Serbia's NIS to Invest $384 mln in 2015

Serbian oil company NIS, majority owned by Russia's Gazprom Neft, said on Friday it planned to invest a total of 40 billion dinars ($384 million) in 2015.

"NIS will start the implementation of phase two of refining facilities modernisation, namely the construction of a bottom of the barrel facility in the Pancevo refinery," the company said in a statement.

"Also, the existing facilities will continue with the introduction of energy saving technologies as well as the technologies which optimise production and reduce non-recoverable losses," it said.

NIS runs two refineries in Serbia and produces 1.7 million tonnes of oil equivalent of oil and gas per year, operating fields in Serbia, Angola and Bosnia.

Gazprom Neft owns 56.15 percent of NIS, while 29.88 percent is owned by the Serbian government. Small shareholders own the remaining shares.

Reporting by Ivana Sekularac