NIS turns net profit of RSD 40.6 billion in 2011 - RSD 50 million investments in 2012

The Petroleum Industry of Serbia (NIS) said on Friday its unaudited consolidated net profit soared 146% to 40.6 billion dinars in 2011. - The company’s consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 62% to 52.4 billion dinars last year - NIS CEO Kirill Kravchenko said at a press conference on Friday. - The total volume of CAPEX in 2011 was 34.4 billion dinars, up by 75% against 2010 - Kravchenko said, adding that NIS would invest about 50 billion dinars in 2012. Most of the money – about 23 billion dinars – was spent on the development of processing facilities, 7 billion dinars were used to finance the projects of exploration and production of hydrocarbons, while 3.4 billion dinars were invested in the reconstruction and construction of a new filling station and the establishment of a sales network in the region. The company said its total debt to banks in 2011 stood at $458 million, almost 30 percent down from the year before. In 2011, the company managed to increase the oil and gas production volume by 24% to 1.52 million tonnes. The increased production volume was primarily achieved owing to the results of the oil well reactivation programs, capital workovers, and implementation of new and efficient production methods, NIS said. The oil refining volume fell 17% to 2.359 million tonnes last year as a result of works performed at the key plants of the Pancevo production unit.

NIS a.d. Novi Sad

NIS a.d. Petrol Rafinerija nafte Pančevo

Petroleum Industry of Serbia

Kirill Kravchenko

EBITDA

Petrohemija

oil refinery Pancevo

Pancevo refinery