September 24 (SeeNews) - Russia's Gazprom Neft plans to invest 1.4 billion euro ($1.5 billion) in the development of Serbian oil and gas group NIS [BEL:NIIS] by 2025, the CEO of NIS, Kirill Tyurdenev, said.
"Our long-term development strategy assumes a further investment of 2 billion euro between 2017 and 2025. If we consider the current period remaining until 2025, this is 1.4 billion euro," Tyurdenev said in an interview posted on the corporate website of Gazprom Neft on Monday.
Gazprom Neft's investments in exploration and production will stand at 1.1 billion euro in the period between 2017 and 2025, Tyurdenev said in an interview for Energy Intelligence magazine.
In the first half of 2019, NIS increased the total value of investments to 156 million euro, up 7% on the year, he added.
Gazprom Neft controls 56.15% of NIS, while the Serbian government owns a 29.87% stake.
($ = 0.9099 euro)
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