September 11 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] said that it is yet to make a decision on the future of its loss-making oil refinery in Sisak, following media speculation about a pending closure of the refinery.
The Sisak rafinery is generating losses of hundreds of millions of kuna and this situation is unsustainable but a decision concerning its future has not been made, INA said in a statement last week.
"If any decision regarding the future of the refinery is made, we will notify all parties involved in a timely and responsible manner," INA expalined, following local media reports that the refinery could be closed by the end of 2018.
Earlier this year INA announced it is shutting down the fluid catalytic cracking (FCC) plant at the refinery to cut losses. The decision sparked outrage among trade unions, as reports surfaced that some 40 employees will lose their jobs in 2018.
In April, Sandor Fasimon, president of INA's management board, told news portal poslovni.hr that the company will launch a different industrial activity in Sisak in order to take care of its employees.
Hungary's MOL is the biggest shareholder in INA with a 49.08% stake. The Croatian government owns 44.84%, with the remaining 6.08% held by institutional and private investors.
Also in April, 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.