Renewable

ZAGREB (Croatia), January 21 (SeeNews) - Croatian oil pipeline operator Jadranski Naftovod (Janaf) [ZSE: JNAF] said on Friday that it will diversify into renewables as part of its goal to develop new sources of financing, sustainability and profitability in the long term.

The company's management and supervisory boards adopted a business and development strategy until 2030 with a vision to 2050, under which it aims to diversify into low-carbon activities as the whole energy sector will cut the the usage of oil and oil derivatives and will boost usage of energy from renewable energy sources, the company said in a filing to the Zagreb bourse.

Some main strategic initiatives have been defined to enable Janaf's adjustment to current market trends, it added. These initiatives are related to the company's entry in renewable energy market, investments in new technologies, and improvement of the company's annual revenue, the statement said without citing figures.

Majority state-owned Janaf operates terminals for crude oil and oil products located on the island of Krk, as well as in Sisak, Virje, Slavonski Brod and Zitnjak.

In late 2020, Janaf commissioned its first-ever photovoltaic power plant - a project with installed capacity of 90 kW. The PV plant, built on 600 square metres of roof space at Janaf's Zitnjak-Zagreb oil terminal, was designed to produce 108,540 kWh of electricity per year, resulting in annual savings of some 70,000 kuna ($10,600/9,600 euro). It is expected to reduce Janaf's CO2 emissions by 65 tonnes on annual level.

Janaf's shares last traded on January 14 when they closed 1.96% lower at 5,000 kuna, Zagreb bourse data showed.

(1 euro = 7.530 kuna)

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