Petroleum Industry of Serbia's losses in 2008 amounted to 8 billion RSD

The Assembly of stockholders of "Petroleum Industry of Serbia" (NIS) adopted the audited financial report for year 2008 yesterday (December 17, 2009), according to which the company's losses amounted to 8 billion RSD.

It is specified in the statement by NIS that both financial report and the report by independent auditor KPMG, which was adopted by the Administrative Board of NIS on November 23rd, were adopted at the special meeting.

The Assembly of stockholders of NIS also adopted the Report on performance in the first nine months of year 2009, according to which that oil company registered net income of 3.2 billion RSD in the third quarter of this year (exclusive of one-time payments for voluntary leave).

The majority stockholder of company NIS is Russian "Gazpromneft", which owns 51% stocks, while the Government of Serbia has 49% of capital in its possession. The Government's share in NIS will be reduced after distribution of 15% of stocks among citizens and 4.34% of stocks among employees.