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Gazprom Neft' OAO Allows Nis ad Novi Sad to Raise Stake in HIP Petrohemija to 34%-SeeNews


Sunday, 2 Dec 2012 07:00pm EST 

SeeNews reported that Russia's Gazprom Neft' OAO which owns 56.15% in Nis ad Novi Sad as allowed Nis ad Novi Sad to raise its stake in Pancevo-based petrochemicals producer HIP Petrohemija to 34%. NIS, which owns 12.72% in HIP Petrohemija, will acquire shares for not more than EUR 67.398 million (USD 87.9 million) through a conversion of HIP Petrohemija debt into equity. The move is based on a strategic partnership agreement between Nis ad Novi Sad and HIP Petrohemija signed in the 2011 year, under which HIP Petrohemija was to take out a government-guaranteed loan to finance the first stage of its 2012 - 2013 reconstruction programme. The initial investment was estimated at EUR 62 million. The debt was to be written off or converted into equity so that Nis ad Novi Sad, as one of HIP Petrohemija's creditors, could become its largest shareholder. 

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