Croatian oil pipeline operator Janaf (JANF.ZA:) published on Tuesday a tender for building new oil storage facilities with an estimated value at about 1 billion kuna ($185.8 million).
"Building will be going on in several stages, while preparatory works will begin in mid-February. The actual building of the first three tanks will begin in May," Janaf said in a statement.
The storage tanks, with an overall capacity of 240,000 cubic metres, will be built on the northern Adriatic island of Krk, where Janaf already owns several such facilities.
The deadline for submitting bids is March 16, and Janaf plans to complete the whole project in 2015.
Janaf is some 82 percent-owned by the state and state-owned energy firms and agencies. The rest is owned by Croatian oil group INA (INA.ZA:), whose biggest shareholder is Hungary's MOL (MOLB.BU:), and several investment funds.
Janaf operates a pipeline that connects the northern Adriatic with central Croatia and on to Hungary and Serbia and owns storage facilities used by Croatia and neighbouring countries.
Janaf's installed transport capacity is 20 million tonnes annually.
Currently Janaf can store a bit over 1 million cubic metres of oil and derivatives, but its goal is to increase the capacity to 1.62 million cubic metres in the next few years.
Its shares were quoted at 3,301 kuna in afternoon trade on Tuesday, down 0.97 percent from Monday's close.
Source Reuters - Balkans.com.