Belgrade, Nov.25 (Source - B92) Serbian Oil Industry (NIS) managing board on Monday confirmed that the company had losses of RSD 8billion in 2008.
The losses will be covered from the budget, said member of the board Dusan Petrovic.
Two credible auditing firms calculated that instead of the reported RSD 2 billion profit, NIS in fact lost RSD 8 billion (EUR 85 million) before 51% of the previously state owned company was sold to Russia's Gazprom in early 2009.
Petrovic told B92 that a decision on how to cover the losses will be made in the first half of next year, but that he was convinced the money would come from the state budget.
"The citizens have no reason to worry because I am convinced that as soon as in 2010, NIS will make progress and a serious profit," said he.
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