Gazprom Neft Agreed upon the Main Conditions of Transaction to Purchase the Blocking Stake of NIS

JSC Gazprom Neft has agreed upon the main conditions to purchase 51% of shares of Naftna Industrija Srbije (NIS), Serbian Oil Company.

Gazprom Neft is going to perform engineering modification and modernization of NIS capacities to significantly increase own oil refining volumes and improve the quality of the product portfolio to meet European standards.

Alexander Dyukov, Chairman of the Management Board of JSC Gazprom Neft, said: “In terms of the plans to reach the level of oil production of 80 mln TPA and in connection with the excess of the current production volumes over the capacity of the company to refine oil, acquisition of new refining and marketing plants is the key to the successful development of JSC Gazprom Neft business.”

Notes for editors

NIS is a vertically integrated company which extracts 1 mln TPA, refines 7 mln TPA and has its own marketing network.