The industry of oil in Bosnia and Herzegovina has achieved growth in production and exports in 2016, and the results achieved are the best in the past 20 years. The previously said was stated by the minister of Foreign Trade and Economic Relations Mirko Sarovic after the meeting with major manufacturers and exporters of oil.
“In 2016, over 80,000 tons of oil was exported, of which the largest part went to Turkey (70,000 tons), countries of the region and the Middle East. In the past two years, growth of profit of over 100 per cent of exports was achieved, and the share on the domestic markets were increased,” added Sarovic.
Until recently, the only company that was engaged in production of oil was Bimal from Brcko, however, due to the fact that the possibilities of this industry growth is not surprising, new companies were opened. Currently, in addition to Bimal, three companies that have investments in Turkey operate as well.
“In 2016, a balance between imports and exports in this industry was achieved for the first time, however, the weakest link in this industry is the lack of raw material base of soy and sunflower, so they are imported from CEFTA countries, namely from Serbia. In the long term this is not the perspective of BiH, and this is one of the topics of the meeting where we talked about how to focus in another direction. As soon as possible, a meeting of all competent authorities will be held discussing the possible options of developing the raw material base in BiH with the support of the banking sector.” Concludes Sarovic.