Serbia: More NIS’ investments in Pancevo refinery, News Serbia Energy
Serbian oil company NIS would continue investing in Pancevo oil refinery after the commissioning of the deep processing unit, adding that the next major investment would be the modernization of the catalytic cracking facility, said CEO of NIS, Kirill Tyurdenev.
Tyurdenev reminded that, after the launch of deep processing unit, NIS guarantees European quality of petrol and diesel fuel to consumers in Serbia and that the production complex also has ecological benefits, because the production of mazut with a high sulfur content has stopped, and the emission of harmful matters into the atmosphere has been reduced as well.
The new investment, worth some 80 million dollars, should enable the manufacture of additional products, including an increase in the production of propylene. He pointed out that, by increasing the efficiency of the operations and reducing the costs, NIS had maintained the stability of the prices and the local market, although various factors in the global market makes it impossible to project the price of oil. He added that NIS imports two thirds of the oil it processes, whereas the rest is produced in Serbia.
According to its 2021 business plan, NIS plans to invest some 177 million euros. The company intends to focus investments on oil and gas exploration and production, modernization of processing capacity and development of retail network. In addition, NIS will proceed with the digital transformation of its business, including improvement of environmental protection and safety at work. NIS plans to commission the 200 MW combined heat and power plant in Pancevo in cooperation with Gazprom Energoholding in the second quarter 2021, to produce steam and electricity for the needs of the Pancevo oil refinery. The company also plans to start activities that will enable the launch of a Fluid Catalytic Cracking (FCC) project and the construction of a unit for the production of bioethanol base Ethyl Tertiary Butyl Ether (ETBE) in Pancevo refinery.