December 29 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] has agreed to purchase 1.02 billion euro ($1.15 billion) worth of Kirkuk crude oil from Malta's Petraco Oil Trading Company, the Serbian company said on Wednesday.
Under the agreement the two sides signed on Monday, the Maltese company is obligated to deliver the agreed-upon crude oil in the period between January and December 2022, NIS said.
The amount of crude oil that NIS will buy was not disclosed.
NIS, 56.15%-owned by Russia's Gazprom, is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retailing of petroleum products. Serbia's government owns a 29.87% stake in NIS.
The Kirkuk crude oil is extracted at an oil field of the same name in Iraq and is then transferred to Turkey via the Kirkuk-Ceyhan pipeline.
($ = 0.8822 euro)