Croatia: Plinacro to invest last year’s profit into gas pipelines for LNG terminal

13. June 2016. / SEE Energy News

In 2016 Plinacro will start investing in dispatch pipelines for LNG terminal because the Government intends to speed up activities on the implementation of the project for the construction of floating terminal.

Croatian natural gas transmission system operator Plinacro is one of the five state-owned companies which the Government has freed from the obligation of allocating last year’s profit to the state budget.

The decision was made due to the realization of the project for the construction of LNG terminal on Krk island and the investment in the construction of gas pipelines for this project. Plinacro recorded net profit in the amount of 16.4 million euros, which is about 7 % less than in 2014.

This is not the first time that the Government has made such decision. Plinacro was already allowed to retain its profits in 2012, 2013 and 2015 in order to invest in the construction of gas pipelines, preparation of studies for new projects and to recapitalize the company LNG Hrvatska.

In 2016 Plinacro will start investing in dispatch pipelines for LNG terminal because the Government intends to speed up activities on the implementation of the project for the construction of floating terminal. The company will also invest 17.5 million euros in the construction of new compressor stations as well as in the gas interconnection with Slovenia, a project worth 143 million euros and includes the construction of Lucko-Zabok-Rogatec gas pipeline and two associated compressor stations.

The value of investment in these pipelines will depend on the final capacity of LNG terminal. The investment should be completed by the end of 2018, transmits Serbia-energy.eu

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