The Board of Directors of the Petroleum Industry of Serbia (NIIS) has adopted a business plan for 2023, the goal of which is to ensure stable operations and the execution of major projects in a highly volatile macroeconomic environment, the company announced.

The adopted business plan envisages an ambitious investment program in the coming period – RSD 49.1bn NIS will invest in 2023 alone.

NIS will thus continue to finance major development projects in all areas of business, and the largest amount of funds will be allocated to the oil and gas exploration and production segment. When it comes to specific projects in the area, NIS will continue to work on the development of oil and gas fields in Serbia, as well as its assets in the region.

NIS announced the continuation of the preparation of the third phase of modernization of the Refinery in Pancevo. Additionally, the construction and reconstruction of nine petrol stations are planned in Serbia only.

With the outbreak of the pandemic, NIS significantly reduced its investments to RSD 25bn in 2020 and RSD 20bn in 2021, while CAPEX amounted to only RSD 12bn in the first nine months of 2022. In 2019, NIS’s capital investments amounted to RSD 42bn.

Source: NIS, Momentum