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HIP-Petrohemija

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HIP-Petrohemija
Native name
ХИП-Петрохемија
Company typed.o.o.
IndustryChemicals
PredecessorHemijska Industrija Pančevo (HIP)
Founded8 July 1975; 49 years ago (1975-07-08)
First founded 1968
Headquarters
Spoljnostarčevačka 82, Pančevo
,
Serbia
Key people
Goran Stojilković (Director)
ProductsPetrochemicals
RevenueDecrease €264.50 million (2023)[1]
Decrease (€156.25 million) (2023)[1]
Total assetsDecrease €261.85 million (2023)[2]
Total equityDecrease €194.30 million (2023)[2]
OwnerNIS (90.00%)
Government of Serbia (10.00%)
Number of employees
1,243 (2023)
Websitewww.hip-petrohemija.com

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]

History

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In 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]

2004–2021

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In 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 takover

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On 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]

Activity

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HIP 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 data

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In 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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  1. ^ a b "Bilans uspeha (2023) - HIP-Petrohemija". apr.gov.rs (in Serbian). Retrieved 15 May 2024.
  2. ^ a b "Bilans stanja (2023) - HIP-Petrohemija". apr.gov.rs (in Serbian). Retrieved 15 May 2024.
  3. ^ "Getting the deal done, Introduction: Serbia's beleaguered pethem player is in dire need of investment and a secure future. With Gazprom securing NIS, another purchase seems logical". Allbusiness. 2009. Retrieved 2010-09-22.[dead link‍]
  4. ^ "Who We Are". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  5. ^ "Petrohemija profile". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  6. ^ "PANČEVO: 55 godina od početka rada HIP Azotare" (in Serbian). 27 November 2017. Retrieved 13 May 2024.
  7. ^ "Azotara Pančevo – majka Petrohemije". politika.rs (in Serbian). 10 September 2012. Retrieved 13 May 2024.
  8. ^ a b "Istorija". hip-petrohemija.com (in Serbian). Retrieved 15 May 2024.
  9. ^ Vučetić, Marija. "Posledice bombardovanja – Pančevo". ekostraza.com (in Serbian). Retrieved 15 May 2024.
  10. ^ "Počelo restrukturiranje Petrohemije". b92.net (in Serbian). Beta. 30 May 2009. Retrieved 15 May 2024.
  11. ^ a b "Pomoć "Petrohemiji" u otplati dugova". rts.rs (in Serbian). 13 June 2014. Retrieved 15 May 2024.
  12. ^ Đaković, Petrica (20 September 2023). "Nužna preuzimanja". nin.rs (in Serbian). Retrieved 15 May 2024.
  13. ^ "'Petrohemiji' dugovi delimično otpisani, a delimično prebačeni u kapital". novaekonomija.rs (in Serbian). 16 August 2017. Retrieved 15 May 2024.
  14. ^ "Preuzeta Petrohemija". b92.net (in Serbian). Tanjug. 24 December 2021. Retrieved 24 December 2021.
  15. ^ "Plants". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  16. ^ a b "Ethylene Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  17. ^ a b "High Density Polyethylene (HDPE) Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  18. ^ a b "Low Density Polyethylene (LDPE) Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  19. ^ a b "FSK - Synthetic Rubber Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  20. ^ "PANONIJAPLAST - Compound Production Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  21. ^ "PETROPLAST - PE Pipes and Fittings Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  22. ^ "ELECTROLYSIS - Chlor-Alkali Electrolysis Plant". HIP Petrohemija. 2010. Archived from the original on 2010-12-09. Retrieved 2010-09-22.
  23. ^ a b Bulatović, S. (12 September 2018). "LISTA "STO NAJ": "Petrohemija" dobitnik posle otpisa duga". novosti.rs (in Serbian). Retrieved 24 September 2018.
  24. ^ "СТО НАЈ... ПРИВРЕДНИХ ДРУШТАВА У РЕПУБЛИЦИ СРБИЈИ У 2017. ГОДИНИ" (PDF). apr.gov.rs (in Serbian). Belgrade. 12 September 2018. pp. 14, 15. Retrieved 24 September 2018.
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