Serbia abolishes Gazprom Neft’s monopoly on oil imports

The Serbian government has abolished Gazprom Neft’s monopoly on oil imports and has allowed free pricing of gasoline in the country. Serbian Energy Minister Petar Skundric said the decision will take effect from the start of 2011. Gazprom Neft purchased a 51% stake in Serbia’s oil monopoly in 2008, with the deal envisaging that the monopoly will be kept until 2011. The Russians wanted the monopoly extended for at least another year, but the Serbian government refused, citing its obligations to the European Union’s free market reforms. Skundric said he hoped the decision would lead to lower gasoline prices in Serbia, which are some of the highest in the region. (December 29, 2010)