Inspectioneering
News

Rijeka Refinery Upgrade Project Receives Green Light

MOL Group, December 13, 2019

INA Supervisory Board has granted its prior agreement for the Rijeka Refinery Residue Upgrade project and the INA Management Board unanimously approved the investment. The decision was supported both by the Croatian Government and by MOL, the two major shareholders of INA. 

This investment is increasing the overall efficiency and complexity of the Rijeka Refinery and a significant part of the INA Downstream 2023 New Course transformation program, which is aimed at turning INA’s Refining and Marketing segment into a sustainable and profitable business. The total investment budget amounts to around HRK 4bn (around USD 600mn) 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. 

INA’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.

Mr. József Molnár, MOL Group CEO and the Vice President of INA Supervisory Board, commented: "This decision proves MOL Group’s commitment to INA. By completing the Residue Upgrade project, we will substantially increase the complexity and the efficiency of the Rijeka Refinery. I firmly believe that the competitiveness of INA’s Refining&Marketing business will further improve once the unit is commissioned and the investment will have a significant positive impact on the company's profitability in the future.


Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Talent Solutions

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Acronyms

Commonly used asset integrity management and inspection acronyms.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos

Watch educational and informative videos directly related to your profession.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.