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Naftna industrija Srbije and NefteGazInkor, a daughter company of the Russian company Zarubežneft, are going to found a joint company for the crude exploration and production in Republika Srpska (BiH).
Memorandum on Incorporation of a Joint Company was signed on 16th July in Banja Luka, by Deputy Chairman of Management Board, NIS Kirill Kravchenko and Yurij Belov as an authorised representative of NefteGazInkor, and witnessed by the Prime Minister of Republika Srpska, Milorad Dodik, members of the Cabinet, the ambassador of the Russian Federation in BIH, Aleksandar Bocan - Harchenko and the Serbian Minister of Mining and Energy, Petar Škundrić. According to the signed documents the field of activity of the joint company shall be exploration and exploitation of hydrocarbons at the territory of Republika Srpska (BiH). Preliminary estimations have shown that the volume of geological reserves at the territory of Republika Srpska is cca 50 million tons of oil equivalent. In case of successful results of geological and exploration works, whose commencement is planned for 2011, the exploitation of oil and gas in Republika Srpska can start as early as in 2014. Maximum production volume at oil and gas fields may be reached by 2020 and will amount up to one million ton per year. In the first phase of the project implementation it is expected that the volume of joint investment into geological and exploration works will amount to cca USD 20 million. Companies NIS and NefteGazInkor have been present in the region for a long time and posses a significant organizational, technical and personnel potential for the realization of this project. «NIS has experience in implementation of a series of similar projects at the territory of Serbia, and the expansion of this corporate business segment at the territory of Republika Srpska (BiH) is completely in accordance with the NIS strategy of business development in the region» - said Deputy Chairman of Management Board, NIS Kirill Kravchenko. |
