December 18 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] said it plans to make investments worth $2.2 billion (1.87 billion euro) by the end of 2025 in order to expand its business further.
The company aims to invest in power generation, as well as to keep its position as the region's energy efficiency leader, along with streamlining its operating performance, NIS said in a statement on Friday, after its board of directors approved its corporate development strategy until 2025.
An average annual 4% growth of EBITDA is forecast until 2025, as the focus on profitable investment projects both in Serbia and the region will have a major impact on the overall business, NIS said.
"We are sure that the strategy we had adopted with the major shareholders' consent will prove in the years to come to be a driving force behind the successful development of NIS, as we seek to accomplish our long-term vision – NIS emerging as the leading power generating company in the Southeast European region," the CEO of NIS, Kirill Tyurdenev, said in the statement.
Under the corporate development strategy, NIS plans to focus on increasing the depth and efficiency of refining at the Pancevo Oil Refinery, keeping the oil and gas production indicators steady, enlarging hydrocarbon reserves and revamp of the retail network, the company said.
NIS plans to complete the project for the bottom of the barrel plant in the Pancevo refinery in the third quarter of 2019. The company will also expand its offer to retail customers in its loyalty programmes and will construct a combined-cycle power plant in Pancevo by 2025.
In November, NIS said its net profit rose 2.6 times to 20.1 billion dinars ($199.5 million/169.2 million euro) in the first nine months of 2017. EBITDA expanded by 53% year-on-year to 34.3 billion dinars in the January-September period.
($=0.8483 euro)
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