Sogaz, a Russian insurer, obtained a license to do business in Serbia, together with the country’s gas monopoly Srbijagas, the central bank said in a statement today.
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The joint venture, in which Sogaz will hold a 51 percent stake, will operate as Sogaz a.d.o. and focus on non-life insurance in the energy and oil industries. The two companies paid six million euros ($7.8 million) for the license, the central bank said.
Srbijagas first indicated interest in financial services in 2009, after OAO Gazprom Neft (SIBN) acquired a 51 percent stake in the Serbian oil company Naftna Industrija Srbije AD. (NIIS).
Source bloomberg.com
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