December 23, 2019

The contract, which is part of a project worth around USD 80 million, was signed at the company's Business Center in Belgrade by Vladimir Gagić, Director of NIS Processing Unit and Maurice Korpelshoek, Director of Marketing Technology at Lummus Technology. The implementation of this project will bring numerous business and environmental benefits to NIS. New technologies will help increase propylene production, and a ETBE (high octane gasoline components) production plant will be built, which will further increase the value of refinery products. Also, the finalisation of the project, which is planned to take place by the second quarter of 2024, will contribute to environmental improvement with the reduction of particulate matter emissions, and it will also enable more efficient production of bio-gasoline. NIS has been cooperating with Lummus Technology for many years. The MHC/DHT unit (for mild hydrocracking and distillate hydrotreating), a key project of the first phase of Refinery's modernisation, and the Deep Processing Plant, as a capital project of the second phase of the modernisation of NIS processing capacities, were built under Lummus Technology licenses. The Pančevo Oil Refinery is one of the most modern refineries in this part of Europe with a maximum annual installed processing capacity of 4.8 million tonnes. On the occasion of signing the contract, Vladimir Gagić, Director of the NIS Processing Unit, stated the following: “NIS operates in a very demanding regional market for petroleum products and that is why our commitment is to constantly improve the competitiveness of the Pančevo Oil Refinery with constant modernisation. The procurement of new technology and the construction of a new facility at the Refinery is a new step towards increasing the value of our product basket, and the environmental effects that we will achieve in this manner are equally important to us. It is a great pleasure to work on this important project with a renowned company such as Lummus Technology, our long-standing partner in the modernisation of NIS processing capacities“. NIS Group is one of the largest vertically integrated energy systems in Southeast Europe with more than 11,000 employees. The main activities of NIS are the exploration, production and processing of oil and natural gas, trade in a wide range of petroleum and gas products, as well as project implementation in the field of energy and petrochemistry. Lummus Technology, as part of the McDermott Group, is a leading licensor of proprietary technologies used in the field of petrochemistry, refining, gasification and gas processing. As a company with a history of more than 100 years, with around 3,400 patents and their application, Lummus Technology has the most diverse range of technologies in this industry, available to the oil and gas sector.