Croatian oil pipeline operator JANAF has signed new contracts on oil transport and storage with Hungary's MOL, the company announced on Monday.

One contract concerns the transport of 500,000 tonnes of oil along the Omisalj-Gola route based on the “take or pay” principle and the other relates to the storage of 149,385 cubic metres of crude oil at the Omisalj and Sisak terminals. Both contracts were signed for a period until 31 March this year.

JANAF’s Management Board described the new contracts as the company’s contribution to the European Union’s energy stability and independence.

“This is concrete confirmation of the conclusion reached by the highest bodies of the EU, which recently emphasised the strategic importance of JANAF as part of the energy hub of central Europe,” the company said in a statement.

“Our continued partnership with MOL is yet another proof of the confidence and positive reputation that JANAF enjoys in the wider region, where it cooperates with the most important energy companies,” JANAF added.