AlwaysFree: Serbia To Sell HIP Petrohemija To Gazprom’s Subsidiary

Serbian President Aleksandar Vucic said last week that the country had agreed to all terms on the sale of HIP Petrohemija to local oil and gas company NIS, in which Russia’s Gazprom holds a 56.15% stake. NIS is the only bidder in the government’s tender to privatize HIP Petrohemija in October. NIS plans to inject €150 million ($168 million) in the capital of HIP Petrohemija, acquiring a stake of up to 90% in the company.

The Serbian government owns 75.27% of HIP Petrohemija, NIS controls 20.86%, Russia’s Lukoil holds 3.09%, and other smaller shareholders. HIP Petrohemija operates petrochemical production plants in Pancevo, Crepaja, and Elemir. It produces high-density polyethylene (HDPE), low-density polyethylene (LDPE), and other petrochemicals with a total capacity of 700,000 tons/year.

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