Croatia, Hungary to sign pipeline deal

Feb 18, 1997 01:00 AM

Feb. 4, 1997 Croatia's government has approved a 93 million mark ($ 56.6 million) sale of Adriatic crude pipeline shares to Hungary's oil and gas company MOL. "This paves the way for the agreement to be signed later this month," spokesman Neven Andrilovic told. The agency, the Croatian Privatisation Fund, recently clinched a deal to sell MOL 12.5 % in pipeline operator Janaf at book value. The deal needed government approval to go through. The government was said to be considering a flotation of between 30 and 40 % of Janaf's shares later this year. The company's equity, estimated at 743 million marks, is split into 743,000 shares. Austria's OMV failed to win a stake in the company during a 1995 tender because its bid was lower.
The pipeline, which has a capacity of 3.5 million tonnes of crude a year with the possibility of expansion, is a key route for shipments from the Adriatic to central Europe. The Russian oil industry was also said to be interested in using it as an alternative route for moving crudeto the Mediterranean.

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