Serbian oil company NIS plans to expand to Romania
October 2011 - From the Print Edition
The Serbian oil company controlled by the Russian giant Gazprom, NIS, plans to expand to Romania, Bulgaria, Hungary and Bosnia, and has registered subsidiaries in these countries. The company said it wants to triple oil production and to double sales by 2020 to become the market’s regional leader. “Registering subsidiaries in Romania, Bulgaria, Hungary and Bosnia is a step towards realizing the business development strategy of NIS in the Balkan region and the first phase of active entry in these markets,” said company officials. In related developments, NIS and East West Petroleum Corporation, based in Canada, signed in May this year an agreement to develop four oil and gas exploration blocks in Romania.
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