Bosnia: Loss of Oil company “Energopetrol” Sarajevo could exceed 20.5 MEUR

Published on 30. January 2014., SEE Energy News

Operating loss of Sarajevo “Energopetrol” amounted to 18.4 MEUR including the end of 2012, which practically has exceeded the total value of the capital of the former oil giant.

Citing sources close to the Government of the Federation of Bosnia and Herzegovina, that by the end of February, it is expected a report on financial operations of this company for the past year, according to which the loss in 2013 could exceed 20,5 MEUR.

The reason for the poor performance of “Energopetrol”, who is owned for years by the Croatian-Hungarian consortium INA-MOL, is the non-fulfillment of the contract on the recapitalization of the consortium that is committed, and to which all governments closed their eyes.

This consortium committed to make three years to invest 77 MEUR in the modernization and expansion of the retail network sales in order to “Energopetrol” stood on his feet.

However, the newspaper said, except that they took the loan and mortgaged all property of company, the consortium has invested only 0,5 MEUR in the reconstruction of pumps which proved to be insufficient for profitable business.

Federal Diary says that one of the incomprehensible moves of the consortium, to which no one reacted, even in the FBiH Government, is that the INA-MOL showed short-term loans as an investment, which they approved to “Energopetrol”, which Sarajevo police is investigating.

From the Board of “Energopetrol” and INA BiH did not want to comment on the allegations.

Source; Serbia Energy See Desk