Plinacro and HEP found LNG Hrvatska d.o.o.

In Plinacro building, Zagreb, a Memorandum of Association was signed yesterday concerning the founding of a joint company between Plinacro d.o.o. and HEP d.d., which formally establishes the company LNG Hrvatska d.o.o.

The Memorandum was signed by the president of Plinacro Management Board Jerko Jelić Balta and the president of HEP Management Board Leo Begović, who at the same time constitute Shareholders Assembly of LNG Hrvatska d.o.o. Goran Frančić, head of Plinacro’s development department and Dubravko Lukačević, a member of HEP d.d. Management Board, were appointed, respectively, president and member of the Management Board of the newly founded company.

In accordance with recommendations of the Government of the Republic of Croatia, Plinacro d.o.o. and HEP d.d. had prepared and agreed a memorandum to found a joint company, LNG Hrvatska d.o.o. which should take over an 11 percent share in Adria LNG consortium, with each of the partners participating in the joint company equally, 50:50 percent. As both companies have already completed the necessary procedure (decisions by Management Boards and approvals by Supervisory Boards and Assemblies), after today’s signing of the Memorandum all conditions necessary to register the new company at the Commercial Court have been created. Meanwhile, the partners in the joint company, Plinacro d.o.o. and HEP d.d., have sent a joint letter to Adria LNG consortium confirming their readiness to start negotiations on joining the consortium, initiating thereby operationally the process of LNG Hrvatska’s joining Adria LNG.