Hungarian oil and gas firm MOL Nyrt.'s (MOL.BU)
Croatian arm INA-Industrije Nafte d.d. (INA.ZG) plans to invest 20 billion
Croatian kuna ($3.6 billion) between 2011 and 2015, MOL said Friday.
MAIN FACTS:
-The
2011-2015 investment plan is subject to available financing, MOL said in a
stock exchange filing, adding that around two-thirds of the planned investments
are planned in
Croatia
.
-In the firm's exploration and production segment--the primary growth
driver--INA plans to pursue an exploration-led growth strategy by developing
existing projects and possibly by "potential inorganic steps," it
said, likely referring to future acquisitions.
-INA targets maintaining production at a level of at least 70,000 barrels of
oil equivalent per day.
-INA aims to raise efficiency in refining and marketing by targeting
improvement in earnings before interest, taxes, depreciation and amortization
of $250 million by 2015.
-Further investments at INA's refinery system will be focused on technology for
residue conversion at the
Rijeka
refinery; and maintenance and safety investments at the Sisak refinery;
developing a pipeline connection between the two refineries.