ADVERTISEMENT

Russian oil company comes to Hungary

Tourism

Serbian oil firm NIS, majority owned by Russia's Gazprom Neft, plans to set up subsidiaries in Bosnia, Bulgaria, Hungary and Romania as part of its regional expansion strategy

NIS told Reuters it would triple its oil production and double its income to become a market leader in the region by 2020.

NIS had a net profit of RSD 21.4 billion ($304 million) in H1 2011after a RSD 9.6 billion loss in the same period of 2010.

NIS said it will invest $740 million to renew two of its oil refineries to comply with the quality standards of the European Union.

Under a 2009 energy pact between Russia and Serbia, Gazprom Neft paid 400 million ($574 million) for a 51% stake in NIS. The deal was criticized by Serbia for being underpriced. Later Gazprom raised  its stake to 56.15%.
 

NIS is already present in Hungary: it has done test drills at the Makó gas field. 

 

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.