Sibur move for Serbia's HIP set for conclusion

19 November 2008 12:44  [Source: ICIS news]

PRAGUE (ICIS news)--A decision on whether Russia's Sibur will move to buy Serbian petrochemical producer HIP Petrohemija could be announced on 24-25 November, Belgrade's Economy Ministry said on Wednesday.

Sources at OMV said that Austrian oil, gas and petrochemical group along with its regional peers might pursue their own interest in HIP Petrohemija should the Gazprom subsidiary Sibur back away from an acquisition.

Gazprom representatives, led by Dmitry Malyshev, an adviser to the chairman of the managing board of Gazprom oil subsidiary Gazpromneft, have been in talks with Serbian government officials in Belgrade since Monday.

Under an intergovernmental oil and gas agreement signed with Moscow in January, Serbia is offering national oil monopoly NIS to Gazpromneft and HIP Petrohemija to Sibur.

The Russian companies would be given favourable acquisition prices in return for Russian commitments to extend the envisaged South Stream natural gas pipeline through Serbia and provide advantageous natural gas delivery contracts.

However, local media continued to report that the Serbian negotiators also want further substantial Russian investment commitments for NIS and HIP Petrohemija as part of any overall deal.

Nikola Papak, spokesman for the Serbian minister of the economy, would not comment on these reports, but said that “everything connected with energy in Serbia is on the table, hopefully things will become clear in five or six days”.

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By: Will Conroy
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