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28 Apr, 2008 15:25

Gazprom optimistic about Serbia pipeline deal

Gazprom oil subsidiary, Gazpromneft, says it remains optimistic about Russia-Serbia energy co-operation, despite several delays in the ratification of an energy agreement between the two nations.

Under the terms of the Russia-Serbia oil and gas
agreement, a 400-kilometre section of the South Stream pipeline will be built through Serbia.

In return, Gazpromneft will acquire a 51% stake in Serbia's state-owned oil company, NIS, for €400 million.

Gazpromneft hopes to finalise the deal with NIS after the Serbian parliamentary elections in May.