March 29 (SeeNews) - Croatian oil pipeline operator Janaf [ZSE:JNAF] said on Tuesday it will halt crude oil transportation for Serbian oil and gas company NIS [BEL:NIIS] due to the European Union's sanctions against Russia over the war in Ukraine.
NIS has reserved Janaf capacities for transportation of 3.2 million tonnes of crude oil, plus or minus 10%, for the full year 2022 but the Croatian company will be unable to transport crude oil for NIS after May 15 under this contract, unless EU sanctions on Russian companies are lifted, Janaf said in a filing to the Zagreb bourse.
Russia's Gazprom Neft owns 56.15% of the share capital of NIS, while a stake of 29.87% is owned by the Serbian state.
It is not possible at the moment to estimate the potential duration and the future intensity of sanctions against Russia, and therefore it is hard to evaluate all effects of these measures on Janaf's performance and whether they are going to jeopardise its financial position in 2022, the company added.
Janaf's shares last traded on Monday, when they closed 5.31% lower at 5,350 kuna ($785/706 euro).
(1 euro = 7.581 kuna)
Naftna Industrija Srbije AD is among the biggest companies in SEE, for more reference take a look at Top 100 companies