Croatian crude oil transportation company JANAF has finalised a number of transport and storage deals which it says will ensure high utilisation rates of its storage and transport capacities.
It has finalised two crude oil transport contracts, one with Croatian oil company INA until June 2021, and one with Hungarian oil and gas corporation MOL Group (of which INA is a member), until December 2022.
The company has finalised five crude oil storage contracts with the Croatian Hydrocarbon Agency until December 2027, with INA until December 2022, with MOL until December 2022, with commodity trader Glencore until March 2021, with Swiss trading company Petraco until March 2022, and with Litasco, the international marketing and trading company of LUKOIL, until March 2023.
JANAF has also finalised two petroleum product storage contracts with the Croatian Hydrocarbon Agency until December 2024, and with Croatian petroleum products firm Crodux until December 2021.
JANAF has not revealed the details of the contracts.
‘JANAF Plc. continues with its regular business, duly fulfils the obligations under the existing contracts and expects stable business operations and high utilisation of storage and transportation capacities in the coming period, which is ensured by concluding the contracts for the stated activities,’ the company says in a statement.
JANAF has been embroiled in controversy in recent weeks after its CEO, Dragan Kovacevic, was arrested on corruption charges, including trading in influence, giving and receiving bribes and abuse of position. The company has not publicly commented on the allegations but confirmed on 24 September that he would be replaced by board member Stjepan Adanić as acting chairman, until a new chairman is appointed after a public process. The company has assured investors that it is a ‘safe and reliable business partner’ and will continue to fulfil all contractual obligations and business operations in accordance with Croatian law.