On the threshold of the 1st meeting of the Kazakhstan-Croatia Intergovernmental Commission for Economic Cooperation, Deputy Chairman of the Board of KazMunayGas Bulat Zakirov and CEO of Jadranski naftovod d.d. (JANAF) Stepan Adanic signed a memorandum of mutual understanding, Kazinform News Agency reports.

The document was signed in presence of the Kazakh Ambassador to Croatia Akylbek Kamaldinov and Croatian Ambassador to Kazakhstan Refit Šabanovi?.

By signing the document, the sides agreed to jointly study the opportunities of business cooperation in transportation and storage of oil and oil products.

The memorandum also reflects the sides’ interest in constant improvement of management and intention to exchange experience in responding to the global energy challenges.

After the ceremony of signing, Zakirov said that the memorandum creates a basis for further mutually beneficial cooperation with Croatia in energy sector.

Refit Šabanovi?, in turn, noted that signing the document will contribute to the development of cooperation in transportation of the Kazakh oil to the European markets.

Given Kazakhstan’s important role in ensuring reliable supply of energy sources to the EU, deepening of cooperation between KazMunayGas and Croatia’s national operator JANAF, the document is called to contribute to strengthening the national security, said Akylbek Kamaldinov.

In the context of ‘reformatting’ logistics ties and energy supply routes, the Adria Oil Pipeline System plays a key role in transportation of oil and petroleum products to South-Eastern Europe. In 11 months of 2023, more than $303.6 million worth of Kazakh oil was exported on this route.