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INA Reduces Crude Oil and Natural Gas Output in Syria

Dec. 21 (Bloomberg) -- INA Industrija Nafte d.d., Croatia’s largest refiner controlled by Hungary’s Mol Nyrt., reduced crude oil and natural gas production in Syria amid the European Union’s embargo on oil from the Middle Eastern nation.

The company has reduced output by approximately 1,300 barrels a day in addition to an already announced September crude oil production decrease of 1,500 thousand barrels a day, the Zagreb-based company said today in an e-mailed statement.

INA also said it’s “still experiencing difficulties” in collecting payments from Syria.

The company also requested a suspension in trading on the Zagreb stock exchange and the London stock exchange until Jan. 9 due to the “high unpredictability of the current developments influencing INA’s Syrian activities.”

INA returned to profit last year following two years of losses as production in the northern Adriatic and Syria boosted revenue. The company’s plant in Hayan, Syria, is expected to reach a production peak of 24,500 barrels a day in 2012 or 2013.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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