Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

20 Jul 2010



PSD disclosed:

15 Sep 2010

Translated version of this PSD: Croatian

Project Description

The EBRD is providing a €210 million loan to INA to enable the company to complete the first stage of a two-phase modernization programme of its refineries in Croatia including towards

(i) the introduction of modern technologies and improved business practices, helping INA become more competitive within its core markets,

(ii) significant energy efficiency gains, most of which have been identified through the EBRD-sponsored and led energy audit, and

(iii) the implementation of a comprehensive programme of environmental remediation and prevention at its refineries.

Transition Impact

The loan will contribute to: an increase in competition in the project sector; the introduction of modern technology and improved practices that will lead to higher utilisation efficiency, thus contributing to technical and marketing know-how transfers; the development of a comprehensive energy efficiency investment plan (“EEIP”) to be implemented through the life of the loan; and increased transparency and improved reporting on environmental standards in order to comply with EU environmental directives.

The Client

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 has been listed on the London and Zagreb stock exchanges since 2006.

EBRD Finance

A loan of up to €210 million of which €150 million for the account of EBRD, €10 million syndicated to Cordiant Emerging Fund of Canada with a further €50 million provided by ICF Debt Pool.

Project Cost

€210 million.

Environmental Impact

The Project has been categorised B under EBRD's Environmental and Social Policy (2008). An Independent Environmental and Social Consultant (IESC) was retained to complete Environmental and Social Due Diligence ("ESDD"). The ESDD consisted of a comprehensive environmental audit and analysis of the existing sites and the proposed projects, including review of the corporate EHS Management Systems and management capability around the Bank’s Performance Requirements (PRs).

The ESSD has confirmed that INA and its parent company, MOL, have strong management systems (covering environmental, social and safety issues) and that the corporate policies, procedures and requirements communicated to their operational sites. Local management at the sites are familiar with EU regulations and are in the process of negotiating plans with the appropriate regulatory authorities to fully implement EU Directives which will result in an overall improvement in the environmental performance of the refineries.

The ESDD identified specific risk management actions which require to be addressed to bring operations into compliance with EBRD Performance Requirements. These actions have been documented in an Environmental and Social Action Plan (‘ESAP’). The ESAP for this project will include, amongst other requirements; technological upgrades to burners and furnaces and improvements in air monitoring, improvements to wastewater treatment systems, upgrades to the storage and handling of VOCs and completion of soil and groundwater quality assessments. EBRD will monitor the project to asses the status of implementation of the ESAP.

Technical Cooperation


Company Contact

INA – Industrija nafte d.d.
Ms Vera Szasz
Head of Funding Department
Subiceva 29
10 000 Zagreb Croatia

Tel: +385 1 45 92 580

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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