History

INA was founded on 1 January 1964 through the merger of Naftaplin Zagreb, the Rijeka Oil Refinery and the Sisak Oil Refinery. Initially, the company was called “Oil and Gas Conglomerate” but on 26 November its name was changed to the one it has today.

Late in 1964, the Retail Services became part of INA and in 1966 so did Lendava Refinery. The process continued and INA eventually grew to include Zagreb Oil Refinery, Kutina Fertilizer Plant, Petronafta Solin, the Opatovac – Bosanski Brod oil pipeline, Zagreb Inženjering and OKI Zagreb and DINA Omišalj Petrochemical Plants.

From the initial 2.2 million tonnes of refining capacity, in 1979, the capacity of INA Refineries increased to 15 million tonnes, owing to the inauguration of the Urinj plant pertaining to the Rijeka Oil Refinery in 1965, increasing the capacity of Sisak Refinery and construction of the Zagreb Refinery plant at Žitnjak in 1971.

In 1980, Naftaplin recovered three million tonnes of black gold from oil wells. In 1966, INA had 195 petrol stations. In the following ten years their number grew to over 500. In 1979, an oil pipeline was put into operation connecting Omišalj and Sisak and other consumers in the continental part of the country (Bosanski Brod, Pančevo, Novi Sad). INA was one of the main investors in its construction.
The economic crisis in Yugoslavia in the 1980s brought the development cycle to a halt. During the Homeland War in the first half of the 1990s, the Republic of Croatia relied on INA to supply energy.

In 1990, INA became a state-owned company and in 1993 a joint stock company. The first stage of privatisation, when MOL Company became INA’s strategic partner by purchasing 25% plus one share, was completed in 2003. Seven percent of shares was transferred to the Croatian Defenders’ Fund in 2005. After selling 7% shares to former and current INA employees, ownership structure of the company has changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement.   

In October 2008, MOL‘s voluntary public takeover offer to INA – INDUSTRIJA NAFTE d.d. shareholders was finalised. Mol has increased its ownership to 47, 16% by transferring shares stored during voluntary public offer and by paying off funds to shareholders.