BELGRADE (Serbia), May 14 (SeeNews) – Serbian blue-chip oil and gas company NIS [BEL:NIIS] has reduced operating and administrative costs and prioritised investments in order to cope with the adverse economic impact of the novel coronavirus disease (COVID-19), it said on Thursday.
"The priorities of NIS will be to maintain the company's liquidity, as well as to continue investing and working on projects that will bring the greatest benefits in the coming period," NIS said in a statement.
NIS will focus on its key investment projects that would ensure a further development and stable future of the company - first of all, the construction of deep-processing facilities with delayed coking technology in the Pancevo Oil Refinery and a 200 MW gas-fired combined cycle power plant in Pancevo.
"We are aware that the success of these investments and all the announced measures depends on the people who are working on their implementation," NIS CEO Kirill Tyurdenev said in the statement.
NIS, 56.15%-owned by Russia's Gazprom, is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retail trade with a wide range of petroleum products. Serbia's government owns a 29.87% stake in NIS.
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