Energy Minister of Russian Federation Visited NIS Plant in Pancevo

December 13, 2013

Energy Minister in the Russian Federation Government, Mr. Alexander Novak and Minister of Natural Resources, Mining and Spatial Planning in the Serbian Government, Mr. Milan Bacevic visited the Pancevo refining plant today. During his visit, Minister Novak was acquainted by CEO of NIS, Mr. Kirill Kravchenko with business goals of the company in the forthcoming period. During the meeting, the speakers concluded that the development of projects in Serbia and in the region of Southeast Europe, both in the area of petroleum products trade and in the sphere of exploration and production, remain the key directions of NIS business operation in 2014. Due to this reason, company’s scope of investments will not decrease below this-year level. Russian Minister of Energy also visited the upgraded NIS facilities, MHC/DHT plant being the most valuable of them, in which, starting as of the last year, only the motor fuel of Euro quality has been produced. Minister Novak, who arrived in Serbia as a president on Russian side in Serbian-Russian Intergovernmental Committee on Trade, Economic and Scientific-Technical Cooperation, said : "From the moment when the Russian Gazprom Neft has become major shareholder of NIS, Serbian company constantly increases its efficiency and reaches its high pace of development . Today we certainly can say that NIS is among the business leaders of the Balkan region. It should be noted that NIS continues implementation of new major investment projects to further modernization of its refineries and increase the depth of oil refining , as well as the construction of TE in Pancevo . Considering the contribution of NIS to Serbian national economy , as well as the volume of capital investments planned for the next few years , which is estimated at 1.5 billion euros , the work of NIS and Gazprom Neft is a great example of responsible work of foreign investors , as well as cooperation between our countries in the energy sector.