Croatian government has taken no decision on privatisation of Petrokemija.

By bne IntelliNews March 27, 2012
The Croatian government has not taken any official decision regarding the privatisation of the state stake in fertilizers producer Petrokemija, news agency HINA reported, quoting PM Zoran Milanovi as saying. He said that the government is considering all options but has not picked up one yet, adding that some state-controlled companies could be privatised, while other could not be sold since they have strategic resources. His comments come after trade unions demanded answers concerning media reports on an alleged government plan to sell Petrokemija, the report said. In February, Croatian fertiliser producer Petrokemija said it has restarted production after a January overhaul and despite unfavourable weather conditions. Only the facilities for production of urea had not been brought back on stream yet. The ammonia production had been as well at a short standstill due to the low temperatures but was expected to resume shortly. Petrokemija has said that it had problems linked with the lack of natural gas but managed to resolve them with the help of gas firm Prirodni Plin, power utility HEP and oil and gas company INA, as well as thanks to additional emergency gas imports. Thus, Petrokemija confirmed it will be able to provide sufficient quantities of all kinds of mineral fertilizers for the spring sowing season. At end-2011, Petrokemija reported a HRK 129mn (EUR 17mn) profit of for the first eleven months of 2011. The reported earnings were part of the companys provisional and unaudited financial statement. The company turned to profit after operating on loss in the previous two years. Petrokemijas management board has agreed that 2012 will be another challenging year due to the high gas prices in Europe and consequently in Croatia. In December, Petrokemija said it sold HRK 47.2mn worth of 276-day commercial papers to fund current liabilities. This was Petrokemijas 16th issue of short term debt.

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