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Explosions hit INA plant

Two blasts hit the oil refinery of the Croatian oil group INA in central Croatia late on Saturday and according to first reports there were no casualties, state television said.

INA's biggest shareholder is Hungary's MOL which owns some 47%. Some 44% are owned by the Croatian government and the rest is mostly in hands of small shareholders.

INA, which has upstream and downstream segments, is active in gas and oil exploration in Africa and the Middle East. It has two refineries, one in the central town of Sisak where the firefighters are working on extinguishing the fire, and another in the northern Adriatic city of Rijeka. Both refineries are under modernization to be able to produce the products for European Union markets.

The modernization process is due to be completed in 2012, the year when Croatia hopes to join the EU. It is not immediately clear whether these blasts could cause a delay in the modernization process. (Reuters)