NIS: Novi Sad Refinery not to be closed

The Petroleum Industry of Serbia (NIS) announced Tuesday that Novi Sad Refinery would not be closed, but that it would be turned into a refinery for producing base oils instead.

- Considering that Novi Sad Refinery's operations lack efficiency, NIS has found a new approach that will allow for the optimization of the work of this refinery - people at NIS told Beta news agency.

They pointed out that Novi Sad Refinery would be producing about 180,000 tonnes of quality mineral base oils upon modernization and revitalization. Having a number of uses, these oils are primarily used in the production of car tires, in the electrical engineering sector, in the chemical industry, etc.

It was also announced that construction works were planned to start in Q1 2013, that the refinery should be put into operation in H1 2015, whereas the estimated value of this investment is close to USD 100 million.