Oil and gas company NIS (BETAPHOTO/EMIL VAS)
On Nov. 17, Srbijagas CEO Dusan Bajatovic said that Serbia will support any plan Russia offers regarding Naftna Industrija Srbije (NIS) – be it selling to a third party or Serbia buying out Russia’s majority stake in the oil and gas multinational – because NIS must continue to operate.
Speaking for the RTS public broadcaster, Bajatovic stated he would not yet discuss the possibility of nationalizing NIS – which is currently under U.S. sanctions due to its Russian ownership – but did stress that the company has few options since the current situation could easily lead to secondary sanctions against the National Bank of Serbia, thereby endangering the country’s entire banking sector.
“We’re out of time and we must make a decision. It was obvious that a mere managerial takeover would not be enough, only a clear plan for removing Russian capital [from NIS] – which is not Serbia’s wish but [a demand of] the American sanctions. No such plan was presented to the U.S. OFAC [Office for Foreign Assets Control] by the Russian side. We will support whatever the Russian side suggests,” said Bajatovic.
According to him, if Russia cannot arrange the sale of its majority stake in NIS, Serbia will offer to buy the shares at a higher price that it would prefer because the matter is one of national interest and pertains to the security of the country’s energy sector.
“NIS must continue operating and if even that is not enough, then we must consider [options] that are not good for relations with Russia, for it is a protective power,” Bajatovic concluded.
The Srbijagas CEO was adamant he would rather not discuss nationalizing NIS until a buyout is considered, because “no friendly takeover will be enough.”
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