INA moves towards installing Croatia's first hydrogen filling stations

Croatian oil an gas company INA [ZSE:INA] said it has made the first concrete steps towards installing hydrogen filling stations for fuel cell vehicles in the Adriatic country.

"INA has already started thinking innovatively and is developing a programme for development of infrastructure for hydrogen production, distribution and supply, since the Rijeka refinery has considerable capacities for this," the head of INA's management board, Sandor Fasimon, said in a statement last week,.

"In this way we would contribute to energy transition, sustainable transport and promotion of renewable energy sources, and I am glad that we have the support of the Croatian government in this undertaking," Fasimon said, adding that the company will apply for EU financing for the programme.

Unlike conventional vehicles running on petrol or diesel, fuel cell vehicles don't have tailpipe emissions as they use the chemical reaction of hydrogen and oxygen to generate electricity which powers their motor. The only byproducts of the chemical reaction are water and heat.

INA is one of the biggest players on the oil and natural gas exploration and production market in Croatia and the region, as well as in the fuel and oil derivatives distribution segment.

It has two oil refineries - in the cities of Rijeka and Sisak, and controls a network of 500 filling stations in Croatia and the neighbouring countries.

Hungary's MOL is the biggest shareholder in INA with a 49.1% stake. The Croatian government owns 44.8%, with the remaining 6.1% held by institutional and private investors.

INA's shares traded 0.64% higher at 3,160 kuna ($468/425 euro) by 1300 CET on Tuesday on the Zagreb Stock Exchange.

(1 euro = 7.43470 kuna)

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