Tuesday, October 3, 2023

    Serbian oil and gas group NIS turned to a net loss

    Serbian oil and gas group NIS turned to a net loss of 8.3 billion dinars ($82.6 million/70.6 million euro) in the first nine months of 2020 from a 10.7 billion dinars net profit in the like period of last year, due to the lower demand for petroleum products caused by the COVID-19 pandemic.

    In January-September, the oil and gas industry was affected by adverse global trends, reduced demand for petroleum products, as well as sharp decline in oil prices, NIS said in a statement.

    The company’s total sales revenue fell 31% on the year in January-September, NIS said in an interim financial statement filed with the Belgrade Stock Exchange.

    NIS, 56.15%-owned by Gazprom, is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retail trade with a wide range of petroleum products. Serbia’s government owns a 29.87% stake in NIS.

    The company’s shares closed down 0.38% on the Belgrade bourse on Wednesday.