Croatian oil company INA and Italian company Kinetics Technologies (KT) has signed an annex to the agreement on the project for the installation of residue upgrade unit at Rijeka oil refinery, which would increase the cost of the initial contract by some 9 %.
In late January, INA announced that the completion of the modernization of its Rijeka refinery has been postponed until the end of next year.
By then, 70 % of the work and procurement had been completed as part of the project initially worth around half of billion euros. It was previously stated that the refinery, which has been shut down since November due to the modernization work, would resume operations in April this year.
Thus, the completion of the Rijeka refinery modernization has been delayed by at least a decade compared to the initially planned timetable.
Namely, the construction of the coking plant at Rijeka refinery was conditioned by the Hungarian side in INA on the shutdown of production at Sisak refinery, and with the export of oil from Croatian fields to MOL’s refineries, as well as many other requirements, which made the project that was supposed to be started immediately after the construction of the hydrocracking plant in Rijeka, stretch for a whole decade.