Serbia: Pancevo oil refinery modernisation

, News Serbia Energy

Crucial part of the second phase of Pancevo oil refinery modernization is deep processing unit. Serbian Minister of Finance Sinisa Mali met with General Director of oil company NIS Kiril Tyurdenev and discussed the project for the deep processing unit, part of the second phase of refinery modernization, worth around 300 million euros.

The two officials talked about the investments of the company, which are important for the economy of the entire country, as well as about its contribution to the budget of the Republic of Serbia. The focus was the deep processing unit, which aims to increase quantities of the most valuable derivatives, such as diesel and petrol. Tyurdenev informed the Minister that the project also has environmental benefits, since fuel oil with a high sulfur content will no longer be produced by the refinery.

Last month, Tyurdenev said that, despite the crisis, the company will continue to invest in capital projects that will contribute to its further development. He said in an interview that the company managed to reduced costs and prioritize investments, but saving at the expense of the company’s long-term development is not and will not be an option. NIS remains focused on projects that will bring the company, but also Serbia, the most benefits in the future. According to him, regardless of the difficult situation on the market caused by the fall in oil prices and the coronavirus pandemic, NIS did not reduce salaries, nor did it lay off employees, but managed to preserve the financing of key projects. In total, it invested over 120 million euros in the first half of 2020, which is a real achievement considering the conditions in which the company operates in 2020.