Profit of NIS 42% lower than in 2013 - Company is continuing modernization of Refinery Pancevo

(Photo: nis.rs)

The Oil Industry of Serbia (NIS) will continue this year modernization of the Refinery Pancevo where USD 300 m will be poured, GM at NIS, Kiril Kravchenko, said.

The work has already started and a week ago the company partner was selected. We will work on implementation of char technology and the entire work should end in early 2019, Kravchenko said at the press conference where he presented business results for NIS 2014.

He announced for this year continuation of the project of Thermal power plants Pancevo in cooperation with Russian partner where EUR 150 m will be invested and in wind park Plandiste in cooperation with China where EUR 150 m will be invested.

Kravchenko mentioned that total NIS investments in 2015 will be lower than in previous years and they will total at least RSD 25 billion due to external factors such as drastic oil price decrease at world market, dinar value fall compared to euro and dollar, sanctions to Gazprom Neft which is majority stakeholder of NIS, debts of state-owned companies to NIS as well as entire deterioration of economic environment in the country and the world.

Kravchenko said that last year, funds of NIS into the budget of Serbia also increased and they now exceed 15 percent of national budget profit.

Debts of state-owned companies to NIS total RSD 59 billion, he outlined and added that it is expected that the highest amounts of debts of Petrohemija and Srbijagas will be returned in 2,5 years since NIS signed with the state Memorandum of debts repayment while the second half of debt of Air Serbia totaling EUR 30 m has already been paid to NIS and the other half will be by the end of March.