Serbian oil and gas producer NIS plans to cut its development spending by 6.4% in 2020 to RSD37.5 billion (USD355.2 million). The majority of the investment budget next year will be allocated for oil and gas exploration and production.
NIS is set to start operating a deep conversion complex at its Pancevo refinery and add the refinery’s conversion rate to 99.2%. The complex will also increase the volume of high-quality diesel fuel by more than 38%.
Other than that, the complex will also support the refinery at the start of Serbia’s first petroleum coke production and lessen the high-sulfur fuel oil (HSFO) production. The activity is part of a second phase of Gazprom Neft’s modernization program.
Gazprom Neft owns the majority of NIS.
