In the conditions of the crisis in the oil sector, the priorities of NIS will be to preserve stability on the domestic market of oil derivatives and to continue investing in key development projects, it is stated on the NIS website. Kiril Tjurdenjev, General Manager of NIS, stated that the company implemented decisive operational and financial measures in order to face the new circumstances.
“The great efforts of all employees have preserved the stable production, processing and distribution of petroleum products. Now we go further and continue working on key investment projects that guarantee further development and a stable future of our company. Here, first of all, I mean Deep refining in the Pancevo Oil Refinery and the construction of the Pancevo Thermal Power Plant. We are aware that the success of these investments and all the announced measures depends on the people who are working on their realization. Therefore, our priority will be the social stability of our employees, whose dedicated work in not easy circumstances is our inspiration and guarantee that NIS will successfully overcome this challenging period,” said Tjurdenjev.
The company also states that due to falling oil prices and a drastic reduction in demand for petroleum products due to the Covid 19 pandemic, the global oil industry is operating in extremely unfavorable circumstances, and that negative trends are expected to affect NIS’s financial results.
Unfavorable macroeconomic circumstances continued during the second quarter of this year, so NIS adopted a package of measures to preserve the company’s stability, including reducing operating and administrative costs, prioritizing investments and resolutely continuing to implement key development investments and increase operational efficiency in all business segments.
Also, NIS has harmonized its policy in the field of sponsorships and donations with the current circumstances. Of special importance for the company remains the preservation of social security of employees, ie regular payment of salaries in full, as well as the preservation of an adequate dividend policy, said NIS, Politika reports.
