Montenegro is considering storing a portion of its mandatory oil reserves abroad if an agreement cannot be reached to use Jugopetrol’s tanks at the Port of Bar. Potential options under discussion include Italy, Croatia, Slovenia, and Greece, where the government is seeking formal cooperation and host approvals. State-owned storage at the Bar Terminal remains the […]
Romanian officials are investigating a suspected sabotage incident involving Azerbaijani crude oil destined for OMV Petrom’s Petrobrazi refinery. The crude, transported via the Baku-Tbilisi-Ceyhan (BTC) pipeline through Azerbaijan, Georgia, and Turkey before shipment to Romania, was found to contain dangerously high levels of chlorine. This contamination posed a significant corrosion risk to refinery equipment and
In the final week of July, Brent crude oil futures for the Front Month on the ICE market showed volatility. On Monday, July 28, prices hit their weekly low at 69.32 US dollars per barrel, before rising steadily and peaking at 72.47 dollars per barrel on Wednesday, July 30, the highest level since June 21.
Energy markets update: Oil, gas and CO₂ prices show mixed trends in late July Read More »
Kazakhstan’s state-owned oil company KazMunayGas (KMG) has successfully delivered its first shipment of crude oil to Hungary, marking a significant milestone in its strategic energy cooperation with Hungary’s MOL Group. The initial cargo of 85,000 tons was transported by sea from the Russian port of Novorossiysk to Croatia’s Omisalj port aboard the vessel Alatau, operated
Hungary: KazMunayGas delivers first crude shipment, strengthens ties with MOL Group Read More »
NIS has initiated a tender for the construction of a system to evaluate the feasibility of an enhanced oil recovery (EOR) method at the Velebit exploitation field in the municipality of Kanjiža. Velebit, Serbia’s largest oil deposit, was discovered in 1968, with production starting in 1985. The pilot project aims to increase output by injecting
Serbia: NIS launches tender for enhanced oil recovery pilot project at Velebit field Read More »
Serbian oil and gas company NIS has announced that its board of directors has approved the sale of its wholly owned subsidiary, NIS Petrol Bulgaria, due to ongoing operational challenges in the Bulgarian market. According to the company’s H1 2025 financial report, the planned transaction involves the full divestment of its stake in the subsidiary.
Serbia: NIS to sell Bulgarian subsidiary amid market challenges Read More »
Croatian state-owned oil transportation company JANAF continued its steady growth in the first half of 2025, as reflected in its financial performance. The company generated total revenues of 69 million euros, with income from core activities rising by nearly 4 % year-on-year to 64.9 million euros. Gross profit for the first six months amounted to
Croatian oil company INA and Energean have agreed to invest in the development of the Irena gas field, located in the northern Adriatic within the Izabela exploration block. The total capital investment is set at €71 million, with Energean contributing €50 million and INA providing the remaining €21 million. Energean holds a 70% working interest
Croatia: INA and Energean to invest €71 million in Irena gas field development Read More »
The US Treasury Department has postponed the activation of sanctions on Serbian oil company NIS for an additional 30 days, marking the fifth extension since January. Serbian Energy Minister Dubravka Djedović noted that securing a further, longer reprieve is currently not possible. She attributed the decision to the broader geopolitical situation and complex negotiations among
Serbia: US Treasury extends sanctions delay on NIS for fifth time Read More »
The financial report for the first half of 2025 shows that the Bosanski Brod oil refinery incurred a net loss of €15.3 million, increasing its total accumulated losses to approximately €467 million. During the first six months of 2025, turnover rose to €13.3 million, up €5.1 million compared to the same period last year. However,
