In the past couple of years, Tim Inženjerin sistem, as part of the Consortium “Herţey Petrochem / IMG Engineering & Construction” took part in design and engineering of modernization works for the Pancevo Oil refinery. After 3 years of works, a modernized refinery is put in operation, which will allow Serbia to completely switch to fuel production of “Euro-5” quality. Petroleum Industry of Serbia put into operation modernized refinery “Pancevo” into which modernization it invested around 550 million euros.

General Director of “Gazprom” Alexander Dyukov said the successful completion of the modernization of refineries confirms that “Gazprom Neft” fully and timely performed investment treaty obligations with the Government of Serbia. NIS CEO Kirill Kravchenko announced that NIS is ready for the next wave of investments in Serbia in the next two to three years, in order to get the best NIS refinery in southeastern Europe. Kravchenko said that the second phase of modernization of refineries in Pancevo be invested between 300 and 500 million euros.