Croatia: CEO replacement at JANAF appointed by the Government

, SEE Energy News

Former CEO Dragan Kovacevic has been arrested last week under corruption charges.

Croatian Government appointed Stjepan Adanic as interim CEO of oil transportation company JANAF.

Croatian Minister of Economy Tomislav Coric said that JANAF should continue doing business and continue its successful business path. JANAF ended 2018 and 2019 with good business results. Following the appointment of interim CEO, an advertisement for JANAF CEO position for a period of four years will be published.

Last week, Croatian police arrested JANAF CEO Dragan Kovacevic and ten other people 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.