INA, d.d.

What INA, d.d. does

INA, d.d. is the largest integrated oil and gas company in Croatia, founded in 1964 and headquartered in Zagreb. The company operates across three segments — Exploration and Production, Refining and Marketing, and Consumer Services and Retail — with upstream acreage in Croatia (the country's largest E&P position after March 2026 permit awards totaling 3,580 sq km) and legacy interests in Egypt, Syria, and previously Iran.

Downstream, INA operates two refineries (Rijeka and Sisak), the larger of which recently completed a multi-year upgrade adding heavy-residue processing capability, and supplies a network of more than 500 retail stations offering Class Plus motor fuels, LPG (Autoplin), Class Plus Eurodiesel, and marine and aviation fuels (including INA JET A-1 at seven major Croatian airports).

Revenue is generated through four streams: refined petroleum product sales (retail and wholesale), natural gas supply to residential/commercial/industrial customers (including a discounted supply contract with Petrokemija), renewable energy (green hydrogen expected at 1,500 tonnes/year starting 2027), and retail services encompassing Fresh Corner convenience stores, the INA Loyalty program, and INA PAY/INA Card payment solutions. The company is publicly traded on the Zagreb Stock Exchange (ticker: INA), with MOL Group holding a majority stake since 2008 and the Croatian government retaining a significant minority interest.

Name

INA, d.d.

Legal name

INA - Industrija nafte d.d.

Website

https://ina.hr

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

INA, d.d. is Croatia's largest integrated oil and gas company, operating domestic exploration and production, two refineries (Rijeka and Sisak), and more than 500 retail stations, while expanding into green hydrogen and international petrochemical joint ventures.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas

NAICS

Petroleum Refineries (324110), Gasoline Stations (4571), Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals) (424720), Fuel Dealers (45721)

SIC

Petroleum Refining (2911), Crude Petroleum & Natural Gas (1311), Retail-Auto Dealers & Gasoline Stations (5500), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

akta.pro secondary industries

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB), Aviation Fuel Marketing (Into-Plane, Airport Fueling) (EUALAIAH), Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE), Fuel Pricing, Loyalty & Payments Platforms (POS, Mobile Pay, Fleet Cards, Loyalty Programs) (EUALAIAK)

Keywords

• Oil refining
• Fuel retail
• Natural gas supply
• Exploration production
• Petroleum products

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Refined Petroleum Products: Refining crude oil and selling petroleum derivatives including motor fuels, diesel, aviation fuel, marine fuel, heating oils, bitumen, and lubricants through retail stations and wholesale distribution.
2. Natural Gas: Production and sale of natural gas to residential, commercial, and industrial customers in Croatia.
3. Green Hydrogen: Production and sale of green hydrogen as renewable energy product, expected to produce 1,500 tonnes annually starting 2027.
4. Retail Services: Retail services including Fresh Corner convenience stores, INA Loyalty program, INA Card payment solutions, and fuel sales at retail stations.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

INA, d.d. is an integrated oil and gas company engaged in the exploration and production of crude oil and natural gas, refining of petroleum at two refineries (Rijeka and Sisak), and marketing of refined petroleum products including motor fuels, diesel, LPG, aviation fuel, marine fuel, bitumen, lubricants, heating oils, and natural gas. The company sells these products through an extensive retail network of 500+ fuel stations, B2B wholesale channels, industrial direct sales, and aviation fuel supply at seven Croatian airports, complemented by digital loyalty and payment services.

Product overview

INA, d.d. is a Croatian integrated oil and gas company operating across three core business segments: Exploration and Production (oil and gas exploration, field development, and production), Refining and Marketing (refinery operations, logistics, and fuel production), and Consumer Services and Retail (retail fuel sales, convenience services, and loyalty programs). The product portfolio includes motor fuels under the Class Plus brand, aviation fuels (INA JET A-1, AB 100 LL), marine fuels, LPG/autoplin, bitumen, heating oils, lubricants, and natural gas. Retail operations span over 500 retail locations featuring Fresh Corner convenience stores and INA Loyalty program. The company also provides B2B services including the INA Card payment solutions, INA PAY mobile app, and digital wholesale ordering through its e-business platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Class Plus Goriva (Motor Fuels)
• INA JET A-1
• AB 100 LL
• Autoplin (UNP/LPG)
• Eurodizel BS Class Plus
• Eurodizel BS Plavi
• FDMA
• Cestograđevni bitumen
• Loživa ulja (Fuel Oils)
• Maziva (Lubricants)
• Prirodni plin (Natural Gas)
• INA kartica
• A-INA kartica
• INA PAY
• INA Loyalty
• Fresh Corner
• Jim and Crunch&Go
• INA Kompozitne plinske boce (Composite Gas Cylinders)
• Centralni ispitni laboratorij (Central Testing Laboratory)
• Potpišimo digitalno! (Digital Signing)

Quantifiable outcome

• 96,000 tons CO2/year reduction through turbine replacement at Rijeka refinery
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• KončarcoreTechnology or Integration · 2 July 2026Končar is the main contractor for the 11 MW photovoltaic power plant project at Rijeka refinery, which will supply renewable electricity for Croatia's first commercial green hydrogen production facility. The project is worth 61 million EUR with 15 million EUR in EU co-financing.
• Aspect CroatiacoreStrategic or Co-development PartnerProduction sharing agreements executed in June 2025 for three onshore exploration blocks. INA has consolidated the largest exploration and production acreage position in Croatia following the March 2026 permit awards.
• RWE DeacoreStrategic or Co-development PartnerPartnership with RWE Dea from Germany for oil exploration at the East Yidma concession in Egypt's Western Desert (Alamein area). Second oil discovery announced in May 2009.
• Lamor & Litoclean ConsortiumcoreTechnology or IntegrationInternational consortium providing technical expertise for Rijeka refinery subsurface remediation and sea protection project, implementing hydraulic barrier solution by 2027 to prevent historical contamination from reaching the sea.
• Croatian Hydrocarbon AgencycoreOthersRegulatory body administering hydrocarbon exploration under Croatia's Law on Sustainable Use of Oil and Gas Resources, part of multi-authority structure involving Ministry of Economy and government approval.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MOL Group: Hungarian integrated oil and gas major and majority owner of INA since 2008. Operates comparable upstream-to-retail value chain across CEE, including refining and branded retail, making it the most directly comparable peer in portfolio, geography, and operating model.
• PKN Orlen: Largest CEE integrated O&G company combining refining, petrochemicals, retail and E&P with multi-country retail networks. Comparable to INA on integrated value chain, refining scale, and downstream-led model across neighboring markets.
• OMV Petrom: Romanian integrated O&G operator with E&P, refining (Petrobrazi) and retail network; an OMV subsidiary covering SEE/Black Sea markets. Highly comparable on regional upstream/downstream mix and retail-led business model.
• NIS (Naftna Industrija Srbije): Serbian integrated oil and gas company with upstream, refining and a regional retail network. Closely comparable to INA on SEE market footprint, integrated value chain, and concentration in a single national market plus neighboring retail.
• Hellenic Petroleum: Greek integrated O&G operator active in refining, marketing and petroleum products across SE Europe. Comparable to INA on refining + marketing focus and exposure to Mediterranean/South-East European downstream demand.

Regional players

• Rompetrol: Romanian downstream and refining operator owned by KazMunayGas (Kazakhstan). Comparable regional downstream and retail player to INA in SE Europe, though primary geographic focus is Romania rather than Croatia.

Broad incumbents

• OMV: Austrian integrated O&G company (parent of OMV Petrom) with broader European upstream, refining, and chemical operations. Comparable to INA as a broader incumbent in refining, gas, and downstream across CEE.
• Eni: Italian integrated O&G major with global upstream, refining and a retail network. Comparable to INA on integrated value chain and refining-led model, but at much larger global scale and broader product mix.
• Shell: Global integrated O&G major with significant European refining and retail footprint. Comparable on aviation fuel marketing (Shell Aviation), retail service station operations, and lubricants product overlap with INA's Maziva line.
• TotalEnergies: Global integrated O&G major with refining, marketing, retail and a growing renewables portfolio including hydrogen. Comparable to INA on integrated O&G value chain, retail service stations, and emerging low-carbon investments relevant to INA's green-hydrogen pivot.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/inahrvatska
• TikToktiktok.com/@inahrvatska?lang=en
• Facebookfacebook.com/INA.Hrvatska
• LinkedInlinkedin.com/company/1961498

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INA, d.d.