The Lukoil Beopetrol company on March 26 announced that it will invest some USD25 million into Serbia in 2009, which is on the level of the investments it made in 2008. The company added that no employees would be laid off.

Company general manager Aleksandar Panfilov told the press at the International Car Fair that the money will be invested into the opening of six new, and the renovation of 10 old, petrol stations in Serbia.

"We have fulfilled all the obligations from the sales contract, and these are additional investments," Panfilov said, adding that the company employs 1,400 people.

He said that the company realized USD15 million in profits in 2008, and that he expects positive business results in 2009 as well.

Russian Lukoil in Oct. 2003 bought 79.5 percent of Beopetrol's capital for EUR117 million, and in the meantime, has become the owner of 98 percent of its shares.