Croatia, JANAF is ready to become European oil hub

, SEE Energy News

JANAF is a strategic state company that operates well and is a guarantee of supply security for Croatia and neighboring countries, it was said at the RePowerEU conference in Zagreb.

Croatan Minister of Economy and Sustainable Development Davor Filipovic said that JANAF is doing well, investing, and is ready to be a partner to all countries in the region to provide them with the security of oil supply.

He added that Croatia is positioning itself as a regional energy hub, ensuring the supply of energy to neighboring countries and being a reliable partner to neighbors when it comes to oil transportation.

JANAF’s President of the Management Board Stjepan Adanic said that the past three years have been a real test of readiness for everyone involved in energy, and that the sector has shown resilience and readiness to adapt.

According to him, JANAF has ensured secure supply of Croatian energy needs as well as those within the EU and neighboring countries, adding that the company has achieved excellent business results.

He added that JANAF is ready to connect oil companies with companies in the region and their end-users, and to take on a key role as one of the European continent’s oil hubs, JANAF’s capacities are 24 million tons per year.

JANAF already presented a development and transition strategy for the period from 2020 to 2030, with the aim of transforming from an oil and transport storage company to a sustainable energy company.

Head of the European Commission Representation in Croatia, Ognian Zlatev, said that the REPowerEU program, among other things, is intended to end dependence on Russian fossil fuels, which has cost European taxpayers almost 100 billion euros per year.

JANAF recorded the most successful financial result in its history in 2022. According to the company, this is a result of a proactive approach by the management towards business partners, which led to high utilization of storage and transport capacities and ensured stable operations and cash flow.

The company’s revenues in 2022 amounted to 119 million euros, which is 13 % more than in the previous year and 28.9 % more than planned for this year, while its net profit amounted to 41 million euros, a 15.1 % increase year-on-year and 92.8 % more than planned. The company’s expenditures rose by 11.2 % to 69 million euros.

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