KEYFACT Energy
Contacts
INA – Industrija nafte d.d.
Avenija Veceslava Holjevca 10
p.p. 555
10 002 Zagreb
Hrvatska
Tel: +385 (0)1 6450 000
INA
Description
INA-Industrija nafte, d.d. (INA, d.d.) has a leading role in the Croatian oil business with a strong position in the region in oil and gas exploration and production, oil processing, and oil and oil products distribution activities. Exploration and production operations are currently focused on Croatia, Angola and Egypt.
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.
In 2002, the Croatian Parliament passed the INA Privatization Act to transform INA from a state-owned enterprise to a privatized company owned and controlled by independent private investors in order to accelerate its development and drive operational efficiencies.
The letter and spirit of the Privatization Act allowed MOL to progressively build up its shareholding in INA between 2003 and 2011, becoming the largest shareholder of the company with a 49.1% stake. The Government of Croatia became the second largest investor with 44.84%.
Once it became its largest shareholder, MOL was in a position to gain management control of INA. This was formalized in the First Amendment to the Shareholders Agreement in January 2009.
Since MOL took over the management control of INA in 2009, the company’s operational performance and efficiency have been vastly improved. From 2009 to 2012, its operating cash profit was almost doubled and its debt decreased significantly. Since MOL became a strategic investor in INA, its investments have also increased 2.5 times compared to the previous decade.