Serbia: NIS States Intention to be Market Leader

NIS has stated to  it would triple its oil production and double its income to become a market leader in the region by 2020.NIS had a net profit of RSD 21.4 billion ($304 million) in H1 2011, after a RSD 9.6 billion loss in the same period of 2010.

NIS said it will invest $740 million to renew two of its oil refineries to comply with the quality standards of the European Union. Under a 2009 energy pact between Russia and Serbia, Gazprom Neft paid €400 million ($574 million) for a 51% stake in NIS. The deal was criticized by Serbia for being underpriced. Later Gazprom raised  its stake to 56.15%.

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