Serbia's NIS plans to invest 40 bln dinars (33.1 mln euro) in 2015

The company has cut its investment plans for next year which were initially seen at 59 billion dinars, Kravchenko was quoted as saying.

NIS will underperform this year compared to 2013, mostly because of the unexpected sharp fall in oil and gas prices, higher depreciation and provision expenses, and an increase in the corporate income tax from 10% to 15%, the official added.

The consolidated net profit of the Serbian company rose 2.5% to 48.4 billion dinars in 2013,

NIS 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 of a wide range of petroleum products.

(1 euro=120.7388 Serbian dinars)