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. Last Updated: 07/27/2016

Yukos Inks Croatia Deal

Russia’s No. 2 oil major Yukos and Croatian oil transport company Jadransky Nadtovod, or Janaf, announced Wednesday the signing of a deal to modernize the Adria pipeline in Croatia and integrate it with the Druzhba pipeline, Interfax reported.

"This agreement will make it possible to carry out direct exports of Russian oil along the Druzhba-Adria pipeline through the port of Omishal in the Adriatic Sea," said Yukos president Nikolai Bychkov in remarks reported by Interfax.

The companies plan to increase the capacity of the pipeline running to the port of Omishal to 5 million tons per year. Yukos investment in the project will amount to about $20 million. Yukos is setting up the company Yukos-Adria to implement the project, with headquarters in Zagreb.