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Serbian oil company NIS, majority owned by Russia's Gazprom Neft, plans to set up a unit in Hungary as part of regional expansion strategy, Reuters reported, citing a statement by the company.
The company is also setting up subsidiaries in Bosnia, Bulgaria and Romania.
"The registration of subsidiaries in Romania, Bulgaria, Hungary and Bosnia is a NIS' step towards the realisation of a strategy to develop business in the Balkan region and initial phase in actively entering these markets," NIS said in a statement to Reuters.