STATE ACQUIRES OWNERSHIP SHARES IN OIL, GAS COMPANIES

ZAGREB, March 8 (Hina) - The Croatian government has decided to transfer 21.37 percent of shares of the JANAF oil pipeline and the entire share of the Plinacro gas transport company from the oil corporation INA to the state. For these shares the government takes over INA's debts to the Paris and London credit clubs. The decision is in keeping with a bill of the privatisation of INA, whereby the state would retain ownership over the transport of oil and gas by excluding them from the privatisation process. Under the decision, 161,392 regular JANAF shares, whose nominal value is 597 million kuna (EUR80.6 million), would be transferred to the state. INA, which held about 37 percent of JANAF shares, will retain less than 16 percent. INA's share in JANAF would thus meet the government's plans for the privatisation of the pipeline. According to unofficial information, JANAF could be privatised in 2002-3. Under the privatisation model, no subject could have more than 16 percent of JANAF shares. The state would increase its share in JANAF. Until recently, INA held a 37-percent interest in the pipeline, the pension fund 51, and small stockholders 12 percent of shares. The state also acquires complete ownership over Plinacro, whose nominal value exceeds 841 million kuna (EUR113.5 million). For said shares, the government will assume the obligation of settling part of INA's debt to the London and Paris credit clubs, up to 171 million kuna (EUR23.1 million). (hina) ha sb