Gazprom Neft satisfied with NIS' operations - Development Strategy approved

Russian company Gazprom Neft, the majority owner of the Petroleum Industry of Serbia (NIS), is satisfied with the business results achieved by NIS in 2010, said Gazprom Neft Director General Aleksandar Dyukov.

- The company NIS develops very successfully and it can be said that the results of the Russia-Serbia energy cooperation are positive - said Mr. Dyukov.

He stated that the cooperation between Serbia and Russia in the energy sector was mutually beneficial and that it was developing very successfully. It will definitely take some time for NIS to be transformed into the leader in the Balkans, but we already see great prospects and trust the company's management, Dyukov said and pointed out that the cooperation between the management of NIS, Gazprom Neft and the Government of Serbia was very constructive.

He stressed that a development strategy for NIS had been prepared in 2010 and that its implementation had started, which would enable the company's regional expansion so it could become the leader in the oil sector in the Balkans.

Russian company announced that that strategy (which will soon be discussed by the Managing Board of NIS) envisaged the sale of 5 million tonnes of oil derivatives in 2020, 91% more than in 2010.

According to the plan, the volume of oil refining should be increased by 75%, while the oil production should grow by 36%.

As he pointed out, that will definitely affect the growth of capital and the value of NIS shares.