December 27 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] plans to invest 25 billion dinars ($240 million/213 million euro) in 2022, it said on Monday.
The company intends to focus investments on oil and gas exploration and production, modernisation of Pancevo oil refinery, development of retail network and power generation and trading, the company said in a statement after its board of directors adopted the 2022 business plan.
NIS will also invest in environmental protection and safety at work, further digital transformation, as well as boosting the operational efficiency and strengthening synergies with petrochemicals producer HIP Petrohemija, NIS said.
In the oil and gas exploration and production domain, NIS will continue execution of the programme in Serbia, expansion of the project in Romania and further development of the Obudovac project in Bosnia and Herzegovina, the company noted.
NIS placed the sole bid in a tender for a strategic partner in HIP Petrohemija in October. The strategic partner intends to inject 150 million euro in the capital of HIP Petrohemija, acquiring a stake of up to 90% in the company's capital.
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 retailing of petroleum products. Serbia's government owns a 29.87% stake in NIS.
(1 euro = 117.581 dinars)
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