Renewable energy: Agreement between NIS and Betec

Serbian oil and gas company, NIS and Betec, a geothermal development company that has recently been acquired by KS Orka Renewables Pte Ltd of Singapore (KS ORKA), have signed a cooperation agreement stipulating exploration and exploitation of geothermal energy in Serbia.

Mr Kirill Kravchenko, NIS´s CEO, said, ‘NIS aims to lead the growth of renewable energy in Serbia. For years, we develop a large number of energy efficiency projects, especially projects of co-generation – electricity produced from gas. In cooperation with our partners, we will further develop our projects in the exploitation of geothermal resources and contribute to increasing of production of energy from renewable resources, and also contribute to energy independence of Serbia.’ Mr Kevin Cao, Kaishan’s CEO, noted that ‘KS Orka aims to be the leading global developer and operator of geothermal projects. KS Orka has prioritised investments in emerging economies and is targeting development of 500MW of power generation capacity over the next five years. The co-operation with NIS in Serbia is an important step towards achieving this goal in the Balkans.’

(4-Traders, 26.10.2016)

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