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INA dismisses speculation on closing refinery

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INA, the Croatian unit of Hungarian oil and gas company MOL, has dismissed speculation about shutting down its refinery in Rijeka indefinitely, local papers said on Saturday.

A decision on the second phase of modernization of the refinery could be taken in September, said one of the top INA managers. It could become clear then whether the refinery will be shut down temporarily or for good, he added. Responding to the report, INA denied any decision on a stoppage at the refinery had been taken.

MOL holds a little less than 50% of INA's shares. The Croatian government owns approximately 45%. Tensions have risen between the two parties as a result of a perceived lack of investment in the company by MOL and the state's failure to take over INA's loss-making gas business, as stated in a shareholders agreement.

-- Christian Keszthelyi contributed to this article

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