Gazprom Neft to Pay EUR400M For 51% Of Serbia Oil Co

Gazprom Neft, a subsidiary of Russia's state-controlled gas monopoly OAO Gazprom, will pay EUR400 million for a 51% stake in Serbia's national oil company, Naftna Industrija Srbija, and has promised to invest a further EUR500 million in the company by 2012.

The purchase is part of a signed multibillion-dollar energy deal, the text of which has been published in a document on the Serbian government's Web site.

The agreement, which also includes building a branch of a prospective South Stream natural gas pipeline and a major gas storage facility in Serbia, would make Serbia a key hub for Russian energy supplies to Europe.

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