Gazprom Neft’s NIS Offers Severance to Reduce Workforce

Naftna Industrija Srbije AD (NIIS), Serbia’s oil and gas company controlled by Russia’s OAO Gazprom Neft (GAZ), plans to cut the number of employees as it aims to improve efficiency.

Workers are offered to leave with a severance payment of 560 euros ($725) per year of service and 1 1/2 month’s salary, the Novi Sad-based company said in an e-mailed statement, without disclosing the target for the reduction. NIS employs 9,000 people after cutting some 4,000 jobs since the 2009 takeover by Gazprom Neft.

“Dynamic growth of the company with adequate number of employees will ensure growth of income and bigger dividends,” according to the statement.

Chief Executive Officer Kirill Kravchenko said on Feb. 11 that NIS had spent 120 million euros on job cuts. Details of the current offer were agreed on with unions, the company said.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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