Aleksei Urusov, deputy CEO of the Petroleum Industry of Serbia (NIS), said today that the reconstruction of the oil refinery in Pancevo was going as planned and that the investment cycle worth about 500 million euros would be finished by the end of 2012.
He said at the presentation of results achieved by NIS in 2010 that all oil derivatives produced at that company would be of European quality and that they would satisfy the needs of both domestic and regional market.
According to his words, EUR 211 million have so far been invested in the oil refinery in Pancevo.
– NIS’ net profit in 2010 amounted to RSD 16.5 billion. Although exchange rate differences resulted in RSD 11.3 billion losses, the company turned such profit thanks to the 33% growth of the oil and gas production – said Mr. Urusov.
He said that the business revenue in 2010 amounted to RSD 26.18 billion, while the company’s final result at the end of 2009 was a RSD 2.1 billion loss.
– The company registered a business revenue of RSD 169.5 billion in 2010 and a RSD 118.27 billion business revenue one year earlier – Mr. Urusov added.
He said that the aim of NIS was to become the SEE market leader in terms of efficiency prior to 2020, primarily by increasing the annual sales to 4.7 million tonnes of oil equivalents, 91% more than in 2010.
Mr. Urusov also said that NIS annually sold about 1.5 million tonnes of oil and that the “volume of oil refining will be 75% larger by 2020, while the volume of production is planned to grow by 306%”.
NIS was formed in 1991 as a state-owned company engaged in the research, production and refining of oil, oil derivatives and natural gas.
The company obtained the status of a stock company on October 1, 2005.
Within the framework of the interstate agreement between Russia and Serbia, Russia’s Gazprom Neft acquired the 51% stake in NIS in 2009.