Oil refining and marketing (downstream)


According to the results of the segment operation in 2018, the segment revenue increased by 17% compared to the level of last year due to the increase in the average selling price of petroleum products sales against the rising global oil prices.

The growth of the investment program in 2018 amounted to 33% compared with 2017 due to the implementation of the priority project at Modriča Motor Oil A.D. on replacement of dewaxing plant filters.

Revenue, MM EUR
Investments, MM EUR


The project of Zarubezhneft JSC on reconstruction and modernization of enterprises in Oil Refining and Sales segment in Bosnia and Herzegovina started on February 2, 2007, in signing an agreement with the Government of the Republika of Srpska (Bosnia and Herzegovina) to acquire Bosanski Brod Refinery producing engine oil in Modriča city and a retail network of Nestro Petrol A.D., which owned 79 fuel stations at the time of purchasing.

The consolidated figure of segment operating efficiency for the reporting period amounted to +4.6 million euros. The positive figure value has been achieved during the last 3 years.
Number of employees (at the year-end), people
The number of employees in the segment as a whole is optimized by 0.5% relative to the level of the previous year and made up 2020 people at the end of the reporting year. As for the level of 2014, the number of employees decreased by 18%.
The segment includes the following companies:
Company name Main characteristics
Bosnia and Herzegovina, Republic of Srpska
OPTIMA Grupa d.o.o. Purchasing oil, raw materials for motor oil production, wholesale and small-scale wholesale of petroleum products, motor oils and lubricants in the domestic and export markets
Brod Refinery A.D. Oil refining, production of petroleum products
Modriča Motor Oil Plant A.D. Production of base oils and paraffins, motor oils and lubricants
Nestro Petrol A.D. Retail sales of petroleum products and related products
Russian Federation
Neftegazincor JSC The main borrower of loan proceeds for the Project implementation, the owner of a controlling stake in BiH companies