Reason for investigation into Serbian NIS privatization became price of its purchase by Gazpromneft

The cause for the investigation into the Serbian NIS privatization is because of the price of the asset purchase by Gazpromneft, the ITAR-TASS reports, referring to the Serbian News Agency TANJUG.

The agency notes that the Serbian Prime Minister Alexander Vucic told President Vladimir Putin about his vision of the sale of the NIS’ shares to Gazpromneft during the meeting in Moscow on July, 8th.

Gazpromneft bought 51% shares in Serbian NIS at the end of 2008 for 400 million euro (later as a part of the mandatory offer Gazpromneft acquired 5.15% of NIS shares from its minority shareholders, increased its stake to 56.5%). After the acquisition of the controlling stake in 2008, Gazpromneft had a commitment to invest 500 million euro in the production upgrade before 2012.