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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Republic of Congo expands oil partnerships, eyes closer ties with Azerbaijan

The Republic of the Congo’s President Denis Sassou-Nguesso is diversifying the West African country’s oil and gas partnerships in search of reliable allies to explore its substantial reserves, ... more

France's spending on Russian LNG surges to over €600mn this year

France's spending on Russian liquefied natural gas (LNG) surged to over €600mn this year, EU data reveals, Politico reports. The increase comes as French President Emmanuel Macron becomes ... more

LNG imports improving EU energy security as Russian gas supplies fall to 8% of gas imports

Liquefied natural gas helps make Europe’s gas supply more secure as it doesn’t rely on existing pipeline infrastructure, allowing EU countries to diversify the sources of their imports, the ... more

Follow Us On

Most Read

  1. Russia’s war economy boosted by rising oil prices
    7 days ago
  2. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    5 days ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    5 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Iran vs Israel: Who is better equipped for war?
    9 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    23 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    28 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    26 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss