Serbia's NIS starts up upgraded Pancevo refinery

After the start-up of the refinery's new 396 million euro ($512 million) mild hydrocracking and hydrotreatment (MHC/DHT) unit, motor fuels produced in Pancevo will fully comply with the EU's Euro 5 quality standard, NIS said in a statement.

The addition of the MHC/DHT unit represents a key element of a 540 million euro modernisation push agreed at the time Russia's Gazprom Neft acquired a majority stake in NIS in 2008.

The Serbian company said it plans to start at one point to export some of the fuel produced in Pancevo to Bosnia and Herzegovina, Bulgaria, Romania and other countries in the region.

NIS (www.nis.rs) is one of the largest vertically-integrated energy companies in Southeast Europe. It is engaged in the exploration, production and refining of oil and gas, as well as in retail trade in fuels.

($=0.7729 euro)