New Russian investments in Serbia announced

Russia's new EUR 5 billion investments in Serbia within the next five years, new jobs and joint projects and further investments in the modernization of Pancevo Oil Refinery were announced Friday by Serbian Minister of Natural Resources, Mining and Spatial Planning Milan Bacevic and Russian Energy Minister Alexander Novak.

On Friday morning, Bacevic and Novak signed a protocol of a session of the Intergovernmental Committee for Trade and Economic and Scientific-Technical Cooperation between Serbia and Russia, at which the two sides agreed to continue cooperation and joint investments in various industries.

After the meeting, in the afternoon hours, the attendees went on a tour of the oil refinery in Pancevo. The Russian minister said on that occasion that the investment in the second phase of modernization of that refinery of the Petroleum Industry of Serbia (NIS) would be resumed in 2014, specifying that NIS had plans to invest EUR 1.5 billion in Serbia over the next three years.

As he noted, that will allow for the production of oil products of higher quality for Serbian and European market. Novak also announced the construction of a new gas-powered CHP that should completely satisfy Pancevo Oil Refinery's needs for electricity. This investment is valued at USD 200 million, said Novak.

The Russian energy minister added that the implementation of some new projects that would contribute to the development of trade and economic cooperation between the two countries had been agreed upon at the Friday's session of the Intergovernmental Committee for Cooperation between Serbia and Russia.

Minister Bacevic announced that Russia would invest EUR 3 billion in Serbia over the next three years, that is, EUR 5 billion within the next five years.