November 16 (SeeNews) - Croatian blue-chip oil and gas company INA said it expects to complete the modernisation of its two refineries by the end of 2012.
The modernisation process at the refineries in Sisak and Rijeka, which began in 2005, is following the planned dynamics and should wrap up in late 2012, INA said in a statement made available to SeeNews.
The long-term aim of the project is to increase the competitiveness of the refineries, the statement added.
No figure was immediately available on the value of the modernisation project.
INA explores and drills for oil and gas in Croatia, Angola, Egypt, Syria and Iran.
Hungarian oil and gas group MOL owns 47.15% of INA while the government in Zagreb holds a stake of some 44%.
INA's shares closed up 7.18% at 1,757.77 ($361/241 euro) on the Zagreb Stock Exchange on Monday.
(1 euro=7.2996 Croatian kuna)