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INA boards clear USD 600 mln refinery upgrade

Hungarian oil and gas company MOL on Thursday said the boards of its Croatian unit INA approved a HRK 4 billion refinery upgrade, state news wire MTI reports.

The upgrade, worth some USD 600 million, will boost the share of "white products", such as vehicle fuel, at INAʼs refinery in Rijeka from 2023. The project also includes the reconstruction of existing refinery units at the base and the addition of a new port with closed petroleum coke storage.

INAʼs biggest shareholders, MOL and the government of Croatia, who have long been at odds over investments at INA, both supported the upgrade.

MOL Group CEO and VP of INAʼs supervisory board József Molnár said the upgrade would "substantially increase the complexity and the efficiency of the Rijeka refinery" and "have a significant positive impact on the companyʼs profitability in the future".

A project to convert INAʼs other refinery, in Sisak, into a base for bitumen production was approved in the spring.