Gazprom Neft’s NIS Signs Accord on Geothermal Power in Serbia

Naftna Industrija Srbije AD, the dominant oil company in Serbia, will work with Hungary’s GMV Energy and EU-Fire Kft. to tap the largely unused geothermal sources in northern Serbia.

Majority-owned by Russia’s OAO Gazprom Neft, NIS signed a cooperation agreement with the government of the northern Vojvodina province and the Hungarian companies to develop a power plant using geothermal energy and to supply local heating plants with hot water from the wells, the Belgrade-based company said in a statement on its website.