Republika Srpska: Zarubezhneft marks loss in oil refinery Brod

Published on 9. January 2014., SEE Energy News

While authorities in the oil refinery in Bosanski Brod recognize that there are accumulated losses of the company of about 250MEUR, they announce the improvement of  business performance. In the gasification project, the owner Zarubezhneft will invest 10 MEUR.

The project should be approved at the end of the week, and the completion of the project documentation is planned for next year.

– Execution of works and commissioning of the new plant with gas is expected in late 2015 – said Andrey Ozerov, deputy general director of “Zarubezhneft”, the majority owner of the refinery in Bosanski Brod.

He says that they are aware of the losses, but they claim that business will improve.

Minister of Industry, Energy and Mines of the Republic of Serbian (RS) Zeljko Kovacevic argues that the sale of the oil industry RS is one of the most successful privatization of the RS and the refinery is of great importance for the BiH entity.

At the meeting of the Working Group for Monitoring the fulfillment of obligations of the agreement for purchase and sale of shares of the oil industry of the RS, which was held in Bosanski Brod, said that the priority of the refinery also is the environmental protection.

It was announced that measuring station will be installed, and after overhaul, according to the Minister for Planning, Construction and Ecology Srebrenka Golic, the concentration of sulfur in the air is reduced to a minimum.

Environmental permit ov Refinery is valid until 2016, and Andrew Getinger, Managing Director of the company claims that they will do everything not to lose their license, and that there are still a points that must be met.

Source; Serbia Energy