BELGRADE (Serbia), May 23 (SeeNews) – Serbian oil and gas company NIS [BEL:NIIS] said on Tuesday it has officially started operating Ostrovo compressed gas compressed natural gas (CNG) plant in eastern Serbia.
NIS plans to produce 9,000 tonnes of CNG annually at the plant, in the construction of which it has invested 400 million dinars ($3.65 million/3.2 million euro), NIS said in a statement.
"CNG is the fuel of the future, as it could replace petrol, diesel and liquefied petroleum gas, having the lowest amount of greenhouse gases," the CEO of NIS, Кyrill Tyurdenev, said in the statement.
The natural gas market is constantly growing and plants such as Ostrovo allow Serbia to respond to the needs of industrial customers without building pipelines, Serbian energy minister Aleksandar Antic said during the official ceremony for the launch of the facility.
NIS started producing CNG at its Palic plant in 2014 and began selling it to retail customers at its NIS Petrol filling stations in 2015.
The net profit of NIS rose to 5.4 billion dinars in the first quarter of 2017 from 261 million dinars in the respective period of last year, as a result of the increase in operational efficiency.
(1 euro = 122.941 dinars)
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