HIP Petrohemija owes more than USD 400 m - If solution does not appear by the end of May, company bankruptcy is on the way

Legal protection from creditors for ten state-owned companies with an extended deadline of privatization is nearing an end. In Pancevo-based HIP Petrohemija there is no official information on what has been done that the company does not go bankrupt, but the trade unionists optimistic.

They generate this optimism for good company results based on favorable market conditions, and constructive attitude towards it and primarily the one that the Oil Industry of Serbia is showing.

Management of Petrohemija offered two options of company recovery to the Ministry of economy- voluntary financial restructuring or prepack plan of reorganization.

Debts of Pancevo-based HIP Petrohemija to NIS, Srbijagas and Lukoil as the largest creditors exceed USD 400 m so it would be logical that in case the company does not find a solution for the survival, goes bankrupt in early summer. Especially when having in mind also fact that all attempts of finding a strategic partner failed.

Trade unions think there is room for optimism because business of the biggest domestic exporter is stable and positive.

The Independent Union believes now is the right time to build a factory polypropylene which would enable overall economic sustainability of Petrohemija although strategic partner has not been found.

HIP-Petrohemija a.d. Pančevo

NIS a.d. Novi Sad

JP Srbijagas Novi Sad

Lukoil Srbija a.d. Beograd

HIP Petrohemija

Naftna industrija Srbije

NIS

Ministarstvo privrede

Srbijagas

Lukoil

stečaj Petrohemije

Zoran Obradović

Sindikat inženjera i tehničara Nezavisnost

Samostalni sindikat

fabrika polipropilena u Pančevu

Novica Kocić