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Agreement on settling debts with Chinese Sinochem signed
Belgrade/Beijing,
11 October 2004
A delegation from the state run oil company NIS led by Serbian Minister of Mining and Energy Radomir Naumov signed an agreement on settlement with Chinese Sinochem Corporation, which reduced NIS debt by approximately $70 million.
Radomir Naumov
The Ministry of Mining and Energy stated that the base for settlement now amounts to $196 million, with a seven-year repayment period. NIS received guarantees from Serbian banks for the sum of $25 million, which was also approved by the Serbian government.
In previous negotiations, the Chinese partner insisted on a bank guarantee for the whole amount of $196 million. Through this resolution, NIS acquired the credit rating as well as a better standing with international financial institutions.
During the two-day visit, Minister Naumov, NIS General Manager Zeljko Popovic and Serbia-Montenegro’s Ambassador to China Dragan Momcilovic held talks with representatives of Sinochem on further cooperation between the two oil companies.
NIS representatives presented the process of modernisation of Serbian refineries, while the Chinese showed interest in a strategic partnership with NIS, reads the statement.
In previous negotiations, the Chinese partner insisted on a bank guarantee for the whole amount of $196 million. Through this resolution, NIS acquired the credit rating as well as a better standing with international financial institutions.
During the two-day visit, Minister Naumov, NIS General Manager Zeljko Popovic and Serbia-Montenegro’s Ambassador to China Dragan Momcilovic held talks with representatives of Sinochem on further cooperation between the two oil companies.
NIS representatives presented the process of modernisation of Serbian refineries, while the Chinese showed interest in a strategic partnership with NIS, reads the statement.
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