INA-Industrija nafte, d.d. is a
Croatia
, image_flag = Flag of Croatia.svg
, image_coat = Coat of arms of Croatia.svg
, anthem = "Lijepa naša domovino"("Our Beautiful Homeland")
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, capit ...
n multinational oil company. INA Group has leading role in
Croatia
, image_flag = Flag of Croatia.svg
, image_coat = Coat of arms of Croatia.svg
, anthem = "Lijepa naša domovino"("Our Beautiful Homeland")
, image_map =
, map_caption =
, capit ...
's oil business, a strong regional position in the
oil
An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...
and
gas
Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma).
A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...
exploration and production, oil processing, and oil product distribution activities. INA, d.d. is a stock company with the
Hungarian MOL Group
MOL Plc. ( hu, Magyar OLaj- és Gázipari Részvénytársaság, lit=Hungarian Oil and Gas Public Limited Company), also commonly known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary. Members of M ...
and the
Croatian Government
The Government of Croatia ( hr, Vlada Hrvatske), formally the Government of the Republic of Croatia ( hr, Vlada Republike Hrvatske), commonly abbreviated to Croatian Government ( hr, hrvatska Vlada), is the main executive branch of government ...
as its biggest shareholders, while a minority of shares is owned by private and institutional investors. INA shares have been listed at the London and Zagreb stock exchanges since December 1, 2006. INA Group is composed of several affiliated companies wholly or partially owned by INA, d.d.. The Group has its headquarters in
Zagreb
Zagreb ( , , , ) is the capital (political), capital and List of cities and towns in Croatia#List of cities and towns, largest city of Croatia. It is in the Northern Croatia, northwest of the country, along the Sava river, at the southern slop ...
.
History
![Zgrada INA Zagreb](https://upload.wikimedia.org/wikipedia/commons/7/77/Zgrada_INA_Zagreb.jpg)
INA headquarters in Zagreb
INA was established on January 1, 1964 through the merger of Naftaplin (company for oil and gas exploration and production) with the refineries in Rijeka and Sisak. Initially, the company was called “Oil and Gas Conglomerate” but on 26 November its name was changed to the one it has today. In 1990, INA became a state-owned company and in 1993 a joint stock company. The first stage of privatization, when MOL Company became INA’s strategic partner by purchasing 25% plus one share, was completed in 2003. Seven percent of shares were transferred to the Croatian Defenders’ Fund in 2005. After selling 7% shares to former and current INA employees, ownership structure of the company has changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement. In October 2008, MOL‘s voluntary public takeover offer to INA – INDUSTRIJA NAFTE d.d. shareholders was finalized. MOL has increased its ownership to 47, 16% by transferring shares stored during voluntary public offer and by paying off funds to shareholders. Subsequent doubts over legality of the acquisition in light of the
Ivo Sanader
Ivo Sanader (born 8 June 1953) is a former Croatian politician who served as Prime Minister of Croatia from 2003 to 2009.
He is to date the second longest-serving prime minister since independence, holding the office for over five and a half yea ...
corruption case led to the
INA-MOL dispute, ultimately resolved in favor of MOL before the
United Nations Commission on International Trade Law
The United Nations Commission on International Trade Law (UNCITRAL) ( French: ''Commission des Nations Unies pour le droit commercial international (CNUDCI)'') is a subsidiary body of the U.N. General Assembly (UNGA) responsible for helping to fa ...
.
Upstream
Until now, INA has been involved in exploration and production operations in
Croatia
, image_flag = Flag of Croatia.svg
, image_coat = Coat of arms of Croatia.svg
, anthem = "Lijepa naša domovino"("Our Beautiful Homeland")
, image_map =
, map_caption =
, capit ...
(Pannonian basin, Adriatic offshore) and 20 foreign countries. Today INA operates its exploration and production activities in Croatia,
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...
and
Angola
, national_anthem = " Angola Avante"()
, image_map =
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, capital = Luanda
, religion =
, religion_year = 2020
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, coordina ...
. In exploration and production, as the primary initiator of company’s development, in the future INA plans to follow development strategy based on research, development of existing projects and the potential action of non-organic steps. The Company is focused on 100% reserves replacement and maintenance of production level of approximately 70,000 boe per day.
Downstream
INA has two fuel refineries, located in
Rijeka
Rijeka ( , , ; also known as Fiume hu, Fiume, it, Fiume ; local Chakavian: ''Reka''; german: Sankt Veit am Flaum; sl, Reka) is the principal seaport and the third-largest city in Croatia (after Zagreb and Split). It is located in Primor ...
(Urinj) and
Sisak
Sisak (; hu, Sziszek ; also known by other alternative names) is a city in central Croatia, spanning the confluence of the Kupa, Sava and Odra rivers, southeast of the Croatian capital Zagreb, and is usually considered to be where the Posavin ...
. The refinery in Rijeka is located on shore, allowing access to the port for deep-drawing ships and the pipeline system of JANAF. More than HRK 54 billion is invested in the refinery system development in the last few years. In Rijeka refinery three facilities within Hydrocracking complex were built – Mild hydrocracking, Hydrogen unit and Desulphurization plant (Claus) as well as numerous supporting facilities and installations. The facilities are in commercial work from May 2011. In February 2014 a contract on basic design for the Delayed Coking Unit for Rijeka Refinery was signed with the company Bechtel Hydrocarbon Technical Solutions (BHTS). In Sisak refinery three plants have been completed: desulphurization plant, the so-called Claus the hydrodesulphurization of FCC gasoline plant and Isomerization plant. Furthermore, from mid-2013 Sisak Refinery has the possibility of production of diesel fuels with bio component and in the same year in September a system of additional wastewater treatment KROFTA was put into operation, while in April 2014 the installation of new coke chambers was carried out at the Coking plant.
Retail
INA manages a regional network of 445 petrol stations in Croatia and neighboring countries.
Rijeka refinery
![Kraljevica 2010 0728 02](https://upload.wikimedia.org/wikipedia/commons/4/4a/Kraljevica_2010_0728_02.JPG)
INA is the operator of
Rijeka
Rijeka ( , , ; also known as Fiume hu, Fiume, it, Fiume ; local Chakavian: ''Reka''; german: Sankt Veit am Flaum; sl, Reka) is the principal seaport and the third-largest city in Croatia (after Zagreb and Split). It is located in Primor ...
oil refinery which is located in the region
Bakar
Bakar ( it, Buccari; hu, Szádrév) is a town in the Primorje-Gorski Kotar County in western Croatia. The population of the town was 8,279 according to the 2011 Croatian census, including 1,473 in the titular settlement. Ninety percent of the ...
at the entrance to
Bay of Bakar The Bay of Bakar is located on the Croatian Adriatic coast, within the Gulf of Kvarner. There are two towns centered on bay of Bakar: Bakar and Kraljevica. While Bakar and Kraljevica are port towns, in outback of bay of Bakar there are the industry ...
.
Rijeka's oil refinery was founded 1883 in the district Mlaka. It began its production with 300 staff members was and with its capacity of 60,000 tons per annum the biggest refinery on the European continent. After
World War I
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
Rijeka became part of the
Kingdom of Italy
The Kingdom of Italy ( it, Regno d'Italia) was a state that existed from 1861, when Victor Emmanuel II of Kingdom of Sardinia, Sardinia was proclamation of the Kingdom of Italy, proclaimed King of Italy, until 1946, when civil discontent led to ...
and the refinery became an important part of the Italian oil program. 1922 its name was changed to Raffineria di Oli Minerali S.A. From 1926 onwards the refinery was the first industrial enterprise of the Italian
Agip
Agip (''Azienda Generale Italiana Petroli'', en, General Italian Oil Company) is an Italian automotive gasoline, diesel, LPG, lubricants, fuel oil, and bitumen retailer established in 1926. It has been a subsidiary of the multinational petroleu ...
. When
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
started the refinery had a capacity of 120000 tons. When the war ended Rijeka belonged to Yugoslavia. The destroyed refinery was rebuilt and was enlarged by another factory in Urinj.
Lubricant
A lubricant (sometimes shortened to lube) is a substance that helps to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move. It may also have the function of transmitting forces, t ...
s were produced in Urinj and
fuels
A fuel is any material that can be made to react with other substances so that it releases energy as thermal energy or to be used for work. The concept was originally applied solely to those materials capable of releasing chemical energy but ...
were produced in Mlaka. By 1965 the refinery had a capacity of 8 million tons per annum.
In the 1960s, as part of Rijeka's harbor extension the mineral-oil-port was moved to the bay of
Omišalj
Omišalj ( it, Castel Muschio; german: Moschau) is a coastal municipality in the north-west of the island of Krk in Croatia. The population of Omišalj itself is 1,868 (2011), while the municipality also includes the nearby village of Njivice, brin ...
on the island
Krk
Krk (; it, Veglia; ruo, Krk; dlm, label= Vegliot Dalmatian, Vikla; la, Curicta; grc-gre, Κύρικον, Kyrikon) is a Croatian island in the northern Adriatic Sea, located near Rijeka in the Bay of Kvarner and part of Primorje-Gorski Kota ...
(JANAF). A 7,2 km long and 20 inches thick pipeline led from there to Rijeka's refinery. The refinery is located 12 km south of the city and comprises an area of 3,5 square km in the districts Kostrena and Bakar. It is reachable via ship, street and railway.
In the 1980s the refinery produced 250 different oil products including the countries first unleaded fuel in 1984.
The refinery has its own port, wharfs and offshore establishments to provide transport of goods, raw oil, petroleum products and petrolium-derivatives. The following products are being produced at the INA-refinery:
liquefied petroleum gas
Liquefied petroleum gas (LPG or LP gas) is a fuel gas which contains a flammable mixture of hydrocarbon gases, specifically propane, propylene, butylene, isobutane and n-butane.
LPG is used as a fuel gas in heating appliances, cooking e ...
,
naphtha
Naphtha ( or ) is a flammable liquid hydrocarbon mixture.
Mixtures labelled ''naphtha'' have been produced from natural gas condensates, petroleum distillates, and the distillation of coal tar and peat. In different industries and regions ''n ...
,
Motor fuel
An engine or motor is a machine designed to convert one or more forms of energy into mechanical energy.
Available energy sources include potential energy (e.g. energy of the Earth's gravitational field as exploited in hydroelectric power gen ...
,
jet fuel
Jet fuel or aviation turbine fuel (ATF, also abbreviated avtur) is a type of aviation fuel designed for use in aircraft powered by gas-turbine engines. It is colorless to straw-colored in appearance. The most commonly used fuels for commercial a ...
,
diesel fuel
Diesel fuel , also called diesel oil, is any liquid fuel specifically designed for use in a diesel engine, a type of internal combustion engine in which fuel ignition takes place without a spark as a result of compression of the inlet air and t ...
,
heating oil
Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for furnaces or boilers use for home heating and in other buildings. Home heating oil is often a ...
,
asphalt
Asphalt, also known as bitumen (, ), is a sticky, black, highly viscous liquid or semi-solid form of petroleum. It may be found in natural deposits or may be a refined product, and is classed as a pitch. Before the 20th century, the term a ...
,
coke,
sulfur
Sulfur (or sulphur in British English) is a chemical element with the symbol S and atomic number 16. It is abundant, multivalent and nonmetallic. Under normal conditions, sulfur atoms form cyclic octatomic molecules with a chemical formula ...
,
lubricant
A lubricant (sometimes shortened to lube) is a substance that helps to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move. It may also have the function of transmitting forces, t ...
,
grease and
paraffin wax
Paraffin wax (or petroleum wax) is a soft colorless solid derived from petroleum, coal, or oil shale that consists of a mixture of hydrocarbon molecules containing between 20 and 40 carbon atoms. It is solid at room temperature and begins to m ...
.
Sisak refinery
![Sisak oil refinery2](https://upload.wikimedia.org/wikipedia/commons/4/4c/Sisak_oil_refinery2.JPG)
INA runs a second refinery in
Sisak
Sisak (; hu, Sziszek ; also known by other alternative names) is a city in central Croatia, spanning the confluence of the Kupa, Sava and Odra rivers, southeast of the Croatian capital Zagreb, and is usually considered to be where the Posavin ...
directly where the river
Kupa
The Kupa () or Kolpa ( or ; from la, Colapis in Roman times; hu, Kulpa) river, a right tributary of the Sava, forms a natural border between north-west Croatia and southeast Slovenia. It is long, with its border part having a length of and th ...
joins the river
Sava
The Sava (; , ; sr-cyr, Сава, hu, Száva) is a river in Central and Southeast Europe, a right-bank and the longest tributary of the Danube. It flows through Slovenia, Croatia and along its border with Bosnia and Herzegovina, and finally th ...
. The refinery's history began in 1923 when
Royal Dutch Shell
Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New Yo ...
established an oil storage. In 1928 Shell extended the storage by building the first refinery system. The refinery had a capacity of 170 tons per day. In 1940 the processing of local raw oil began. The refinery was majorly damaged in World War II. The production continued in September 1945 after the war had ended and reached its prewar production level in 1949. From 1956 to 1964 the production facilities were extended and the refinery's capacity rose to 1 million tons per year. Until the mid-1980s the refinery's capacity continued to grow up to 6.5 million tons per year.
During the
Croatian War of Independence
The Croatian War of Independence was fought from 1991 to 1995 between Croat forces loyal to the Government of Croatia—which had declared independence from the Socialist Federal Republic of Yugoslavia (SFRY)—and the Serb-controlled Yugosl ...
from 1991 to 1995 the
battlefront was only a few kilometers away from the refinery. Due to this circumstance the production facilities were destroyed. When the refinery was reconstructed at the end of the war it was modernized.
In September 2014 plans were announced that INA wanted to close the refinery in Sisak. However, in October 2014 the INA supervisory board decided to postpone the closure.
Finances
The following table shows the main financial indicators of the INA Group for the period from 2005-2021, based on the yearly financial reports.
The exchange rate from
Croatian kuna
The kuna is the currency of Croatia, in use since 1994 (sign: kn; code: HRK). It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Mint. The plural form of the word kuna in Cro ...
to
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
was taken from the official site of the
Croatian National Bank
The Croatian National Bank ( hr, Hrvatska narodna banka or HNB; ) is the central bank of the Republic of Croatia.
HNB was established by the Constitution of Croatia which was passed by the Parliament of Croatia on 21 December 1990. Its main res ...
.
Since the takeover by MOL Group in late 2008, the revenue of the INA Group has been gradually decreasing from a record 5.767 billion USD in 2008 to 3.672 billion in 2021 (36.34% decrease). Two contributing factors were the effects of the
Financial crisis of 2007–2008
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...
and the loss of a total of six oil and gas fields in Syria due the
Sanctions against Syria
Sanctions against Syria are a series of economic sanctions and restrictions imposed by the European Union, the United States, Canada, Australia, Switzerland, the Arab League, as well as other countries, mainly as a result of the repression of c ...
imposed by the EU as a response to the
Syrian civil war.
Close to one billion USD was invested by INA in the Syrian project, which was contributing 780 million USD a year in revenue. In October 2014, fighters of the
Islamic State
An Islamic state is a State (polity), state that has a form of government based on sharia, Islamic law (sharia). As a term, it has been used to describe various historical Polity, polities and theories of governance in the Islamic world. As a t ...
seized two of the six oil and gas fields.
According to an interview with
Davor Štern
Davor Štern (born 18 June 1947 in Zagreb, Croatia) is a former Minister of Economy, Labour and Entrepreneurship in the Croatian Government, businessman and entrepreneur.
Background and education
Štern was born in Zagreb on 18 June 1947. His f ...
in 2021,
who was the
Minister of Economy, Labour and Entrepreneurship in the
Croatian Government
The Government of Croatia ( hr, Vlada Hrvatske), formally the Government of the Republic of Croatia ( hr, Vlada Republike Hrvatske), commonly abbreviated to Croatian Government ( hr, hrvatska Vlada), is the main executive branch of government ...
and head of the supervisory board of INA at the time, there is currently no interest by the MOL Group to initialize a return of INA to its Syrian oil and gas fields.
The following table shows the main financial indicators of only INA d.d. for the period from 2005-2021, based on the yearly financial reports.
See also
*
Hetem Ramadani
References
External links
*
{{authority control
Companies listed on the Zagreb Stock Exchange
Non-renewable resource companies established in 1964
Oil and gas companies of Croatia
1964 establishments in Croatia
Companies based in Zagreb
Government-owned companies of Croatia