Croatia's INA to stop processing at biggest refinery for Q1 maintenance

ZAGREB, Dec 14 (Reuters) - Croatian energy group INA’s biggest refinery, located in the northern Adriatic port of Rijeka, will undergo a planned maintenance from January to mid-April next year, the company said on Friday.

“It is a planned maintenance of the refinery’s processing units which will be halted from Dec, 25, 2018,” its spokesperson said.

The plant has a capacity of 100,000 barrels per day (bpd).

INA also owns a smaller refinery with a capacity of 60,000 bpd located in the central town of Sisak.

While a modernisation of the Rijeka refinery is tentatively planned, the future of the Sisak refinery is uncertain and it may eventually be converted into a logistics centre or some other facility.

In a recent interview with the local Jutarnji List daily, INA’s Chief Executive Sandor Fasimon said the combined capacity of the refineries was 6.7 million tons a year, while currently the market demand is around 4.0 million tons.

INA is owned by MOL, which has a stake of 49.1 percent, and the Croatian government with 44.8 percent. The remaining stock is controlled by private and institutional investors.

The two big shareholders have been at odds for years over management rights and investment policy. Zagreb has said it wants to buy back INA shares from MOL, but a price has yet to be negotiated. (Reporting by Igor Ilic; Editing by Mark Potter)