The Croatian oil company INA on Monday issued a statement dismissing as untrue reports by some media about its development and financial situation, notably reports about its debt, the work of its Rijeka Oil Refinery, research and production projects, and the upgrading of its retail network.
INA's total liabilities were reduced from 10 billion kuna in late 2010 to 9.1 billion kuna at the end of 2011 and to 8.6 billion by the first quarter of 2012, the company said, dismissing as untrue reports that its liabilities had more than doubled since last year.
The company said that it had fulfilled its obligations towards the state in 2010 and that it was now paying its taxes within legally prescribed deadlines.
As for reports saying that the new plants of the Rijeka Oil Refinery are not in operation, INA said that three new plants had been put into operation and that it was continually supplying the Croatian consumers and industry with oil products, keeping at the same time its position in its key export markets.
The future of both the Rijeka refinery and the Sisak Oil Refinery is clear and their development is in line with the strategy approved by INA's management in 2011, said the company.
As for reports about its research and production, the company said that its business plan envisaged projects in that area as well, amounting to more than 1.1 billion kuna in 2012 alone.
Increasing investments in the continental Croatia is part of the business plan, INA said.
Commenting on reports that it was not modernising its retail network, INA said that more than 70 petrol stations had been fully upgraded and that the number of such petrol stations would rise to 150 by the end of this year. This programme is being implemented intensively, with 260 million kuna worth of investments in 2012, said the company.
