Serbian oil and gas company NIS, majority owned by Gazprom, plans to invest over 72 million euro ($80 million) in the modernisation of the catalytic cracking facility at its Pancevo refinery, majority owner Gazprom Neft has said.

Works on the upgrade of the catalytic cracking facility are expected to be completed by 2024, Gazprom Neft said in a statement, according to Seenews.

In December, NIS signed a front-end engineering (FEE) contract for the modernisation of the refinery with Lummus Technology, a subsidiary of US energy industry technology provider McDermott.

Lummus Technology will provide the licence and basic engineering for the Indmax Fluid Catalytic Cracking (FCC) technology and a unit for the production of bioethanol base Ethyl Tertiary Butyl Ether (ETBE) in Pancevo, the company said back in December.