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BMI View: With snap elections called after a scandal relating to the oil and gas sector, a future
government could challenge the award of six onshore blocks. Contracts for the licenses were signed more
than a year after the bidding round, underlining concerns about unpredictable investment climate. Officials
have said that they are now considering a floating proposed liquefied natural gas (LNG) terminal, with a
final decision on the project delayed until 2017.
Main Trends And Developments In Croatia's Oil And Gas Sector
? Political uncertainty has slowed activity in Croatia's oil and gas sector. In June, the government awarded
five onshore production sharing agreements from a bidding round held the previous year. Contracts were
signed with INA, Vermillion and Oanda but the delay underlined concerns about an unpredictable
? Fresh elections have been set for September but downside risks to upstream activity may remain well
after the vote. For example, the contracts that have been awarded may come under scrutiny from a future
parliament, which may be led by the socialist opposition. Uncertainty surrounding the composition of the
government, and its approach to the oil and gas sector, may also persist beyond the poll.
In June, the Croatian government ordered LNG Croatia (LNG Hrvatska) to speed up the first phase of
the project, which includes setting up the floating storage and regasification unit (FSRU) on Krk island.
A final investment decision on the project could come in early 2017. Though the project has support
across the political spectrum, a change in government following new elections set for September could
result in delays or uncertainty for the project.
? A land-based LNG import terminal could still be constructed according to Croatian officials. However
some reports suggested such a terminal could come five to ten years after the initial floating import unit