NIS Board of Directors Approves 2014 Business Plan

On 10 December 2013 the NIS Board of Directors considered and approved the company’s business plan for the year 2014.

The Company’s main priority next year will be to continue the program aimed at improving its business efficiency and design business projects in downstream and upstream in the Balkan region.

The key efficiency drivers for NIS in 2014 will be reduction of production costs and optimization of business process, as well as improvement of the energy efficiency of production, further development and expansion of the logistics network.

The Board of Directors decided to keep the NIS investment program in 2014 at the level of the 2013. Most of the company’s investments in 2014 will be directed to projects in the field of research and production of hydrocarbons, as well as the continuation of the upgrade program in refining.

In 2014 NIS will make every effort to keep the profitability and the key financial indicators of the business at the level of the year 2013 in the face of the negative trends in the global and regional markets. As one of the factor of uncertainty, company considers hydrocarbon price trends. However in 2014 NIS expects a slight rise in its key production indicators such as oil and gas production, refining and the sale of petroleum products.

In addition, the Board of Directors approved the NIS financial report for January-September 2013 and the company’s quarterly report for the third quarter of the year.

At the end of the session, the Chairman of the Board of Directors, VadimYakovlev, said, “Over the last several years NIS has made an enormous leap forward in terms of effectiveness improvement and profitability of its business. Company has not only become the biggest investor and taxpayer in Serbia, which it will remain for many years to come, but it is quickly cementing its leadership in the Balkans region. It is important, however, that we should not stop and continue to expand the business scale and to improve existing indicators.”