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Gazprom owned NIS plans development of geothermal projects in Serbia Gazprom owned NIS plans development of geothermal projects in Serbia Gazprom owned NIS plans development of geothermal projects in Serbia

The city of Novi Sad, Vojvodina, Serbia (source: flickr/ p medved, creative commons)
Alexander Richter 9 Mar 2012

Serbian company NIS, majority owned by Russian Gazprom, is engaging in development of geothermal power and heating projects in the northern province of Vojvodina in Serbia.

Reported this morning by Bloomberg, Russian Gazprom owned Naftna Industrija Srbije AD (NIIS), which is the predominant oil company in the country of Serbia, has signed a cooperation agreement with the province of Vojvodina.

The agreement includes partners GMV Energy and EU-Fire Kft. from Hungary. The plan is to tap the mostly un-utilized geothermal resources in the north of Serbia.

Gazprom Neft owns a majority stake in NIS, which signed the contract with the province of Vojvodina for the development of a combined heat and power plant .

NIS wants to add power generation to its core business in oil and gas, with the help of Hungarian GMV Energy and EU-Fire. The plan is to switch local heating plants from gas and heavy oil based heating to geothermal heating.

When Gazprom Neft acquired the majority stake in NIS from the Serbian government in 2009, the sale included rights to about 78 geothermal wells in Vojvodina.

Source: Bloomberg