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NIS becomes a strategic partner to HIP Petrohemija

Press-release Efficiency Partnership

Naftna Industrija Srbije (NIS, a joint venture between the Government of Serbia and Gazprom Neft), the Serbian government and HIP Petrohemija have entered into a strategic partnership agreement under which NIS will increase its capital interest in Serbia’s leading petrochemicals producer, HIP Petrohemija, from 20.86% to 90% — this decision having been taken following the Government of Serbia’s tender to recruit a partner for the business.

The agreement envisages additional capitalisation in the amount of €150 million from NIS, and the construction of a high-tech 140,000 tonne capacity polypropylene production complex. HIP Petrohemija’s main production facilities will be modernised, energy-efficiency improvement projects undertaken, and environmentally friendly solutions deployed.

“NIS’ increased interest in HIP Petrohemija is the logical continuation of our longstanding and effective partnership with the Serbian government, aimed at developing the republic’s energy sector. NIS and HIP Petrohemija are integrated in a single production chain, and this integration is now also reflected at the corporate level. We are planning to develop HIP Petrohemija long-term, modernising its capacity and strengthening its position in the Balkans’ petrochemicals market.”
Alexander Dyukov
Alexander Dyukov Chairman of the Management Board, Gazprom Neft
“By finding a strategic investor — who will be investing €150 million in recapitalising Petrohemija and building a new polypropylene production plant with capacity of at least 140,000 tonnes per year — the Ministry of Economy has ensured HIP Petrohemija’s sustainability, going forward, as well as securing jobs and better working conditions for Petrohemija’s employees. With the launch of this new plant, Petrohemija will have the opportunity to improve its business performance and confirm its position as one of the Republic of Serbia’s leading exporters. All of which will help improve the business climate and further economic development of both the local community and the Republic, as a whole.”
Andjelka Atanasković Minister of Economy of the Republic of Serbia

NIS is now one of the largest energy companies in south-east Europe. Gazprom Neft’s investments in NIS in 2009–2020 totalled more than €3 billion, as a result of which NIS has been able to implement projects in developing exploration and production, refining and its filling station network, throughout the Balkans region. Thanks to extensive modernisation, NIS’ refinery in Pančevo now has a refining depth of 99% and is one of the most modern refineries in Europe. Gazprom Neft plans to invest a further €1 billion euros in developing NIS to 2025.

Notes for editors

Naftna Industrija Srbije (NIS) is one of the largest vertically integrated energy companies in south-east Europe, primarily engaged in the exploration, production and refining of oil and natural gas, the retailing of a wide range of petroleum and gas products, and projects in the petrochemicals and energy sectors. Russia’s Gazprom Neft is the majority shareholder in NIS, holding a 56.16 percent interest, with the Republic of Serbia holding a further 29.87 percent. The remaining shares are held by minority shareholders.

HIP Petrohemija is the largest petrochemicals producer in the Republic of Serbia, with total capacity of 600,000 tonnes per year. NIS’ and HIP Petrohemija’s technological cooperation is of many years’ standing, with the straight-run gasoline used in HIP Petrohemija’s production processes being supplied by NIS’ Pančevo oil refinery.