Plinacro has taken over the company Underground gas storage (PSP d.o.o.)

Yesterday, 29 April 2009, Plinacro Ltd. paid the first instalment amounting to HRK 51,400,000.00 for acquiring the underground gas storage from INA Plc. With the today's last phase of the process the Underground gas storage has been taken over by Plinacro. Furthermore, during today's meeting of Company Assembly a decision has been made to relieve of duty the former Management board of Underground gas storage and name new Board having as President Ms Dragica Krpan, LL.M. 

By acquiring the company Underground gas storage Ltd. (Podzemno skladište plina d.o.o.) Plinacro has taken over the management and organisation of natural gas storage in the underground storage Okoli. The aforementioned opens possibilities of further development of storage capacities and storage operation, while the Republic of Croatia thus acquires a long term control over development of the system and ensures its stability in order to achieve greater independence and a more reliable supply of gas in the Republic of Croatia.

Furthermore, the company Plinacro, as national operator of gas transmission system, along with performing its main functions of natural gas transport, successful control, management and development as well as construction of gas transmission system in the Republic of Croatia within the set time schedules, has now acquired the status of gas storage system operator, i.e. the status of a mixed operator. Also, by acquiring PSP Ltd., Plinacro has adjusted its operation to the legislation and guidelines of the EU according to which different energy activities are to be separated. In particular, activities regarding transport and storage of natural gas should be separated from energy trading. This way Croatia has adopted a practice common in many European countries according to which energy infrastructure i.e. regulated activities are united into one, vertically integrated company.