Provincial Secretary for Construction Dusanka Sremacki has signed the building permit for reconstruction and construction of Oil refinery in Pancevo, the Vojvodina Secretariat for Information announced yesterday.
The project investor is the Petroleum Industry of Serbia (NIS). The value of the approved works is about 229 million euros, while the preparation works, which commenced in June, are worth 13.4 million euros.
Reconstruction of Pancevo-based Oil refinery is part of the overall projected investments worth 467 million euros, reads the statement.
The building permit enables construction of units that will facilitate refining of 5m tons of crude oil per year and production of top-quality motor fuel of Euro 5 quality, reads the statement.
It is added that the construction of units is a capital investment in accordance with the highest European standards in the domain of production of oil and oil derivatives, thanks to which Pancevo will have an environment of higher quality.