Optima Grupa first deputy director Slavko Scepanovic said talks are in progress for the acquisition of Kepol, which operates a combined 15,650 cubic metres of oil storage capacity in the Adriatic town of Zadar, daily Nezavisne Novine (www.nezavisne.com) reported on Wednesday.

Optima Grupa is in charge of Russian Zarubezhneft’s commercial and development operations in Bosnia.

The Bosnian assets of the Russian giant comprise oil refinery Brod, lubricants producer Modrica and fuel retailer Petrol.

A deal would facilitate overseas shipments of petroleum products from the Brod refinery but it is not wrapped up yet, Scepanovic said. He added the refinery is going to raise output every year therefore it is essential to expand its markets.

“We plan to export half of our products in the future,” Scepanovic was further quoted as saying. He added the Zadar-based terminal would be mainly used for exports that will initially target Mediterranean markets from Italy to Northern Africa.

Last year, Zarubezhneft unveiled a five-year investment plan to pump around 1.0 billion euro ($1.3 billion) in its Bosnian units.

Scepanovic told SeeNews in April that out of the total investment budget, 660-670 million euro will be spent on restructuring the existing facilities and modernisation of the Brod oil refinery. The refinery is expected to start processing 3.0 million tonnes of crude oil a year following the upgrade that could be completed in 2013, he said at the time.

Brod’s output is seen at 1.3 million tonnes in 2011. The refinery, since its relaunch in November 2008 until the end of 2010, had processed 2.1 million tonnes of crude oil. It employs 1,658 workers, local media reported last month, quoting the head of the refinery, Sergej Kraschuk, as saying.

Zarubezhneft controls its Bosnian firms through its subsidiary NeftegasInCor.