Serbian oil and gas company NIS [BEL:NIIS] said on Friday it will start on
September 1 modernization works on its Pancevo refinery worth 490 million dinars
($5.5 million/4.2 million euro).
The works, which should ensure the
reliable operation of production facilities and an increase in the production
volume of petroleum products at the refinery, are scheduled to last until the
end of September, NIS said in a statement.
In addition to control,
replacement and inspection of refinery equipment NIS will carry out in parallel
further modernization of refining capacity.
This investment will boost
production of white derivatives, such as gasoline, diesel and jet fuel in line
with the Euro 5 quality standards, while also increasing energy efficiency,
ensuring energy savings of up to 20%.
NIS said that the planned upgrade
works will not disrupt the supply of oil derivatives to the market.
In
August 2013, NIS completed upgrades at the Pancevo refinery worth almost 6.0
billion dinars.
The Serbian company operates two refineries - the second
one is located in Novi Sad, with total annual capacity of 7.3 million
tonnes
NIS, majority-owned by Russia's Gazprom Neft, is one of the
largest vertically integrated companies in Southeast Europe. Its main activities
include the exploration, production and processing of oil and gas, as well as
the production and retail of a wide range of petroleum products.