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ZAGREB (Croatia), March 20 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Monday it has signed a contract for the sale and purchase of gas for electricity production purposes with state-owned power utility HEP.
The contract relates to the delivery of 138 million cubic m of natural gas from October 1 this year to October 1, 2018, INA said in a Zagreb bourse filing.
Earlier this month, INA announced it has struck a gas supply deal with HEP for 500 million cubic metres of gas after several days of negotiations.
INA was the only company to submit a bid in a gas supply tender called by HEP, but, according to local media, the price it requested was too high and would have led HEP to incur great losses.
INA told SeeNews at the time that the negotiated terms are satisfactory to both parties.
"The conditions are a reflection of the liberalisation of the gas market for households in Croatia," INA commented.