Kravchenko expects NIS to turn bigger profit than last year

(Kirill Kravchenko)

Director General of the Petroleum Industry of Serbia (NIS) Kirill Kravchenko expects NIS to turn a bigger profit this year than it turned last year when the company's profit amounted to USD 16.5 billion.

At the presentation of the Report on Sustainable Development of NIS for 2010, Kravchenko announced that the completion of modernization of the refinery in Pancevo would be followed by the next investment phase in that plant, worth few hundred million euros, which was necessary for additional oil refining.

He stressed that NIS was the first company in Serbia to publish a sustainable development report in accordance with the highest standards and corporate reporting quality, prescribed by the international organization Global Reporting Initiative-GRI-G3 and Account Ability (AA1000 APS 2008).

- The report shows balance between financial, production, social and ecological activities of NIS in 2010 - NIS Director General explained and announced that the company's social responsibility and openness to the society would be better every year.

Kravchenko pointed to a series of improvements in NIS's financial and production results in 2010 when compared to 2009, stressing that the last year's profit of RSD 16.5 billion was five times higher than in 2009 and that the company's investment in 2010 was worth about RSD 17 billion.

At the same time, NIS paid RSD 83.8 billion to the budget of Serbia last year, thus providing 13 percent of the country's budget revenue, which shows that NIS is one of the largest companies in the country.

The volume of oil and gas production was 33 percent bigger than in 2009, while the level of refining was 9 percent higher.

- In development, support and education of its staff NIS invested RSD 81.2 million last year, 300 million dinars were spent on the social responsibility projects, while RSD 1.6 billion were invested in environment protection - said Kravchenko and added that the aim of NIS was to improve its rating in the sustainable development report from current C+ to A within the next two or three years.

NIS a.d. Novi Sad

NIS a.d. Petrol Rafinerija nafte Pančevo