JOURNAL ARTICLE

INA to Spend $400 Million a Year on Croatia Refinery, Renewables.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Kuzmanovic, Jasmina 3 of 3

Abstract

Croatia's largest energy company, INA Industrija Nafte, plans to invest $400 million annually to upgrade its refinery, expand its renewable energy sources, and support upstream businesses. The company aims to complete the modernization of its Rijeka refinery by mid-2025, which will increase diesel supply security for Croatia and neighboring countries. INA has already stopped relying on Russian crude and now imports fuel mainly from Azerbaijan, Greece, and Italy. Additionally, the company will allocate 20% of its capital expenditures to renewables, including solar power, biomethane, and green hydrogen production. They also plan to explore geothermal energy in northern and central Croatia. INA's goal is to meet the European Union's requirement of having 42% of its energy from renewables. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/05, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2024
  • Accession Number:177435096
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