Rafinerija Ulja Modrica, Bosnia and Herzegovina’s leading base oils and lubricants manufacturer, reported a loss of 2 million marka (U.S. $1.1 million) for 2023, 33% worse than its performance in 2022.
According to a filing on the Banja Luka stock exchange, the company’s sales revenue increased 7% increase to 10.6 million marka, but operating costs climbed 4% to 12.6 million marka.
The company continued its trend of reducing its workforce, ending 2023 with 183 employees — 15 fewer than in 2022.
Neftegazinkor, a Russian oil and gas company, holds the 75.7% stake in Rafinerija Ulja.
Modrica’s refinery includes a 80,000 metric tons-per-year base oil plant and is the sole facility in Southeastern Europe capable of producing API Group III base oils. The company also operates a 45,000 t/y finished lubricant factory in northern Bosnia and Herzegovina.
In 2008, Neftegazinkor established the Bosnian Optima Group, which oversees three entities: Rafinerija Ulja Modrica, a second refinery in Brod, Bosnia and Herzegovina, and Nestro Petrol, a network of 86 fuel stations.