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Gazprom Neft subsidiary NIS invests EUR 72 million in modernising production

Gazprom Neft subsidiary NIS invests EUR 72 million in modernising production

Belgrade, July 31 - Neftegaz.RU. Gazprom Neft subsidiary Naftna industrija Srbije (NIS) is to modernise the cat-cracking facility at its Pančevo refinery, with the company concluding an agreement with international company Lummus Technology (part of the McDermott Group) on front-end engineering on modernising the facility.

NIS’ investment in the project will be more than EUR 72 million, with works expected to be completed by 2024. Modernising the cat-cracking facility forms part of the Pančevo Refinery development programme being undertaken by the company since 2009.

This project will also include construction of a production facility for high-performance gasoline components. As well as improving the business’ operational efficiency, this modernisation project will also further reduce its environmental impact.

The Pančevo Refinery is, today, one of the most modern refineries in this part of Europe, with a maximum annual refining capacity of 4.8 million tonnes. Thanks to the various programmes under its modernisation programme the plant will deliver a refining depth (conversion factor) of 99.2 %, and completely abandon fuel-oil (mazut) production.

NIS has previous experience of successful cooperation with Lummus Technology, with specialists at both companies having worked together on a key project in the 1st phase of the Pančevo Refinery’s modernisation - a light hydrocracking and hydrotreatment complex. Construction of a deep oil refining facility, also designed under license from Lummus Technology, is now in its final stage.

NIS is one of the largest vertically integrated energy companies in south-east Europe. Gazprom Neft holds a 56.16 % interest in NIS, with Serbia holding a further 29.87 %. The company’s principal activities are in exploration and production, refining, and the sales and distribution of a broad range of petroleum products, as well as the implementation of petrochemical and energy projects.

In addition to oil production the company is also developing its own electricity production capacity. NIS owns one of the most modern refineries in the region, located in Pančevo, and a network of filling stations throughout Serbia, Romania, Bulgaria and Bosnia and Herzegovina.

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