NIS of Serbia Plans to Invest $455 Million in 2012, 2013

Naftna Industrija Srbije AD (NIIS), a Serbian oil and gas company, will invest a total 40 billion dinars ($455 million) this year and next, Tanjug reported, citing Chief Executive Officer Kirill Kravchenko.

NIS, controlled by Russia’s OAO Gazprom Neft (OGZD), also plans to expand its operations, including drilling for oil and gas, in Hungary, Romania and Bosnia-Herzegovina, Kravchenko was quoted as saying by the Belgrade-based newswire.

To contact the reporter on this story: Boris Cerni in Ljubljana at bcerni@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net