"NIS-Petrol" invests 180m EUR in modernization of refineries and construction of new gas stations

The Deputy Executive Director of "NIS Petrol", Dragan Vučur, stated that, according to the plan for year 2007, about 180m EUR should be invested in that branch of the Petroleum Industry of Serbia (NIS).

He said that 101m EUR would be invested in the modernization of the Oil refinery in Pančevo, 34m EUR in the Novi Sad refinery, while about 39m EUR would be invested in the modernization of the existing and construction of new gas stations.

Vučur reminded that the investments were part of strategic plan of NIS prior to year 2009 and he pointed out that the modernization of refinery units would provide better, European, quality of derivatives.

According to the words of Vučur, the funds for investments will be provided partly from the sources of NIS, partly from the long-term credits and partly from the short-term credits that are substitute for the money that should have come as the result of the privatization of NIS.