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Final investment decision on Croatian refinery upgrade

Dec 15, 2019
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The INA Supervisory Board announced its agreement for the Rijeka refinery residue upgrade project and approved the investment of US$600 million. The decision was supported both by the Croatian Government and by MOL, the two major shareholders of INA.

This investment is increasing the overall efficiency and complexity of the Rijeka refinery and a significant part of the INA Downstream 2023 New Course transformation program, which is aimed at turning INA’s Refining and Marketing segment into a sustainable and profitable business.

The total investment budget amounts to around HRK 4bn (around US$600 million) and includes the Residue Upgrade unit, the reconstruction of existing refinery units as well as a new port with closed petroleum coke storage. The residue upgrade unit, using delayed coker technology, will improve the product structure of Rijeka refinery by increasing the share of profitable white products, i.e. motor fuels and its commissioning is expected in 2023.

INA’s Downstream 2023 New Course transformation program also includes the concentration of crude refining activity in the Rijeka refinery and the conversion of the Sisak refinery to an industrial site, which will serve as a base for bitumen production (a project approved in March 2019), a logistic hub and potentially for lubricant production and a bio-component refinery, subject to further investment decisions.

József Molnár, MOL Group CEO and the Vice President of INA Supervisory Board, commented: „This decision proves MOL Group’s commitment to INA. By completing the residue upgrade project, we will substantially increase the complexity and the efficiency of the Rijeka refinery."

Sándor Fasimon, president of INA Management Board, added: “The decision on the residue upgrade project marks an important milestone in the implementation of the INA Downstream 2023 New Course program, as well as in the company’s history. It will transform the Rijeka refinery into a modern refinery in Europe and will ensure INA keeps a strong position on the market. It’s a major investment that will significantly affect the company's business in the future.”

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