Information on the target
INA Grupa, a leading player in the oil and gas sector in Croatia, reported a net sales revenue of €868.5 million and an EBITDA of €70 million for the first quarter of 2026. The company has made significant capital investments amounting to €76 million, primarily focused on the modernization of the Rijeka Oil Refinery. The production of hydrocarbons has seen a modest increase of 2.3%, reflecting ongoing operational improvements and strategic investments.
The Rijeka Oil Refinery has recently achieved mechanical completion of its upgrade project, which is expected to enhance its refining capacity significantly. The refinery is currently operating at full capacity, producing all fuel types, and is on track to further increase diesel production by up to 30% annually once the new Delayed Coker Unit reaches full operational capacity in 2027.
Industry overview in the target’s specific country
The Croatian oil and gas industry is characterized by a mix of established players and emerging opportunities, particularly in exploration and production. The sector has faced challenges due to fluctuating global oil prices and geopolitical tensions, notably in the Middle East, which have impacted supply chains and pricing strategies. Despite these challenges, the industry has shown resilience, with companies like INA adapting to market conditions through strategic investments and operational efficiencies.
In recent years, Croatia has seen a steady increase in hydrocarbon production, driven by investments in both domestic and international projects. The government has been supportive of initiatives aimed at enhancing energy security and reducing dependence on imports. This has led to a more favorable regulatory environment for exploration and production activities, encouraging foreign investment and partnerships.
Moreover, the transition towards low-carbon solutions is gaining momentum within the industry. Companies are increasingly focusing on sustainable practices, including the development of renewable energy projects and green hydrogen production. INA, for instance, is actively pursuing initiatives that align with national energy transition goals, showcasing its commitment to sustainability while maintaining its core oil and gas operations.
The retail segment of the industry remains robust, with a network of over 500 retail outlets across Croatia and neighboring countries. This extensive distribution network allows comp…