The deadline for the sale of the Petroleum Industry of Serbia (NIS) to the company's majority owner, the Russian Gazprom Neft, expires Wednesday.

The guaranteed bid price is EUR 4.8 per share, that is at least RSD 506.48, and the owners of free shares who do not sell them to the majority owner will be able to trade them on the Belgrade Stock Exchange.

The Russian company Gazprom Neft, as majority owner of NIS, launched on January 31, 2011, a takeover bid for the 19,12 percent of NIS shares from small shareholders, which was envisaged by the NIS sale contract.

By the Serbia-Russia Oil and Gas Agreement and a contract concluded on December 24, 2008, Gazpromneft became the owner of 51 percent of NIS shares.

In accordance with Serbia's Law on the Right to Free Shares, 19.08 percent were given to the Serbian citizens, 4.34 percent of which were given to current and former NIS employees, whereas about 29.9 percent of NIS shares remained in the possession of the Republic of Serbia.