NIS Petrol, the Romanian subsidiary of Serbian oil company NIS, has announced plans to sell its network of 19 Gazprom-branded petrol stations in Romania as part of efforts to settle its outstanding debts.
According to Romanian media reports, NIS Petrol recently signed a preemptive agreement with creditors, following a court decision aimed at helping financially struggling companies avoid formal insolvency proceedings. This decision comes after NIS Petrol failed to meet obligations under three of its six oil prospecting and exploitation concession contracts in Romania, resulting in a fine of 5.6 million euros, of which 1 million has already been paid.
NIS Petrol generates approximately 4 million euros in monthly revenue from the sale of oil products at its petrol stations and currently holds around 5.7 million euros in bank funds. The court has noted that these funds, along with the sale of the petrol stations, could support the company’s restructuring and prevent insolvency. According to the insolvency administrator, NIS Petrol’s total debt stands at 119 million euros, primarily consisting of intragroup loans from its parent company, NIS.
In 2023, NIS Petrol reported a net loss of 12.7 million euros, on total revenues of 59.5 million euros.
