Lukoil bid EUR 117mn for a 79.53% stake in Beopetrol, Serbia’s major oil retailer, winning the privatisation tender, announced minister of privatisation Aleksandar Vlahovic.

The overall bid included investment commitments of EUR 85mn over the next five years and a social programme for the company’s employees of EUR 5mn, making the entire value of the bid EUR 207mn. The only other bid was filed by Hungary’s MOL, which come up with a purchase price of EUR 101mn, investment commitments of EUR 84mn and a social programme for EUR 2.35mn.

After Lukoil was announced winner in the tender, negotiations on the final contract are to start in three days. According to the procedure, talks should last no more than one month, until the contract is signed. Vlahovic commented that whatever clauses are revised, the purchase price cannot fall below what was declared in the bid.

According to Vlahovic’s estimations, approximately EUR 150mn should be received in the state coffers from the deal by the end of the year.

(IntelliNews 26.viii.03)