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 2011, after 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.
NIS is already present in Hungary: it has done test drills at the Makó gas field.
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