Quest On Business: President Confirms Croatia Looking To Oil And Gas In Adriatic To Revive Economy

Croatia’s President Ivo Josipovic was a guest on CNN’s Quest on Business show last night where he spoke to host Richard Quest about Croatia’s position in the European Union, bringing its neighbours into the EU and how Croatia is searching for partners in the energy sector to help reveal oil and gas “green fields” in the Adriatic.

Josipovic says that finding oil and gas fields in the Adriatic is key to reviving Croatia’s ailing economy. Josipovic’s oil and gas exploration confirmation comes on the back of the news that Croatia was in talks with Exxon Mobile, ConocoPhillips and General Electric on investment in oil and gas exploration in the Adriatic Sea.

With Croatia reliant on its 6 billion euro a year tourism industry, potential damage to its picturesque and pristine coastline could work against Croatia as experts believe that the quantity of oil in the Adriatic would not amount to more than that.

Josipovic also told Quest that Croatia’s long-term plan was to bring in its neighbours with them to the European Union and said that Croatia will make the European Union richer culturally when it joins in July and mean less administration at home.