Croatia: Arrestment of JANAF CEO

, SEE Energy News

CEO of state-owned oil transportation company JANAF Dragan Kovacevic and ten other people were arrested by Croatian police under corruption charges.

The Ministry of Interior Affairs confirmed that the investigation is related to suspected economic crime and corruption, but declined to name the arrested persons. According to unofficial information, the police operation was prompted by suspicions of favourism in awarding contracts.

JANAF recorded a net profit in the amount of 19.85 million euros in the first half of 2020, which is 1.6 % higher compared to the same period last year. H1 2020 net profit is 40 % higher than planned for the period. According to the company’s financial report, its total revenues increased by 4.6 % to 50 million euros or 5.7 more than planned, while its expenditures also rose by 7.6 % to 25.8 million euros. Revenues from its core business – transportation and storage of oil and other petroleum products, reached 49 million euros, which is 9.6 % more than last year and 4.8 % more than planned. JANAF operates 622 kilometers of oil pipeline in Croatia and owns several oil terminals, with total storage capacity of 1.5 million cubic meters of oil and 200,000 cubic meters of petroleum products.