Plinacro acquired 100% share interest in company UGS Ltd.

President of Board of Plinacro, Mr Branko Radošević and President of Board of INA, Mr Tomislav Dragičević signed today Agreement for the sale and purchase of 100% share interest in company Underground Gas Storage Ltd.

By signing this Agreement, that the Government of the Republic of Croatia approved by  the Decision on providing consent, company Plinacro d.o.o. acquired 100% share interest in company Underground Gas Storage Ltd. This way, Plinacro as a national gas transmission system operator, which besides carrying out its main activity of natural gas transmission, has been successfully controlling, managing as well as developing and constructing gas transmission system of the Republic of Croatia within provided deadlines, acquired a statues of a mixed operator.

Great significance of this Plinacro´s largest business undertaking, so far, is based on the fact that by signing this agreement the Republic of Croatia has acquired overall control over gas infrastructure, and the necessary preconditions for the further development of gas storage activity have been met. The purpose of all this is to achieve greater independence and more reliable supply of consumers. Activities of Plinacro have been harmonised with legislative regulations and EU Directives which stipulate separation of some energy activities, and most of all separation of the activities related to transport and storage of natural gas from the activities of natural gas sale.

“Acquisition of 100% share interest in company UGS Ltd. is a very significant business undertaking for Plinacro, which should be observed from the strategic point of view, and the benefits as well as positive effects of which shall be visible to the Croatian citizens in a few years. Taking a long-term view, the fact that Plinacro entered natural gas storage business is very important for the Croatian state in view of taking over long-term control of system development and providing its stability."