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the joint venture of Gazprom and Srbijagas

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Juzni Tok Srbija (South Stream Serbia), the joint venture of Gazprom and Srbijagas, founded and registered in Switzerland, should also get a daughter company in Belgrade, Politika daily paper learns.

The new daughter company, a 100-percent Serbian company, will be directly engaged in the works on the construction of the gas pipeline section on the territory of Serbia, and it should also collect all work permits, Politika’s source claims.

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When asked if that may be one of the topics for conversation at the forthcoming meeting of Serbian President Boris Tadic and Russian Prime Minister Vladimir Putin and whether a document on the formation of that daughter company will be signed on that occasion, the same source says that that issue will most probably be discussed in order to be confirmed that South Stream gas pipeline will definitely be built.

In order for that company to be able to operate in Serbia, it must be founded pursuant to Serbian law, which is not the case with the joint venture that was formed and registered in Switzerland. Juzni Tok Srbija, which is headquartered in Switzerland, operates in accordance with continental law.

We are now left to wait and see if the daughter company will be founded immediately or the business will be done through Srbijagas until the beginning of the construction of South Stream gas pipeline and then transferred to the daughter company, the source explains.

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