Gazprom Neft reduces stake in Serbia's NIS to 50%, Gazprom obtains 6.15%

MOSCOW. May 11 (Interfax) - Gazprom Neft on May 6 reduced its stake in Serbia's NIS from 56.15% to 50%, NIS said in a statement on the Belgrade Stock Exchange.

According to Gazprom Neft's statement, the company reduced its stake in NIS based on a share sale and purchase agreement.

"The change in the ownership structure provides conditions for the smooth implementation of the activities of NIS j.s.c. Novi Sad on the market,' NIS said in a press release.

Accordingly, Gazprom Neft's parent company, PJSC Gazprom , is now the owner of a 6.15% stake in NIS. The Republic of Serbia owns 29.87% of the shares, and minority shareholders own the remaining shares.

As previously reported, the European Union has imposed a number of sanctions against Russia's Gazprom Neft. Meanwhile, the EU has granted Serbia an exemption from sanctions on oil imports for NIS, as controlled by Gazprom Neft.

NIS produced 1.194 million tonnes of oil equivalent in 2021, 1.259 million toe in 2020, and 1.29 million toe in 2019. The Pancevo oil refinery boosted processing 9% to 3.945 million tonnes, reaching its highest output since 2009. Sales of petroleum products also posted record growth to 4.031 million tonnes, a rise of 14%.