NIS to invest over EUR 3 billion in business modernization and expansion

(Photo: nis.rs)

The Petroleum Industry of Serbia (NIS) is going to invest more than EUR 3 billion in the modernization and expansion of its business in the medium term, Chairman of the Gazprom Managing Board Alexei Miller announced Wednesday in Belgrade.

After signing a long-term agreement on the supply of Russian gas to Serbia, he said that since NIS had started operating as a joint venture of Gazprom and Serbia, its business results had been "simply stunning," adding that the profit had been septupled and the debt reduced by 60 percent until 2012.

Miller noted that since 2009, when Gazprom's subsidiary Gazpromneft became the majority owner of NIS, EUR 2 billion had been invested in that Serbian company.

He specified that EUR 550 million had been invested in the modernization of Pancevo Oil Refinery alone, which now produces a fuel of the highest quality in Europe.