economy
What will the modernized refinery in Rijeka bring to Croatia, what to the future owner of NIS, and what to the region?
Hungarian MOL Group and Croatian INA commissioned a modernized refinery in Rijeka on Tuesday, into which they have jointly invested more than 1.3 billion euros in the last 12 years.
TL;DR
- MOL Group and INA have completed a modernization of the Rijeka refinery after a 12-year investment cycle totaling over 1.3 billion euros.
- The modernization is expected to enhance regional energy security by increasing the production of diesel and gasoline that meet high European standards.
- The largest single investment in INA's history, nearly €700 million, was for the Rijeka refinery upgrade, including a new Delayed Coker Unit (DCU).
- The DCU will increase diesel production by up to 30% and reduce Croatia's need to import derivatives and vacuum gas oil.
- Crude oil processing capacity is projected to increase from over 3 million tons annually to around 4 million tons by 2027.
- The project faced a two-year delay due to the COVID-19 pandemic and the war in Ukraine, which disrupted supply chains and increased material costs.
- INA is investing over €60 million in green hydrogen production facilities at the Rijeka refinery, aiming for a capacity of 1,500 tons per year by 2027.
- The green hydrogen is intended for transport and industry, with potential to offset CO2 emissions equivalent to removing 5,000 cars annually.
- INA is also investing in other renewable energy sources, including solar power, biomethane, and exploring geothermal and wind energy potential.