Serbian oil monopoly NIS, controlled by Russia's Gazprom OAO (GAZP.RS), and a U.S. company signed a EUR400 million deal Thursday to modernize an oil refinery to make cleaner fuels, the Beta news agency reported.
The investment was one of the conditions of Gazprom's takeover of NIS.
NIS and partner CB&I Lummus will modernize the refinery to greatly increase production of unleaded and cleaner diesel fuels by 2012, the report said.