BELGRADE, October 17 (RAPSI) - Serbian Anti-Corruption Agency suspects Russian oil giant Lukoil and the National Privatization Agency of violations in the sale of the Serbian oil company Beopetrol, RIA Novosti reported Thursday.

In 2003, the Privatization Agency of the Government of Serbia sold Beopetrol to Lukoil. Lukoil paid 117 million euro for 79,5% of the company's shares and obligated to invest in its development upwards of 85 million euro.

According to the Council's report, experts found that Lukoil has submitted a bank guarantee to the amount of 41 million euro during privatization and then took credits from Beopetrol. Analysts also found that some loan agreements have been concluded in violation of law. These actions could inflict 100-150 million euro damage to the state.

The Criminal Police Directorate of the Ministry of Internal Affairs of the Republic of Serbia is now reportedly investigating the Council's statement.

Lukoil and the Privatization Agency deny the charges.

Beopetrol Company's main activities include retail and wholesale trade of oil and oil derivatives. It has a subsidiary Beopetrol Pristina in Kosovo.