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HIP Petrohemija to expand its polyethylene plants

December 22/2011

(HIP Petrohemija) -- The Government of the Republic of Serbia on its session Thursday, December 15, 2011, adopted a Budget Act proposal for 2012. This proposal contains, among other issues, guarantee issuance by the Republic of Serbia in the favour of the business bank as a security for providing a loan for financing the first phase of the investments program in 2012, which includes capacity expansion of HIP Petrohemijas polyethylene plants, the amount of investment being EUR 27 mln.

HIP Petrohemija to expand its polyethylene plants

Providing the loan for HIP Petrohemija with the guarantee of the Republic of Serbia is just a part of the Agreement on Strategic Partnership between NIS (Oil Industry of Serbia) and Serbian Government in a field of increasing production efficiency and financial stability of HIP-Petrohemija, which was signed on November 21, by NIS CEO Kirill Kravchenko and Minister of Economy and Regional Development, Nebojsa Ciric.

Since the adoption of the Republic Budget by the National Assembly is expected to take place before December 30, 2011, at the latest, the adopted proposal for the budget act is the first step in the investment program realization and also presents confirmation by Serbian Goverenment of their intention to support the business and financial recovery to HIP-Petrohemija - as judged by the company management who also express their expectation that the Government will also support HIP-Petrohemija in 2013, for additional amount of EUR 35 mln, as predicted by the investment program.

Author:Marina Ivanova
Category:General News
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