Petroleum Industry of Serbia (NIS) to get owner in 15 months

Consortium of American Investment Bank Merrill Lynch and Austrian Bank Raiffeisen investment signed the contract with the representatives of the Government of Serbia on doing job of the privatization councillor for Petroleum Industry of Serbia (NIS). In three months they should suggest strategy for privatization of NIS and the entire procedure related to sale of NIS should be completed in 15 months.

Among seven leading world companies, Merrill Lynch and Raiffeisen Investment gave the best financial offer on the tender for privatization councillor. They will get €900,000 for consulting services and 1.2% of the selling price of NIS. Radomir Naumov, Ministery of Energy, said that the signing of the contract was the crown of entire last-year preparation of petroleum sector for privatization.

Scott Louis, the representative of the consortium hopes that the selling price of the company will be high, because he expects strong competition. He reminded that Merrill Lynch did the similar job related to privatization of the company for petroleum and gas in Prakistan. American Investment Bank was founded in 1914 and it is one of the leading world companies for financial management and consulting services. It also has great experience, since it worked for almost every Government in Europe.