INA

Stock performance

History

INA was established as Croatia's state oil and gas company during the Yugoslav era and became fully Croatian following the country's 1991 independence, later partially privatized with Hungary's MOL Group acquiring a significant stake, an ownership arrangement that became the subject of a major international arbitration dispute over allegations of corruption in how MOL obtained management control.

Business model

INA explores for, produces, and refines oil and gas across Croatia, operating the country's major refineries and retail fuel network, with ownership split between the Croatian state, Hungary's MOL Group, and other shareholders following the settlement of their earlier ownership dispute.

Market position

INA is the dominant oil and gas company in Croatia, and its ownership dispute with MOL Group was one of the most significant corporate-governance controversies in Croatian corporate history, eventually resolved through international arbitration.

Country impact

INA is one of the largest companies in Croatia and critical national energy infrastructure, and the lengthy legal dispute over its ownership and management became a major issue in Croatian-Hungarian economic relations and domestic Croatian politics over more than a decade.