June 20, 2018 / 9:28 AM / in 9 months

CORRECTED-Croatia'a INA buys back 50 pct JV stake from Italy's ENI

(Corrects Reuters instrument code to read, paragraph 1)

ZAGREB, June 20 (Reuters) - Croatian oil group INA said on Wednesday it has decided to buy back a 50 percent stake held by Italy’s ENI in a joint venture exploiting 10 gas wells in the northern Adriatic.

“The deal confirms Croatia’s ambitions to increase domestic gas production,” INA senior official Tvrtko Perkovic said.

The wells produce 1.5 million cubic metres of gas a day and INA aims to increase output by 400,000 cubic metres per day, Perkovic said.

The two companies signed a deal in 1996 to set up the INAgip joint venture. (Reporting by Igor Ilic; writing by Maja Zuvela; editing by Jason Neely)

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