Croatia's INA oil company intends to spend 4,5 billion Croatian kunas (around 800 million dollars) on modernization of its two refineries by 2009, the company said Friday. INA said that after the work, it will be able to produce petroleum products in line with the highest European standards. INA is Croatia's sole oil company and has two refineries, in the Adriatic town of Rijeka and in the central town of Sisak. It retains a monopoly on the Croatian market. In 2003, the Croatian government sold a 25 per cent stake to the Hungarian company MOL.
