Naftna Industrija Srbije AD (NIIS), the Serbian oil and gas company controlled by OAO Gazprom Neft (GAZP), will invest at least 50 billion dinars ($568 million) next year to expand its retail network and boost exploration.
NIS, as the Novi Sad, Serbia-based company is known, plans to process about 3.4 million tons of crude oil in 2013, a 40 percent increase from this year’s plan, it said in an e-mailed statement today. Its board of directors approved the 2013 business plan, which aims to “increase the resource base by 10 percent compared with the previous year.”
The company, majority owned by Gazprom Neft since 2009, completed the first stage of upgrades at its Pancevo refinery enabling NIS to produce Euro-5-quality fuels with lower sulphur content.
NIS plans to “significantly” increase sales in Serbia as well as Bulgaria, Romania and Bosnia-Herzegovina, and wants to have at least a 100 active filling stations in the three neighboring countries by the end of 2013, the company said.
Its shares fell 0.1 percent to close at 692 dinars today, trimming this year’s advance to 14 percent.
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