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30.12.2010

Serbia Revokes Crude Import Monopoly for Gazprom-Controlled NIS

The Serbian government has revoked the monopoly on crude imports which was enjoyed by a Gazprom-controlled entity. Serbian Energy Minister Petar Skundric said this "historic" decision would come into force at the beginning of 2011 and would foster free price-forming on fuel.

In 2008, Gazprom-neft acquired a 51 percent stake in the Serbian oil company monopolist NIS. The deal allowed NIS to retain its monopoly on crude imports until 2011. Russia tried to have this period prolonged for at least one year, but the Serbian government refused to concede, citing its obligations to the European Union on open markets.

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