MOSCOW, Aug 16 (PRIME) -- Russian oil major Lukoil will receive a stake in Serbian petrochemical producer HIP Petrohemija due to the company’s restructuring, Bloomberg reported on Wednesday citing a statement of the Serbian firm.
The decision was made after a Serbian court approved a plan to restructure HIP Petrohemija’s debt allowing conversion of 52.3% of creditors’ claims existing before the end of January into shares and writing off 47.7% of debts.
As a result, Serbia and state companies will have 76% of HIP Petrohemija, while Lukoil and Serbia’s NIS, a unit of Gazprom Neft, will receive a total of 24%.
According to HIP Petrohemija’s Web site, NIS currently owns 12.45% of the company and Serbia has a 53.7% stake.
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