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Serbia’s NIS reserves oil capacity from JANAF for 2022

Croatian state-owned oil transportation company JANAF has signed a contract with NIS, Serbia’s only company engaged in the exploration and production of oil for the transport of crude oil throughout 2022. Under the 2022 contract, NIS has reserved JANAF’s capacities under the take-or-pay principle for the transportation of 3.2 million tonnes, +/- 10%, of crude oil.

“We are very pleased to have signed a contract with NIS, our long-time business partner,” reads a statement by JANAF’s Management Board, headed by Chairman of the Board, Stjepan Adanić and Board Member, Vladislav Veselica.

“Building long-term quality business relationships form the cornerstone of a stable and successful business,” they added. “The new business year ahead will surely be profitable and the continuing cooperation with NIS is just another indicator that our operations are run successfully. This is evidenced by enhanced cooperation with our partner with an increased volume of capacities under the new contract.”

Both JANAF and NIS had very positive results in 2021, despite the global pandemic. Revenues from the JANAF’s core business – crude oil transport and storage of crude oil and petroleum products – amounted to 555.3 million kunas (approximately 73.7 million euros), exceeding the forecast revenues by 5 per cent. The oil and gas production of NIS amounted to 890,000 tonnes of oil equivalent, after putting into operation a total of 34 oil wells. The volume of refining of crude oil and intermediaries stood at 2.867 million tonnes, which was a 9 per cent increase from the comparative reporting period. These results were achieved thanks to improved macroeconomic circumstances, primarily higher oil prices and the recovery of demand.

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