NIS to invest EUR 10 million in Republic of Srpska in 2012

Gazpromneft's NIS plans to invest EUR 10 million in the Republic of Srpska, NIS CEO Kirill Kravchenko was cited by SRNA news agency as saying at the presentation of the company's business results for 2011.

Speaking about oil explorations in Srpska, Kravchenko stressed that the plan was to complete all seismic explorations in 2012, adding that the company expected to start drilling in 2013.

Nikolas Petri, head of the Function for Investment and Development, announced that NIS would invest EUR 2 million in its two gas stations in Banjaluka in 2012.

- As far as Serbia is concerned, although the fuel consumption has clearly been in decline in the whole region over the last two years, the company turned a profit of EUR 406 million in 2011, while the production grew by 24 percent against 2010 - Kravchenko said.

He pointed out that the company was increasing its investments every year, stressing that capex would grow from EUR 344 million in 2011 to EUR 500 million in 2012.

- We are mainly investing in refining, research, production, geological explorations and reconstruction of gas stations - Kravchenko noted.

Kravchenko added he expected the oil price to drop in the second half of the year and the company to achieve positive business results.

- For NIS, 2012 will be the year of strategic investments and preparations for new successes in 2013 - Kravchenko concluded.