Investments in NIS in 2007 to amount to about 260m EUR

The Head of the ADministrative Board of Petroleum Industry of Serbia, Željko Popović, announced that the planned investments in NIS in 2007 amounted to about 260m EUR, 180m EUR of which would be invested in modernization of refineries in Pančevo and Novi Sad.

He explained that NIS would provide 100m EUR from its own sources, whereas the rest would be provided from the loans. He also pointed out that the credit worthiness of the company was 700m EUR.

The planned investments for the for the following three years amount to 800m EUR. In that way, Serbian refineries will be able to produce derivatives by European standards prior to year 2009 and the problem of the environment protection should be solved by that time.