OIL & GAS: INA Postpones Decision on Fate of Sisak Refinery
At a seven-hour meeting held on 3 October, the Supervisory Board of the Croatian petrochemical and gas company INA failed to reach a decision on the future of the company’s refineries in Sisak and Rijeka. The Supervisory Board invited the Management Board to finalise the refining strategy and the overall company’s strategy in the next 30 days.
According to the Supervisory Board, the refining strategy needs to include severance payments and the development of additional local employment possibilities, as well as options for initiating an alternative industrial production activity in Sisak.
The Hungarian petrochemical and gas company MOL owns 49.08% of INA, while the Croatian government controls 44.84%. The INA Management Board comprises three Croatian members and three MOL members, including Chairman Zoltan Aldott who has the decisive vote in case of parity. In September 2013, the two sides launched talks to renegotiate the terms for the company’s management.
In the past few weeks, MOL’s management has repeatedly stated that it was not economically viable for INA to have two refineries operating in Croatia, due to the large refined product overcapacity in the region and Europe…