Croatian oil and gas company INA, a subsidiary of Hungary’s MOL Group, has approved the 540 million-euro upgrade of its refinery in Rijeka.
The upgrade will boost the refinery’s output of white products, such as vehicle fuel, from 2023. The project also includes the reconstruction of existing refinery units at the base and the addition of a new port with closed petroleum coke storage.
“This decision marks an important milestone in the implementation of the 2023 New Course programme, as well as in the company’s history,” said Sándor Fasimon, president of INA’s Management Board. “It will transform Rijeka’s refinery into a modern European refinery and it will ensure that INA keeps a strong position on the market. It’s a major investment that will significantly affect the company’s business in the future.”
INA revealed its 2023 New Course programme earlier in 2019, which targets transforming its Sisak refinery into an industrial site as well as the Rijeka investment.
“With today’s decision to launch the Rijeka’s refinery’s modernisation, INA is making a major step forward,” added Tomislav Ćorić, Croatia’s minister of environment and energy. “This is one of the biggest investments in our energy sector and I am pleased that it was realised during the term of this government. This investment will improve Rijeka’s product structure, increase profitability and improve INA’s environmental competitiveness by significantly reducing CO2 and other harmful gases.”