Russias Zarubezhneft eyes projects worth EUR 1bn in Croatia.

By bne IntelliNews January 18, 2012
Russian company Zarubezhneft is interested in investing in energy projects worth more than EUR 1bn in Croatia, news agency HINA reported, quoting Zarubezhneft general director Nikolay Brunich as telling a news conference in Zagreb. Brunich said that in addition the company is also interested in buying OMV's petrol stations in Croatia and Bosnia, and has already sent a bid to OMV but has not received an answer yet. Zarubezhneft through its daughter company in Croatia, Nestro Sava, would like to participate in the exploration of hydrocarbon on nine locations in Croatia, planning to invest about EUR 100mn in the works. The company will provide 51% of the funds for the project, while 10% will be secured by Croatian oil pipeline operator JANAF and the remainder provided by private investors. Zarubezhneft does not intend to enter JANAF's ownership structure. The second project, in which Zarubezhneft wants to take part in, includes investment in JANAF's infrastructure, namely in its transportation and storage facilities. The third project is the construction of a products pipeline from the Slavonski Brod river port via the capital Zagreb to Omisalj on the Adriatic coast. Zarubezhneft wants to have a controlling ownership and a management interest in this project.

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