INA Resumes Deliveries of Gas to Petrokemija Kutija

Total Croatia News

ZAGREB, January 29, 2018 – The INA oil company on Monday resumed supplying Petrokemija with natural gas, the Kutina-based producer of artificial fertiliser said, adding that its production plants are working at full capacity.

On January 18, INA suspended gas deliveries to Petrokemija over unpaid bills and since then the company was supplied with gas only by the Prvo Plinarsko Drustvo (PPD) company.

The problems with gas deliveries for Petrokemija were discussed by government officials and Petrokemija’s supervisory board, with Prime Minister Andrej Plenković saying at the time that the process of the company’s recapitalisation was continuing and that it was crucial for all stakeholders to remain involved in the process until its completion and find a solution that would be feasible in the long run.

Despite INA’s suspension of gas deliveries, there were no stoppages in Petrokemija’s operations.

At an assembly held in mid-January, Petrokemija’s shareholders decided on the company’s recapitalisation to collect 450 million kuna (approx. 60 million euro). The company’s equity is to be increased by issuing 45 million ordinary shares with the nominal value of 10 kuna each.

The decision on the company’s recapitalisation envisages exemption from the publication of the prospectus regarding the public bid and rules out the right of preemption for existing shareholders in the process of registration of new shares.

Petrokemija said earlier that it had received several binding bids for its recapitalisation. According to media reports, among the bids are those by Austria’s Borealis, the Croatian companies INA and PPD.


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