Serbian Ministry of Economy, oil company NIS and petrochemical complex HIP Petrohemija have signed an agreement on strategic partnership, where will become the owner of 90 % stake in Petrohemija.
According to the agreement, NIS, which is majority owned by Russian GazpromNeft, will complete the company’s recapitalization in the amount of 150 million euros and will build the facility for polypropylene production, with the capacity of at least 140,000 tons, in the next six years.
Further development of HIP Petrohemija will be based on the modernization of the basic production capacities and the construction of new facilities, and then also on increasing the energy efficiency and the efficiency of business operations, as well as the realization of environmental protection projects. The aim of this strategic partnership is to secure long-term sustainable operations of HIP Petrohemija and the strengthening of its competitiveness in the market.
Prior to the signing of the agreement, Serbian Government was the majority shareholder with 75.27 % stake in HIP Petrohemija, followed by NIS with 20.86 % and Lukoil with 3.09 %.