JANAF, the Croatian crude oil transportation company, has finalised a number of transport and storage deals. It says they will “ensure high utilisation rates” of its storage and transport capacities.

The first crude oil transport contract is with Croatian oil company INA, which runs until June 2021. The second is with Hungarian oil and gas corporation MOL Group (of which INA is a member), which is active until December 2022.

JANAF has also finalised two petroleum product storage contracts with the Croatian Hydrocarbon Agency until December 2024, and with Croatian petroleum products firm Crodux until December 2021.

The Croatian Hydrocarbon Agency has finalised a crude oil storage contract with the company, which is applicable until December 2027. It has also secured a contract with INA until December 2022, with MOL until December 2022, with commodity trader Glencore until March 2021, with Swiss trading company Petraco until March 2022, and with Litasco, (the international marketing and trading company of LUKOIL), until March 2023.

JANAF said: “JANAF Plc. continues with its regular business, duly fulfils the obligations under the existing contracts and expects stable business operations and high utilisation of storage and transportation capacities in the coming period, which is ensured by concluding the contracts for the stated activities.”

The news follows controversy that has surrounded the company in recent weeks, after its CEO, (Dragan Kovacevic), was arrested on corruption charges, including trading in influence, giving and receiving bribes and abuse of position.

The company has not publicly commented on the allegations but confirmed on 24 September that he would be replaced by board member Stjepan Adanić as Acting Chairman, until a new Chairman is appointed, which will follow a public process.

The company has assured investors that it is a “safe and reliable business partner” and will continue to fulfil all contractual obligations and business operations in accordance with Croatian law.

For more information visit janaf.hr

30th September 2020