far 58 projects in the fields of wood processing, metal processing and food
industry have received funding under the program. 44 of them have already
Among the local companies that received support is the Padjeni dairy in Bileca.
"In order for a company to
succeed in our market, it
constantly needs to up-
grade its production and
products. To make that hap-
pen we need to invest in
new technologies and new
products. The EBRD/EU
project has motivated us to
complete an investment of
800 000 euro this year. We
completed a facility with the
capacity to process nearly
60 000 liters of milk a day into 30 different products. As part of the project, we
managed to purchase a yoghurt bottle filling machine, an electric generating unit
and the enlargement of our production hall facility", the company's general man-
ager Nenad Vukoje said.
The EBRD also announced it has invested over 2 billion euro in 146 projects in
Bosnia and Herzegovina so far. The European Union, on the other hand, has
invested over 50 million euro in small and medium-sized enterprises in Bosnia
and Herzegovina during the past 15 years, EBRD added.
NIS continues with the modernization of the Pancevo Oil
The next phase of the modernization of Pancevo oil refinery in South Vojvodi-
na, Serbia, was marked with an official ceremony at the facility site. The new
stage of the project, implemented by Naftna Industrija Srbije (NIS), includes the
construction of a Bottom of the Barrel plant with a delayed coking technology.
This step is a new milestone in the development of NIS, Kirill Tyurdenev, CEO
of the company, explained at the ceremony. It is also an important project for the
entire petroleum sector in the country. By expanding its process capacities and
focusing on state-of-the-art technologies, NIS is planning to keep its position
among the leaders on the demanding and competitive regional market of petro-
leum products, Tyurdenev further stated.
The project expects a total investment of over 300 million euro, which makes it
one of the largest initiatives of its kind in Serbia for the next couple of years. The
completion of the modern plant is scheduled for the third quarter on 2019, the
company also disclosed at the ceremony.
With the completion of the Bottom of the Barrel project NIS is continuing the
constant modernization of its facilities and operations, the company stated. Its
general goal is to be a reliable supplier of top-quality fuels to the Serbian
market. NIS expects that the new plant will help of the optimal exploit of the
Pancevo oil refinery capacity. The company also plans to increase the facili-
ty's processing efficiency from 86 to 99,2%. According to an official statement
on NIS's website, this measure will lead to an increase in the production of
high-quality petrol and diesel and mark the beginning of producing coke. This
product is currently being imported to Serbia.
"I would like to thank Gazprom Neft for the enormous effort and energy
which they have been putting in for 3 years now together with the Serbian
part of NIS to work out a plan and make an agreement on how to go ahead
with the bottom of the barrel process. Here we are at the construction site
today and we expect excellent results of the bottom of the barrel processing
in 2 years. Up to this point, NIS's investments have ensured that we have
the finest fuel in this part of Europe, which you may recognize when you
travel for a holiday, you may notice that the quality of petrol and diesel in
Serbia is much better than in the neighboring countries", Serbian president
Aleksandar Vucic said at the ceremony.
"We are turning a new page in the history of the development of NIS. By
launching the Bottom of the Barrel Project at the Pancevo Oil Refinery, we are
entering the second stage of the process of modernizing this complex. The first
stage in the modernization process has made it possible for this refinery to join
the leading ones in Europe in this field. When the second stage is completed,
this refinery in Pancevo will rank equal with the refineries across the globe, since
we will have the depth of processing at 99%. Since 2009, we have already
invested over 2,5 billion euro in development", Alexander Dyukov, chairman of
the Management Board of Gazprom Neft, commented.
"Investing in the construction of the bottom of the barrel plant will be conducive
to the security and sustainability of Naftna Industrija Srbije, while at the same
time ensuring smooth oil operations, which is of extreme importance to our
economy, domestic product and Serbia in general", Aleksandar Antic, Serbian
minister of mining and energy, pointed out.