Bosnia and Herzegovina, Bosanski Brod recorded a net loss in the amount of 59.2 million euros in 2021

, SEE Energy News

Bosnian oil refinery in Bosanski Brod, owned by Russian company NefteGazInkor, recorded a net loss in the amount of 59.2 million euros in 2021.

The company’s operating revenues dropped to 1.85 million euros in 2021 from 76.5 million euros a year before. On the other hand, its operating costs rose to 64.6 million euros from 43.2 million euros in 2020. Accumulated loss of the refinery has reached 398.5 million euros at the end of 2021.

The refinery is out of operation since January 2019 and it was initially expected that it should be back online in early 2020. However, the production has not been restarted yet, although the gas pipeline connecting the refinery to natural gas transmission system of Croatia has been completed in 2021.

It remains unclear how the refinery will continue to function and pay salaries to employees, given the sanctions introduced to Russian following its invasion of Ukraine. NefteGazInkor said in late 2021 that it will not liquidate the refinery for at least twelve months.

Oil refinery in Bosanski Brod, as well as the refinery in Modrica and Nestro Petrol in Banja Luka are all part of Optima Group, majority owned by NefteGazInkor, a subsidiary of the Russian company Zarubezhneft.