"Srbijagas" became owner of Methanol-vinegar complex in Kikinda - production started again

The Minister of Economy and Regional Development, Mlađan Dinkić, and the Director General of "Srbijagas", Dušan Bajatović, ceremoniously started production in "Methanol-vinegar complex" (MSK) today (October 28, 2009) in Kikinda.

Production in MSK was started again after eleven-month break and overhaul.

The CEO of MSK, Sava Lazić, explained that there had been no production for almost a year because the price of gas had been extremely high, so that the company, in order not to make losses, had had to use that period to overhaul machines, after which the factory would be able to operate for four years.

- Every stopping and starting of production costs 5m EUR - Lazić pointed out.

Bajatović pointed out that MSK had been granted the status of the qualified gas buyer, which ensured long-term supply under favorable conditons, that is, at the price of about 22 RSD per cubic meter, 6 RSD less than before.

Miniter Dinkić said that the the claims of "Srbijagas" had been converted into the capital of MSK, which reduced obligations and improved financial position of the company.

Public company "Srbijagas" now owns 50.75% of MSK, Republic of Serbia owns 37.10%, NIS - 8.77%, Development Fund - 1.63%, 0.15% is public capital, while 1.58% is in the possession of minor stockholders.

MSK is one of the companies identified by the Government of Serbia as the company of strategic significance, it has exceptionally good regional position because of the vicinity of both Romanian and Hungarian borders, quality product portfolio, and significant export potential.

Last year MSK exported products worth 86.4m EUR, while the value of export in 2007 amounted to 76.5m EUR.

Methanol-vinegar complex (MSK) deals with production of methanol, acetate acid, vinegar, liquid oxygen and liquid nitrogen for more than 20 years.

The headquarters of MSK and its processing units are situated in Kikinda, gas fields are in Novo Miloševo, Nova Crnja and Bečej, while the terminal for reloading acetate acid is in Port of Bar in Montenegro.