NIS and "Petrochemistry" Signed Agreement on Reprogramming of the Debt of 86 million EUR in 5 years

Petroleum Industry of Serbia (NIS) announced today (6 November 2009.) that they signed agreement on the rescheduling of debt of 86 million EUR to the period of five years with "Petrochemistry" Pancevo.

According to the statement, "Chemical Industry" will pay off debt company NIS in monthly installments of 1 January 2010th 31 August 2014th , and the guarantee of the interest-free loans are immovable and movable property Pancevo plant.

In the period from 1 January 2010th until 31 December 2010. the amount of monthly repayment "Petrochemistry" NIS should be EUR 50,000, the remaining amount will be payed in equal installments of 1 January 2011th to 31 August 2014th

Debt rescheduling agreements were signed on the basis of agreement on strategic partnership between NIS and "Petrochemistry" which provides for payment of debt and the continued delivery of raw gasoline to Pancevo factory.

"Petrochemistry" in the middle of Setpember resumed production after a three month suspension caused by the incited suspension of deliveries of raw materials due to debts of around 200 million EUR.

HIP-Petrohemija a.d. Pančevo

NIS a.d. Novi Sad

Petroleum Industry of Serbia