Serbia's oil and gas group NIS, controlled by Russia's Gazprom said it is considering withdrawing from Bulgaria and Romania due to challenges its operations face in these markets.
"Management is considering the possibility of exiting these markets if the challenges persist or worsen, including assessing potential complete or partial sale of asset, closure, or other exit mechanisms," NIS said in its financial statement for the fourth quarter of 2024.
In Bulgaria, NIS faces difficulties in downstream operations, while in Romania, both upstream and downstream operations are affected, the company stated. Alongside the potential exit, NIS is also exploring ways to enhance operational efficiency and identify new business opportunities to tackle local market challenges.
"A comprehensive review is ongoing to ensure that any decision taken will align with the Group long-term strategic goals and shareholder interests," NIS said, adding the results of these evaluations will be shared in its regular reports in the coming period.
In Bulgaria, NIS operates a network of 23 petrol stations under the Gazprom brand. In 2024, its market share in Bulgaria in the total motor fuel market stood at 2.3%, while the retail market share was 2.2%.
In Romania, NIS has 19 petrol stations under the Gazprom brand and is also involved in oil and gas exploration and production. In 2024, its market share in Romania in the total market of motor fuels was 0.4%, while its share in the retail market was 0.6%.
Full story Serbia's NIS mulls exiting Bulgaria, Romania | Southeast Europe Company News | SeeNews
Share this:
