NIS invests USD 100 million in Novi Sad Refinery

After many announcements, it is now for certain that Novi Sad Oil Refinery will soon be renovated and instead of oil derivatives, it will be producing lubricants. Kirill Kravchenko, the CEO of the Petroleum Industry of Serbia (NIS) announced that preparations for the modernization of this refinery were underway, adding that the investment was valued at over USD 100 million. Thanks to this investment, refinery facilities will be preserved and quality oil products - a broad range of base oils - will be marketed.

Namely, the Novi Sad refinery will be producing quality lubricants instead of oil derivatives. As Kravchenko explained, refineries with such product portfolio are quite rare around the world. There is one in Sweden, but the Novi Sad refinery will be unique in this part of Europe once its modernization is completed.

This confirms last year's story about significant investments in Novi Sad Oil Refinery and its modernization. It was then stressed that works should commence this year and end in 2015, clearing the path for the marketing of new products both locally and abroad. Given that the commencement of modernization was announced by the CEO of NIS, it can be freely said that the new beginning is ahead of Novi Sad Oil Refinery - investment in the modernization of facilities, optimization of operations, and the production of high-quality base oils.

There is no doubt that the production of base oils at the Novi Sad refinery will give a positive impulse to the economy, and it is for sure that this will positively affect the number of its employees. Namely, this refinery currently employs about 80 workers, and it is very likely that this number will grow significantly in the nearest future.