HIP-Petrohemija is a Serbian petrochemical company headquartered in Pančevo. The company operates petrochemical complexes in Pančevo, Elemir, and Crepaja. It specializes in the production of high-density polyethylene (HDPE), low-density polyethylene (LDPE), and other petrochemical products with an annual production capacity of 700,000 metric tons. HIP Petrohemija owns large petrochemical complexes in Pančevo, Elemir, and Crepaja, which include nine production plants. The Ethylene Plant in Pančevo was established in 1979 and was built by the American company Stone & Webster and the French company French Institute of Petroleum. It produces ethylene, propylene, synthetic rubber, latex, carbon black, and gasoline, with an annual production capacity of approximately 500,000 metric tons. The HDPE plant in Pančevo was established in 1975 under license from the former U.S. Phillips Petroleum Company. This plant has two production lines, producing 76,000 metric tons annually of high-density or low-density polyethylene. The LDPE plant in Pančevo was established in 1979 under license from the former U.S. National Distillers. This plant has one production line, producing 57,000 metric tons annually of low-density polyethylene. After years of bankruptcy, HIP-Petrohemija recorded a record net profit of €314.8 million in 2017. The Serbian government achieved this significant turnover through debt write-offs and debt-to-equity swaps. In 2019, HIP-Petrohemija's revenue was €241.6 million, net income was €19.05 million, total assets were €234.7 million, and total equity was €192.1 million.