As we wrote on Friday, the United States announced new sanctions against Russia, which largely affect the oil industry and its key players, including the oil companies Gazpromneft and Surgutneftyegaz, as well as 183 Russian tankers.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) added the Serbian Petroleum Industry Company to the list of sanctions against Gazpromneft and Russia, due to its more than 50 percent Russian ownership. 50 percent of the Serbian national oil company belongs to Russia’s Gazpromneft, 6.15 percent to Gazprom, and 29.87 percent to the Serbian state, with the rest shared by small shareholders.
Serbian President Aleksandar Vucic said yesterday: Belgrade has until February 25 to take steps.
Representatives of the competent Croatian institutions have recently directly contacted the US administration – which is aware of Janaf’s geostrategic importance for the region’s energy security – to find solutions to mitigate the negative consequences for the company’s operations.
– announced the Croatian in partnership with the Serbian Petroleum Company Janaf.
They added: there are 45 days left until the sanctions come into effect, until then it is possible to make adjustments, to take measures that will allow the withdrawal of Russian investments and support Serbia’s safe oil supply.
It was emphasized: since December 2022, Janaf has exclusively supplied oil of non-Russian origin to Serbia through its crude oil pipeline.
Janaf monitors developments on a daily basis and is in constant contact with the user and other key stakeholders
– underlined.
According to the company’s financial report, the net profit of the Janaf company in the first nine months of last year was 37.3 million euros, which is 25 percent less than in the same period of 2023. The company’s total revenue fell by 11.5 percent to nearly 100 million euros. Revenues from the core business – transportation of crude oil, storage of oil and oil derivatives – amounted to 93 million euros.
70 percent of the income came from outside Croatia. The majority state-owned company based in Zagreb operates the Croatian oil pipeline built between 1974 and 1979, which enables the transportation of crude oil for both domestic and foreign users.
The storage of oil and oil derivatives and the transshipment of liquid cargo make up a smaller part of its activity. Janaf is a member of the Mediterranean oil industry group, MOIG (Mediterranean Oil Industry Group).
Cover image source: Shutterstock
Source: www.portfolio.hu
