The largest investments, about 9 billion euros, are expected in the field of electric power. According to Cacic, the investment projects should change Croatia from a major energy importer into a country that will be able to meet its energy needs on its own, ensure a secure and quality supply, and develop the domestic industry for export purposes.

Cacic said that there was no time to wait with the construction of power plants because Croatia generates 12 terawatt hours of electricity annually and needs 18 terawatt hours, which makes it one of the largest energy importers in the world. He said that the security of supply was questionable and that the existing system was at breaking point because of the age of power facilities.

Speaking of the situation in the oil and natural gas sector, Cacic said that crude oil production in Croatia had declined by 25% from 2005 to 2010, while oil refining had fallen by 17%, adding that this was mainly due to the delayed modernisation of oil refineries.

Gas consumption is also on the decline, and in order to meet future needs a connection to the South Stream and construction of an LNG terminal, which is planned by 2016, are also necessary, Cacic said.

Cacic said that one of the main prerequisites for investment in energy projects was a stimulating tariff system and the possibility of selling energy at market rates. He said that possibilities of investment in energy conservation and energy efficiency were also great.

The power company HEP, the oil pipeline operator Janaf, the gas distributor Plinacro, and the underground gas storage operator PSP presented their investment plans. HEP plans to invest 3.5 billion kuna this year, Janaf 750 million kuna over the next two years, PSP 250 million kuna over the next four years, while Plinacro is preparing to participate in international projects the South Stream, the LNG terminal and the Ionian-Adriatic gas pipeline.