MANAGERS PRESENT OIL INDUSTRY INA BUSINESS RESULTS IN 2000

ZAGREB, April 24 (Hina) - Croatia's INA Grupa oil corporation wrapped up the business year 2000 with a 240 million kuna ($28.6 million) profit. Its main company, INA, ended the year with a 428 million kuna ($51 million) loss, INA managers said on Tuesday. Last year the corporation's revenue totalled 17.4 billion kuna ($2.1 billion), as against the 12.2 billion ($1.5 billion) of 1999. It wrapped up the year with profit as against 1999's loss of 1.6 billion ($190 million). INA's own loss in 2000 was four times lower than the year before. Due to a control in the price of oil products, INA lost 1.9 billion kuna ($226 million) in profits as well as 737 million ($88 million) due to control in the price of natural gas, said the managers. They are happy a market model has been accepted in setting oil product prices, namely a formula whereby as of February the prices are corrected on a fortnightly basis, depending on movements of the US dollar and prices on the Mediterranean market. Last year INA produced 1.5 million tons of oil and 1.7 billion square metres of gas. Research has turned to the foreign market and currently negotiations are in progress with more than 35 companies. This year INA hopes to increase sales by 25 percent as a result of plans to increase sale on the Yugoslav and Montenegrin markets. The expected profit revolves around 635 million kuna ($75.6 million) and one billion ($120 million) for the entire corporation. (hina) ha sb