Bosnia's Modrica oil refinery turns to 9-mo net loss

Total income rose to 59.5 million marka in the January-September period from 54.2 million, while total costs increased to 60.3 million marka from 52.9 million, Modrica said in a financial statement filed with the Banja Luka Stock Exchange.

Rafinerija Ulja Modrica (www.modricaoil.com) is located in the northern part of the Serb Republic, which together with the Muslim-Croat Federation forms Bosnia and Herzegovina. The refinery produces motor and industrial oils, lubricants and paraffin.

Russian state-owned oil firm Zarubezhneft, via its subsidiary Neftegazinkor, owns 75.65% of Modrica. The remaining shares are in the hands of firms and private investment funds.

(1 euro = 1.95583 Bosnian marka)