Croatia: Refinery Project MOL Group Announces Go for Rijeka Refinery Residue Upgrade Project
INA Supervisory Board granted its prior agreement for the Rijeka Refinery Residue Upgrade project and the Management Board unanimously approved the investment. The decision was supported both by the Croatian Government and by MOL, the two major shareholders of INA.
Zagreb/Croatia — With the investment in the Rijeka Refinery, INA is increasing the overall efficiency and complexity of the refinery. The measures constitute a significant part of the INA Downstream 2023 New Course transformation program, which is aimed at turning the company's Refining and Marketing segment into a sustainable and profitable business. The total investment budget amounts to around $ 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.
The company'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.