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Croatia still prepares buying out MOL, INA competes for license in Adriatic sea

Deals

Croatia prepares for a possible purchase of Hungary’s MOL oil company’s stake in its Croatian peer, INA, in case the ongoing talks with MOL on the joint management of INA fail, Croatia’s Economy Minister Ivan Vrdoljak reiterated in an interview with Bloomberg on Wednesday.

Reiterating that buy-out was one of the possibilities under consideration, Vrdoljak said the government in Zagreb will propose a new shareholder contract to MOL. He expects the sixth round of negotiations on the Croatian company’s future to start “no later” than early December.

In July this year, Vrdoljak told Bloomberg that Croatia wanted to negotiate a loan to buy MOL’s stake in INA. Croatia, which owns 44.84% of the refiner, has tried since 2011 to regain some management rights that MOL got as part of a 2009 shareholders agreement. Budapest-based MOL holds a 49.1% stake. Both sides filed cross-claims in arbitration courts.

Meanwhile, INA was among companies competing to win oil and gas exploration and production licenses for 29 territories, 1,000-1,600 square kilometers each, in the territorial waters of Croatia in the Adriatic Sea, Croatian Poslovni Dnevnik reported on Wednesday.

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