NIS Petrol will start the exploiting operations of two oil lots in Timis country

The Serbian company NIS Petrol, controlled by the Russian group Gazprom will start in the following period the exploitation works of the oil sources which they have leased in Timis county.

2014-07-24 10:30:43

The increase of production capacity following some significant investments in the modernisation of the Pancevo refinery represents the main reason of our interest in oil lots in the western part of the country, which are in the proximity of the border with Serbia, according to a press release quoting Vadim Smirnov, the general director of NIS Petrol Romania.

The Serbian company has distribution activities of the fuel in Romania through a network of 17 filling stations. NIS Petrol is part of NIS (Nafta Industrija Srbije) owned by Gazprom.
NIS has two refineries in Serbia,in Pancevo and Novi Sad and produces annually 1.7 million tons of oil and natural gas per year. The Serbian company operates500 filling stations and a network of storage places in Bosnia and Herzegovina, Bulgaria, Hungary and Romania, Turkmenistan, Angola, Belgium and Russia.

In 2011, the Canadian company East West Petroleum signed an agreement with NIS for the exploitation of four oil blocks in the western side of Romania, from the counties of Bihor and Timis. According to the agreement NIS had to fund all works including the drilling ones, with commercial rights of 85 per cent.