Croatia's largest oil company, Ina, has announced that it will lay off 1,500 of its employees or nine per cent of its workforce of 16,300.

Although news about the impending firings is old, it is the first time that the company has publicized the exact number, the daily Vecernji List has reported. The company has said it will offer employees to be sacked severance packages on average larger than previous settlements.

Ina CEO Bojan Mikovic called the move a step toward the company's long-term goal of maintaining its position in the Croatian economy. "We want to be a stable and reliable employer and a business partner of our suppliers and clients. In order to achieve that long-term goal, we must increase efficiency in all areas of business," he said.

Company analysis has determined that Ina has an excess of workers, with a quarter of its employees working in administration. That is close to 15 per cent more than the average for all oil companies around the world.

Management Board President Zoltan Aldott has said that the employees themselves are aware of the excess, which reflects on productivity and motivation in the company.