BELGRADE (Serbia), October 28 (SeeNews) – Serbian methanol and acetic acid complex MSK Kikinda, 63%-owned by gas monopoly Srbijagas, restarted production on Wednesday following a 12-month halt for a technological upgrade, Economy Minister Mladjan Dinkic said.
“Starting tomorrow, here in Kikinda, 520 workers will be able to work under normal conditions and receive salaries for their work,” Dinkic said in a statement.
The government in Belgrade expects an influx of 100 million euro ($148 million) in export revenue from the company, Dinkic said in a statement without elaborating.
He added that the necessary upgrades have been completed at MSK Kikinda, ensuring the company's continuous operation over the next two years.
Serbia has doled out 70 million euro in subsidies to MSK Kikinda since the start of the year under a government programme to help major exporters affected by the downturn. The company generated 86.4 million euro in exports last year.
MSK Kikinda, located in the town of Kikinda, in the northern Vojvodina province, is among a slew of Serbian companies that have recently restarted production following multi-month stoppages.
Serbian chemical fertiliser maker Azotara Pancevo, majority-owned by Srbijagas, rebooted production in August following a 12-month pause.
Serbia’s largest petrochemicals producer, HIP Petrohemija, which suspended production in July in a bid to agree better terms with its suppliers, resumed operation in September under a 1.0 billion dinar ($15.9 million/10.7 million euro) restructuring deal with the government.
Glass factory SFS also restarted production in June following a 12-month halt over equipment glitches.
(1 euro=93.316 Serbian dinars)
Javno Preduzece Srbijagas is among the biggest companies in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here