1954. A small chemical workshop called “Budućnost” was founded as the basis for the development of Oil Refinery Modriča. Its founder was Ilija Panić who employed a total of five employees and the company’s first products were grease for parquet, axle grease and shoe-polish.
1957. The workshop has changed its name to “Bosnahem- technical lubricant production Modriča”.
1961. After the integration with the Oil refinery Brod, Modriča’s refinery has become a significant factor in the Yugoslav market.
1964. The first engine oils from OPTIMA and MAXIMA family were produced.
1970. Oil refinery Modriča became a member of HENA (Association of Petroleum and Chemical Industry of Bosnia and Herzegovina).
1973. Oil refinery Modriča has integrated with Energoinvest, Sarajevo.
1980. New facilities for base oils and paraffin wax production were engaged using oil base stock from Oil refinery Brod.
1989. The largest production volume of 69.373 tons of final products was achieved.
1990. Over 46 000 tons of lubricants were produced, and about 70 000 tons oil base stock were refined.
1991. Oil refinery Modriča was a significant exporter of base oils and paraffin wax on the market of Western European countries, and as a reputable producer of engine oils, lubricants, base oils and paraffin wax entered a firm business arrangement with world leading companies, such as Orogil, Golf, Ammoco, Wintershall etc.
1992. Dynamic and progressive development of Oil refinery Modriča has been stopped in the war in former Yugoslavia. Total damage of the refinery, as a result of the war, is estimated around 23 million euros. Consequences of the war reduced the production to 1000 – 2000 tons of lubricants per year.
1996. Restarting of the production.
2003. The company has been transformed into a joint stock company. The ownership was broken down as follows: 62, 3% was state-owned, 13, 35% was owned by the external shareholders, 11, 01% was owned by the internal shareholders. Republic of Srpska Pension Fund held 8, 9% of the value, and Restitution Found had 4, 45% of the value.
2004. Oil refinery Modriča celebrated its 50th anniversary with manifestations in the company and town. At the final ceremony, which took place in the local motel “Majna” (owned by the refinery), medallions, rewards and gifts were handed out to commendable workers, business partners and, naturally, the retired ones who, with their work and effort, have created the image that Refinery now has.
2007. Russian company „NeftegazInKor” became majority owner by purchasing 75,65% of shares from the state and external shareholders.
2008. The beginning of the restoration of the facilities for base oils and paraffin wax production.