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Dec 04, 2017 15:27 EEST
December 4 (SeeNews) - Gazprom Neft has no plans to sell its stake in Serbia's NIS [BEL:NIIS], even though the Russian company has decided to exclude development of refining capacities abroad from its long-term strategic benchmarks, Moscow-based media reported on Monday.
"No, we are not considering this. Everything is going well," the CEO of Gazprom Neft, Alexander Dyukov, said on Monday, answering to a question of Russian news agency RIA Novosti on whether the company intends to sell its 56.15% stake in NIS.
Last week, the board of directors of Gazprom Neft updated the company's long-term business strategy, excluding the development of refining capacities abroad from its goals until 2025.
"This is the result of changes to the macroeconomic environment: the market situation being marked by increasing international competition in recent years, significantly reducing demand for oil products on the European market, which is significantly reducing the profitability of potential investments in refining abroad," Gazprom Neft said in a statement.
In October, Gazprom Neft said it started the construction of a new deep conversion complex (DCC) at the Pancevo refinery of NIS, in which it plans to invest 300 million euro ($355.7 million). With a capacity of 2,000 tonnes per day, commissioning the facility will allow conversion rate— a key indicator of a refinery’s operational efficiency— to reach 99.2%, while the volume of high-quality diesel fuel will increase by more than 38%, Gazprom Neft said back then.
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