The Petroleum Industry of Serbia (NIS) announced today that a new line for production of raffinates, the primary components used in the production of industrial oils and lubricants, had been put in operation in Oil refinery in Novi Sad.
According to the company’s statement, that represents the beginning of the operations of Novi Sad Oil Refinery in a new field, after it started production of motor oils under Nisotek brand in 2010.
NIS Director General Kiril Kravcenko said that excessive supply in the market and economic efficiency had demanded from NIS to concentrate the production of motor fuels at the refinery in Panevo, while the change of production had also kept Novi Sad Oil Refinery in business.
– In accordance with the plan, maximum 100,000 tons of raffinates will be produced ever year, 97% of which is intended for export, primarily to the market of Asia, while the remaining 3% will be offered to the domestic market – said Kravcenko.
The statement reads that the first phase of elaboration of the project of naphthenic base oil production at Novi Sad Oil Refinery is underway, meaning that a foreign strategic partner is necessary.
That means that Novi Sad Oil Refinery will also be producing high-quality base oils, which can be rarely found anywhere in the world, reads the statement.
The refinery in Novi Sad already produced three times more oil in 2010 than in 2009.