Investment worth 100 million dollars

May 20, 2012

Daily newspaper “Kurir”

Board of Directors in “Naftna Industrija Srbije” approved development concept for base oil production in Novi Sad based Oil Refinery and they reached the decision regarding commencement of project works. Volume of investments in this project is being estimated at around USD100 million, construction works at Novi Sad based Oil Refinery can commence during the first quarter of 2013 while commissioning of the new production lines is planned for the first half of 2015. Besides confirmation on the possibility of prolonging the licenses for exploitation of Velebit oil deposit, they expanded the territory of free economic zone Novi Sad which will provide conditions for faster development of production facilities and opening of new job positions, as well as development of technological base. Also, Oil Refinery Novi Sad will become NIS’s center for oil production which will allow a significant decrease of expenses for the company, particularly when it comes to production, warehousing and expediting. Managing Director in NIS, Kirill Kravchenko stated that development of production of base oils in Oil Refinery Novi Sad represents a part of the project that involves modernization of NIS’s processing capacities, with adjustments to the changeable market conditions and consumers.