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NIS invests 72 million euros in modernization of Pančevo refinery

DOWNSTREAM PROJECT MANAGEMENT

NIS invests 72 million euros in modernization of Pančevo refinery

Petroleum Industry of Serbia (NIS), a subsidiary of Gazprom Neft, is upgrading a catalytic cracking unit at its Pancevo oil refinery, the press service of Gazprom reported.

NIS has concluded an agreement with Lummus Technology for the development of the base project for the modernization of the unit. NIS investments in the project will amount to 72 million euros, and the works are planned to be completed in 2024.

The press service pointed out that the company is modernizing the catalytic cracking unit within the framework of the Pancevo refinery development program, which NIS has been working on since 2009.

NIS will also build a unit for production of high-octane gasoline components. The modernization project will reduce the environmental impact of production.

Gazprom Neft owns 56.15% of NIS shares, while the Republic of Serbia owns 29.87%.

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