Gazprom Neft to start efficiency-boosting project at Serbia's Pancevo oil refinery

The project involves modernisation aimed at increasing the efficiency and depth of processing in the Pancevo refinery, energy minister Aleksandar Antic said after a meeting with the president of Gazprom Neft, Aleksandr Dyukov in Moscow, according to a statement issued by the ministry on Wednesday.

The Serbian government and Gazprom Neft are close to defining a joint strategy for the development of NIS until 2025, the energy ministry added.

Gazprom Neft controls a 56.15% of the share capital of NIS, while the Serbian government owns a 29.87% stake.

In June, NIS said it invested 10 million euro ($11.2 million) in the installation of an in-line blending software at Pancevo to ensure product quality compliance with EU regulations.