Zsuzsanna Ortutay (Ina): Investments in Green Energy and the Advantages of Croatia’s OECD Membership

In a time of exceptional uncertainty and geopolitical changes – including the war in Ukraine, conflicts in the Middle East, and turbulence in global markets – INA remains the largest Croatian company and a pillar of resilience for the domestic energy system. Our adaptation is not just a matter of opportunity, but a strategic imperative.

We carefully establish a balance between resilience and transformation, ensuring a stable supply of oil, gas, and fuels while simultaneously building a more sustainable future. Without investments in green technologies, it is difficult to remain a responsible and key player in the rapidly changing energy sector. There are several pillars on which our business rests. The first is the exploration and production of oil and gas, in which we have invested over 450 million euros in the past five years. These investments strengthen our energy supply security. Our key project and the largest single investment in INA’s history – the modernization of the Rijeka Oil Refinery worth over 700 million euros – is nearly completed and will allow us to achieve a higher yield from crude oil, which is particularly important during periods of increased demand such as the tourist season.

Investments in the modernization of our retail locations also contribute to the overall business success and continue to set new standards for customer experience through the Fresh Corner concept. We invest profits from our core business into renewable and energy-efficient projects such as the construction of a green hydrogen plant at the Rijeka Oil Refinery, planned biogas production in Sisak, solar power plants at multiple locations, and projects like the production of sustainable aviation fuel (SAF), which we successfully piloted this spring. Additionally, INA regularly distributes profits through dividends, reflecting its financial stability and effective management, while continuing to create value for shareholders and build a long-term sustainable business through strategic investments. A stable political environment and a predictable legislative framework are crucial for the energy industry, where investments are capital-intensive and long-term. INA does not base its strategic decisions on political cycles, but on long-term market trends.

The stability of the institutional framework further strengthens confidence in investment decisions. I have repeatedly spoken about how important the efficiency of administrative processes is for our industry, for example, in issuing permits, which would allow for a shorter gap from the discovery of oil and gas to the start of production. However, we are witnessing positive changes in public administration that accelerate project implementation. Essentially, OECD membership provides a valuable platform for countries to learn, develop, and contribute to a more prosperous and stable global economy.

In this sense, Croatia’s potential accession to the OECD would certainly represent a significant milestone. Joining this prestigious club would further confirm Croatia’s seriousness regarding legal security, transparency, and economic stability. Membership in the OECD would provide Croatia with easier access to global partnerships and create a more encouraging environment for foreign investors – in such an atmosphere, numerous domestic companies and entrepreneurs would find benefits for themselves, and INA would also benefit from greater legal and economic security along with the emergence of new business opportunities.