INA (company)

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INA - Industrija nafte
Type Public (ZSE: INA), (LSEHINA)
Industry Oil and gas
Founded 1 January 1964[1]
Headquarters Zagreb, Croatia
Key people Zoltán Áldott, Chairman of the Board
Siniša Petrović, Chairman of the Supervisory Board
Revenue Increase HRK 29,895 million (2012)
Employees INA Group: 13,854 (31 Dec 2012)
INA d.d.: 8.876 (31 Dec 2012)[1]
Website http://www.ina.hr/

INA-Industrija nafte, d.d. (INA, d.d.) is a medium-sized European oil company. INA Group has leading role in Croatian oil business and a strong position in the region in the oil and gas exploration and production, oil processing, and oil and oil products 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, Croatia.

History[edit]

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. 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.

Upstream[edit]

Thanks to its engineers' expertise, specialized knowledge and experiences, INA is successful in upstream business segment for decades. 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.

Downstream[edit]

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 4 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 Sisak refinery three plants have been completed: desulphurization plant, the so-called Claus the hydrodesulphurization of FCC gasoline plant and Isomerization plant. INA offers to market products that meet the requirements and specifications of the European Union.

Retail[edit]

INA manages a regional network of 454 petrol stations in Croatia and neighboring countries. At the end of 2010, the modernization and revitalization of the retail network was initiated. As a result of the modernization project INA now operates the largest modernized retail network in Croatia.

Sustainable development[edit]

INA is committed to doing business in accordance with sustainable development, which means that it strives towards integrating economic, environmental and social factors in its daily operations. INA is one of the first Croatian companies who started to publish annual report on environmental protection regularly (first report was issued in 1997) which represent a long tradition of efforts to incorporate principles of sustainable development in our business. INA is a member of Global Compact, the largest network for socially responsible business operations in the world. By adhering to the 10 principles of Global Compact in doing business, INA has been supporting and promoting fundamental social values in the area of human rights, labor rights, environment protection and the fight against corruption.

References[edit]

  1. ^ a b "About INA". INA. Retrieved 2011-07-24. 

External links[edit]