Croatia oil company INA said that it has signed a revolving credit agreement worth 300 million euros with a group consisting of eight banks.
The banks within the lending group are: BNP Paribas, the Hungarian branch of ING Bank – MKB Bank, OTP Banka, Privredna Banka Zagreb, Raiffeisenbank Austria, SMBC Bank, Tatra Banka and Zagrebacka Banka.
The statement from the company said that The tenor of the this loan is three years with two one- year extension options, and it can be drawn in euro and US dollars.
The loan was arranged as a club deal and can be used for general corporate purposes, including investments. It will be used to refinance a 300 million dollars loan concluded in 2018.
H1 2022 INA Group CCS EBITDA excluding special items amounted to around 320 million euros, while net profit exceeded 200 million euros. Results improved throughout the segments with Exploration and Production revenues of almost 400 million euros and EBITDA of 280 million euros. High realized hydrocarbon prices significantly overcompensated the effect of continued natural decline of production. Negative cash flow of Refining and Marketing including Consumer services and Retail segment caused by ongoing investment activities is mitigated by the improved CCS EBITDA performance of almost 106 million euros. High energy prices and government restrictions in Retail prices and margins at the same time had a negative impact on the result. Non-fuel growth continued with 15 % increase in margin driven by expanded offer and improved sales activities.
