The INA oil company’s management has decided to take part in the recapitalisation of Petrokemija, with unanimous support by the company’s supervisory board, the press release from INA said on Friday.

Petrokemija’s shareholders decided in January this year to launch a recapitalisation process in order to collect 450 million kuna (€60.8 million).

A Kutina-based mineral fertiliser producer, Petrokemija posted a 146.8 million kuna (€19.9 million) loss at the end of 2017, a much higher amount than the 87.3 million kuna (€12 million) loss posted at the end of 2016.

The company’s revenues amounted to 1.99 billion kuna (€269 million) in 2017, up 3.3 percent compared to 2016, while expenses grew by 6.1 percent, to 2.1 billion kuna (€284 million) in 2017.

The state share in Petrokemija’s ownership structure is 79.85 percent, and its annual turnover amounts to some 2 billion kuna (€270.5 million).

INA will participate in the recapitalisation process with 150 million kuna (€20.3 million), while the Croatian government decided on Thursday to buy 450 million kuna (€60.8 million) worth of banks’ claims against Petrokemija.

INA’s participation in the process implies further activities by all the shareholders, so as to fulfil the conditions under which INA has decided to take part in the recapitalisation.

(€1 = 7.38 kuna)

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