Zarubezhneft decided to quit a project in Croatia

​Zarubezhneft has finally left the Adria project on the development of the Croatia market. It planned to realize it along with JANAF (Croatia) and the registered in Switzerland White Falcon Holding. 

The project was worked out in 2012 and presupposed geological exploration and gas extraction at the shelf of the Adriatic Sea and the continental part, construction of the oil products pipeline, modernization of oil storages and oil pipelines in this country. Zarubezhneft founded an affiliate Zarubezhneft Adria for this project.

Finally Zarubezhneft was planned to keep %, White Falcon Holding – 31%, JANAF -10%, the rest – minority shareholders. The actions of Zarubezhneft were not approved by Croatia.

In mid May 2016 Zarubezhneft Adria was excluded from the list of affiliated parties.