BELGRADE (Serbia), August 17 (SeeNews) – Russia's Gazprom Neft plans to acquire the entire capital of Serbian petrochemicals producer HIP Petrohemija, as the company is the main partner of local subsidiary NIS [BEL:NIIS], Russian media reported on Thursday.
Gazprom Neft plans to increase its stake in HIP Petrohemija to 21% in the next six months, Russian business daily Kommersant said quoting market sources.
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Russia's Lukoil, in turn, will receive a 3% shareholding in the capital of HIP Petrohemija, Kommersant said.
Earlier this week, Serbian media reported that a commercial court in the town of Pancevo has approved the debt restructuring plan of petrochemicals producer HIP Petrohemija. A total of 52.3% of the debt of HIP Petrohemija will be converted into capital, while 47.7% will be written off, public broadcaster RTS said.
Serbian media reported in December that the government has agreed to repay 15 million euro ($17.5 million) of the 40 million euro debt owed by HIP Petrohemija to Lukoil. The Russian company, in turn, agreed to write off one-third of the liabilities.
Gazprom Neft controls a 56.15% stake in the capital of NIS, a supplier of raw materials to HIP Petrohemija. NIS, in turn, owns a 12.72% stake in the capital of HIP Petrohemija, according to data from the teaser prospectus of the petrochemical group posted on the website of Serbia's privatisation agency.
($ = 0.8551 euro)
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