CROATIA ENERGY CONFERENCE HIGHLIGHTS INVESTMENT OPPORTUNITIES

  

Washington DC, Feb. 13, 2002 – The conference, “Croatia’s Energy Industry: Strategic Opportunities for U.S. Companies,” was held today at the Four Seasons Hotel in Washington, D.C. It presents not only specific opportunities to American companies looking to invest in Croatia’s privatizing energy sector, but also a result of Croatian governments’ progress in substantial reforms of energy sector to increase competition and create regulatory oversight in line with European Union rules. The conference is attended by Ms. Maja Brinar, Croatian Deputy Minister of the Economy and head of the delegation of Croatian officials involved in industry reforms, and H. E. Ivan Grdesic, Ambassador of Croatia to the United States. Also, Ms. Thelma J. Askey, U.S. Trade and Development Agency (U.S. TDA) Director and Ms. Susanne Lotarski from U.S. Department of Commerce (U.S. DOC) will address numerous representatives from both American and Croatian companies who attend the conference. The conference is seeking to enhance cooperation between the newly competitive energy industry in Croatia and American companies seeking to boost investment capabilities.

 

The Croatian Ministry of Economy has been the instrumental agency in developing Croatia’s new energy policies and instituting reforms within the industry. It is also accelerating the privatization of Croatia’s three large-state owned companies, Industrija Nafte d.d. (INA), the state-owned oil company; Hrvatska Elektroprivreda d.d. (HEP), the state-owned electric company; and Jadranski Naftovod d.d (JANAF), the state-owned oil pipeline company, who are represented by their respective CEOs. The companies are displaying their plans to privatize and modernize their facilities to the American companies and U.S. agencies attending.

 

Energy sector reforms create attractive opportunities for U.S. energy companies, suppliers of energy equipment services and industry experts. Over 40 American companies are seeking to develop mutually beneficial relationships with the Croatian companies. The U.S. TDA along with the U.S. DOC are co-sponsoring the conference with cooperation from the Export-Import Bank and the Overseas Private Investment Corporation. The agencies express solid support for Croatian industry upgrades, as demonstrated by U.S. TDA’s recent grant for the modernization of INA refineries.

 

“Croatian-American relations have moved from an exclusively political phase to a new one. Now, our relations cover new topics,” said H.E. Ivan Grdesic. “One of the most important of these topics is our two countries' economic relations. The companies from the United States are today the most significant foreign investors in the Croatian economy. Bechtel and Parsons and many other American companies are already present or investing in Croatia, and I am glad to see them at the energy conference today too. Therefore, we see this energy conference as a opportunity for both Croatia and the United States to make a step further in economic cooperation”, said Grdesic.