Croatia Pipeline Firm Seeks New Sales as US Curbs Hit Key Client

Croatian state-owned oil pipeline operator Janaf d.d. is seeking to diversify its business with new clients and renewable energy as its biggest customer is now under US sanctions, according to Vladislav Veselica, a management board member at the company.

More than 30% of Janaf’s revenue was coming from Serbia’s sole refinery Naftna Industrija Srbije, or NIS, but that cash flow was cut off this month when the US ended a series of temporary sanctions waivers on the plant. NIS is majority-owned by Russia’s Gazprom Neft.