Ascent Resources Share Discussion Threads

[mr_blonde] 23/9/2017 13:37

Not if the Croatians have signed up with Gazprom.

There is clearly alot of politics going on here and the delay is not just due to bureaucracy,

Is this company entitled to compensation for breach of contract if INA don't get permission to start pumping gas.

[chinese investor] 23/9/2017 13:34

We could be selling around 20 million cubic metres annually to INA.
INA could easily be selling it to countries other than Croatia - it has the necessary gas pipe infrastructure !

[chinese investor] 23/9/2017 13:31

It is known that the gas will be transmitted via a pipeline in Slovenia from a gas hub in Austria’s Baumgarten.

[chinese investor] 23/9/2017 13:30

The contract eliminates the need to import gas to Croatia from partners other than Gazprom for the next 10 years.

According to official data the country’s domestic production is about 1.7 bcm a year.

Considering the demand is 2.7 bcm annually these two sources are enough to cover Croatia’s consumption.

[temmujin] 23/9/2017 13:25

WHO would you want to trade with INA A £27BN company in zagreb or a tin pot outfit run by a crooked oligarth up to his neck in debt? doubt if you'd get paid on time if at all..the company are in effect bankrupt..

INA d.d.
From Wikipedia, the free encyclopedia
INA d.d.
INA logo.png
Type
Public
Traded as ZSE: INA
Industry Oil and gas
Founded 1 January 1964[1]
Headquarters Zagreb, Croatia
Key people
Zoltán Áldott, Chairman of the Board
Siniša Petrović, Chairman of the Supervisory Board
Revenue Increase HRK 27 billion (2013)
Number of employees
INA Group: 13,460 (31 Dec 2013)
INA d.d.: 8.517 (31 Dec 2013)[1]
Website www.ina.hr
INA-Industrija nafte, d.d. (INA, d.d.) is a medium-sized European oil company. INA Group has leading role in Croatian oil business and a strong position in the region in the oil and gas exploration and production, oil processing, and oil and oil products distribution activities. INA, d.d. is a stock company with the Hungarian MOL Group and the Croatian Government as its biggest shareholders, while a minority of shares is owned by private and institutional investors. INA shares have been listed at the London and Zagreb stock exchanges since December 1, 2006. INA Group is composed of several affiliated companies wholly or partially owned by INA, d.d.. The Group has its headquarters in Zagreb, Croatia.

Contents [hide]
1 History
2 Upstream
3 Downstream
4 Retail
5 Rijeka refinery
6 Sisak refinery
7 See also
8 References
9 External links
History[edit]

INA headquarters in Zagreb
INA headquarters in Zagreb INA was established on January 1, 1964 through the merger of Naftaplin (company for oil and gas exploration and production) with the refineries in Rijeka and Sisak. Initially, the company was called “Oil and Gas Conglomerate” but on 26 November its name was changed to the one it has today. In 1990, INA became a state-owned company and in 1993 a joint stock company. The first stage of privatization, when MOL Company became INA’s strategic partner by purchasing 25% plus one share, was completed in 2003. Seven percent of shares were transferred to the Croatian Defenders’ Fund in 2005. After selling 7% shares to former and current INA employees, ownership structure of the company has changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement. In October 2008, MOL‘s voluntary public takeover offer to INA – INDUSTRIJA NAFTE d.d. shareholders was finalized. MOL has increased its ownership to 47, 16% by transferring shares stored during voluntary public offer and by paying off funds to shareholders. As of 2017, Croatia and MOL are in litigation over INA.[2]

Upstream[edit]
Until now, INA has been involved in exploration and production operations in Croatia (Pannonian basin, Adriatic offshore) and 20 foreign countries. Today INA operates its exploration and production activities in Croatia, Egypt and Angola. In exploration and production, as the primary initiator of company’s development, in the future INA plans to follow development strategy based on research, development of existing projects and the potential action of non-organic steps. The Company is focused on 100% reserves replacement and maintenance of production level of approximately 70,000 boe per day.

Downstream[edit]
INA has two fuel refineries, located in Rijeka (Urinj) and Sisak. The refinery in Rijeka is located on shore, allowing access to the port for deep-drawing ships and the pipeline system of JANAF. More than HRK 54 billion is invested in the refinery system development in the last few years. In Rijeka refinery three facilities within Hydrocracking complex were built - Mild hydrocracking, Hydrogen unit and Desulphurization plant (Claus) as well as numerous supporting facilities and installations. The facilities are in commercial work from May 2011. In February 2014 a contract on basic design for the Delayed Coking Unit for Rijeka Refinery was signed with the company Bechtel Hydrocarbon Technical Solutions (BHTS). In Sisak refinery three plants have been completed: desulphurization plant, the so-called Claus the hydrodesulphurization of FCC gasoline plant and Isomerization plant. Furthermore, from mid-2013 Sisak Refinery has the possibility of production of diesel fuels with bio component and in the same year in September a system of additional wastewater treatment KROFTA was put into operation, while in April 2014 the installation of new coke chambers was carried out at the Coking plant.

Retail[edit]
INA manages a regional network of 445 petrol stations in Croatia and neighboring countries.

Rijeka refinery[edit]

Rijeka refinery
INA is the operator of Rijeka oil refinery which is located in the region Bakar at the entrance to Bay of Bakar.

Rijeka's oil refinery was founded 1883 in the district Mlaka. It began its production with 300 staff members was and with its capacity of 60,000 tons per annum the biggest refinery on the European continent. After World War I Rijeka became part of the Kingdom of Italy and the refinery became an important part of the Italian oil program. 1922 its name was changed to Raffineria di Olli Minreali S.A. From 1926 onwards the refinery was the first industrial enterprise of the Italian Agip. When World War II started the refinery had a capacity of 120000 tons. When the war ended Rijeka belonged to Yugoslavia. The destroyed refinery was rebuilt and was enlarged by another factory in Urinj. Lubricants were produced in Urinj and fuels were produced in Mlaka. By 1965 the refinery had a capacity of 8 million tons per annum.[3]

In the 1960s, as part of Rijeka's harbor extension the mineral-oil-port was moved to the bay of Omišalj on the island Krk (JANAF). A 7,2 km long and 20 inches thick pipeline led from there to Rijeka's refinery. The refinery is located 12 km south of the city and comprises an area of 3,5 square km in the districts Kostrena and Bakar. It is reachable via ship, street and railway.[4]

In the 1980s the refinery produced 250 different oil products including the countries first unleaded fuel in 1984.[3]

The refinery has its own port, wharfs and offshore establishments to provide transport of goods, raw oil, petroleum products and petrolium-derivatives. The following products are being produced at the INA-refinery: liquefied petroleum gas, naphtha, Motor fuel, jet fuel, diesel fuel, heating oil, asphalt, coke, sulfur, lubricant, grease and paraffin wax.

[chinese investor] 23/9/2017 11:21

Russia - Croatia Contract

Russia’s Gazprom and Prvo Plinarsko Društvo (PPD – First Gas Company) from Zagreb have signed a long-term gas supply contract which will remain in effect until the end of 2027.

Gazprom will deliver one billion cubic metres of gas annually, on September 18, 2017.

The agreement comes into force on 1 October and represents an extension of the current short-term contract between Gazprom and PPD, according to which 1.48 billion cubic metres of gas were delivered to PPD starting from the beginning of 2017.

In the fourth quarter of this year, another 250 million cubic meters are expected.

Gazprom did not disclose details of the new contract, but it is believed that the price will be determined in accordance with the price movements at the Baumgarten gas hub.

From 2012 to 2016, deliveries of natural gas from Russia to Croatia were realised by the Gazprom Swiss company, and earlier contracts with Gazprom were signed by INA and Prirodni Plin (Natural Gas) companies.

With the headline “Croatia Returns to Gazprom”, the Russian daily Kommersant reports that the Russian company, “for the first time since 2010, has returned to the role of being the key gas supplier for Croatia.”

Sources say that the signing of such a long-term contract has been rare in the European market in recent years and “shows the absence of clear alternatives to Russian gas.”

They note that the contract between Gazprom and PPD “almost entirely covers Croatian gas import needs, which brings into question the realisation of the LNG terminal project on the island of Krk.

The final investment decision on the project must be made during 2018.”

“The return of Croatian importers to long-term contracts with Gazprom, after experiments with short-term contracts, shows that there is no serious alternative to Russian gas in the northwestern Balkans,” said Alexei Grivach from the Russian National Energy Security Fund.

In his view, the current practice of revising the contracts every two to three years has shown the benefits of signing long-term contracts instead.

As far as the LNG terminal on Krk is concerned, Grivach believes that “even if the project were to be implemented, its purpose could only be to cover increased seasonal demand and would most likely operate with a low level of capacity occupancy.”

[moonboots222] 23/9/2017 02:35

Moderated for telling it like it is. Nobody needs to sit here listening to one person having a meltdown.

[boobly] 22/9/2017 22:59

Ok , I`ll put my hand up to getting Friday 22nd wrong !
~~~~~ but , reading this tweet from CH suggests it `Could` have been the day .
More importantly , it looks as if we should get the INA news next week , and results Friday 29th ?

"I gave you the timelines provided to me by the people best able to judge. They are a couple of days over - we will see next week." CH .

[mark0419] 22/9/2017 17:35

Blue Mondays. .....you won't see dodge for dust....always wonder why they appear on red days? Sad really but you get them on every share.

[dodge city] 22/9/2017 16:23

I'm expecting a sustained fall from here to call Blarney's bluff.

[temmujin] 22/9/2017 15:00

Why have you heard takeover rumour?

[dodge city] 22/9/2017 14:57

Gazprom will stop the Blarney for good.

[bionicdog] 22/9/2017 14:40

You never explain who tells you this stuff. My money's still on the cat.

[temmujin] 22/9/2017 14:37

been told rns defo monday...wouldnt want to be out over weekend

[lithological heterogeneities] 22/9/2017 13:48

You mean down ticked.I just want what we were repeatedly promised back in January that caused me huge losses.Is that really too much to ask for...a CEO actually delivering when he says he will deliver ?

[brando69] 22/9/2017 13:43

you're one of the most upticked posters on here.

[lithological heterogeneities] 22/9/2017 13:43

and IPPC news

[lithological heterogeneities] 22/9/2017 13:42

I don't need a few upticks.I need the INA news that we have been repeatedly promised all year.