INA has completed a nearly €700 million upgrade at its refinery in Rijeka, Croatia, increasing diesel yield and the plant’s ability to process different crude oils. The new configuration could support fuel supply and refinery earnings across Adriatic markets beyond Croatia.
Europe’s shortage of middle distillates gives the additional diesel output commercial value. Processing a wider range of crude oils also reduces reliance on a narrower pool of feedstocks and can improve resilience when geopolitical events disrupt supplies of specific grades.
The project includes a delayed coker, which converts low-value residue into higher-value transport fuels. During periods of strong diesel cracks, the unit can increase the refinery site’s margin capture and make it more strategically relevant than simpler refineries that must sell more residual fuel.
Rijeka’s output could affect Slovenia, Bosnia and Herzegovina and other nearby markets exposed to Adriatic product logistics. The broader MOL/INA system can optimise crude and product flows across Central and Southeast Europe.
The upgrade’s value depends on execution, utilisation, operational reliability and access to competitive crude supply. Reliable throughput and competitive feedstocks are essential for the investment to improve regional fuel availability and refinery earnings.
The first months of operation will be important in establishing whether the project is commercially integrated, while the refinery’s first winter after start-up will test how consistently the new configuration delivers higher yields. Operational reliability through that period is 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.
