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Serbia's NIS to invest 37.5 bln dinars (320 mln euro) in 2020

Author Radomir Ralev
Serbia's NIS to invest 37.5 bln dinars (320 mln euro) in 2020 Author: NIS. License: All rights reserved.

BELGRADE (Serbia), December 20 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] plans to make investments worth 37.5 billion dinars ($355 million/320 million euro) in 2020, the company said. 

The company plans to invest in the development of all business segments, but primarily in oil and gas research and production, further development of processing capacities and retail network modernisation, NIS said in a statement on Thursday. 

In the field of research and production, the company will prioritise next year the development of its drilling programme and geological exploration works in Serbia and abroad, NIS said.

In the area of processing, a facility for deep refining with delayed coking technology will start operating next year at the Pancevo oil refinery, where petroleum products volume will increase and coke production will commence.

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.

(1 euro = 117.513 dinars)