Bosnian oil refinery Brod exports goods worth EUR 195mn in 2011.

By bne IntelliNews April 12, 2012
Bosnian oil refinery Rafinerija Nafte Brod exported derivatives worth more than BAM 381mn (EUR 195mn) last year, daily Dnevni Avaz quoted the head of marketing at Nestro Grupa, Rade Vidakovic, as saying. Bosnias Nestro Grupa includes the local assets of Russias NeftegazInKor Rafinerija Nafte Brod, lubricants maker Rafinerija Ulja Modrica, fuel stations chain Nestro Petrol and their umbrella company Optima Group. NeftegazInKor, which is controlled by Zarubezhneft, bought majority stakes in the Bosnian companies in 2007. Vidakovic said that at the time of the privatisation Bosnia was dependent on imports to meet its oil derivatives needs, while now it has become an exporter, which strengthens the countrys energy stability and boosts its industrial output. The companies within the group paid more than BAM 512mn of indirect taxes last year, which was around a quarter of the overall budget revenue, the report said. Vidakovic added that the group will continue its positive operations this year and will make investment in expansion. Some BAM 1.5bn will be invested until 2016 and they will modernise the Broad refinery and raise its production capacities to 4.2 million tonnes a year. Close to BAM 17mn have been so far invested in lubricants maker Rafinerija Ulja Modrica, which produced some 85,000 tonnes of base oils last year, 90% of which were export to European markets. Nestro Group has 90 filling stations in Bosnia at the moment and plans to expand to neighbouring countries as well. It has invested around BAM 30mn in its retail network so far.
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