Gazprom Neft unit to raise HIP Petrohemija stake to 21% in 6 mos

MOSCOW, Aug 16 (PRIME) -- NIS, the Serbian unit of Russian oil major Gazprom Neft, plans to raise its stake in local petrochemical producer HIP Petrohemija to slightly less than 21% from 12.45% currently over the next six months, a spokesperson for the company told PRIME on Wednesday.

“As a minority shareholder of HIP (Petrohemija), NIS intends to provide support to improve HIP’s operations… during the next six months HIP’s remaining 150 million euro debt to NIS will be partially written off, the debt will be partially converted into ownership, based on which NIS will become the owner of slightly less than 21% in HIP,” the spokesperson said.

Bloomberg reported earlier on Wednesday that NIS and Russian oil major Lukoil will own 24% in HIP Petrohemija in total as a result of the company’s debt restructuring. Serbia and state companies will have 76% of HIP Petrohemija.

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