Representatives ratified energy agreement with Russia

The Parliament of Serbia has adopted the Law on ratification of Agreement between governments of Serbia and Russian Federation on cooperation in field of oil and gas economy today (September 9, 2008).

Total of 214 representatives voted for ratification of the energy agreement, while 22 representatives were against it.

The Energy agreement with Russian anticipates construction of a section of gas pipeline Južni Tok in Serbia, sale of 51% of Petroleum Industry of Serbia and completion of construction of gas storage Banatski Dvor. However, the Parliament did not ratify the Protocol that thoroughly regulates the sale of the majority share of NIS, including the price of 400m EUR and 0.5 billion EUR worth of investments prior to year 2012.

The Protocol anticipates that the sales contract should be signed by the end of the year, "Gazprom's" daughter company "Gazpromneft" will have the right on operative management in NIS, while the Government will guarantee the protection of the market of oil derivatives produced by NIS for, minimum, two years.

Narodna skupština Republike Srbije

Vlada Republike Srbije

NIS a.d. Novi Sad

Gazprom Moscow

Law on ratification of Agreement between governments of Serbia and Russian Federation on cooperation in field of oil and gas economy

Južni tok

Banatski Dvor