Starting from 2011 NIS introduces production of fuel according EU standards - "Gazpromneft" branch office soon in Belgrade, for expansion of business in Southeastern Europe

Russian "Gazpromneft" will be investing in Petrol Industry of Serbia (NIS) up tp 40% of planned investments by the end of this year, as it was announced today (February, 24th, 2009) by the President of the Management Board of NIS, Dimitrij Malisev.

At the presentation of publication "Russian investments in Serbia", Mr. Malisev explained that in March, there will be published tender for purchase of modern equipment which would start modernization of NIS.

Mr. Malisev said to the Press that the deadline for modernization of NIS and for production of fuel according European standards was short, but the new Russian owner would do everything to make sure the production according EU standards started by the beginning of 2011.

Russian Ambassador in Belgrade, Aleksandar Konuzin, on this occassion, estimated that Russian investments in NIS in this year, in the amount of 25-40% of the amount determined by the sale contract, were valid proof that Russian Federation had serious intentions regarding future investing in Serbia.

He announced that "Gazpromneft", as majority owner of NIS, would be soon opening a branch office in Belgrade for expansion of business in Southeastern Europe.