Croatia's oil firm Ina eyes acquiring Bosnia's Krajinapetrol gas station network

Croatia's oil firm Ina eyes acquiring Bosnia's Krajinapetrol gas station network

Croatia's oil firm Ina eyes acquiring Bosnia's Krajinapetrol gas station network Izvor: REUTERS/Ueslei Marcelino

Croatia's Ina oil company intends to buy the Banja Luka-based Krajinapetrol company to expand its existing network of gas stations in Bosnia and Herzegovina, Bosnian business news website Capital.ba said on Friday.

According to Capital.ba, Ina has received the green light from Republika Srpska's (RS) Energy and Mining Minister, Petar Djokic, allowing it to conduct due diligence at Krajinapetrol before making a final decision on the possible purchase of a majority stake at the RS-based company.

Krajinapetrol's current majority owner is the RS entity's government (42.2 pct) and two government-owned funds (9.7 pct). Ina currently owns 9.7 percent of the company's shares.

The largest private shareholder was until recently an offshore company registered in the British Virgin Islands, Petrobart Holdings Ltd, which on Thursday sold its 25.2 pct stake for 2.3 million marks (€1.2 million), to a yet unknown buyer, the Banja Luka Stock Exchange (BLSE) reported.

Krajinapetrol, which operates a network of 15 gas stations mostly in and around Bosnia's second city of Banja Luka, was originally formed after the breakup of Yugoslavia, after RS authorities took over petrol stations and infrastructure that Croatia's state-owned Ina had previously owned in Bosnia and Herzegovina.

The company reported in its latest financial report for Q3 2019  revenue of 41.4 million marks (€21.2 million) and expenditures of 40.3 million marks (€20.6 million), with profit totalling 1.18 million marks (€605,000), up from 572,000 marks (€293,000) year-on-year. It currently employs 168 workers.

Ina already operates the single gas station network in neighbouring Bosnia and Herzegovina, which includes 45 stations mainly located in the Bosniak-Croat Federation half of the country.

(€1 = 1.95 marks)

Comments (0)

Comment sent successfully.

Comment sending failed.

Invalid CAPTCHA

* All fields are required

MOST POPULAR

NAJNOVIJE

READ MORE

NEWS

NEWS

Erdogan slams Nobel laureate Handke 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

Joy Lo Dico on UK election: It is a question what will happen in next 24 hours 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

Bosnia's international administrator: Support for Bonn Powers increasing 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

SDA to Serbian Def. Minister: Truth about war crimes in Bosnia can not be denied 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

Islamic Community apologises for lack of Bosnian flag at Doboj meeting 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

Attorney: Evidence that Bosnia abducts and deports Turkish citizens to Turkey 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

44 polling stations to be set up in Bosnia for Croatia's presidential vote 12.12.2019.

12.12.2019.  |  NEWS

NEWS

NEWS

Duty handover at NATO HQ Sarajevo, new commander wishes to resume partnership 12.12.2019.

12.12.2019.  |  NEWS

loader