Oil and gas company NIS (Photo: NIS)
The Oil Industry of Serbia (NIS), which is under Russian control, has announced that its managing board has approved the sale of its subsidiary NIS Petrol Bulgaria which it fully owns.
According to SeeNews on July 31, NIS opted for the sale as it faces problems doing business in Bulgaria. "The transaction pertains to the sale of NIS's full stake in its subsidiary," a company financial report for the first half of the year said, adding that further details would be revealed when the outcome was known.
NIS has also launched a procedure for converting its total unmet claims into shares in NIS Petrol Bulgaria, which is usually a step toward simplifying balance sheets ahead of a planned sale, seenews.com said.
NIS runs a network of 22 gas stations in Bulgaria. The company's share of the Bulgarian motor fuel market was 2.6 percent in the first half of the year while its share in the retail market was 1.9 percent. Earlier this year NIS announced that it was considering pulling out of Bulgaria and Romania where it owns 19 gas stations, due to the difficulties that it faces in these markets.
To get full access to all content of interest see our
Subscription offer
Or
Register for free
And read up to 5 articles each month.
Already have an account? Please Log in.