Serbia's NIS begins 95 mln euro Pancevo refinery overhaul

The planned projects aim to renew the refinery's resources, improve production processes, and enhance environmental protection, Vladimir Gagic, director of processing at NIS, said in a press release on Wednesday.

“With additional investments, we are improving and developing our production capacities, thereby strengthening our competitiveness and leadership position on the oil derivatives market," added Gagic.

NIS will complete the overhaul on April 17.

There will be a sufficient supply of oil derivatives on the market during the shutdown of the plant.

In December, NIS said it intends to make capital investments of 59.7 billion dinars ($552.2 million/509.4 million euro) under its business plan for 2024.

The company’s net profit halved to 44.2 billion dinars in 2023.

$ = 0.9234 euro