Gazprom Neft’s NIS Plans to Double Jet Fuel Exports by 2020

Naftna Industrija Srbije AD (NIIS), a Serbian oil company controlled by OAO Gazprom Neft (GAZP), expects to double foreign sales of jet fuel by 2020, following upgrades at its main refinery.

The exports are seen rising to more than 20,000 tons, mainly to neighboring Romania and Hungary, with the possible addition of Bulgaria as a new market, Aleksandar Medvedev, a NIS director of foreign sales, said in Belgrade today. NIS already covers more than 90 percent of the Serbian market of more than 70,000 of jet fuel a year, he said.

“We don’t expect a strong growth of the Serbian market, but there will be solid demand in the region,” said Milan Nikic, NIS’s chief for jet fuel sales.

Belgrade-based NIS, the only refiner in Serbia, produced 74,500 tons of aircraft fuel last year and plans to increase the output after completing an upgrade of its Pancevo refinery in 2012.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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