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.