Naftna Industrija Srbije a.d. (BELEX:NIIS) agreed to acquire additional 69.14% stake in HIP-Petrohemija d.o.o. Pancevo from Serbia on November 26, 2021. On December 24, 2021, Naftna Industrija Srbije a.d. and HIP-Petrohemija d.o.o. signed an agreement on Strategic Partnership for the acquisition. On September 20, 2022, The European Commission has approved the acquisition, under the EU Merger Regulation. As of August 7, 2023, NIS would increase its stake in HIP-Petrohemija from 20.86% to 90%.

Naftna Industrija Srbije a.d. (BELEX:NIIS) completed the acquisition of additional 69.14% stake in HIP-Petrohemija d.o.o. Pancevo from Serbia on June 9, 2023. With this transaction, Naftna Industrija Srbije will increase the ownership share in HIP Petrohemija from the previous 20.86% to 90% of shares with the obligation of a monetary recapitalization in the amount of EUR 150 million (RSD 17.59 million) and the construction of a polypropylene production plant with a capacity of at least 140,000 tonnes per year within six years. Naftna Industrija Srbije made the first payment of RSD 5.86 by the date of acquisition whereby the rest of the obligation of RSD 11.7 will be paid in accordance with the agreement.