Croatia to resume negotiations with MOL on INA after arbitration

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Croatiaʼs government will wait until arbitration over management rights in oil and gas company INA winds up before continuing negotiations with Hungaryʼs MOL, its co-owner in the business, Prime Minister Tihomir Oreskovic said yesterday, Hungarian news agency MTI reported citing Croatian news agency HINA.

“We all know that the arbitration is underway and this governmentʼs stance is that we will wait and see what the result of the arbitration will be. I think that it will be completed in the autumn,” Oreskovic said, in response to a question from former economy minister Ivan Vrdoljak, in Parliament. 

Oreskovic said that stability at INA was essential, which is why the government had extended the term of the current management board for a year, HINA reported.

MOL holds a little less than 50% of INAʼs shares. The state of Croatia owns about 45%. A perceived lack of investment in the company by MOL and the stateʼs failure to take over INAʼs loss-making gas business, as stipulated in a shareholders agreement, have been sources of tension between the two stakeholders who have both turned to arbitration tribunals on the matter.

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