Gazprom Neft to invest $1.4bn in Serbia by 2025

By bne IntelliNews January 20, 2019

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

US’s top military officer takes on “tough issue” of Turkey acquiring Russia’s S-400 missile system

The pressure being applied to Nato member Turkey not to go ahead with its planned purchase of Russia’s S-400 missile defence system was cranked up even further on March 21 as the US’s top ... more

McDonald's to expand investment in Russia by 40% in 2019

US-owned fast food franchise McDonald’s will boost its investment by 40% in 2019 over last year, the company said on February 6. McDonald’s is already the biggest foreign owned fast food ... more

Tax collection in Russia soars 22% in 2018 thanks to improved efficiency and shadow economy crackdown

The Russian government is on the hunt for new revenues to meet its ambitious RUB12 trillion ($180mn) spending plan.  A VAT hike from 18% to 20% went into effect that will provide some new ... more