February 27 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Friday it plans to invest $400 million (356 million euro) in a unit for the conversion of petroleum residues into high-value fuels at its Rijeka refinery.
The company is currently preparing a tender for the project, it said in a statement, giving no further details.
In February 2014, INA signed a contract with Bechtel Hydrocarbon Technical Solutions (BHTS) for the supply of technology for the project.
BHTS was to prepare the basic design for the processing installation as a key component of a feasibility study that will serve as baseline for deciding whether or not to move ahead with the relevant investment project at the refinery in Rijeka, INA said at the time.
The Rijeka refinery - one of two operated by INA, has a nominal crude distillation capacity of 4.5 million tonnes per year. INA's second refinery is located in Sisak.
The Zagreb-based INA Group employs over 13,000 and abroad has oil and gas exploration and production operations in Angola and Egypt. The company also operates a network of over 440 filling stations on its home market and across former Yugoslavia.
($=0.8906 euro)