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Serbia's NIS places sole bid in Petrohemija privatisation tender

Author Radomir Ralev
Serbia's NIS places sole bid in Petrohemija privatisation tender Author: HIP Petrohemija. License: All rights reserved.

BELGRADE (Serbia), October 12 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] placed the sole bid in a tender for a strategic partner in state-run petrochemicals producer HIP Petrohemija, the Serbian economy ministry said on Tuesday.

The documents will be evaluated in the coming days and a proposal for further steps will be sent to the government by the commission in charge of managing the process of finding a strategic partner for HIP Petrohemija, the economy ministry said in a statement.

Serbia invited bids in the tender on September 9. The strategic partner should inject 150 million euro ($177 million) in the capital of HIP Petrohemija, acquiring a stake of up to 90% in the company's capital.

The deadline for the submission of bids expired on October 11.

The Serbian government owns a 75.27% stake in the capital of HIP Petrohemija, NIS owns 20.86%, Lukoil controls 3.09%, while the remainder is in the hands of smaller shareholders.

HIP Petrohemija owns petrochemical complexes in Pancevo, Elemir and Crepaja. It specialises in producing high-density polyethylene (HDPE), low-density polyethylene (LDPE) and other petrochemical products with an annual production capacity of 700,000 tonnes.

($ = 0.8663 euro)