Oil market Serbia 2012

26. March 2012. / Uncategorized

Serbia Market Liberalization Opening, Serbia Energy Report 2012

As in the case of gas industry, Gazprom has the leading market position in oil market in Serbia. With acquisition of Serbian oil industry (NIS), the Russian energy giant became a strongest player in high consuming market. The new owner also got some concession on oil exploration in Angola, owned by NIS for years back. Privatization deal of NIS included certain preferential status of the NIS Gazprom for several years which influenced the gasoline market in Serbia. However the European Community reacted on certain Serbian government regulations treating import of certain class of petroleum forcing the authorities to compel in accordance with EU competition policy. The result was the liberalization of the petrol market in Serbia which allowed other smaller players to enhance their positions. Austrian OMV, Hungarian MOL and Greek Hellenic petroleum, beside another Russian player Lukoil, accepted the competition protection recommendation that came from Brussel. The Austrian OMV, Hungarian Mol and Greek Hellenic Petroleum welcomed the spontaneous protection of the market competition rules that came from Brussel. Still the prices of the petroleum is highest in the region which gives additional reasons of all actors to fight and influence the market regulators. Energy community issued several recommendations that would have to be implemented in the future, forwarding further market liberalization and opening. Considering the fact that Serbia is within market actors plans considered as regional hub, some additional investments into capacities expansion are expected. Such circumstances like in the gas sector, opens the door for many development projects that may be granted to famous European technology holders in both energy segments, and provide new jobs and technology & know how transfer to local Serbian companies.

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