"40 pct of planned NIS investments this year"

Two weeks after Gazpromneft took over NIS, Russian experts are working around the clock to evaluate the situation, and on plans and projects, says Blic. The Belgrade daily interviewed Dmitry Malyshev, new president of the NIS managing board, who said he was an optimist, adding that 40 percent of all envisaged investments would likely be made this year. "40 pct of planned NIS investments this year" Gazpromneft, Russian giant Gazprom's oil arm, bought Serbia's oil monopoly for EUR 400mn, and according to the acquisition contract, must invest EUR 547mn in the company’s modernization through 2012. "The precise amount of investments for 2009 will be determined in a couple of months, especially after results of the first tender for purchase of equipment that is to be announced at the beginning of March. According to preliminary assessments, it is believed that 40 percent of the total amount of investment obligations will be effected in 2009, " Malyshev said. Asked what were the first steps of the new NIS management, he said that the first decision was to appoint the managing board and the company’s general director, while "the main tasks of the management in the first phase will be the modernization and reconstruction of the production complex". Malyshev said that the Russian company's optimism that it can turn NIS into a regional leader is based on plans to expand Gazpromneft's business "geographically, including the Southeastern Europe where energy market has excellent potential for future development". "NIS is a vertically integrated company with a full production cycle. Gazpromneft on the other hand has huge resources and experience in realization of complex investment projects. As such, it is able to secure efficient and high quality work of NIS. That is why NIS is capable of becoming a leader not only in Serbia but in the region as well," said Malyshev.

"40 pct of planned NIS investments this year"

Gazpromneft, Russian giant Gazprom's oil arm, bought Serbia's oil monopoly for EUR 400mn, and according to the acquisition contract, must invest EUR 547mn in the company’s modernization through 2012.

"The precise amount of investments for 2009 will be determined in a couple of months, especially after results of the first tender for purchase of equipment that is to be announced at the beginning of March. According to preliminary assessments, it is believed that 40 percent of the total amount of investment obligations will be effected in 2009, " Malyshev said.

Asked what were the first steps of the new NIS management, he said that the first decision was to appoint the managing board and the company’s general director, while "the main tasks of the management in the first phase will be the modernization and reconstruction of the production complex".

Malyshev said that the Russian company's optimism that it can turn NIS into a regional leader is based on plans to expand Gazpromneft's business "geographically, including the Southeastern Europe where energy market has excellent potential for future development".

"NIS is a vertically integrated company with a full production cycle. Gazpromneft on the other hand has huge resources and experience in realization of complex investment projects. As such, it is able to secure efficient and high quality work of NIS. That is why NIS is capable of becoming a leader not only in Serbia but in the region as well," said Malyshev.