Serbia invited investors on Thursday to propose terms to purchase its three heavy indebted state-owned petrochemical plants. Under the terms of a 1.2 billion euro loan-deal with the International Monetary Fund which expires next year, Serbia must sell big state-run firms, including the three petrochemical plants and the RTB Bor copper mine and smelter.
Prospective investors will have until May 3 to submit proposals that include a price, investment plan and details of the number of jobs they intend to keep in each of the plants.
The three companies owe hundreds of millions of euros in long-overdue payments for utilities and natural gas which they use in production and are heavily subsidized by the government.
