NIS – Investments of 21.9 billion dinars realized in nine months
By AmCham-userPublished On 30/10/2023
In the period from January to September 2023, the NIS Group invested 21.9 billion dinars in capital projects, which is 80% more compared to investments in the same period last year.
The majority of funds were invested in the area of oil and gas exploration and production, further modernization of the Pančevo Oil Refinery, and the development of the retail network. In addition to the investment momentum, the second priority of the NIS Group was achieved – stability was maintained in the domestic market, which is regularly supplied with all types of petroleum products.
The financial results of the NIS Group achieved in the first nine months of 2023 are in line with macroeconomic conditions and market trends, among which the most significant impact is the decline in oil and petroleum product prices on the world market, as well as fuel price regulations.
“In the third quarter, we achieved the best financial and operational results in 2023. We invested 10.4 billion dinars in capital projects, which is 129% more than in the same period last year. Guided by these results, we will remain committed to our priorities by the end of the year – further modernization of the company, energy transition, investment in socially responsible projects, and building strong partnerships with the communities in which we operate,” said Kiril Tyurdenyev, CEO of NIS.