As a result of the 2002 INA Privatization Act and of MOL’s subsequent investment and strategic engagement, INA has been profoundly transformed and modernized.
INA, which had been severely impacted by the 2008 economic crisis, was saved from bankruptcy thanks to the support of both major shareholders, including the Croatian Government’s delayed payment scheme for taxes, and also MOL’s approximately USD 460 million cash injection between 2009 and 2010.
Since MOL took control of the company in 2009, INA has massively invested in oil and gas exploration and production in Croatia and internationally. Several discoveries in Croatia have substantially improved energy security in the region. As a result of MOL’s support, INA was also able to successfully invest in its refinery business and retail network as well.
MOL introduced several rationalization measures and dedicated efficiency improvement programs. As a result, INA’s operational performance and efficiency have been improved considerably. From 2009 to 2012 the company’s operating cash profit doubled whilst its debt levels were significantly reduced.