ZAGREB, Aug 19 (Hina) - Croatia's oil company INA on Tuesday signed contracts with a Dutch and a U.S. company on the modernisation of two of its refineries as well as with the U.S. government's Trade and Development Agency (TDA) on
non-repayable loans for the drafting of feasibility studies for two INA research and production projects.
ZAGREB, Aug 19 (Hina) - Croatia's oil company INA on Tuesday signed
contracts with a Dutch and a U.S. company on the modernisation of
two of its refineries as well as with the U.S. government's Trade
and Development Agency (TDA) on non-repayable loans for the
drafting of feasibility studies for two INA research and production
projects. #L#
The modernisation of refineries in Rijeka and Sisak is one of INA's
priorities and strategic goals, said CEO Tomislav Dragicevic,
adding that the modernisation of the Rijeka refinery should be
completed in 2006, with Sisak to follow.
The contracts, signed with the Dutch company ABB Global Lummus and
Chevron Lummus Global from the U.S., are worth some US$8.7 million.
The entire investment in the modernisation of the two refineries
amounts to US$410 million.
By signing these contracts, INA has selected Chevron's
hydrocracking technology which Dragicevic said would make INA one
of Europe's leading companies in terms of fuel quality as well as
environmental protection.
Dragicevic and U.S. Ambassador Ralph Frank signed contracts
whereby the TDA approves US$710,000 to fund the drawing up of
feasibility studies for two important INA projects -- on
underground gas storage and tertiary oil recovery methods.
(hina) ha