Pancevo oil refinery (BetaPhoto/Ministry of Mining and Energy of Republic of Serbia/Emilija Jovanovic)
The stock market price of oil company Naftna Industrija Srbije (NIS) of around one billion euros cannot be considered real market value, and its book value should be taken as the indicator, which amounts to EUR3.2 billion, broker Branislav Jorgic said on Jan. 6, as reported by the Danas daily.
Jorgic said that this was the book value according to the balance sheet on Dec. 31, 2024. He said that NIS probably had losses during 2025 due to unfavorable circumstances and sanctions, which would lead to a certain reduction in the book value, but not significantly.
“I would take this book value as the indicator Gazprom and MOL will probably negotiate around. Let us say that the indicator value of the entire company is around three billion euros, due to the losses in 2025,” Jorgic stated. As for the possible comparisons with other transactions in the region or Europe, Jorgic said that there had practically been no such examples.
As for the privatization of Croatia’s INA, which MOL also purchased, Jorgic said that this took place some 10 or more years ago and was not comparable with the case of NIS, especially due to the fact that NIS was currently under sanctions. Jorgic pointed out that the key issue for the Russian side was how it would dispose of the money from the sale of NIS, i.e. whether the funds would remain frozen and how the U.S. administration would treat it.
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