Šušnjar: Croatia is ready to buy the Serbian Oil Industry

Minister of Economy Ante Šušnjar said on Thursday that Croatia is ready to enter the ownership structure of the Serbian Oil Industry (NIS), but not to dominate the retail market in that neighboring country, which would make business much easier for both.

Namely, the Serbian Oil Industry (NIS), which is majority-owned by Russia, did not receive a new postponement of Washington's sanctions imposed on the Russian energy sector, although JANAF received a license to transport oil for that company until October 15.

“They do not have an exemption, although JANAF received a license to transport oil to NIS until October 15. My information says that we have transported everything that was in JANAF's terminals and pipeline, which means that there is no more oil transport to Serbia,” said Minister Ante Šušnjar.

“There will be no losses (note: for JANAF), that is something that will not be done. That is, let's say - lost profit. We do not have the opportunity to do that job. However, JANAF is continuously working on diversifying its business, so we will try to compensate for this on other sides,” he said.

He rejected claims that this development of events threatens Croatia's position in negotiations with the MOL oil company on the supply of sufficient quantities of oil to Hungary and Slovakia.

“No, no, because the Republic of Croatia, the European Union, and US President Donald Trump are warning that Russian oil should not be imported. As a loyal partner of NATO and the EU, we have invested significant funds in our infrastructure. We are ready to deliver sufficient quantities of oil to Hungary, Slovakia and Serbia when circumstances and geopolitical conditions allow,” he explained.

He claimed that there were "a million reasons" why MOL claims that JANAF does not have enough capacity, adding that JANAF's price is not at all controversial. The main reason for MOL's objections, according to Šušnjar, is cheaper Russian oil, which they purchase and make a profit of a billion dollars a year.

"This is an additional challenge for Bosnia and Herzegovina as well"

The minister also referred to the Republic of Croatia's plans for a possible takeover of NIS, emphasizing that the state is ready for such a move.

“Our hand is outstretched, if that is the solution, we are ready for that option as well in order to ensure the continuity of JANAF's business and protect the interests of the company that have been closely linked to NIS for 40 years,” he said.

This would, as he emphasized, significantly ease the position of Serbia and Croatia.

“I will also present the fact that the refinery in Pančevo supplies 20 percent of the derivatives market in Bosnia and Herzegovina. This is an additional challenge for Bosnia and Herzegovina as well, and by the end of the month we expect the modernization of the refinery in Rijeka to be completed, which would increase capacities and in that way we could help Bosnia and Herzegovina, and partially Serbia,” added Šušnjar.

Source: HRT