INA to Take Part in Saving Petrokemija

By 26 May 2018

ZAGREB, May 26, 2018 - The management of the INA oil company has decided that INA will take part in the recapitalisation of the artificial fertiliser company Petrokemija and INA will express its interest together with Prvo Plinarsko Drustvo, INA said on Friday.

The company said that it was willing to participate in Petrokemija's recapitalisation with 150 million kuna.

Petrokemija's shareholders in mid-January decided to launch a recapitalisation process in order to collect 450 million kuna. The Croatian government on Thursday decided to buy 450 million kuna worth of banks' claims against Petrokemija.

The Kutina-based company ended last year with a loss of 146.8 million kuna, a much higher amount than in 2016 when its loss totalled 87.3 million kuna.

The company's revenues amounted to 1.99 billion kuna, up 3.3% compared to 2016, while expenses grew as well, by 6.1% to 2.1 billion kuna.

Petrokemija is the main producer of mineral fertiliser in the country. The state's share in its ownership structure is 79.85%.