INA to invest HRK 200 mln at Rijeka refinery

Recycling

Croatian oil and gas company INA, a subsidiary of Hungaryʼs MOL, said yesterday that it had signed a contract with Spanish company Tecnicas Reunidas concerning the first phase of the upgrade of INAʼs Rijeka refinery, according to Hungarian news agency MTI.

Technicas Reunidas will put together a study for the construction of a residue upgrade plant at Rijeka. The study will put forward how the plant and accompanying facilities will be integrated into the existing refining systems. 

INA will invest more than HRK 200 mln in this phase of the project across this year and next.

INA chairman Zoltán Áldott said the whole upgrade project, involving the construction of a heavy metal processing plant, will cost around HRK 3 bln and will be the biggest investment yet made in Croatia.

INA has already spent HRK 40 mln on the project and has acquired a construction permit for the plant, according to the companyʼs statement.

MOL holds 49.1% of INAʼs shares and exercises management rights in the company. The other major stakeholder in the company is the state of Croatia, with a small amount held by private and institutional investors.

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