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INA d.d.

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INA-Industrija nafte, d.d.
Company typePublic
ZSE: INA
IndustryOil and gas
Founded1 January 1964[1]
Headquarters
Zagreb
,
Croatia
Key people
Sándor Fasimon Chairman of the Board
Niko Dalić, Board member
Barbara Dorić, Board member
Ferenc Zoltán Horváth, Board member
Darko Markotić, Board member
József Farkas Simola, Board member
RevenueIncrease 23.366 billion HRK |
$3,672 billion (2021)[2]
Increase 1.587 billion HRK |
$249 million (2021)[2]
Increase 1.425 billion HRK |
$224 million (2021)[2]
Total assetsIncrease 21,990 billion HRK |
$3,456 billion (2021)[2]
Number of employees
INA Group: 9,751 (31 Dec 2021)
INA d.d.: 3,222 (31 Dec 2021)[2]
Websitewww.ina.hr

INA-Industrija nafte, d.d. is a Croatian multinational oil company. INA Group has leading role in Croatia's oil business, a strong regional position in the oil and gas exploration and production, oil processing, and oil product distribution activities. INA, d.d. is a stock company with the Hungarian MOL Group and the Croatian Government as its biggest shareholders, while a minority of shares is owned by private and institutional investors. INA shares have been listed at the London and Zagreb stock exchanges since December 1, 2006. INA Group is composed of several affiliated companies wholly or partially owned by INA, d.d.. The Group has its headquarters in Zagreb.

History

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INA headquarters in Zagreb

INA was established on January 1, 1964 through the merger of Naftaplin (company for oil and gas exploration and production) with the refineries in Rijeka and Sisak. Initially, the company was called "Oil and Gas Conglomerate" but on 26 November its name was changed to the one it has today. In 1990, INA became a state-owned company and in 1993 a joint stock company. The first stage of privatization, when MOL Company became INA’s strategic partner by purchasing 25% plus one share, was completed in 2003. Seven percent of shares were transferred to the Croatian Defenders’ Fund in 2005. After selling 7% shares to former and current INA employees, ownership structure of the company has changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement.[3] In October 2008, MOL‘s voluntary public takeover offer to INA – INDUSTRIJA NAFTE d.d. shareholders was finalized. MOL has increased its ownership to 47, 16% by transferring shares stored during voluntary public offer and by paying off funds to shareholders. Subsequent doubts over legality of the acquisition in light of the Ivo Sanader corruption case led to the INA-MOL dispute, ultimately resolved in favor of MOL before the United Nations Commission on International Trade Law.[4][5]

Upstream

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Until now, INA has been involved in exploration and production operations in Croatia (Pannonian basin, Adriatic offshore) and 20 foreign countries. Today INA operates its exploration and production activities in Croatia, Egypt and Angola. In exploration and production, as the primary initiator of company’s development, in the future INA plans to follow development strategy based on research, development of existing projects and the potential action of non-organic steps. The Company is focused on 100% reserves replacement and maintenance of production level of approximately 70,000 boe per day.[citation needed]

Downstream

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INA has two fuel refineries, located in Rijeka (Urinj) and Sisak. The refinery in Rijeka is located on shore, allowing access to the port for deep-drawing ships and the pipeline system of JANAF. More than HRK 54 billion is invested in the refinery system development in the last few years. In Rijeka refinery three facilities within Hydrocracking complex were built – Mild hydrocracking, Hydrogen unit and Desulphurization plant (Claus) as well as numerous supporting facilities and installations. The facilities are in commercial work from May 2011. In February 2014 a contract on basic design for the Delayed Coking Unit for Rijeka Refinery was signed with the company Bechtel Hydrocarbon Technical Solutions (BHTS). In Sisak refinery three plants have been completed: desulphurization plant, the so-called Claus the hydrodesulphurization of FCC gasoline plant and Isomerization plant. Furthermore, from mid-2013 Sisak Refinery has the possibility of production of diesel fuels with bio component and in the same year in September a system of additional wastewater treatment KROFTA was put into operation, while in April 2014 the installation of new coke chambers was carried out at the Coking plant.

Retail

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INA manages a regional network of 445 petrol stations in Croatia and neighboring countries.

Rijeka refinery

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Rijeka refinery

INA is the operator of Rijeka oil refinery which is located in the region Bakar at the entrance to Bay of Bakar.

Rijeka's oil refinery was founded 1883 in the district Mlaka. It began its production with 300 staff members was and with its capacity of 60,000 tons per annum the biggest refinery on the European continent. After World War I Rijeka became part of the Kingdom of Italy and the refinery became an important part of the Italian oil program. 1922 its name was changed to Raffineria di Oli Minerali S.A. From 1926 onwards the refinery was the first industrial enterprise of the Italian Agip. When World War II started the refinery had a capacity of 120000 tons. When the war ended Rijeka belonged to Yugoslavia. The destroyed refinery was rebuilt and was enlarged by another factory in Urinj. Lubricants were produced in Urinj and fuels were produced in Mlaka. By 1965 the refinery had a capacity of 8 million tons per annum.[6]

In the 1960s, as part of Rijeka's harbor extension the mineral-oil-port was moved to the bay of Omišalj on the island Krk (JANAF). A 7,2 km long and 20 inches thick pipeline led from there to Rijeka's refinery. The refinery is located 12 km south of the city and comprises an area of 3,5 square km in the districts Kostrena and Bakar. It is reachable via ship, street and railway.[7]

In the 1980s the refinery produced 250 different oil products including the country's first unleaded fuel in 1984.[6]

The refinery has its own port, wharfs and offshore establishments to provide transport of goods, raw oil, petroleum products and petrolium-derivatives. The following products are being produced at the INA-refinery: liquefied petroleum gas, naphtha, Motor fuel, jet fuel, diesel fuel, heating oil, asphalt, coke, sulfur, lubricant, grease and paraffin wax.

Sisak refinery

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Sisak oil refinery

INA runs a second refinery in Sisak directly where the river Kupa joins the river Sava. The refinery's history began in 1923 when Royal Dutch Shell established an oil storage. In 1928 Shell extended the storage by building the first refinery system. The refinery had a capacity of 170 tons per day. In 1940 the processing of local raw oil began. The refinery was majorly damaged in World War II. The production continued in September 1945 after the war had ended and reached its prewar production level in 1949. From 1956 to 1964 the production facilities were extended and the refinery's capacity rose to 1 million tons per year. Until the mid-1980s the refinery's capacity continued to grow up to 6.5 million tons per year.

During the Croatian War of Independence from 1991 to 1995 the battlefront was only a few kilometers away from the refinery. Due to this circumstance the production facilities were destroyed. When the refinery was reconstructed at the end of the war it was modernized.[6]

In September 2014 plans were announced that INA wanted to close the refinery in Sisak.[8] However, in October 2014 the INA supervisory board decided to postpone the closure.[9]

Finances

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The following table shows the main financial indicators of the INA Group for the period from 2005-2021, based on the yearly financial reports.[2] The exchange rate from Croatian kuna to United States dollar was taken from the official site of the Croatian National Bank.[10] Since the takeover by MOL Group in late 2008, the revenue of the INA Group has been gradually decreasing from a record 5.767 billion USD in 2008 to 3.672 billion in 2021 (36.34% decrease). Two contributing factors were the effects of the Financial crisis of 2007–2008 and the loss of a total of six oil and gas fields in Syria due the Sanctions against Syria imposed by the EU as a response to the Syrian civil war.[11] Close to one billion USD was invested by INA in the Syrian project, which was contributing 780 million USD a year in revenue. In October 2014, fighters of the Islamic State seized two of the six oil and gas fields.[12] According to an interview with Davor Štern in 2021,[11] who was the Minister of Economy, Labour and Entrepreneurship in the Croatian Government and head of the supervisory board of INA at the time, there is currently no interest by the MOL Group to initialize a return of INA to its Syrian oil and gas fields.

Year Exchange rate (to 1 USD) Revenue (in mil. USD) Revenue (in mil. HRK) Operating income (in mil. USD) Operating income (in mil. HRK) Net income (in mil. USD) Net income (in mil. HRK) Total assets (in mil. USD) Total assets (in mil. HRK) Employees Stocks held by MOL (in %) Stocks held by the Croatian government (in %) Stocks held by others (in %)
2005 5.95 3,741 22,260 193 1,146 149 885 3,411 20,295 15,989 25.00 51.80 23.20
2006 5.84 4,248 24,807 189 1,105 151 884 3,800 22,188 15,873 25.00 51.80 23.20
2007 5.37 5,062 27,162 211 1,133 162 871 4,643 24,916 15,855 25.00 44.85 30.15
2008 4.93 5,767 28,459 107 530 -295 -1,456 5,393 26,613 16,604 47.15 44.84 8.01
2009 5.28 4,572 24,143 -93 -489 -46 -245 5,694 30,067 16,274 47.26 44.84 7.90
2010 5.50 5,070 27,885 240 1,318 182 1,001 5,678 31,231 14,719 49.08 44.84 6.08
2011 5.34 5,795 30,967 445 2,376 384 2,052 5,769 30,825 14,217 49.08 44.84 6.08
2012 5.85 5,239 30,654 182 1,067 101 589 4,820 28,200 13,854 49.08 44.84 6.08
2013 5.71 4,997 28,514 -318 -1,816 -304 -1,736 4,541 25,909 13,460 49.08 44.84 6.08
2014 5.75 4,295 24,693 -406 -2,334 -211 -1,215 3,864 22,215 12,503 49.08 44.84 6.08
2015 6.86 2,909 19,964 -255 -1,749 -135 -929 2,970 20,382 11,256 49.08 44.84 6.08
2016 6.80 2,380 16,192 68 461 27 184 2,982 20,292 10,861 49.08 44.84 6.08
2017 6.62 2,950 19,535 236 1,564 163 1,081 2,909 19,263 10,782 49.08 44.84 6.08
2018 6.28 3,719 23,348 242 1,520 167 1,051 3,304 20,742 10,844 49.08 44.84 6.08
2019 6.62 3,535 23,411 100 659 97 641 3,251 21,532 10,577 49.08 44.84 6.08
2020 6.61 2,348 15,525 -192 -1,272 -187 -1,234 2,873 18,996 9,830 49.08 44.84 6.08
2021 6.36 3,672 23,366 249 1,587 224 1,425 3,456 21,990 9,751 49.08 44.84 6.08

The following table shows the main financial indicators of only INA d.d. for the period from 2005-2021, based on the yearly financial reports.[2]

Year Exchange rate (to 1 USD) Revenue (in mil. USD) Revenue (in mil. HRK) Operating income (in mil. USD) Operating income (in mil. HRK) Net income (in mil. USD) Net income (in mil. HRK) Total assest (in mil. USD) Total assest (in mil. HRK) Employees
2005 5.95 3,233 19,234 187 1,115 150 892 3,149 18,737 10,290
2006 5.84 3,741 21,845 145 844 115 670 3,475 20,293 10,183
2007 5.37 4,360 23,394 224 1,200 184 990 4,283 22,984 10,123
2008 4.93 5,014 24,739 156 770 -244 -1,204 5,007 24,707 10,080
2009 5.28 3,737 19,735 -23 -119 -92 -486 5,315 28,064 9,901
2010 5.50 4,419 24,302 396 2,179 324 1,784 5,494 30,216 9,061
2011 5.34 5,092 27,211 480 2,565 417 2,227 5,576 29,795 8,876
2012 5.85 4,583 26,816 285 1,669 209 1,220 4,691 27,445 8,712
2013 5.71 4,344 24,786 -345 -1,967 -321 -1,830 4,412 25,172 8,517
2014 5.75 3,864 22,214 26 150 233 1,342 3,686 21,193 8,150
2015 6.86 2,590 17,775 -218 -1,498 -105 -723 2,888 19,816 7,352
2016 6.80 2,213 15,059 74 502 38 258 2,961 20,145 4,387
2017 6.62 2,776 18,385 268 1,774 191 1,266 2,901 19,214 4,292
2018 6.28 3,492 21,924 264 1,657 195 1,226 3,325 20,877 4,138
2019 6.62 3,264 21,613 121 802 120 792 3,335 22,086 3,677
2020 6.61 2,153 14,232 -158 -1,047 -154 -1,015 2,987 19,744 3,411
2021 6.36 3,512 22,348 239 1,522 219 1,391 3,572 22,731 3,222

See also

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References

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  1. ^ "About INA". INA. Archived from the original on 2011-07-18. Retrieved 2011-07-24.
  2. ^ a b c d e f g "Godišnji financijski izvještaji". Industrija Nafte. INA d.d. Retrieved 18 April 2022.
  3. ^ Građani će INA-ine dionice plaćati 1.690 kuna (in Croatian)
  4. ^ Öğütçü, Mehmet (31 January 2017). "Croatia learns energy arbitration lessons the hard way". EurActiv.com. Retrieved 1 February 2017.
  5. ^ "UNCITRAL tribunal dismisses allegations of Hungarian investor's bribery and refuses to set aside contract with Croatia". iisd.org. International Institute for Sustainable Development. 21 December 2017. Retrieved 1 February 2021.
  6. ^ a b c "History of Refineries". INA. Archived from the original on 2015-09-09. Retrieved 2015-10-13.
  7. ^ "Rijeka oil refinery". INA. Archived from the original on 2016-03-07. Retrieved 2015-10-13.
  8. ^ "Ölkonzern INA will über Raffinerie-Schließung entscheiden" (in German). Industriemagazin. 2014-09-19. Retrieved 2015-10-27.
  9. ^ "INA verschob Entscheidung zu Raffinerie-Schließung" (in German). Austrian Grid Management AG. 2014-10-03. Retrieved 2015-10-27.
  10. ^ "Exchange Rate". Glavni makroekonomski indikatori. HNB. Retrieved 18 April 2022.
  11. ^ a b "Sirijska naftna polja (ne) čekaju Hrvate". večernji.hr. Večernji list d.o.o. Retrieved 19 April 2022.
  12. ^ "Islamist Fighters Seize Croatian Oil Field in Syria". Balkan Insight. Balkan Investigative Reporting Network. Retrieved 19 April 2022.
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