The first meeting of the new Board of Directors of NAFTA INDUSTRIJA SRBIJE has taken place

Dmitry Malyshev was elected Chairman of the Board of Directors of NAFTA INDUSTRIJA SRBIJE.

In addition, the Meeting terminated the authority of Milos Saramandic as NIS CEO.

Kirill Kravchenko, Vice Chairman of the Management Board of JSC Gazprom Neft, was appointed new CEO of NAFTA INDUSTRIJA SRBIJE.

Note:

NAFTA INDUSTRIJA SRBIJE (NIS) is one of the largest vertically integrated oil companies in Central Europe. The company refines oil, sells oil products, and produces hydrocarbons in Serbia and Angola. The total number of NIS employees is 13 900. Production amounts to approx. 1 million tonnes of oil/year. The company’s turnover on 2007 was approx. $5 billion.

NIS owns refineries in Pancevo and Novi Sad with a total capacity of 7.3 million tonnes/year. A liquefied gas plant in Elemir is also part of the company.
The company’s oil service division conducts geophysical exploration, well activities, and hydroprobing. Besides, it provides transportation, maintenance, and construction services.
NIS has its own distribution chain of oil tank farms and 512 gas stations. A leading supplier of oil products in the Serbian market, the company produces about 85% of all domestically consumed oil products. NIS exports motor fuels, benzene, toluene, and road and industrial bitumen to EU countries, Ukraine, Croatia, Montenegro, and Bosnia and Herzegovina.

On February 3, 2009 JSC Gazprom Neft completed the acquisition of 51% of shares in Serbia’s NIS at a price of 400 million euros. The acquisition was made in accordance with the purchase agreement between Gazprom Neft and the Serbian government signed in Moscow on December 24, 2008.

The agreement provides for the reconstruction and upgrade of NIS process facilities by 2012; investment will amount to at least 500 million euros. As part of the upgrade, measures will be taken to improve the quality of oil products so that they meet European standards (Euro-5).