INA has completed a nearly €700 million upgrade at its Rijeka refinery in Croatia, increasing diesel yield and allowing it to process a wider range of crude oils. The investment could strengthen fuel availability and refinery economics across Adriatic markets.
Europe is short of middle distillates, making the additional diesel yield commercially valuable. Processing a broader crude slate also reduces reliance on a narrower pool of feedstocks and can improve resilience if geopolitical events disrupt supplies of particular crude grades.
The impact could extend beyond Croatia to Slovenia and Bosnia and Herzegovina, as well as other nearby markets exposed to Adriatic product logistics. The wider MOL/INA system can optimize crude and product flows across Central and Southeast Europe.
A delayed coker converts low-value residue into higher-value transport fuels. During periods of strong diesel cracks, the unit can increase margin capture across the refinery site and make Rijeka more strategically relevant than simpler refineries that must sell more residual fuel.
The upgrade’s value depends on execution, utilization, operational reliability and access to competitive crude supply. Reliable throughput and competitive feedstocks are essential if the investment is to improve regional fuel availability and refinery earnings.
The first months of operation will be important in establishing whether the new configuration is commercially integrated. Its first winter after start-up will test how consistently the refinery delivers higher yields, with operational reliability the key performance risk.
Q4 2026 is expected to benefit from high diesel values and the ramp-up of the new unit. Margins may moderate in Q1 2027 but are expected to remain supportive if product stocks stay low.
