Serbia's Srbijagas to Seek 200 Mln Euro Loan

Serbian state-owned gas monopoly Srbijagas plans to seek a 200 million euro ($271.2 million) bank loan to cover expenses during this year's heating season, local media reported on Tuesday.

"We are short of some 200 million euro and we will most probably seek it on the banking market," news portal Tanjugbiz.rs quoted Srbijagas director general Dusan Bajatovic as saying.

In April, Serbia's energy ministry said Srbijagas had accummulated around 1.1 billion euro in debts and would have to be restructured.

In 2012 the gas monopoly turned to a net loss of 35.1 billion dinars ($417 million/307.5 million euro) from a net profit of 1.3 billion dinars a year earlier.

Source: SeeNews