Croatian oil pipeline operator Janaf and the Mol Group have signed an agreement for the delivery of 2.05 million metric tons of crude oil by 2026, the Croatian company announced on Thursday.
Under the contract, a total of 2.05 million metric tons of crude oil will be transported via Janaf’s pipeline system between January 1 and December 31.
The agreement was structured as a “take-or-pay” arrangement, meaning that the buyer must pay for the reserved transport capacity even if it is not used or is used only partially. The contract also sets forth all the terms and conditions of the cooperation that began on January 1.
During the negotiations, Mol repeatedly objected to Janaf’s transportation fees and technical capacity. The Croatian company rejected the criticisms, emphasizing that it sets its fees transparently, based on the length of the transport route and the contracted volume.
Janaf generated total revenue of EUR 74 million in the first half of this year. Its gross profit was EUR 34 million, and its net profit was nearly EUR 28 million. It generated EUR 70 million in revenue from crude oil transportation and the storage of crude oil and petroleum products; nearly 74% of this amount – EUR 52 million – came from foreign customers.
Zagreb-based Janaf operates the Croatian section of the Adriatic Oil Pipeline, which is one of the alternative crude oil transport routes in the Central European region. The company is a member of MOIG, an association of Mediterranean oil companies.
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