July 4 (SeeNews) - Britain's vote to exit the European Union has sent the British pound on a downward spiral and increased the US dollar value making a drop in the prices of all commodities, including oil and gas, inevitable, the director of strategic development and chief economist of Croatian oil and gas company INA [ZSE:INA-R-A] told SeeNews.
INA expects a long period of uncertainty following the BREXIT vote, especially since the divorce process will stretch on for few years creating unfavourable grounds for economic growth, Goran Saravanja said.
The direct effects of Brexit on INA and its future business opportunities will, however, depend on how the EU reacts, Saravanja noted. The EU helps domestic companies protect jobs and the economy from external threats, especially when it comes to global issues, he said.
"We believe that individuals and companies have benefited from EU membership, and that it has opened up opportunities for the advancement of the economy, society and quality of life and contributed to the development of business," Saravanja commented.
For their part, European oil and gas industries are pushing for the creation of an integrated, efficient and sustainable energy market in order to preserve Europe's competitiveness, he added.
INA has exploration and production operations in Croatia, Africa and the Middle East and operates a filling station network in its home market and in neighboring countries. Hungary's MOL owns 49.08% of INA and the Croatian government controls a further 44.84%.
The group operates a network of 438 filling stations, including 388 in Croatia, 43 in Bosnia and Herzegovina, six in Slovenia and one in Montenegro.