Oil refinery Modrica originated from chemical workshop “Buducnost” which was founded in 1954 in Modrica by artisan Ilija Panic. The shop had five employees and produced parquet grease, lubricating greases and shoe polish.

Shop changed name into “Bosnahem” – production of technical lubricants Modrica.

Integration with Oil refinery Brod, at which point Modrica refinery became a significant participant in Yugoslav market.

First motor oils from OPTIMA and MAXIMA product range were produced.

Oil refinery Modrica became a part of HEMA (Bosnian oil and chemical industry)

Oil refinery Modrica merged with Energoinvest from Sarajevo.

New plants for production of base oils and paraffins were put into operation, base oil stock obtained from Brod Refinery used as feed material.

Reached maximum production capacity of 69.373 tons of end products.

Over 46.000 tons of lubricants produced, about 70.000 tons of base oil stock processed.

Oil refinery Modrica became an important exporter of base oils and parafins to the countries of western Europe as a renowned producer of motor oils and lubricants, and it engaged into business cooperation with world-known companies such as Orogil, Golf, Ammoco, Wintershall etc.

Dynamic and progressive development of Oil refinery Modriča was brought to a halt by outbreak of war in former Yugoslavia. Total damage of the refinery as a result of the war estimated to about BAM 45 million. The production was reduced to 1000 – 2000 tons of lubricants per year.

Restarting of the production.

The company has been transformed into a joint stock company with the following ownership structure: 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.

Oil refinery Modrica celebrated its 50th anniversary with celebration events held in the company and town. At the final ceremony, which took place in the local motel “Majna” (owned by the refinery), certificates of appreciation, awards and gifts were handed out to best workers, business partners and, retired employees who, with their work and effort, helped create Refinery’s good name.

Russian company „NeftegazInKor” became majority owner by purchasing 75,65% of shares from the state in a privatization process.

Beginning of the overhaul of the facilities for base oils and paraffin wax production.

New blending facility was built. This capital investment project cost 14 million euros and it placed the Refinery among the most modern refineries in Europe.

New Blending centre was put into operation, providing high quality of products and significant expansion of product range.