April 20 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] will launch another industrial activity at its Sisak-based refinery, after announcing it is shutting down the fluid catalytic cracking (FCC) plant at the refinery to cut losses, local media reported on Friday.
The refinery in Sisak will be converted, with INA pledging to take care of its employees and the local community, news portal Poslovni.hr quoted Sandor Fasimon, who will take over as president of the management board of INA in June, as saying.
Fasimon will replace Zoltan Aldott, who was named member of the supervisory board of Hungary's MOL, the largest shareholder of INA. Aldott has announced his intention to resign from the position of president of the management board of INA.
Earlier this year, INA said it is closing the FCC plant in Sisak after a Deloitte analysis showed that a conversion of the refinery into a logistics centre will be the most cost-effective solution. The decision sparked outrage among trade unions, with reports surfacing that some 40 employees will lose their jobs in 2018. Local media reported at the time that company employees were worried that INA was preparing to completely halt production in Sisak.
Fasimon said in Budapest on Thursday, at his first introduction to the media as the future head of INA's board, that the company will not leave Sisak.
Asked about the Croatian government's plan to buy MOL's 49.08% stake in the company, Fasimon said he has no more information that is publicly available.
"I am a manager and aim to create a more successful company that Croatians will be proud of and that will bring benefit and profitability to all of its shareholders. The owners will decide what will happen with the shares, this is not my job at this moment", he said.
The Croatian government owns 44.84% of INA, with the remaining 6.08% held by institutional and private investors.
Last week, the government said it has selected a consortium of Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb [ZSE:PBZ] to advise it on the possible purchase of the stake in INA held by MOL.
Privredna Banka Zagreb d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here