Bosnian media raised this question about 10 days ago, after oil and engine oil refineries in Bosanski Brod and Modrica were sold to Russia's Zarubezneft, eliciting speculation that on that occasion Bosnian Serb entity leaders had talked with the Russians about the issue of alleged ownership over a part of JANAF.
A legal opinion on relations between JANAF and its founders, drawn up by experts from Zagreb's Law School, shows that JANAF is a Croatian company.
JANAF was established in June 1974 under decisions by Zagreb's INA, Sarajevo's Energoinvest and Novi Sad's Naftagas. At the time the company was called Jugoslavenski Naftovod and each of the founders had secured a symbolic sum of 250 million of the then Yugoslav dinars. All other construction funds, 1.16 billion dinars or 94% of the total construction cost, was secured by JANAF through domestic and foreign loans. The founders did not play any role or provide any guarantees.
JANAF repaid the founders by 1991 and has been repaying the construction loans by itself.
Legal experts say that JANAF was entered into the registry of the District Commercial Court in Rijeka in 1988, and that under provisions valid at that time, this entry ended all rights and powers on the part of the founders.
The provision of symbolic funds as initial capital can in no way be a valid legal ground for acquiring rights to any share in JANAF, experts say, adding that JANAF was unequivocally the only investor and therefore the only owner of the facility it built, with all the legal rights and obligations this entails.
The Croatian Economy Ministry and JANAF have underlined that Jadranski Naftovod is a Croatian joint stock company in which the Croatian Pension Insurance Bureau has 50.54% of shares, the Republic of Croatia 21.73%, the INA oil company 16%, the State Agency for Deposit Insurance and Bank Rehabilitation has 5.84% and other shareholders have 5.89%.
The Bosnian media allegations were dismissed by Croatian Assistant Economy Minister Zeljko Tomsic, who told the press on that occasion that in the early 1990s JANAF had taken over all financial liabilities and had been repaying loans since.