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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

been completed.

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.

Source: Nis

Source: Padjeni