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Srbijagas will terminate free gas supplies to other state-owned companies, its director Dušan Bajatović said on March 9.

According to his words, decisions, taken by previous governments on gas prices have “eaten” €500 million out of Srbijagas’ potential profit, Tanjug news agency informed.

Bajatovic mentioned fertilizer maker HIP Azotara, steel mill Zelezara Smederevo, and chemicals maker MSK Kikinda while speaking at the Kopaonik Business Forum.

He also stated that cutting on the “social policy” in Srbijagas has allowed the company to realise a profit of 3 billion dinars (€24.3 million) last year. Projections envisaged a net loss of 6.76 billion dinars in 2015.

Srbijagas covered €60 million of its debts with own resources last year and the same amount will be paid in 2016, Dušan Bajatović stated.

According to him, a total of €300 million out of the company’s initial €800 million debt to creditors was paid by the state budget.

Meanwhile, the projected average gas price for 2016 of below €130 per 1,000 c/m at the Russia-Ukraine border.

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