The two Russian-owned oil refineries in Bosnia and Herzegovina currently have a loss of an estimated €1.3 billion, local media outlets reported on Wednesday.

The Capital.ba web portal reported that the accumulated loss of the refineries in Bosanski Brod and in Modrica had reached 1.3 billion euros at the end of 2022.

The two plants and a chain of filling stations are part of the “Nestro Group”, owned by the Russian NeftGazInkor concern.

The concern had bought the refineries in 2007 in a transaction between the company and the Bosnian Serb government led by Milorad Dodik at the time.

The two refineries and the chain of filling stations were purchased at the price of €120 million.

The Russian state-owned oil company “Zarubezhneft”, based in Moscow, holds a 40% stake in NeftGazInkor.