Serbia’s NIS launches base oil production line

Serbia’s oil refiner NIS, which is majority owned by Russian oil group Gazprom Neft, launched a new production line on February 10 at its Novi Sad refinery to produce up to 100,000 tons of base oils a year. The company aims to export 97% of the refinery’s output to lubricant producers, mainly in Asia, and the remainder is set for the Serbian market, NIS said in a statement. Gazprom Neft paid €400 million (US$547.3 million) in 2009 for a 51% stake in NIS, which operates two refineries, under an energy pact between Serbia and Russia. (February 11,2011)