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Croatian oil company Ina plans to invest $2.6 billion by 2011

Croatia's oil company, Ina Industrija Nafte d.d., will invest about $2.6 billion in upgrades and research in the next five years, CEO TomislavDragicevic said at a news conference.

Ina will invest $1.3 billion (€987.8 million) in research and oil production, $1.1 billion in modernizing its refineries and $200 million in retailing, he said today in Zagreb. Ina, which started trading on the Zagreb and London exchanges on December 1, is the leading oil company in the Balkan state. The government sold 17% of the company for $478.4 million, it said on December 6. The Zagreb-based company's shares soared 22% in the first day of trading, from its initial price of 1,690 kuna ($301.8). It traded 0.2% lower at 2,210 kuna at 2:16 p.m. today in Zagreb. Croatia started talks to join the European Union last year and was told by the Union and the International Monetary Fund to speed up selling state-controlled assets. It will sell 20% of telecommunications company Hrvatski Telekom d.d. through an initial public offering next year. It sold 25% of Ina to Hungary's Mol Nyrt for $505 million in 2003. (Bloomberg)