MOL supports INA's efforts to ensure flexibility of domestic oil processing

MOL supports INA's management in its efforts to ensure the flexibility of domestic oil processing and is strengthening the security of supply in Croatia, the Hungarian company said in a statement on Tuesday in connection with the transport of 600 tonnes of crude oil from Croatian oilfields to the refinery in Rijeka instead of Sisak.

"MOL, as the largest shareholder of INA, fully supports INA's management in its efforts to ensuring the flexibility of domestic crude processing and optimizing its assets, whilst also strengthening the security of supply in Croatia," MOL said.

"The operational decision to transport 600 tons (about 1% of the total monthly domestic production) crude oil to Rijeka refinery, which has a capacity of 4 million tons exceeding the size of the Croatian market, is a step in that direction," it added.

"MOL, as a responsible shareholder, will continue to support INA's management in its efforts to improve its operations, optimize its assets and minimize its losses in line with the best interests of INA. The strengthening of INA's competitiveness and profitability is in the interest of INA's shareholders including of MOL," the Hungarian company said.

About 600 tonnes of domestic crude oil was transported from Graberje Ivanecko to the Rijeka oil refinery during the night between Friday and Saturday. Since domestic oil has so far usually been processed at the Sisak oil refinery, union leaders have expressed their dissatisfaction with the move, describing it as a new attack on the Sisak refinery and state institutions.

Caretaker Economy Minister Tomislav Panenic last Saturday criticised the fact that the oil had been transferred without the knowledge of the Croatian members of the INA supervisory and management boards, while Deputy Prime Minister Bozo Petrov said that his Bridge party would demand sanctions.

INA said last Friday that it had organised the oil transport by rail to test such a mode of transport, adding that it could be used in the future to ensure the flexibility of domestic oil processing.

Last update: Tue, 11/10/2016 - 18:28
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