Russian Lukoil provides 600 million USD, Slovenian Petrol €50m - for Petroleum Industry of Serbia ?

Željko Popović, acting director of NIS announced that the negotiations were underway with Lukoil on strategic partnership, i,e. joint-venture arrangement, according to which Russian partner shoul provide long-term investment credit of 600 million USD for modernization of refineries in Serbia. In the future, NIS should purchase 2-3 million tons of crude oil from Lukoil. It is also being negotiated with Lukoil on joint participation in concessions, along with refining of 500,000 tons of petroleum of Lukoil for needs of Beopetrol.

It is expected that Administrative Board of NIS and the Government of Serbia will soon give response to suggestion given by management of NIS on making of business with Slovenian Petrol in order to have this company provide credit line of €50m for modernization of refineries. It is also planned that NIS and Petrol appear together on the third market, as well as to have joint gas stations constructed.