OREANDA-NEWS. December 12, 2012. In Belgrade the company NIS has signed the contract on acquisition of 100 percent ownership of the company OMV BH d.o.o , owing to which NIS shall acquire a network of 28 petrol stations which are currently owned by the mentioned OMV subsidiary in Bosnia and Herzegovina. OMV network currently has an 8 percent share in the total retail of motor fuels at the market of Bosnia and Herzegovina (BiH).

This acquisition of OMV petrol stations in BiH represents a step further in the implementation of the NIS strategy of regional development by 2020. One of the Company’s priorities in this strategy is to expand the retail network across the countries of Balkan region.

NIS has all the resources required for the implementation of its strategic goals, since on 1st November 2012 the program of reconstruction and modernization of NIS Refinery in Pancevo including the start-up of a new hydrocracking and hydrotreting complex (MHC/DHT) was completed. This refining complex will create the potential for the increased export of Euro 5 quality standard motor fuels into the Balkan region.

By acquiring the OMV BH d.o.o retail network, NIS will gain the channels for the sales of Euro 5 quality motor fuels produced in the NIS Refinery. NIS Strategy of Regional Development identifies the market in BiH as one of the priority markets for the Company, alongside the markets of Bulgaria and Romania.

"The acquistion of OMV petrol strations in BiH represents only one step further towards the implementation of the strategy of long term development of NIS retail network in the region. In this way NIS will be able to market high quality fuel according to European standard that the Company produced in its Refinery. This acquisition will rank us, for the first time, among the three top retail networks out of the Serbian market, said Kirill Kravchenko, NIS CEO.

We expect that the contract between NIS and OMV BH d.o.o. will be concluded in the first quarter of 2013, after the approval of the competent anti-trust institution . According to the mutual agreement, the company shall not disclose the cost of the transaction.