Gazprom -owned NIS opens subsidiary in Romania and plans local expansion

Serbian oil and gas company Naftna Industrija Srbije (NIS), controlled by Russian company Gazprom, which had previously made an offer to buy Romania-based oil and gas chain Rompetrol’s gas stations in Romania, has announced its plans to expand to Romania, Bulgaria, Hungary and Bosnia. It has already set up subsidiaries in these countries. NIS, 51 percent bought by Gazprom Neft for EUR 400 million in 2009, made a profit of EUR 21.4 million in the first half of this year, turning up from a loss of EUR 9.6 million in the first six months of 2010. NIS and Canadian East West Petroleum Corporation signed earlier this year an agreement to explore four blocks for oil and gas in Romania. editor@romania-insider.com (photo source: NIS)