Q:
A:
NIS boosts investment in oil prospecting, exploitation
Belgrade,
4 January 2011
Minister of Energy and Mining Petar Skundric stated today that the Serbian oil industry Naftna Industrija Srbije (NIS) has an opportunity to expand its business in terms of oil prospecting and exploitation in the region and in Iraq.
Author:
Beta
In an interview to the Beta news agency, Skundric said that NIS has oil fields in Serbia and Angola and that there is a possibility to close special arrangements in Romania, several former Soviet republics and Iraq.
He said that Iraq has proposed serious cooperation to Serbia and Serbian companies in the energy sector, including oil and gas companies.
The Minister noted that similar offers have arrived from several other countries, stressing that NIS has increased investment in oil prospecting and exploitation. In 2010 the works to modernise the oil refinery in Pancevo were completed, while this year we will install hydrocracking equipment and build a hydrogen production plant.
This investment will exceed €400 million and it will enable NIS to produce top quality derivatives, boost production and become the most important regional oil company, Skundric noted, adding that the project can be completed by the end of 2012.
He said that Iraq has proposed serious cooperation to Serbia and Serbian companies in the energy sector, including oil and gas companies.
The Minister noted that similar offers have arrived from several other countries, stressing that NIS has increased investment in oil prospecting and exploitation. In 2010 the works to modernise the oil refinery in Pancevo were completed, while this year we will install hydrocracking equipment and build a hydrogen production plant.
This investment will exceed €400 million and it will enable NIS to produce top quality derivatives, boost production and become the most important regional oil company, Skundric noted, adding that the project can be completed by the end of 2012.
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