OREANDA-NEWS. October 3, 2011. Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo participated in the ceremony of launching the second stage of the Brod refinery in the city of Brod, the Serb Republic (Bosnia and Herzegovina).

In the attendance of the ceremony were President of the Republic Milorad Dodik, Prime Minister Alexander Dzhombich, Member of the Presidential Committee of Bosnia and Herzegovina Suleiman Tikhich, heads of ministries and agencies of the Serb Republic (Bosnia and Herzegovina).

From the Russian side in attendance of the ceremony were Russian ambassador to Bosnia and Herzegovina Alexander Botsan-Kharchenko, OJSC Zarubezhneft Director General Nikolai Bunich.

After launching the second line, the refinery’s first stage of reconstruction ended. The new production line will make it possible to increase the refinery’s refining capacity from 1.2 million to 3 million tons per year. In the coming years (up to 2014) the Brod refinery is expected to move to the production of all petroleum products in accordance with Euro 5 standard. During the second stage the bulk of package equipment is to be supplied from the Russian Federation.

Vnesheconombank participates in funding the refinery’s reconstruction. The refinery was damaged in the years of the military conflict. OJSC Zarubezhneft has been rebuilding the refinery since Autumn of 2007. At present, the total amount of credit lines provided by the Bank is 328.4 million euros.

Speaking at the ceremony Anatoly Ballo said: “This project is an excellent example of Vnesheconombank’s efforts to support Russian leading companies’ quality services exports. Four years ago it was impossible to imagine that such an advanced refinery complex would be built to replace the dilapidated old refinery”.

Serbia’s President Milord Dodik stressed that we achieved the results that many considered unrealistic four years ago. And this happened due to cooperation with such reliable Russian partners as OJSC Zarubezhneft and Vnesheconombank that acted as the project’s main investor.

In accordance with the Memorandum on the Bank’s Financial Policies promotion of industrial exports and services is one of Vnesheconombank’s main lines of activity.