Construction of TE-TO Pancevo to begin in second quarter of 2018 – Project worth EUR 180 million

Aleksandar Varnavski, director of the Thermal Power Plant and Heating Plant Pancevo (TE-TO Pancevo), and Yi Xiaorong, president of Shanghai Electric Group, signed an agreement on construction of the Pancevo thermal power plant, worth EUR 180 million, today.

The construction is planned to begin in the second quarter of 2018, and the facility is supposed to be completed and put into operation in late 2019.

Shanghai Electric Group is the industrial and energy holding which won at the tender of this June and will design, provide the equipment and put into operation the said facility.

TE-TO Pancevo will be a power plant meant for producing electric and heating energy from natural gas. The energy will be used for the increased needs of the Pancevo Oil Refinery, whereas the remaining electric energy will be directed at the energy system of Serbia.

– The planned investments in the project of construction of TE-TO Pancevo amount to around EUR 180 million, and most of them will be provided by Gazprom-Energoholding, which has great experience in realizing investment programs in the sector of electric energy in Russia. We expect that the sharing of experiences and joint work by the companies from Serbia, Russia and China in Pancevo will result in a modern and reliable facility, which will enable the development of the Serbian economy – said Director General of Gazprom-Energoholding, Denis Fyodorov.

Kirill Tyurdenev, CEO of NIS, explained that the construction of TE-TO Pancevo was a project providing an additional guarantee of Serbia's energy stability.

– The stability of supply of the Pancevo refinery with electric and heating energy, as well as additional amounts of electric energy we will put in the market, will provide the necessary energy security to the citizens of this country – Tyurdenev emphasized.

NIS a.d. Novi Sad

Gazprom Moscow

NIS a.d. Petrol Rafinerija nafte Pančevo

Naftna Industrija Srbije

NIS

Gazprom Energoholding

Thermal Power Plant and Heating Plant Pancevo

Shanghai Electric Group

Pancevo Oil Refinery

NIS Pancevo Oil Refinery

Aleksandar Varnavski

Yi Xiaorong

Denis Fyodorov

Kirill Tyurdenev

production of heating energy

production of electric energy