic partner for Azotara are being finished and negotiations for MSK are beginning- Bajatovic said and added that the partners are Russian. “I don’t see a reason not to find strategic partners for these companies”, he said and added that estimation of these companies’ marketability is already being done.

Source Serbia Energy/Srbijagas