Bosnia and Herzegovina: Loses increased at Modrica refinery

, SEE Energy News

Compared to a loss of some 780,000 recorded in the same period last year, Bosnian Modrica oil refinery, part of Optima Group, said it has recorded a net loss in the amount of some 870,000 euros in the first half of 2020.

The company’s operated revenues dropped by 25 % to 2.65 million euros in the first six months of the year, while operating expenditures dropped as well by 19 % to 3.5 million euros. The Modrica refinery produces motor and industrial oils, as well as lubricants. 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.