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A:
Talks on strategic partnership between NIS and Lukoil
Belgrade,
1 November 2004
Serbian Minister of Energy and Mining Radomir Naumov said today that he had discussed a strategic partnership between state oil company NIS and Russian oil giant Lukoil with Russian Minister of Industry and Energy Viktor Hristenko and other officials and representatives from Russian oil firms in Moscow.
Radomir Naumov
Naumov told a press conference that a strategic partnership between the two companies would include the setting up of a joint venture for processing and distribution of crude oil.
He said that according to an agreement reached in Moscow, the ministry and Lukoil should help NIS to set up expert groups, tasked with drafting proposals for cooperation by the end of November.
Naumov said that the ministry has now rounded off a cycle of activities that have helped the national oil company to improve its financial condition and ensure a better strategic position for the coming year.
These activities included the ministry’s roles in settling NIS’s debts to Russian Gazprom and Chinese Sinochem.
Naumov stressed that NIS will enter 2005 financially relieved, given that the debts to Gazprom and Sinochem had totaled more than $500 million before the settlement agreements.
A strategic partnership with Lukoil would be of great significance for both NIS and Serbia’s energy sector, Naumov explained, adding that such a partnership would ensure a steady oil supply in the domestic market and allow for investment in local refineries.
Assistant Minister Slobodan Sokolovic said the prospective strategic partnership between NIS and Lukoil would be a so-called “modular partnership,” which involves investment into a facility and returns on the investment from the facility’s subsequent production.
He said that according to an agreement reached in Moscow, the ministry and Lukoil should help NIS to set up expert groups, tasked with drafting proposals for cooperation by the end of November.
Naumov said that the ministry has now rounded off a cycle of activities that have helped the national oil company to improve its financial condition and ensure a better strategic position for the coming year.
These activities included the ministry’s roles in settling NIS’s debts to Russian Gazprom and Chinese Sinochem.
Naumov stressed that NIS will enter 2005 financially relieved, given that the debts to Gazprom and Sinochem had totaled more than $500 million before the settlement agreements.
A strategic partnership with Lukoil would be of great significance for both NIS and Serbia’s energy sector, Naumov explained, adding that such a partnership would ensure a steady oil supply in the domestic market and allow for investment in local refineries.
Assistant Minister Slobodan Sokolovic said the prospective strategic partnership between NIS and Lukoil would be a so-called “modular partnership,” which involves investment into a facility and returns on the investment from the facility’s subsequent production.
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