Serbian oil and gas group NIS [BEL:NIIS] said it intends to make capital investments of 59.7 billion dinars ($560.6 million/510 million euro) under its business plan for 2024 which it has adopted.
NIS will focus on ensuring a stable supply to the fuel market during the overhaul of the Pancevo oil refinery and maintaining a stable level of oil and gas production while implementing an ambitious investment programme, NIS said in a press release on Thursday.
In the exploration and production of oil and gas, the focus in 2024 will be on the drilling programme in Serbia, sustaining the high efficiency of activating new wells.
NIS also plans to put into operation two small power plants, in the villages of Banatsko Milosevo and Srpska Crnja, to monetise the remaining gas reserves, the company said.
Further development and modernisation of the NIS retail network is planned through the construction of new facilities and the reconstruction of existing fuel supply stations, while it will continue the project of building solar photovoltaic power plants at its petrol stations and other facilities. The focus will also be on reconstructing the petroleum bases in the cities of Nis and Novi Sad.
NIS recorded a consolidated net profit of 92.4 billion dinars in 2022, up from a 21 billion dinars net profit in 2021.
(SeeNews, December 22, 2023)
