The Russian government offered $750 million in cash and $750 million in investments for a majority interest in Serbia's NIS oil company, the Serbian daily Blic reported Wednesday.

No international tender would be involved, Blic said quoting an unidentified Serbian government official.

The offer includes arrangements for a leg of the Russian South Stream gas pipeline, yet to be built, that would transport natural gas from the Black Sea across Bulgaria, Bosnia-Herzegovina, Serbia and on to Western Europe.

The construction of large natural gas underground storage at Banatski Dvor, 65 miles north of Belgrade, is also included in the offer.

The deal would give Russia full control of Serbia's gas and oil markets, Blic said.