Zsuzsanna Ortutay (Ina): With the acquisition of OMV, Slovenia will be the main market for the placement of products from the Rijeka refinery

Zsuzsanna Ortutay, a manager with 25 years of experience in various roles within MOL Group, has recently taken the helm of the Management Board of Ina, a position she has been appointed to until June 30, 2026.

Before her career at MOL Group, where she was a member of the Supervisory Board of Ina for the last two and a half years, she graduated from Baker University in Kansas, obtained a master’s degree in economics from the University of Miskolc, and completed a postgraduate study DESS (Diplôme d’études supérieures spécialisées) in banking and finance at Panthéon-Assas, University of Paris. She describes herself as well-acquainted with the company’s operations, and her main goal will be to ‘maintain a strong and stable Ina’.

In an interview with Večernji list, she spoke about her views on the current affair with HEP’s gas, Ina’s operations, the acquisition of OMV, and the situation with the Rijeka Refinery, and revealed plans for the company’s future.

In response to a question about how she perceived the situation regarding regulatory changes in the Croatian gas market, which greeted her at the very beginning of her mandate, Ortutay stated that she believes that market interventions by policymakers, despite their best intentions, ‘sooner or later create unwanted anomalies’.

– Gas and electricity are special commodities for many reasons. I will mention just a few – the supply is constant, while demand is seasonal, the possibility of storage is limited and difficult. Producers, wholesalers, and distributors must deal with these challenges along with price uncertainties. The closer we are to market principles, the better it is for the entire economy. For obvious reasons, Ina is extremely cautious when it comes to gas trading activities. We continue to adhere to all regulations and the very strict internal policies we have in the company. This latest change creates additional challenges as it takes effect immediately, and we must find a market for a significant amount of gas overnight. Despite this, Ina will support and ensure the smooth implementation of the regulatory change in the Croatian gas market – Ortutay stated.

The acquisition of OMV will give the Rijeka refinery access to the market

Furthermore, she noted that they are investing 630 million euros in the modernization of the Rijeka Oil Refinery, a complex project that began three years ago and will last another year.

– This is a strategic project, long-term and very important for the sustainability of refining operations in Rijeka. The modernization will contribute to increased diesel production, which is important for supplying Croatia and the region, but also for reducing dependence on products we import – Ortutay said, adding that they want to permanently resolve the issue of hydrocarbon leaks there, which has been ongoing for months.

Last week, the acquisition of the Slovenian OMV was completed, and Ortutay confirmed that this will give the Rijeka refinery access to the market.

– With the acquisition, we have increased our share in the joint company, which will now be called MOL & INA d.o.o, from 7.75 to 33 percent. The new 27 retail locations will operate under the Ina brand, and our customers, many of whom are from Croatia traveling, will have more recognizable locations available in Slovenia. Most importantly, Slovenia will be one of the main markets for the placement of products from the modernized Rijeka Oil Refinery, which will produce about 13 percent more diesel compared to the current amount with the construction of a new heavy residue processing facility – Ortutay explained, who believes this is a very good deal for Ina.

Gas from new wells by 2025

One of their largest investment projects with a potential total investment exceeding 200 million euros is the gas fields in the Adriatic. When asked about further plans for these investments, Ortutay replied:

– Of the planned 11, seven wells have been drilled so far, two are already in production, and platforms will need to be built for the others. The tender for that is ongoing. We see this as a good opportunity for our gas production, but we must be wise before making a final investment decision on how many platforms to build. We must consider all costs, from construction to the obligations we have under concession agreements. The framework must be profitable, and if some of the items change, it could negatively impact this project, which is significant not only for us but for the entire Croatian economy and supply security. If we manage to arrange all circumstances, gas could come from the new wells as early as 2025.