Page 12 - bne IntelliNews monthly magazine November 2024

12 I Companies & Markets bne November 2024
This issue gained traction in the international media. But earlier this month, following an approach by Usmanov’s lawyers, the German newspaper Münchner Merkur deleted an article that claimed Metalloinvest had attempted to “smuggle hidden supplies of raw materials” from Ukraine into Russia to support its military campaign as the claim was unsubstantiated, the court said.
This week, the HACC also ruled to transfer 100% of the shares in Peter-Service Ukraine, a Ukrainian subsidiary of the Russian firm Nexign, to the benefit of Ukraine.
In the statement, USM also said that Metalloinvest Trading AG, Nexign and their owners would take steps to defend their legal rights and interests, including seeking compensation for reputational damage.
Critics point out that foreign-owned properties confiscated in Ukraine are technically protected under international law, which offers the possibility to challenge the HACC’s decision. Peter-Service is likewise eligible for protection as it is a foreign investment by a Russian company in Ukraine, USM claims.
“The actions of the Ukrainian authorities are illegal and constitute a gross violation of property rights and other human rights protected by international agreements, as well as the rights of investors protected by a number of investment protection agreements,” a representative of USM’s legal department told bne IntelliNews.
“This is why the illegal decision made by the High Anti- Corruption Court will be challenged by the Group not only within Ukraine's legal system but also in competent international judicial bodies,” the representative said.
Serbia signs MoU with North Macedonia for gas interconnector
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Serbia has taken another step to diversify its energy supply, signing a memorandum of understanding with North Macedonia on the construction of a 70 kilometre natural gas pipeline on October 7.
The pipeline, which will have an annual capacity of 14bn cubic metres, is part of a Serbia’s broader effort to secure alternative energy sources and bolster energy security.
The planned interconnector between Serbia and North Macedonia is intended to link to the liquefied natural gas (LNG) terminal in Alexandroupolis, Greece, providing Serbia with access to gas supplies from wider European and global markets.
The development comes as Serbia aims to reduce its reliance on Russian gas, which currently supplies the majority of
its energy needs. Of the 2.5bn cubic metres of natural gas consumed annually by Serbia, approximately 2.2bn cubic metres come from Russia’s state-owned energy giant Gazprom.
Despite renewing a long-term gas contract with Gazprom in May 2022, Serbia has been actively seeking new partnerships to diversify its gas sources. In November 2023, Belgrade struck a deal with Azerbaijan to secure 400mn cubic metres of gas annually between 2024 and 2026.
Serbia’s state-owned gas company Serbijagas also signed contracts with Azerbaijan's SOCAR in late September to ensure the supply of an additional 1mn cubic metres of gas per day throughout the winter of 2024-2025.
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Prime Minister Vucevic emphasised the significance of the new pipeline deal during his meeting with North Macedo- nia’s Prime Minister Hristijan Mickoski, highlighting the importance of ensuring energy security in the face of climate change and aligning with the EU's green agenda.
The EU has been pressuring its member states and allies, includ- ing Serbia, to reduce reliance on Russian energy in response to the ongoing war in Ukraine. Although Serbia has not joined the EU in imposing sanctions on Russia, it has sought to explore new energy partnerships as part of its long-term strategy.
In addition to the gas pipeline, Vucevic noted that North Macedonia has also proposed the construction of an oil pipeline, which could provide Serbia with an alternative oil supply route, further enhancing its energy resilience.
The pipeline would have an annual capacity of 14bn cubic metres. / bne IntelliNews