Croatia: JANAF–NIS oil transportation deal

, SEE Energy News

Croatian oil transportation company JANAF and Serbian oil company NIS signed an oil transportation deal, JANAF announced.

The statement from JANAF said that it will transport around 2.75 million tons of crude oil for NIS in 2021, plus or minus 10 %, under a take-or-pay contract. A take-or-pay clause is an agreement where the buyer agrees to pay the contract price even if it does not take delivery of the agreed quantities. The value of the deal was not disclosed.

In the first nine months of 2020, JANAF recorded growth in operations and total revenues in the amount of 77 million euros, which is by 4.4 % higher than in the previous year, while revenues from the company’s core business – oil transport and storage of oil and oil products, amount to 75.5 million euros and are higher by 15.7% compared to the same period last year. In the mentioned period, JANAF recorded the gross profit in the amount of 37.6 million euros and net profit in the amount of 30.8 million euros, compared to last year’s 32.5 million euros, 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.