Croatia to resume negotiations with MOL on INA after arbitration
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.
Hungary CPI Drop Acknowledged at IMF/World Bank Spring Meeti...
Hungary to Address Future of Cohesion Policy During EU Presi...
AI may Save Hungarian Healthcare, Says Leading Doctor
Time Out Market to Open in Budapest Next Year
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
