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MOL urges consolidation of INA refinery capacity

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Ferenc Horváth, head of the downstream business at Hungarian oil and gas company MOL, urged the consolidation of refinery capacity at Croatian unit INA at a Reuters-organized summit today.

Horváth told the Reuters Eastern Europe Investment Summit that of INA’s two refineries, Rijeka has a much better competitive edge than the refinery in Sisak. 

"As I could see from the earlier calculations and materials and discussions with colleagues from INA, there is no economic rationale and no economic environment where Sisak can competitively continue its refining operation," Reuters quoted Horváth as saying.

MOL noted that INA's refinery capacities exceed Croatian market demand and face competitive challenges. Speculation that the refineries will be shut down is a cause for concern in Croatia.

According to Horváth, MOL was reasonably confident that its crude supplies from Russia would not be disrupted by the Ukraine conflict, Reuters reported. "From a Russian point of view I don't see an execution risk. Of course, there is always a risk due to [the] Russia-Ukraine political situation for some disruption of crude deliveries," Horváth explained.

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