Serbia: NIS continues to invest in Pancevo oil refinery modernization, News Serbia Energy
Director of Processing at Serbian oil company NIS Vladimir Gagic said that the modernization of its processing capacities is a priority for the company, due to very competitive market in southeastern Europe.
Gagic reminded that NIS has signed a contract for the modernization of the catalytic cracking plant (FCC) at Pancevo oil refinery with the international company Lummus Technology. A license and a base project were purchased for the modernization of FCC and the construction of plant for the production of high octane gasoline components. The completion of the project, expected in 2024, will increase propylene production and the production of high-octane refinery gasoline components, further enhancing the range of NIS products.
Speaking about the start of the deep processing plant, a key project of the second phase of the Pancevo oil refinery modernization planned for this year, Gagic said that the 300 million euros worth project will allow the refinery to rank among Europe’s leading refining depths of 99.2 % , as well as many other business and environmental benefits.
After the completion of deep processing plant, the refinery will produce larger quantities of the highest quality fuels, primarily diesel, and will start domestic production of coke, which is now imported into Serbia. At the same time, production of high sulfur fuel oil will cease, which will contribute not only to Serbia fulfilling its international obligations in this sector, but also to improving the country’s environmental situation.
Last year alone, 20 investment projects were completed, 24 are still underway, and more than 50 investment maintenance projects have been successfully completed. In addition to the project to improve conditions for biodiesel production and create conditions for biogas production, a number of projects are planned to improve the operation of the refinery over the long term. First of all, the company is working on energy efficiency improvement projects that pay off quickly and have very positive effects on the business in the long run.