Bosnia and Herzegovina: A slight loss at Krajinapetrol in 2020

, SEE Energy News

Krajinapetrol, a Bosnian fuel trader, announced that it has recorded a net loss in the amount of some 116,000 euros in 2020, compared to a profit of 750,000 euros recorded in the previous year. The company’s operating income decreased by 29 % year-on-year to 19.9 million euros, while its operating expenses also fell by 26.6 % to 19.6 million euros. In late 2019, Bosnian oil products wholesaler NES has launched a takeover bid for the 67.75 % stake it does not already own in Krajinapetrol. NES was offering to purchase 13,876,371 ordinary shares of Krajinapetrol at a price of 0.4 euros per share. In November, NES acquired 32.24 % of the shares of local fuel trader Krajinapetrol, thus triggering an obligation to launch a takeover bid for the company. In February 2020, NES said that it has increased its stake in local fuel trader Krajinapetrol from 32.245 % to 32.27 %. In November 2019, the Government of the Republic of Srpska (RS) said that it is prepared to sell its stake in fuel trader Krajinapetrol to Croatian oil company INA. INA is still considering whether to launch a bid for the buyout of Krajinapetrol’s shares. RS Government has 52 % of Krajinapetrol’s shares.