Croatia's majority state-owned oil pipeline operator JANAF signed an agreement to enter Geoenergija Razvoj, the project company holding an interest in the Shygys oil exploration project in Kazakhstan, SeeNews reported on 11 September, citing a Zagreb Stock Exchange filing. [1]
JANAF also committed to make further cash contributions of up to €43.68 million for exploration and potential exploitation. The company did not disclose the ownership structure it would obtain. [1]
ContextThe deal advances JANAF's diversification while its core pipeline business faces uncertainty around US sanctions on Serbia's Russian-controlled refiner NIS, a major customer. JANAF's current licence for NIS-related contractual obligations runs to 30 September, according to SeeNews. [1]