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Company NIS is going to invest over USD100m in the modernization of the Oil Refinery in Novi Sad, in which base oils will be produced, CEO of NIS, Kirill Kravchenko during the presentation of the Strategy for the development of production of base oils in the Novi Sad Refinery. Upon the completion of modernization, the Novi Sad Refinery will be able to annually produce 180,000 tons of high-quality base oils of two types, a significant quantity of which will be intended for export, said Kravchenko.The final investment decision is planned to be made early next year, construction works in the Novi Sad Refinery are planned to begin in the first quarter of 2013 and new production lines are planned to be put in operation in the first semester of 2015. "Raw materials for the production of base oils will be our oil of the type "velebit", which is produced in Serbia, and which has unique physical-chemical properties suitable for the production of base oils, and heavy leftovers of hydrocracking in the Pančevo Refinery will also be used", said Kravchenko, adding that that would enable reaching the economic and production synergy of the two refineries of NIS.