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Naftna asks for Lukoil and MOL Assistance against Pancevo Oil Refinery

Serbian oil company Naftna Industrija Srbije (NIS) has asked Russian oil firm Lukoil and Hungarian oil company MOL to help it overhaul the Pancevo oil refinery, according to Hungarian daily Vilaggazdasag.

NIS, which is in a position to secure only 20% of the necessary repair funding, will seek to sell shares in the refiner, the Budapest paper said, adding that the company has also approached French Societe Generale and BNP Paribas for loans.

Commenting on the report, MOL spokesperson Bea Lukacs said that "the Serbian market is interesting to MOL," but declined to reveal details.

The Pancevo refinery, which has the annual capacity to process 4.8m tonnes of crude oil, should be repaired by 2007 to produce European-quality derivatives.

(NewsBase 25.x.04)

 
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