NIS made record high investments in 2012

NOVI SAD -- Oil Industry of Serbia (NIS) recorded a RSD 49.5 billion net income in 2012, which is up by 22 percent compared to the previous year.

Kirill Kravchenko addresses the news conference (Tanjug)
Kirill Kravchenko addresses the news conference (Tanjug)

The data was presented during a news conference on Monday by NIS Director General Kirill Kravchenko.

Last year was the most successful year for NIS, and the investments reached record high of RSD 50.8 billion or 48 percent more than in 2011, he said at a press conference.

NIS invested the greatest amount of funds in completion of modernization of the Pancevo-based oil refinery, ecological projects and modernization of retail network, Kravchenko said.

NIS is planning to make even greater investments in 2013 amounting to RSD 59 billion, and RSD 65 billion in 2014, he said.

Kravchenko saiaddedd that based on taxes and other fiscal levies, NIS paid RSD 91.4 billion in the Serbian budget, which is eight percent more than in 2011, and the company reduced its bank indebtedness by 10 percent setting it at USD 403 million.

NIS will continue the second phase of the modernization of the Pancevo-based oil refinery, modernization of base oil refinery in Novi Sad and spreading of the retail network in the region, Kravchenko said.

The Serbian oil monopoly, previously state-owned, was acquired by Russia's Gazprom Neft in 2010.