Croatia: Extension of mandate of JANAF’s interim CEO

, SEE Energy News

The Croatian Government proposed to the Supervisory Board of oil transportation company JANAF that Stjepan Adanic remains the company’s CEO for a maximum of six months, until the appointment of the new head via public tender. Adanic was appointed interim CEO in September 2020 following the arrest of former CEO Dragan Kovacevic under corruption charges.

JANAF recorded a net profit in the amount of 38 million euros, which is 10 % higher compared to the previous year. The company’s total revenues amounted to 104.2 million euros in 2020, which is 10.6 % higher compared to 2019, while total expenditures also increased by 11.1 % to 65 million euros. Revenues from core business activities – oil transportation and storage of oil and petroleum products, amounted to 100.3 million euros, which is 14.3 % higher than in 2019. JANAF operates 631 kilometers of oil pipeline in Croatia and owns several oil terminals, with total storage capacity of 1.94 million cubic meters of oil and 220,000 cubic meters of petroleum products.