Croatia’s Ina Lost Billion Kuna on Gas

The loss should be eliminated in 2009 and the Croatian oil company Ina will gradually raise gas prices.

After the reorganisation of the Croatian oil company Ina, heads of the MOL company agreed that the loss incurred from the Russian-Ukrainian gas dispute will be gradually lessened by raising prices in the period from 2010 to 2014 and increasing mining royalties to a maximum ten percent in 2010, Hungary’s financial news site portfolio.hu reported. 

Croatia will pay 514 million kuna for Ina’s natural gas reserves in Okoli, while it will assume the entire job regarding the trade and distribution of gas from July 1, 2009.

- According to our calculations, Ina lost some 1.1 billion kuna in 2008 due to low domestic prices of gas. The company has lost some 1.4 billion kuna because it sold gas at prices that were lower than global tariffs – analyst Peter Tordai said.

He added that the loss should be completely eliminated this year.

Ina should gradually raise the price of gas from 200 dollars per cubic metre to 240 dollars per cubic metre.