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Released December 23, 2019 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Croatia's largest refinery is to get a 537 million-euro ($600 million) makeover following a positive final investment decision by plant owner and operator INA (Zagreb, Croatia).
The money is being spread across a number of projects that will modernize the 90,000-barrel-per-day (BBL/d) Rijeka refinery, which is located on the northern part of the Adriatic Sea. This investment will increase the efficiency and complexity of the refinery and is part of the company's Downstream 2023 New Course program to transform its refining and marketing segment into a "sustainable and profitable business." Rijeka began operations in 1965 and employs about 560 people. In recent years, it has operated with a capacity of 62,000 BBL/d of crude oil and 12,000 BBL/d of vacuum gas oil (of which 5,000 BBL/d is imported).
The projects include the residue upgrade unit, delayed coker unit addition, propane-propylene fraction splitter unit, reconstruction of existing refinery units as well as a new port with closed petroleum coke storage. Industrial Info is tracking all of the ongoing and proposed projects. The residue upgrade unit and delayed coker technology will boost the products produced at Rijeka by increasing the share of profitable white products like motor fuels. The company said that the new products will cover all market demand and eliminate imports. Work on the new unit is expected to start soon, and commissioning is planned for 2023. The total investment is the single-largest investment project in the history of INA in Croatia. INA is jointly owned by Hungary's MOL Group (Budapest, Hungary) subsidiary MOL PLC (49.1%), the Republic of Croatia (44.8%), and private and institutional investors (6.1%).
"The decision on the residue upgrade project marks an important milestone in the implementation of the INA Downstream 2023 New Course program, as well as in the company's history," said Sándor Fasimon, president of INA's management board. "It will transform the Rijeka Refinery into a modern refinery in Europe and will ensure INA keeps a strong position on the market. It's a major investment that will significantly affect the company's business in the future."
Tomislav Coric, Croatia's minister of environment and energy, welcomed the positive investment decision: "With today's decision to launch the Rijeka Refinery modernization project, INA is making a major step forward. This is one of the biggest investments in our energy sector and I am pleased that it was realized during the term of this government. This investment will improve Rijeka's product structure, increase profitability and improve INA's environmental competitiveness by significantly reducing CO2 and other harmful gases." INA also is investing in the conversion of its other Croatian refinery at Sisak into an industrial site that will include bitumen production (with commissioning planned for 2021), the creation of a logistics hub and, potentially, a lubricant production and bio-component refinery.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The money is being spread across a number of projects that will modernize the 90,000-barrel-per-day (BBL/d) Rijeka refinery, which is located on the northern part of the Adriatic Sea. This investment will increase the efficiency and complexity of the refinery and is part of the company's Downstream 2023 New Course program to transform its refining and marketing segment into a "sustainable and profitable business." Rijeka began operations in 1965 and employs about 560 people. In recent years, it has operated with a capacity of 62,000 BBL/d of crude oil and 12,000 BBL/d of vacuum gas oil (of which 5,000 BBL/d is imported).
The projects include the residue upgrade unit, delayed coker unit addition, propane-propylene fraction splitter unit, reconstruction of existing refinery units as well as a new port with closed petroleum coke storage. Industrial Info is tracking all of the ongoing and proposed projects. The residue upgrade unit and delayed coker technology will boost the products produced at Rijeka by increasing the share of profitable white products like motor fuels. The company said that the new products will cover all market demand and eliminate imports. Work on the new unit is expected to start soon, and commissioning is planned for 2023. The total investment is the single-largest investment project in the history of INA in Croatia. INA is jointly owned by Hungary's MOL Group (Budapest, Hungary) subsidiary MOL PLC (49.1%), the Republic of Croatia (44.8%), and private and institutional investors (6.1%).
"The decision on the residue upgrade project marks an important milestone in the implementation of the INA Downstream 2023 New Course program, as well as in the company's history," said Sándor Fasimon, president of INA's management board. "It will transform the Rijeka Refinery into a modern refinery in Europe and will ensure INA keeps a strong position on the market. It's a major investment that will significantly affect the company's business in the future."
Tomislav Coric, Croatia's minister of environment and energy, welcomed the positive investment decision: "With today's decision to launch the Rijeka Refinery modernization project, INA is making a major step forward. This is one of the biggest investments in our energy sector and I am pleased that it was realized during the term of this government. This investment will improve Rijeka's product structure, increase profitability and improve INA's environmental competitiveness by significantly reducing CO2 and other harmful gases." INA also is investing in the conversion of its other Croatian refinery at Sisak into an industrial site that will include bitumen production (with commissioning planned for 2021), the creation of a logistics hub and, potentially, a lubricant production and bio-component refinery.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
