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, Russian media reported on August 17, 2017.
Gazprom Neft plans to increase its stake in HIP Petrohemija to 21% in the next 6 months, Kommersant said quoting market sources.
Russia's Lukoil, in turn, will receive a 3% shareholding in the capital of HIP Petrohemija, the newspaper 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 of the €40 million 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.
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