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INA board to discuss refineries in early Oct

Deals

The board of Croatian oil and gas company INA, a unit of Hungary's MOL, could discuss its refining business at a meeting scheduled for October 7 at the earliest, Croatian news agency HINA said on Monday, citing a "well-informed" source that it did not name.

The agenda of the meeting has not yet been set, HINA said.

MOL, which exercises management rights in INA, by agreement with the Croatian government, the other big stakeholder, has noted that INA's refinery capacities exceed Croatian market demand and face challenges in terms of competitiveness. Speculation that the refineries will be shut down has caused concern on the Croatian side.

INA's three Croatian board members walked out of the last meeting of the body, breaking quorum when they realised they might be outvoted on key decisions, HINA said.

Both MOL and the Croatian government have turned to arbitration courts because of tensions over the management of INA.

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