Serbian company Naftna Industrija Srbije owned by Gazprom signed an agreement with a Canadian company, East West Petroleum Corp that obtained from Romania in concession four oil perimeters: EX 2, EX 3, EX 7 and EX 8, Reuters informs. According to a press release of the two companies, the agreement sees cooperation to develop the four blocks.

The agreement needs to be approved by Romania’s government.

NIS, the biggest oil company in Serbia is owned by Gazprom Neft with 51% of the shares. The company was purchased by Gazprom in 2009 following an agreement with Serbia.