Serbia's NIS plans to invest 1.25 bln euro in thermal power projects

The move is in line with NIS' plans for its transformation from a national oil company into a regional energy holding.

NIS plans to invest 250 million euro in the TETO Pancevo thermal power plant (TPP) project that should be completed by the end of 2015 as well as to allocate 1.0 billion euro for the planned investment in a 700 megawatt (MW) TPP as part of a project for the revitalisation of the Kovin coal basin, in northern Serbia, NIS CEO Kiril Kravchenko said in a statement issued after he presented the company's top projects over the next three years.

The company also plans to invest in the 450 MW TETO Novi Sad thermal power station whose upgrade is scheduled to get underway in 2013.

NIS also plans to develop projects for the use of wind, geothermal and other renewable energy sources.

On Friday, NIS announced it is teaming up with Energowind to develop a 160 million euro project for the construction of a 102 MW wind farm in the country's north. The building permit for the Plandiste wind farm has been secured with the construction works due for completion in early 2014.

NIS (www.nis.rs), 56.15%-owned by Russia's Gazprom Neft, is one of the largest vertically integrated companies in Southeast Europe. 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.

($=0.7603 euro)