© JSC “Gazprom Neft”

MOSCOW, December 15. /TASS/. The Board of Directors of the company NIS (Oil industry of Serbia, a subsidiary of “Gazprom oil”) has approved the corporate development strategy up to 2025. Investment in the company until 2025 will reach $2.2 billion, the average EBITDA growth expected at 4% per year, the report said “Gazprom oil”.

“In accordance with the strategy, the average growth of EBITDA in the period up to 2025 will be about 4% per year. It is assumed that the total investment in NIS development until 2025 will reach $2.2 billion”, – stated in the message.

The strategy also identified priority areas and projects of Serbian companies: maintaining production performance of oil and gas, the reserves of hydrocarbons, increase the depth and improve the efficiency of processing at the Pancevo refinery, modernization of the retail network, development of projects in the energy sector, and expansion of the resource base .

“In the long term development up to 2025 NIS will focus on further diversification through investments in electricity production. Key projects in the energy segment will be the construction of a new combined heat and power (CHP) Pancevo, a further increase in production of electricity in cogeneration plants and project development of wind energy. NIS will also continue to improve the system energy efficiency, implying a rational and responsible use of resources,” – said “Gazprom Neft”.

Owned by “Gazprom” Serbian NIS is a vertically integrated energy company operating in the market of South-Eastern Europe. Main activities – exploration, mining and processing of oil and gas, and the implementation of a wide range of petroleum products. “Gazprom Neft” owns more than 56% stake in NIS, Serbia – around 30%.