The completion of a significant modernization project at Croatia’s Rijeka oil refinery marks a pivotal moment in the country’s energy landscape. This €700 million investment represents the largest single financial commitment in the history of the national oil company INA, and it is among the most substantial industrial investments in Croatia’s energy sector in recent years.
Initiated in 2020, this upgrade is not only crucial for INA but also for its majority stakeholder, MOL Group. Jozsef Molnar, CEO of MOL Group, characterized this modernization as the largest industrial endeavor undertaken by the company since it acquired its stake in INA. Over the years, MOL Group has invested approximately €3.5 billion across various segments of INA’s operations, underscoring its commitment to enhancing operational capabilities.
Croatia’s Minister of Economy, Ante Susnjar, emphasized the strategic importance of this project, labeling it one of the most significant energy investments in the past decade. The Rijeka refinery plays a critical role in ensuring stability in Croatia’s fuel market and bolstering long-term energy security for the nation.
INA’s management has pointed out several operational enhancements resulting from this modernization. According to CEO Zsuzsanna Ortutay, the upgrade will elevate the refinery’s crude processing capacity to approximately 4 million tons per year and increase diesel production by around 30%. This improvement aims to enhance the efficiency of crude oil processing, enabling the facility to derive greater value from each barrel processed.
A key element of this modernization is the installation of a delayed coking unit (DCU), which allows for the processing of heavier crude oil grades and the production of higher-value petroleum products, particularly diesel fuel. This technological advancement is expected to bolster profitability and contribute to more stable operations at the refinery.
In addition to upgrading refinery operations, INA has collaborated with the Croatian Government to secure €15 million in financial support for a green hydrogen production initiative within the refinery complex. The total investment for this hydrogen project is estimated at €61 million, reflecting ongoing efforts to incorporate cleaner energy technologies into traditional refinery operations.
