Danica Drašković – member of Administrative Board of "Petroleum Industry of Serbia"

The Administrative Board of Petroleum Industry of Serbia (NIS) did not discuss the final balance for year 2008, but it did appoint Danica Drašković as member of the Administrative Board.

Thus, Serbian side did not obtain official explanation how NIS registered 3.8 billion RSD worth of losses, according to Russian calculations, instead of registering 2.3 billion RSD worth of profit, according to the estimates of Serbian side.

The Administration of NIS made unanimous decision that the annual report on the company’s operations in 2008 should be additionally processed, and it scheduled the Assembly of the company’s stockholders for April 21st.

Having taken the process of realization of investment programmes in consideration, the Administrative Board concluded that the complex programme for modernization and reconstruction of production would be submitted for approval in the third quarter of year 2009.

The Administrative Board also estimated the outcome of the recent tender for delivery of crude oil as successful.

The Director General of NIS, Kiril Kravčenko, presented the plan for improvement of the company’s productivity, of which accent was on enlargement of the clients database, the analysis of existing and potential markets, development of retail network, as well as on realization of the debt repayment programme.

According to the words of Kravčenko, making of the company’s detailed development strategy represents the key task of the management in the nearest future. According to Kravčenko, motivation of the employees plays special role in the process of improvement of efficiency and profitability of the company’s work, as well as in the evaluation of efficiency of work of top managers.