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Chairman of the Management Board, Chief Executive Officer
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Avenija Veceslava Holjevca 10 PP 555
Zagreb, City of Zagreb,10 002
Tomislav DragicevicChairman of the Management Board, Chief Executive OfficerINA-Industrija nafte d.d.
INA CEO Tomislav Dragicevic criticizes the Government policy to defend the price of Euro-diesel fuel prices as well as its methods of regulating energy transport prices.
He proposes introducing a family welfare card for all those who need cheaper...
INA CEO Tomislav Dragicevic said months ago in an interview for Bank magazine that it was possible that OMV and MOL would put in a joint bid for the company.
Tomislav Dragicevic: Chairman of INATomislav DragicevicChairman of INADr Tomislav Dragicevic, who joined INA in 1977 and became chairman in 2000, says: "With INA now profitable and growing, we are looking to expand in our current markets and enter new segments whether by opening new retail outlets, direct acquisitions or other more creative methods." In the past, the company targeted Russia, the Caspian Sea region, North and West Africa and the Middle East for new business.It has exploration licences in several emerging markets including Libya, Egypt, Russia, Albania and Angola. "We plan to win further oil concessions in Africa and we will develop the gas deposits we have recently found in Syria," says Dragicevic.Dragicevic is optimistic about the prospects for the energy industry in Croatia."One advantage of the Croatian energy sector is that it is regulated by the energy laws passed in 2001," he says.Dragicevic considers that when shares in INA are available, they are likely to be at a discount to their true market value.As soon as Croatia is an EU member country, its competitive and strategic advantages will be fully leveraged.He says: "Once Croatia's internal market for oil and gas grows and our Syrian discoveries and offshore Adriatic projects are developed, the price of INA shares will no longer represent a bargain." Croatians consume only half as much in oil products as the average EU citizen.Croatia is at the heart of Europe as a Mediterranean, Central European and Danube Valley country.Due to Croatia's excellent strategic location in the fast lane of important east-west trade routes, considerable scope exists for INA and other energy companies to use Croatia as a base to expand throughout the region."INA is ready and prepared for substantial new growth and expansion," adds Dragicevic. The confidence shown by Dragicevic and his colleagues stems from INA's long roots in the hydrocarbons industry.Dragicevic says: "INA had been preparing for the entry of a new partner and stakeholder for several years.We have been operating like a private sector company.We restructured the company ahead of privatisation and focused on our core business - production of oil and gas, refining and retail and established several service subsidiaries.These include INA's integrated drilling and well services subsidiary Crosco." Another priority for INA was to improve both corporate governance and business processes while tackling a substantial modernisation program for INA's refineries and retail network.This is putting INA into a more competitive position."Even though MOL arrived only five months ago there have already been many synergies as well as substantial cost savings, but we know that the majority of the benefits are still to be derived in the future," says Dragicevic. MOL now has two members of INA's supervisory board as well as two out of seven board members.Dragicevic does not rule out the possibility of even more liberalisation of the company's structure."Depending on the government's plans for privatisation, INA may embark on an IPO in the not too distant future," he says.Dragicevic says: "Regardless of the new shareholders, INA's objective will still be to increase profits and market share, expand in the regional market and improve services and efficiency.The challenge has been considerable for Dragicevic who can take pride in what is now a modern and dynamic energy company."We spent two years changing our internal policies and the work culture of our employees," he says.
At the same function, INA chairperson Tomislav Dragicevic who is leading the delegation, said his organisation was operating in 20 countries worldwide of which four were in Africa and was exploring possibilities of joint ventures.