NIS formed Jadran-Naftagas company in Republic of Srpska and opened branch office in Russian city of Nojabrsk

The Petroleum Industry of Serbia (NIS) has formed Jadran-Naftagas, a company with limited liability, in the Republic of Srpska and opened a branch office in the city of Nojabrsk in Russian Federation, the company announced on the website of the Belgrade Stock Exchange.

According to the statement published on that website, the limited liability company for oil exploration and production has been established in Republic of Srpska "in accordance with the Memorandum of Cooperation entered between the company NIS a.d. Novi Sad and the company Oil and Gas Innovation Corporation, with the headquarters in Moscow. The newly formed company will operate under the name of Jadran – Naftagas d.o.o. Banja Luka.

The main activity of the company is oil and gas exploration and production, while the company's other related registered activities are: crude oil extraction, natural gas extraction, servicing activities related to oil and gas extraction, exclusive of exploration works, sounding and drilling field exploration.

"The subject and the basic goal of the branch office activity is protection and representation of the interests of NIS a.d. Novi Sad in relations with the state authorities of Russian Federation, Nojabrsk city and the autonomous region of Yamalo-Nenets, as well as with local authorities, companies, organizations, institutions, other juristic and physical persons, and performing of other specific activities of NIS a.d. Novi Sad", reads the statement.