Serbia Selling Stakes in Lube Companies


Greek chemical group Neochimiki is among the companies planning to bid Nov. 17 for 70 percent of Fabrika Maziva and for 70 percent of Rafinerija Nafte as part of the privatization of the two Serbian lubes companies.

The Privatization Agency of the Republic of Serbia will handle the auction, with a final decision on a buyer expected early next year. Privatization is a procedure in which 70 percent of the state owned stake of a company situated in the territory of the Republic of Serbia is sold.

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Neochimiki is a leader in the production of detergents and distribution of chemical products in Greece. It produces and distributes chemical products for several industrial sectors. The company said in an announcement that the bidding on the two companies is within the frame of the expansion of its production activities in the market of Southeast Europe.

According to Bulgarian news service Dnevnik, Prista Oil of Bulgaria, MOL of Hungary and PKN Orlen of Poland also plan to bid for the two Serbian lubes companies.

Based in Krusevac, the 40-year-old Fabrika Mazivas basic business activity is the production of petroleum derivatives, chemicals and base chemical products. In the field of lubricants production, Fabrika Maziva said it is the leading company in Serbia, according to production volume, product range and product quality. For the first two quarters of 2006 ending June 30, its sales reached 556.5 million Serbian Dinar (U.S. $9 million).

Fabrika Maziva has about 260 products in almost 600 different packages, which are sorted into a variety of groups. Among the groups are engine oils, industrial oils, metalworking products, lubricating greases and special lubricants, and additives, emulsifiers and components. The company said it is the only domestic lubricant producer in Serbia with significant imports of lubricants to about 10 countries in Europe.

Fabrika Maziva in 1999 opened a new factory for the production of lubricating greases. In 2003 the company started up a factory for the production of engine and industrial oils. The company has 271 employees.

According to a profile compiled by the Privatization Agency of the Republic of Serbia, Belgrade-based Rafinerija Naftes core business is the production of oil derivates, motor and other oils, industrial oils and liquids, metal processing agents, anti-corrosive agents and antifreeze. Its assets include blending plants and a plant for rerefining of used oils. The companys motor oil sales in 2005 totaled 593.5 million Serbian Dinar (U.S. $9.6 million). The company has about 364 employees.

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