NIS adopts business plan for 2017 – Company planning investments worth RSD 28.6 billion

The Board of Directors of Naftna Industrija Srbije (NIS) has adopted the business plan for 2017, and the company's priorities remain investments in key development projects, increasing efficiency and maintaining profitability, NIS reported on Tuesday, December 6, 2016.

The president of the Board of Directors and the first deputy of the general manager of Gazpromneft, Vadim Javokvljev, estimated that the realization of the adopted business plan would enable NIS to maintain its profitability and continue realizing key investment projects of great importance to the economy of Serbia and the Balkans region as a whole.

The Board of Directors, as stated in the reports, has confirmed the investment program of NIS for 2017 in the amount of RSD 28.6 billion, i.e. 6% more than in 2016.

In the area of research and production, the business plan envisions increasing the base of resources and realizing the programs of drilling and geological and technical measures in investment projects, using the data gathered by the regional modeling of the Pannonian Basin.

The priority in the segment of services will be to increase efficiency, use new technologies and provide services, especially to increase the company's presence in the service market of the European Union.

In the area of petroleum processing, NIS will continue realizing the second phase of modernizing processing capacities and projects directed towards increasing the operating and energy efficiency. The works on the Deep Processing project, entailing the expansion of the range of products and maximizing the production of highly profitable petroleum products, will continue in 2017.

As stated, NIS is planning to further develop premium branded fuels, modernize the retail network in Serbia and the region, as well as to develop additional services. NIS will continue diversifying operations in the area of energy and production and sale of electricity, the report states.

The business plan also entails activities on the construction of the thermal power plant and heating plant in Pancevo with the capacity of 140 MW and the wind farm Plandiste, as well as the development of projects in the area of compressed natural gas, above all the construction of the compressed natural gas facility in Ostrovo. It has been determined, as the report adds, that NIS has a potential to increase its operating efficiency by RSD 9.9 billion in the next two years.

NIS a.d. Novi Sad

JSC Gazprom Neft Moscow

NIS

NIS business plan

Gazpromneft

Vadim Jakovljev

petroleum processing

fuel development

production and sale of electricity

thermal power plant Pancevo

wind farm Plandiste

compressed natural gas facility Ostrovo