Serbian gas monopoly Srbijagas to remain in hands of state after restructuring.

By bne IntelliNews November 13, 2012
Serbia's natural gas monopoly Srbijagas will remain state-owned, but will divest non-core assets that burden its main activity, Bloomberg reported. Energy Minister Zorana Mihajlovic said that the assets to be sold include fertilizer manufacturer HIP Azotara, poultry producer Agroziv and chemical company Metanolsko Sircetni Kompleks. Those companies were acquired by Srbijagas after debt-to-equity swaps. The minister added that the restructuring process may last a year and a half. Serbian parliament approved on Nov 8 the issuing of state guarantees to Srbijagas for withdrawing a EUR 190mn loan needed to cover liquidity problems. The guarantees will be issued to Serbian units of OTP Bank, Volkbank, Societe Generale, UniCredit and National Bank of Greece (Vojvodjanska Banka), as well as to London-based Deutsche Bank and the Netherlands-based Amsterdam Trade Bank.

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