Bosnia's Brod Oil Refinary accumulates debt worth 677.9 million marks

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Source: N1

The Brod Oil Refinery recorded a loss totalling 55.8 million marks (some €25 million) in the first semester of 2019, increasing its total accumulated loss to 677.9 million marks (approx. €338 million), Fena news agency reported on Tuesday.

The Banja Luka Stock Exchange financial report on this Russian-owned company states that the Refinery's total revenues amounted to 4.1 million marks (some €2 million) on June 30. According to the same report, the company's revenues fell by 52.6 million marks (nearly €26 million) from June 2018.

The company's expenditures stood at 59.8 million (some €29 million) and are said to be 3.2 million (some €1.6 million) less than the same period last year.

On June 30, the report said the Brod Refinery employed 852 workers, which is 74 workers less than on January 30 last year.

The company is said to be undergoing an annual overhaul at the moment.

The Brod Oil Refinery is a Bosnian oil refinery situated in the northern Bosnian town of Brod operating within the OPTIMA Group, owned by the Russian Zarubezhneft. The refinery was privatised when the Republika Srpska regional government signed an agreement with the Russian oil company Zarubezhneft on the privatization of the Brod Oil Refinery and the Modrica Oil Refinery.

(EUR 1 = BAM 1.955)