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HIP-Petrohemija
HIP–Petrohemija (Serbian: ХИП-Петрохемија), or simply Petrohemija, is a Serbian petrochemical company, with the headquarters in Pančevo, Serbia.[3] It is majority owned by NIS. The company owns petrochemical complexes located in Pančevo, Elemir and Crepaja.[4] It specializes in producing HDPE, LDPE and other petrochemical products with an annual production capacity of 700,000 tonnes.[5] HistoryIn 1962, a Yugoslav industrial giant – "Hemijska Industrija Pančevo" (eng. Chemical Industry of Pančevo") – was founded with headquarters in Pančevo. In 1968, HIP-Petrohemija (for petrochemicals) was split from the company and in 1975 HIP-Azotara (for mineral fertilizers) was separated from the original company.[6] HIP-Petrohemija was built on the success of HIP-Azotara, and only by 1990, the companies were completely separated. HIP-Azotara never claimed its share in the ownership of HIP-Petrohemija, as both were in the state-ownership.[7] Due to the international sanctions against the Federal Republic of Yugoslavia, the production in HIP-Petrohemija completely stopped.[8] In 1996, the company facilities started production once again.[8] In 1999, the company facilities were targeted and bombed during the NATO bombing of Yugoslavia; estimates are that around 460 tons of highly toxic vinyl chloride leaked into the environment as a result.[9] 2004–2021In 2004, HIP-Petrohemija became a joint-stock company after conversion of debts. In May 2009, HIP-Petrohemija went into the restructuring process; although being one of the largest exporters of Serbia, it posted net loss consistently since 2004.[10] In June 2014, it was estimated that HIP-Petrohemija has debt of 265 million euros to the Serbian oil company Naftna Industrija Srbije (NIS), and together with debt to the Serbian state-owned gas company Srbijagas owes more than half a billion euros.[11] At the time, the indebted HIP-Petrohemija had 1,760 employees.[11] From 2016 to 2018, Srbijagas has recapitalized HIP-Petrohemija.[12] In August 2017, debts of HIP-Petrohemija were converted into shares, with the Government of Serbia being the majority shareholder with 76% of shares, and NIS and Lukoil Serbia being the minority shareholders.[13] Since 2021: NIS takoverOn 24 December 2021, NIS increased its stake in HIP-Petrohemija to 90% of shares, after purchasing the majority of stakes from the Government of Serbia for 150 million euros.[14] ActivityHIP Petrohemija owns large petrochemical complexes located in Pančevo, Elemir and Crepaja. These complexes include a number of nine producing plants.[15] The ethylene plant is located in Pančevo and was established in 1979 and built by United States–based company Stone & Webster and French company French Institute of Petroleum.[16] It produces ethylene, propylene, synthetic rubber, latex, carbon black and gasoline and has an annual production capacity of around 500,000 tonnes.[16] The high-density polyethylene (HDPE) plant is located in Pančevo and was established in 1975 under licence from the former United States–based Phillips Petroleum Company.[17] The plant has two production lines and produces high-density polyethylene or HDPE having an annual capacity of 76,000 tonnes.[17] The low-density polyethylene (HDPE) plant is located in Pančevo and was established in 1979 under licence from the former United States–based National Distillers.[18] The plant has one production line and produces low-density polyethylene or LDPE having an annual capacity of 57,000 tonnes.[18] The synthetic rubber plant is located in Elemir and was established in 1983 under licence from the former Germany based Buna-Werke Hulls.[19] The plant has three production units and produces synthetic rubber having an annual capacity of 40,000 tonnes, 1,3-Butadiene under licence from Japanese company Nippon Zeon having an annual production capacity of 45,000 tonnes and methyl tert-butyl ether or MTBE under licence from Italian company Snamprogetti having an annual production capacity of 35,000 tonnes.[19] Other production plants include the PVC production plant in Crepaja with an annual capacity of 16,000 tonnes,[20] the polyethylene pipes and fittings plant in Pančevo with an annual capacity of 11,000 tonnes,[21] the chlorine-alkali electrolysis plant in Pančevo built under the licence of the Olin Corporation with an annual capacity of 200,000 tonnes,[22] a water treatment plant in Pančevo and a utility plant that produces energy fluids. Market and financial dataIn 2017, after years of insolvency, HIP-Petrohemija made record 341.48 million euros of net profit.[23][24] This tremendous trend turnover was achieved through debt write off and debt-to-shares conversion by the Government of Serbia.[23] References
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