Croatia’s Janaf signs several oil transport, storage deals

ZAGREB (Croatia), September 24 (SeeNews) – Croatia’s state-controlled oil pipeline operator Jadranski Naftovod (Janaf) [ZSE:JNAF-R-A] signed several contracts for oil transportation and storage that will ensure a high rate of utilisation of its operational capacities in the coming period, it said on Thursday.

The company is continuing to conduct business as usual, and is regularly servicing its obligations on signed contracts, expecting stable operations in the period ahead, Janaf said in a statement.

The announcement comes after last week’s arrest of Janaf’s general manager Dragan Kovacevic by Croatia’s Office for Suppression of Corruption and Organised Crime (USKOK) for suspected economic crime and corruption.

In the statement, Janaf said that it signed oil transportation deals with Croatian energy firm INA and Hungary’s MOL, valid until June 2021 and December 2022, respectively.

It also signed crude oil storage contracts with Croatia’s Hydrocarbon Agency (CHA) (for the period until December 2027), with INA (until December 2022), with MOL (until December 2022), with Glencore (until March 2021), with Petraco (until March 2022) and with Litasco (until March 2023).

In addition, deals for storing oil products were signed with CHA (until December 2024) and with Croatia’s Crodux (until December 2021).

Janaf controls terminals on the island of Krk, as well as in Sisak, Virje, Slavonski Brod and Zitnjak, and operates 631 kilometres of pipelines. It has 1.94 million cubic metres of storage capacity for oil and 222,000 cu m of capacity for the storage of petroleum products.

The company’s shares last traded on the Zagreb bourse on Friday, closing flat at 4,240 kuna ($654/562 euro).

Source: See News