MOL: Croatian Unit INA To Invest HRK20 Billion, 2011-2015

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.

-MOL was up 0.6% or HUF100 at HUF18,000 at 1236 GMT.

-By Budapest Bureau, Dow Jones Newswires; [phone]; [e-mail]