Croatian oil and gas company INA [ZSE:INA-R-A] said on Tuesday its management has adopted a redundancy program worth over 100 million kuna ($16.5 million/13.1 million euro).

The redundancy program was initiated as a result of organizational and technological changes in a bid to improve operational efficiency and achieve a level of competitiveness that is sustainable over the long term, INA said in a statement.

On Monday, the Croatian company said that despite numerous measures to improve the efficiency of its production, the negative trend affecting its refining operations could not be reversed and that the restructuring of this segment of its operations is crucial as is ensuring crude oil processing is done at a location that has the potential to be sustainable over the long term.

INA, whichhad a total of 13,460 employees at the end of 2013, has exploration and production operations in Croatia, Africa and the Middle East and operates a filling station network on its home market and in neighboring countries.

Source: SeeNews