British Petroleum wishes to finance modernization and then buy fuel in Oil Refinery of Pančevo for 2,000 gas stations in this part of Europe ?

Delegation of British Petroleum visited Pančevo-based Oil Refinery (NIS RNP) on May 26, 2005, where they were introduced to the types of derivatives produced in this refinery, their quality and cooperation opportunities. According to the words of Kosta Ilić, director of NIS RNP, representatives of British Petroleum were most interested in what derivatives Refinery can offer, before and after modernization. This petroleum company that does not have its own refinery in this part of Europe took into consideration the possibility of supplying its 1,400 gas stations in Greece and 600 in Austria with derivatives from Pančevo.

British Petroleum is ready to provide credit with grace period of 3-4 years, which would be repaid through delivery of derivatives, after completion of the modernization. The condition of the Refinery is that the ownership structure remain the same. This offer is very acceptable and favorable, because, in that way, the Refinery would get the money necessary for completion of development programme of NIS RNP, after which they would be able to produce derivatives of European quality and the refinery would remain the property of the State. If such arrangement was signed, besides the fact that it would supply domestic market with necessary quantity of derivatives, the refinery would be able to work at full capacity and sell surplus derivatives to the gas stations of British Petroleum.