The Croatian oil company INA has reported that its Syrian partner has not yet paid a monthly installment for September, which was due until the end of October, and that there are still no indications of the extent of possible non-payment in the future.
"International news agencies and news editions have made certain announcements indicating payment issues with other international oil companies present in Syria, i.e. not receiving payments from the Syrian party," reads a notification the company released through the Zagreb Stock Exchange (ZSE) on Monday.
"In light of these data and current developments in Syria, INA is providing update in line with the previously made announcements relating to Syria and information provided in the quarterly reports. Currently the company has not received one monthly payment for September 2011, which was due by the end of October. At this point, the company does not have an appropriate basis which would indicate the extent of non-payment of future receivables, as well."
"Current developments in Syria in the respect of the restrictive measures which have been imposed against Syria by the EU could have an adverse effect on the company's business and operations in Syria. INA will continue to closely monitor the developments relating to Syria and will provide the public with information on these developments," INA said.
