Tuesday, 16 May 2023

Young Croatian Startup Turneo's Product Already Desired in USA

May the 16th, 2023 - The very young Croatian startup Turneo hasn't even been on the market for a whole year yet, but despite that, their product is already being sought by the Americans.

As Poslovni Dnevnik/Josipa Ban writes, at an international level, the tourist experience market (at least the one that represents excursions, tours and attractions and is worth as much as 250 billion US dollars) has somehow remained "offline", and it's even managed to do so in the time of ubiquitous digitisation.

The reservation of what most people travel to different countries for still takes generally place in a more or less old-fashioned way - at hotel receptions, at travel agencies, at an organiser's office or stand... But the young Croatian startup Turneo, founded only in March 2022, wants to change all of that.

After half a year of work on the development of the platform, two friends and founders, Matija Marijan and Fran Kauzlaric, offered the market a B2B platform in August that brings together what was previously incompatible - hotels (sellers), organisers (those who offer experiences), and tourists. And doing that, according to these young entrepreneurs who left successful careers to start their own business, was a big, if not their biggest, challenge to date.

"We had to find a way to solve a problem for which no one has yet found a solution at the global level. So, out of nothing, we needed to create a functional platform that would be useful to all of the aforementioned groups. How demanding the task was for us was also showcased by the fact that Airbnb recently paused their "Airbnb Experiences" project, which was supposed to connect tourists with the local offer of tours and attractions. The Tour platform is different because it is oriented towards the business segment, i.e. hotels, apartments, campsites, etc., which, through Tour, can digitally offer their guests a selection of tours, activities, excursions, wellness treatments, etc.'' explained Marijan.

The fact that the creators of the Croatian startup Turneo is very much on the right track when it comes to conquering the market has been also shown by the fact that today, only nine months after entering the market, 39 hotels and about 30 organisers are using the platform. Most of them are Croatian clients, but hotels in Prague and even in distant Zanzibar are also now using it.

Investors were also quick to recognise the potential, and back at the beginning of this year, the Croatian startup Turneo received its first investment of 800,000 euros. That investment round was led by Ascension Ventures and Underline Ventures, with participation from Silicon Gardens and numerous angel investors. Their goal is to conquer the European market for now, but the potential is global.

The founders of the Croatian startup Turneo have pointed out that they already have some serious inquiries from across the pond in America, but they are still a small team, numbering a mere eight people, so their focus will be on Europe for some time yet. The largest part of the investment, as Marijan pointed out, will be invested in the development of the platform, as well as in the operational part of the business, i.e. the management of reservations, the overall user experience, requests and so on.

"We'll be constantly upgrading the platform in accordance with the experiences from the field," explained Matija. In addition to all of that, they 'e only now taking a bigger step into the market and the sales world, which they have not dealt with intensively as yet because they were primarily focused on development and their existing clients. The advantages of using their platform, according to Kauzlaric, are multiple.

"The main thing is the satisfaction of the guests. Guests who book a tour or a specific activity together with hotel accommodation are on average 18% more satisfied than guests who only book accommodation, TUI research has shown. This is also the main reason why hotels choose to use our platform. The next benefit is is that, from the commission on the sold tour or excursion, they generate additional income, and the third is that our service relieves the staff at the reception, because the guests now have all the information about additional activities on offer to them in one place, through the Tour application,'' he pointed out.

In addition, he added, organisers also profit from their platform, as they no longer have to go around hotels offering guests their activities and tours. "When an organiser connects to our platform, they're automatically connected to all the hotels within our network," explained Kauzlaric.

This small and ambitious team is also working on the automation of support for hotel guests in the experience segment through the Marc chatbot, which was created through the implementation of the controversial ChatGPT. They plan to offer this "virtual concierge" product, whose function is to advise tourists on what to do and see when on holiday in a certain place, to major global hotel chains.

For more, make sure to check out our dedicated business section.

Tuesday, 16 May 2023

Djuro Djakovic Contracts 9.5 Million EUR Job for GATX Rail Europe

May the 16th, 2023 - A company within the scope of well known and wider Croatian company Djuro Djakovic has contracted a job for GATX Rail Europe worth almost ten million euros.

As Poslovni Dnevnik writes, Djuro Djakovic specijalna vozila (special vehicles), a company which operates within the wider Djuro Djakovic Group, has contracted a job totalling the aforementioned amount for GATX Rail Europe. It regards the production and delivery of freight wagons which the Slavonski Brod-based company will deliver to their client during the second half of this year.

It is worth noting that according to the data from this company's financial report for the first three months of 2023, the wildly successful Djuro Djakovic specijalna vozila branch enjoyed profits totalling 1.2 million euros and consolidated revenues of 23.1 million euros in the first quarter.

"Djuro Djakovic specijalna vozila managed to reach the company's planned level of production, sales and costs and achieved a positive net result overall. The EBITDA margin is 8.4 percent, while the net result was very strongly influenced by financial expenses.

The growth of the EBITDA margin in relation to 2022 was mostly contributed to by high levels of realisation mainly resulting from the delivery of 201 wagons in the first quarter of 2023 and the optimisation of the company's operating costs," the report stated.

As has been pointed out, this well known domestic company generates the majority of its revenues from exports, and this trend is expected to continue throughout this year and into the future as well, on top of that, the continuation of activities being carried out on additional business improvements is also expected.

For more on Croatian companies, innovation and entrepreneurs, make sure to check out our dedicated business section.

Monday, 15 May 2023

Massive Influx of Foreign Workers in Croatia in 2023

May 16, 2023 - According to the national employment office data, there has been a massive influx of foreign workers in Croatia, mainly from India, Nepal, and the Philippines.

As Poslovni / Večernji write, from the beginning of 2021 until May of this year, the Međimurje Police Department issued around 8,400 residence and work permits to foreign nationals.

Their number has been growing exponentially from year to year, so in 2021, 2,721 permits were issued, 4,195 were issued in 2022, and in the first four months of this year, 1,546 have already been issued. Looking at the total number of employees, Međimurje, which employs about 42,500 people, is probably the record holder in Croatia regarding the share of foreign workers, who now make up about five percent of the total population of this northernmost Croatian county.

If this pace continues, in five to ten years, a fifth of the inhabitants of Međimurje will be foreign citizens. The county, which faced massive emigration for temporary work abroad in the 50s, 60s, and 70s, is today a destination for foreign workers from Nepal, the Philippines, and India... They choose Međimurje because of good working conditions and vacancies employers usually cannot fill with domestic workers.

"The numbers have been growing rapidly. We have had a sudden increase. Local workers go abroad because they think it's better there, but in my opinion, and I know the situation in the world, that's not the case. But even though wages are slowly rising, soon there will be no employer who will not have to resort to hiring foreign workers", says entrepreneur Ivan Senčar, vice president of the economic and social council of Međimurje County.

According to the data from the Čakovec regional office of the Croatian Employment Service, the ten most sought-after occupations in 2022 and the first four months of 2023 have been locksmiths (280), waiters (214), cashiers(160), numerically controlled machine operators (159), welders (153), tailors (144), shoemakers (142), carpenters (140), truck drivers (119) and cooks (114). Mostly, therefore, these are vocational deficit occupations for which Croatia lacks an available labor force.

For more, make sure to check out our dedicated News section.

Monday, 15 May 2023

No Hot Water in Western Part of Zagreb for Next Three Weeks

May 16, 2023 - Due to unplanned works, the western part of Zagreb will remain with no hot water until the middle of the week. And considering that the planned works on the revitalization of Zagreb's hot water network continued yesterday - the residents of Gajevo, Staglišće, and Jarun will have no hot water until June 5, when the dilapidated hot water network along the Horvaćanska road will be restored.

More than 20 thousand households in the western part of Zagreb still have no hot water, writes Index. The repair of the rupture of the main pipeline that passes through this part of the Zagreb thermal power plant is in progress.

"The damage is quite large, and we don't know its extent yet. What I can say is that by Saturday morning, we pumped out the water thanks to the firefighters, and today we are working on cleaning, drying, dismantling, and inspecting the electric motor to avoid even greater damage," said Robert Krklec, director of HEP Proizvodnja, for HRT.

Works for another three weeks

When this is fixed, and hot water is released, it will not reach everyone in the western part of the city. Residents of Gajevo, Staglišće, and Jarun will have to wait another three weeks because that's how long the announced works on the hot water network will last, which are planned from today when the heating season officially ends.

"Generally, it is part of the hot water pipeline that is the oldest and most prone to cracks, and the annual works started with Horvaćanska," said Jurica Brnas from HEP Toplinarstvo.

Twenty-two kilometers of dilapidated hot water network will be replaced along Horvaćanska cesta all the way to Street Hrvatskog Sokola.

"The interruption of delivery will last three weeks. We strive to organize construction sites so that if the works are more extensive, the delivery is interrupted in several stages for three weeks each so that consumers have as much opportunity as possible to use consumable hot water," explains Brnac.

For more, make sure to check out our dedicated News section.

Monday, 15 May 2023

Check Out the Oscans: Osijek to Host an International Graffiti Jam

May 15, 2023 - Artists from Croatia, Serbia, Slovenia, Slovakia, Italy, Greece, and Hungary are coming to Osijek for an urban culture festival and the Oscans graffiti jam! The competition will take place on Saturday, May 20, at Ante Starčević Square, and the day will be filled with lots of fun.

During the all-day program in the central square, as writes SiB, graffiti drawing workshops for children and young people and break dance workshops are coming. It's all, in a way, a celebration of the 50th anniversary of hip-hop culture. There will also be an exhibition of stickers and a few different activation zones where all visitors can enjoy coffee or beer with the good sounds of DJ Armand, DJ Marushka, and DJ Mef.

Mario Krešo, representing the Sugar Factory as a co-organizer, having been there since the very beginning, emphasized that the event is significant for the development of urban culture, cultural industries, and Osijek's urban scene.


"I am pleased that we are doing something like this in our city for the third year in a row, and it is great that this kind of event has grown and reached this top level."

The central part of the program is the 2vs2 graffiti battle competition. Twenty artists will draw graffiti in pairs following a specific theme, while three judges will closely monitor and evaluate their works. The three best teams will be awarded valuable prizes by the organizers. The first place will win a cash prize of 800 euros, the second place will win a prize of 400 euros, and the third place will win 200 euros. In addition, LELO Hex is providing rich rewards for the winners, while the artist Željka Fuderer Levak, together with her students from the School of Applied Art and Design, designed and made the sculptures that will be presented to the artists.

Željka emphasizes that such events are necessary for the city of Osijek and for young people to experience the scene of urban culture in its true sense.

"Having such artists in Osijek is a sign that we are headed in the right direction when it comes to the graffiti scene. The organizers did their best to fit all segments of urban culture into one story in the best possible way, from graffiti to breakdance, to hip hop music and workshops."

Dalibor Smiljanić, a long-time artist and one of the judges, emphasizes that artists come from Croatia, Serbia, Slovenia, Slovakia, Italy, Greece, and Hungary, and that in the last 15 years, such strong names from the graffiti scene have not been found in the same place. Visitors can expect a real urban, artistic spectacle.

In cooperation with the transport company GPP, the artists will use their trams, buses, and vans as a canvas for their artwork.

With the support of the city of Osijek, that of the Tourist Board of the city of Osijek, and partner and co-organizer Sugar Factory, Oscans is bringing a real urban spectacle to Osijek's main square.

The organizers emphasize that the time has passed when graffiti was seen as vandalism and that today they are an essential thing in society, both for the expression of top artists and conveying a message, as well as for urban interventions in space.


Event schedule:

10:00 -13:00 graffiti workshops
13:30 Gathering of artists
14:00 Distribution of sprays and assignment of the theme
15:00 - 19:00 2vs2 graffiti battle
19:30 Announcement of the winner
20:00 After party in the courtyard of American bar Dollar

For more, make sure to check out our dedicated Lifestyle section.

Monday, 15 May 2023

Zagreb Open City Days This Weekend: 7 Magical Locations

May 15, 2023 - The parks and squares of Zagreb come alive again this weekend with Zagreb Open City Days.

"All the world's a stage," said Shakespeare in As You Like It, "and all the men and women merely players."

It is a quote that comes back to me often these days as a contented Zagreb resident, for the longer I live here, the more I appreciate how the city is using its various open spaces to promote art and culture.

From what was once a capital city with little to do with tourism, Zagreb is blossoming as a destination, offering a diverse offer which is constantly evolving. 

The capital is perhaps most famous for its award-winning Advent in Zagreb, an out of season concept that literally developed from nothing to become one of the flagship events in the Croatian calendar, but there is another very exciting development in the Zagreb tourism strategy which is bringing out the city's personality and promoting art and culture in an innovative way - its combination of its open spaces such as parks and squares. 

C'Est is d Best, Courtyards, Artupunkura, Ilica Q'Art, and Zagreb Classic are all now established annual festivals where the entertainment spills out onto the streets, parks, squares and courtyards of Zagreb, giving a delightful atmosphere and a surprise at every turn for people walking this most walkable of cities. I have lost count of the number of times I have stumbled upon an exhibition or live music while out for an evening stroll, and one of the things I love most about this wonderful city is seeing how art and culture combines with its public spaces. Zagreb is truly a stage of which Shakespeare would have been impressed. 

And this weekend sees another such event, and one which is growing into a regular event. Following the success of the inaugural Zagreb Open City Day last October, a concept created and conducted by Dubravka Vrgoč, Anica Tomić and Ivica Buljanc, this weekend will see the event expanded into Zagreb Open City Days, a 2-day cultural manifestation covering 7 of the city's premier spots, through a mixture of dance, poetry, song and ballet. 

It is an interesting concept, one that tourists and local residents are encouraged to join, as the programme moves from location to location over the two days, incorporating different activities at each location. Here is what there is to check out, and the times to be there. 

Saturday, May 20


King Tomislav Square - "Gathering" - 11:00

We kick off at King Tomislav Square, home to classical concerts in the summer, and that iconic ice rink in winter. The first event is known simply as 'Gathering', a live chain of locals, tourists and passers-by to create a human chain across the square while holding hands. This symbolises unity and togetherness and a better future. 


Ban Jelacic Square - Ode to Youth - 12:00

Heading north an hour later in time to hear the infamous midday Zagreb cannon on Ban Jelacic Square. - 'Ode to Youth' will explore the dialogue between solidarity and music. Hana Gospodnetic, accompanied byVitomir Ivanjek and Ivan Petranovic, will lead the choir on a choral journey of famous songs from the present and yesteryear, all dedicated to Zagreb. Passers by will be invited to join in the singing, a reminder of the spontaneity of life and joy. In addition to the main choir, some Zagreb primary school choirs will also be performing. 


(Photo J. Duval)

Dolac Market - Flash Mob - 12:45

One of the great social and meeting places in the city is of course, Dolac Market, in many ways the heartbeat of Zagreb, particularly on a Saturday late morning, as residents grab a coffee or something stronger while picking up their favourite fruit and veg. This Saturday will bing an extra spice with the arrival of a flash mob. The arriving artists will intrigue customers and stall holders alike with their performances. Exactly how, you will have to find out on the spot, for only the location is revealed for now, not the content.


(Photo J.  Duval)

Zrinjevac Park - Dance - 19:00

What better way to finish the first day than dancing in one of Zagreb's most famous and beautiful parks, Zrinjevac? The first masked dance was held in Zagreb way back in 1749, and while there has been frequent reference to the so-called “plesnjaci” - organised dances where ordinary citizens took part. It is a lovely tradition, and one you can help resurrect to the sound of Robert Marekovic and his band, the Swingers, who will be performing a set of classics from the 1960s and 1970s..

Sunday, May 21


(Photo J. Duval)

Zrinjevac Park Music Pavilion - Zagreb Chanson - 11:00

One of the true icons of Zagreb is the location of the opening of Day 2 - the Zrinjevac Park Music Pavilion, one of the great symbols of Advent in Zagreb, as well as a resource increasingly in use throughout the year. Sunday morning Zagreb chansons will be the order of the day, performed by Ivana Starcevic and Matija Antolic. This will be followed by Marko Petric reading passages about old Zagreb, with citizens invited to share their personal stories and favourite moments about the city. 


European Square - Sports Matinee - 12:00

From chansons to sport a short walk away on European Square, with a range of sporting activities for all ages, organised by the Croatian Deaf Sports Association. Everyone is invited to participate to promote togetherness through sport.


(Photo M. Gacaparovic)

Flower Square - Ballet - 16:00

Ballet has a strong tradition in the city, and the School for Classical Ballet of Zagreb will help to make it a little more accessible with a diverse ballet programme on Flower Square, ranging from ballet exercises to popular ballets.


Tuskanac Park - Enchanted Forest  - 18:00

Can there my a more enchanting place to conclude Zagreb Open City Days than Tuskanac Park. Home to the city's open air theatre, Tuskanac is a true natural haven right in the heart of the city, and the perfect location for the Enchanted Forest programme. The stage event will be directed by Ivica Buljan, who will take visitors on a 'treasure hunt' looking for performers hidden in different locations and reciting poetry, extracts from the literary greats such as Shakespeare,Chekhov and Moliere, as well as improvised performances of everyday life. Unorthodox theatre in an enchanting setting.

So, Mr. Shakespeare, how would you rate the city of Zagreb as a stage?

You can find more about Zagreb Open City Days on the official website












Monday, 15 May 2023

Winners of “Start Something of Your Own” Competition Announced

Ten entrepreneurs selected to receive a total of EUR 50,000 for business development in Start Something of Your Own programme.

Since the competition began, 48 Croatian entrepreneurs have received over EUR 655,000

Zagreb, 15 May 2023 – For the seventh year in a row, the ACT Group’s and Philip Morris Zagreb’s “Start Something of Your Own” programme is supporting Croatian microenterprises and entrepreneurs who channel their work into socially beneficial projects. Ten entrepreneurs were selected for a mentorship programme, followed by a grant in the total amount of EUR 50,000, all to help them grow and develop their business. This year’s chosen entrepreneurs are: Arya Intimo, IDDI, Green Energy Pal, Reducos Software, JouJou, Ri Rock, Red Fork, Tiflotehna, Pakra and Slaven Abdović – BeDry.

Over the next six months, the entrepreneurs will develop their business with the support and mentorship of ACT Group experts, including in the form of business analysis, one-on-one mentoring, webinars, membership in the alumni community, promotional video filming and media visibility work. Following the six-month mentorship programme, the five top entrepreneurs will receive a EUR 7000 grant, while the other five finalists will receive EUR 3000.

The aim of the “Start Something Of Your Own” programme is to empower entrepreneurs looking to have a positive impact on society and the environment, whether they are start-ups or established businesses that are developing new services, processes, business models or additional lines of business. The programme is recognised by entrepreneurs and garners ever more interest every year, with 361 applications submitted this year, of which 30 moved forward to the next round. The most important criterion for choosing the ten winners was their sustainability and potential for making a positive impact on society.

One of the fundamental principles of our business and transformation is sustainability, which is also an opportunity for innovation, growth and the creation of long-term values. With this in mind, we are extremely proud of our ongoing contribution to empowering microenterprises in Croatia through our programme, and it is a great pleasure to see new jobs being created and new products being developed through the programme, along with investments in new equipment, infrastructure, production processes and facilities. I would like to congratulate this year’s winners, and I am looking forward to seeing this programme continue to contribute to a more sustainable and fairer future,” said Dijana Najjar Raškaj, programme coordinator for “Start Something Of Your Own”.


(Dijana Najjar Raškaj and Ana Brigović)

The “Start Something Of Your Own” project was launched in 2016, with 38 companies having received mentorship opportunities and financial support in the total amount of EUR 655,000 since then, an investment by Philip Morris into supporting entrepreneurs.

Ana Brigović, head of the Programme for supporting impact entrepreneurs “Start Something Of Your Own” at ACT Group had this to say: “The social return on the programme has in the previous years tripled compared to the financial resources invested into the programme so far. The quality of applications keeps increasing every year and we are sorry that we cannot select more winners, as there are some extremely valuable and excellent entrepreneurial projects. We have ten exceptional entrepreneurs, who we are looking forward to working with, and we are excited to have the privilege of following their development and being part of their entrepreneurial journey. The winners will now embark on a six-month accelerated and intensive support programme, where they will work on developing their business and compete for the final reward. The five winners will receive a grant of EUR 7000, while the other five entrepreneurs will be awarded EUR 3000.

Winners of the 7th “Start Something Of Your Own” programme receiving mentorship and financial support

  • ARYA INTIMO d.o.o.

Arya Intimo is a shop that sells clothes such as bathing suits and bras for oncology patients who have undergone a mastectomy and provides them with post-operative support.

  • IDDI d.o.o.

Roll+ is a digital platform for vehicle rental, providing hardware built into the vehicles and an app for renters.

  • Green Energy Pal

Green Energy Pal, made by Enpulse, is a complete ICT system for measuring and monitoring energy consumption and increasing energy efficiency, reducing energy costs and the user’s ecological footprint.

  • Reducos Software

This young innovative team from Osijek has developed an advanced software solution for short supply chains. The platform is aimed at family farms and serves as a market for end buyers, logistics solution, inventory and order management system, delivery route optimisation service and administrative system.

  • JouJou vl. Nikolina Firm

JouJou produces natural cosmetics such as face and body oils, balms and soaps based on ecological and sustainable production principles.

  • Ri Rock j.d.o.o.

Ri Rock manages the Rock Academy in Rijeka, which, in addition to music lessons, also offers STEAM workshops that combine science and art by designing and developing music gadgets, apps and instruments, using innovative technologies in music and old music components and parts.

  • RED FORK j.d.o.o.

Red Fork from Varaždin offers a complete solution for managing school and kindergarten kitchens and optimising the nutritional value of menus. Thanks to the dedicated work of the team, 5000 children in Croatia today enjoy healthy meals in schools and kindergartens.

  • Tiflotehna d.o.o.

Tiflotehna produces eyewear, space-marking solutions and signage for the blind. Thanks to this company’s signage and space-marking solutions, blind and visually impaired people can move and orient themselves within spaces more easily.

  • Pakra d.o.o.

This company from Split is developing a streaming platform for culture and artists that focuses on early-career artists, giving them the opportunity to build a relationship with audiences around the world.

  • Slaven Abdović

Slaven Abdović is a nephrologist whose BeDry app addresses the problem of urinary incontinence. Thanks to an online diary that keeps track of urination and liquid consumption, the application enables the cause of urinary incontinence to be detected, with the option to share the data with your doctor.

This article was produced in paid partnership with Phillip Morris Zagreb for https://pokreninestosvoje.hr/ 

Monday, 15 May 2023

Croatian Banks Act as Cash Warehouses, And They're Earning Handsomely

May the 15th, 2023 - Croatian banks have been acting as real cash warehouses ever since the country's accession to the Eurozone back in January this year, and they're earning a pretty penny for that ''work''.

As Poslovni Dnevnik writes, it is only logical that the net interest income of Croatian banks grew because they increased their own interest on loans issued to their clients. Interest on savings however doesn't follow that trend, those figures are still barely above zero, meaning that both margins and earnings are increasing, writes Rijeka-based portal Novi list.

In addition to these usual reasons for bank profit growth, which therefore derive from "core" operations, Croatian banks have had one additional source of income since the New Year, more specifically since the Republic of Croatia officially entered the Eurozone, which wasn't there before, and the same of course concerns the European Central Bank's key rates.

More specifically, we are talking about increasingly high interest rates on deposits held by commercial banks within the central bank, and in Croatia's case this regards the Croatian National Bank. Namely, until the country entered the Eurozone, the rate for depositing liquidity surpluses with the CNB was a firm zero. With this year's entry into the Eurozone, all of the key rates of the "new monetary centre", the ECB in the German city of Frankfurt, began being applied to the domestic market as well.

It's important to explain that the ECB is constantly raising its key rates, which is why interest rates on loans are also always rising. This is what the banks are talking about when they discuss the "deposit facility rate" increasing and this also represents one of the ECB's three key rates, which specifically refers to those funds that commercial banks keep hold of with central banks.

At the time of Croatia's entry into the Eurozone back on January the 1st, 2023, this ECB rate stood at two percent. Immediately following accession, Croatian banks began to receive returns on the money they kept with the CNB.

Surplus liquidity that Croatian banks have kept in their accounts with the Croatian National Bank in the period since the beginning of the year currently amounts to around 14.4 billion euros on average.

In the aforementioned period, the European Central Bank continued the cycle of raising its interest rates that began back in July 2022, and interest rates on overnight bank deposits with the central bank rose from 2 percent at the beginning of the year to 3.25 percent in May. Accordingly, banks operating in Croatia were paid out a massive 85.6 million euros in interest in the first quarter of this year, according to the CNB.

For more, check out our dedicated news section.

Monday, 15 May 2023

Croatian 3 Maj Shipyard Set to Construct Vessel for American Client?

May the 15th, 2023 - Is the previously enfeebled Croatian 3 Maj shipyard set to construct a vessel for an American shipping company? A letter of intent has been signed, but we're yet to see how the situation will pan out in a concrete sense in Rijeka.

As Poslovni Dnevnik writes, in the Croatian 3 Maj shipyard, a letter of intent was signed for the construction of a series of expedition polar cruisers with an American shipping company. This good news for the 3 Maj berths has been unofficially confirmed to Novi list from several sources, but due to the confidentiality clause, all details of this business operation, including the identity of the shipowner, are being kept from the public for the time being.

According to the information at their disposal, this large job, which will definitely put a spring in the step of the Rijeka shipyard, is of such a scale that it would solve the key issue of the survival of the Rijeka slipways, as it would ensure the employment of capacity for several years.

Allegedly, there are four new builds in the game to begin with, and these are cruisers that would be smaller in size and slightly less luxurious than the Eclipse I and II of the Australian Scenic group, but they would also be constructed and equipped in the highest polar class that currently exists for passenger ships.

The preparation and elaboration of all accompanying documentation that precedes the final initialing is now ahead of the Rijeka shipyard, but the intention is that the contracts for the construction of the first new builds from this series of expedition cruisers will be signed by the end of this year. In the months to come, there will be a much clearer picture of this significant business that has knocked on the more than likely very grateful ''door'' of the Croatian 3 Maj shipyard.

As is currently known, the Rijeka shipyard is facing another restructuring procedure or, rather, company reorganisation. There is a previously adopted plan for the shipyard, according to which the activity and some of the employees would be transferred to the subsidiary company "3 Maj Rijeka 1905", which is the most elegant solution to get rid of the burden of current negative capital which amounts to 102 million euros.

For more, make sure to check out our dedicated news section.

Monday, 15 May 2023

Rijeka Oil Refinery Begins Producing Fuel Once Again Following Pause

May the 15th, 2023 - The Rijeka oil refinery has begun producing fuel once again following a five-month pause during which work on the modernisation and the renovation of existing facilities was carried out and completed as part of a wider project.

As Poslovni Dnevnik writes, as mentioned above, following a five-month-long stoppage during which work on the modernisation and renovation of the Rijeka oil refinery's existing facilities was completed, fuel is now being produced again, as was said on Thursday on the premises of the Rijeka oil refinery in Urinje.

Minister of Economy and Sustainable Development Davor Filipovic and President of the INA Management Board Peter Ratatics were both present and taking a tour of the refinery, accompanied by INA management and other representatives of the Ministry of Economy and Sustainable Development.

The works on the brownfield part of the investment of the Rijeka oil refinery upgrade project, i.e. the upgrade of the existing facilities, have now all been completed, the director of the Rijeka Oil Refinery Upgrade Project, Vedrana Janjic, said at the presentation of the completed works.

In this way, about 76 percent of the total works of the entire upgrade of the refinery, in which about 630 million euros were invested, have now finally been completed. Due to the work being carried out on existing facilities as part of the aforementioned Rijeka oil refinery upgrade project, processing was suspended from November 2022 until now.

The President of the Management Board of INA, Peter Ratatics, pointed out that the completion of the brownfield phase is one of the most important steps in the entire Rijeka oil refinery upgrade project, which sought to fully modernise it and see it it increase its fuel production capacity going forward.

For more, make sure to check out our dedicated news section.

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