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Ina industrija nafte d d

Country Republic of Croatia
Sector Energy Generation/T&D
Signing Date September 8th, 2010
ICF Debt Pool Exposure €50M
IFI Exposure €150M
CELF III Exposure €10M

Project Description

INA is a medium-sized European oil company with a leading role in the oil business in Croatia and a significant role in the region in the areas of oil and gas exploration and production, oil processing, and oil and oil products distribution. The Company owners are MOL Magyar Olaj-es Gazipari Nyrt ("MOL" 47.15%), Croatian government (44.84%) and private and institutional investors (8.01%). INA has been listed on the Zagreb and London stock exchanges since December 2006.

The €50 million senior loan to INA will be used to finance the Phase 1 modernizations of the Rijeka and Sisak refineries. The refinery upgrades will provide INA with the ability to produce EU quality product which complies with Euro V fuel specifications. It will also allow INA to meet EU environmental standards, improve energy efficiency and increase operational efficiency allowing the company to compete more efficiently in the international markets.

Financing Structure

The total loan amount is €210 million of which €150 million is from EBRD, €10 million from Cordiant’s Emerging Loan Fund III and €50 million from the ICF Debt Pool.

Investment Rationale

  • Strong Project: The Rijeka refinery is ideally located on the coast, both refineries are on pipeline networks, and they both provide capacity where it is needed.
  • Strategic partner: MOL is a strong sponsor who is highly committed to the success of INA. MOL is rated BB+/BBB-.
  • Solid Project Fundamentals: Following the modernisation of the refineries, they should be two of the most complex in the region allowing INA to gain a competitive advantage in the oil refinery segment of the market.

Development Impact

The Loan’s main development impact is related to the environment. The investment will enable INA to produce low emission Euro V fuel, which will benefit the country at large, raise Company’s operational efficiency and greatly improve INA’s energy efficiency thus reducing INA’s industrial emissions. The project will also have some marginal impact on Health & Safety.


Funds: INA’s intention was to finance the refinery modernization capex with internally generated funds, but the financial crisis dented cash flow generation capabilities in 2009. As a result of the crisis and in the absence of a bank market, the ICF Debt Pool funds are additional.

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