INA refinery closure still pending

Deals

The Supervisory Board of Croatian refiner INA did not reach a decision on the future of the company’s refineries, Croatian press said on Friday.

Before making a decision about the future of Sisak refinery, the company’s development strategy needs to be determined, INA’s Supervisory Board agreed at a meeting on Thursday.

The SB has no jurisdiction to make a decision to shut down refineries. Only INA’s Board of Directors has the right to rule on that.

Croatian papers note that the new development plans need to be conceived by the BoD and the managing directors, which would buy some time before a decision is reached on the Sisak refinery.

At the same time, local media believes that MOL would not give up its plan to shut the refinery down. Hungarian oil and gas company MOL holds about 49% stake in INA. 

The closure of the Sisak refinery is a strong point of contension between MOL and the 44% stakeholder Croatian government, which is concerned that INA wants to turn Sisak into a logistics and distribution centre, a change that would result in substantial loss of jobs. 

Croatian papers said the Sisak unit will be most likely closed, while Croatian Economy Minister Ivan Vrdoljak said the cabinet will do everything in its power to protect the jobs of INA employees.

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