A major modernization project at Croatia’s Rijeka oil refinery has been officially completed, marking the largest single investment in the history of the national oil company INA. Valued at nearly 700 million euros, the project also ranks among the most significant industrial investments in Croatia’s energy sector in recent years.
The refinery upgrade, launched in 2020, represents an important milestone for both INA and its majority shareholder MOL Group. According to MOL’s chief executive Jozsef Molnar, the modernization stands as the largest industrial project undertaken by MOL since acquiring its stake in INA. He also noted that MOL Group has invested around 3.5 billion euros in various segments of INA’s operations over the years.
Croatia’s Minister of Economy Ante Susnjar described the project as one of the most important energy investments in the country during the past decade. He emphasized that the Rijeka refinery plays a strategic role in maintaining stability in Croatia’s fuel market and supporting long-term energy security.
INA’s management highlighted several operational improvements resulting from the modernization. According to CEO Zsuzsanna Ortutay, the investment increases the refinery’s crude processing capacity to around 4 million tons per year, while also boosting diesel production by approximately 30 %. The upgrade is expected to improve the efficiency of crude oil processing, allowing the facility to extract greater value from each barrel.
A central component of the project is the installation of a delayed coking unit (DCU). This technology enables the refinery to process heavier crude oil grades and produce higher-value petroleum products, particularly diesel fuel. The addition is expected to improve profitability and ensure more stable refinery operations.
Alongside the refinery modernization, INA and the Croatian Government signed an agreement granting 15 million euros in financial support for a green hydrogen production project within the refinery complex. The total investment in the hydrogen initiative is estimated at 61 million euros, reflecting broader efforts to integrate cleaner energy technologies into refinery operations.
