On Thursday, Croatian oil company INA said that it had decided to invest HRK4 billion (USD593.74 million) to modernize its Rijeka refinery in the northern Adriatic port as part of making a profitable refining business.
The project on the Rijeka refinery aims to increase the output of profitable motor fuels and eliminate any needs for imports. The work on the modernized facility will start in the near future and it is set to become operational in 2023.
In the January-September period of 2019, INA reported a 2% year-on-year increase in revenues to HRK16.55 billion (USD2.48 billion). The net profit in the period dropped by 36% year-on-year to HRK681 million (USD102 million).
The company said, “After 2023, INA expects an average annual increase in Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of more than HRK1 billion (USD150 million).
