The Rijeka oil refinery in Croatia has undergone a significant modernization project, officially completed with an investment totaling approximately €700 million. This development marks the largest single investment in the history of the national oil company INA and stands out as one of the most substantial industrial investments in the Croatian energy sector in recent years.
Initiated in 2020, this upgrade reflects a critical advancement for both INA and its majority shareholder, MOL Group. Jozsef Molnar, CEO of MOL, emphasized that this modernization represents the largest industrial endeavor undertaken by MOL since it acquired its stake in INA. Over the years, MOL Group has invested about €3.5 billion across various aspects of INA’s operations.
Croatia’s Minister of Economy, Ante Susnjar, highlighted the project’s significance as one of the most important energy investments in the country over the past decade. He noted that the Rijeka refinery plays a crucial strategic role in ensuring stability within Croatia’s fuel market and bolstering long-term energy security.
INA’s management has reported various operational enhancements resulting from this modernization effort. According to CEO Zsuzsanna Ortutay, the refinery’s crude processing capacity has been elevated to approximately 4 million tons per year, alongside a 30% increase in diesel production. The upgrade is anticipated to enhance crude oil processing efficiency, enabling better value extraction from each barrel processed.
A key feature of this project is the installation of a delayed coking unit (DCU), which facilitates the processing of heavier crude oil grades and allows for the production of higher-value petroleum products, particularly diesel fuel. This addition is expected to enhance profitability while ensuring more stable operations at the refinery.
In conjunction with these upgrades, INA and the Croatian Government have entered into an agreement to provide €15 million in financial support for a green hydrogen production initiative within the refinery complex. The overall investment for this hydrogen project is estimated at €61 million, reflecting ongoing efforts to incorporate cleaner energy technologies into refining operations.
