Serbia's NIS to invest US$3.9 billion in expansion, upgrades

Serbian oil and gas company NIS, which is 56.15% owned by Gazprom Neft, will invest more than US$3.9 billion in the modernization and expansion of its business over the medium term, Belgrade-based newspaper Blic reported on March 27, 2013, quoting Gazprom Deputy Board Chairman Alexey Miller.
Miller was in Belgrade for the signing of a long-term gas supply deal.
NIS is a vertically integrated oil and gas company engaged in the exploration, production and refining of oil and gas, as well as in the marketing of petroleum products. The company is aiming to become a key player in the fuel retail market in the region.
In late 2012, NIS began developing a project for a region-wide network of premium filling stations under the Gazprom brand.
Gazprom Neft is majority-owned by Gazprom.
(March 27, 2013)