Bloomberg News

INA Starts 500 Million-Kuna Croat Oil, Gas Research Project

May 22, 2012

INA Industrije Nafte d.d., the Croatian refiner controlled by Hungary’s Mol Nyrt,, announced the start of an oil and gas research project in Croatia worth 500 million kuna ($84 million).

The project in Ivanicgrad, east of the capital Zagreb, will be using enhanced oil-recovery techniques to produce an additional 3.4 million tons of oil and 500 million cubic meters of gas over the next 24 years, management board head Zoltan Aldott said, adding that 500 million kuna will be invested in the next three years, and a total of 1.1 billion kuna by 2022.

Economy Minister Radimir Cacic said at the same conference that INA is increasing its investment in Croatia this year by 35 percent. He also said the company’s “two partners” agreed to hold on to the company’s retained profit ahead of a shareholders meeting scheduled for June 19.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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