The oil production arm of Russian gas giant Gazprom, Gazprom Neft plans to invest $1.4bn in Serbia by 2025, President Vladimir Putin said during his visit to Serbia, as quoted by Tass. He provided no further details.
So far, Gazprom Neft has invested in Serbia via its Serbian unit, energy firm Naftna Industrija Srbije (NIS). NIS is the main player on the local oil market and is one of its largest exporters.
Gazprom Neft holds 56.15% of the shares in Serbian NIS, a vertically integrated oil and gas company working on the Southeast European market. The Serbian government owns 29.87% while the remaining stake belongs to citizens, current and former employees and other minority shareholders.
Recently, Gazprom Neft is investing in a new deep conversion complex (DCC) involving delayed coking technology at the Pancevo Refinery in northern Serbia.
Construction of the DCC is an investment whose value exceeds €300mn, making it currently the largest Gazprom Neft investment project in Serbia, the Russian company said. It added that the project is a key part of the second phase of a major programme which it has been executing since 2009 to modernise the refining capacity at NIS.
Related Articles
Russia inks Power of Siberia 2 pipeline memorandum with China and Mongolia
Russia has signed a "legally binding memorandum" on the construction of a second gas pipeline to China, Power of Siberia 2, including a transit branch, Soyuz Vostok, that will run across Mongolian ... more
Druzhba oil flow to Slovakia and Hungary is renewed
The oil flow from the Russian Druzhba pipeline was renewed late on August 19. “The flow of oil to Slovakia is standard at the moment,” the country’s Minister of Economy Denisa Saková (Hlas) ... more
EBRD boosts Montenegro’s flagship wind farm with €26mn loan
The European Bank for Reconstruction and Development (EBRD) said on August 19 that it is deepening its support for Montenegro’s green transition with an additional €26mn loan to expand the Gvozd ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
22 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago