ZAGREB, November 15, 2019 – Croatia’s INA oil company intends to buy the Banja Luka-based Krajinapetrol company to expand its existing network of petrol stations in Bosnia and Herzegovina, the Bosnian business news website capital.ba said on Friday.
According to capital.ba, INA has received the green light from Republika Srpska’s (RS) Energy and Mining Minister Petar Đokić that it can conduct due diligence at Krajinapetrol before making a final decision on the possible purchase of a majority stake.
Krajinapetrol’s current majority owner is the entity’s government and related shareholders’ funds, while INA currently owns 9.7% of the company’s shares. The company emerged after the former Yugoslavia disintegrated and the RS authorities took over the petrol stations and infrastructure that INA had owned in Bosnia and Herzegovina during the time of Yugoslavia.
Krajinapetrol now manages a network of 15 petrol stations mostly distributed in and around Banja Luka.
Financial indicators show stable business operations and a growing revenue, which this year has increased by 2.5 million euro from 2018.
Krajinapetrol’s total capital is estimated at 12 million euro and the company currently employs 168 workers.
INA has the largest retail network for oil derivatives in Bosnia and Herzegovina, with 45 petrol stations which were originally limited to the Bosniak-Croat Federation entity but later began to expand to the Bosnian Serb entity.
More news about the Croatian national oil company can be found in the Business section.
