ADVERTISEMENT

INA 'Integral Part' of MOL Group, Hernádi Says

Deals

Image by lordzg / Shutterstock.com

Zsolt Hernádi, the chairman-CEO of Hungary's MOL, said the oil and gas company's Croatian unit is an "integral part" of the group in an interview with local commercial television broadcaster RTL aired on Friday.

Hernádi said MOL had rescued INA from the brink of bankruptcy in 2009 and turned the company into an "extraordinarily well-functioning business of which we can all be proud". "If we hadn't taken over management of INA it would have been wound up and split up," he added.

He noted that EUR 3.8 billion in capital expenditures had been made at INA in close to 15 years and pointed to advances in efficiency and resulting cost savings.

Hernádi said INA plays a "very important role" in MOL Group. "We don't want to sell INA, because INA is an integral part of MOL Group: We're good together. This is a nice, European success story," he added.

MOL owns a little more than 49% of INA but exercises management rights in the company. The state of Croatia is the other big stakeholder.

ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan Debt

ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan

Hungary Treats Smooth EU Transition as Priority, Says Bóka EU

Hungary Treats Smooth EU Transition as Priority, Says Bóka

HU-rizon Program: HUF 8 bln Funding for International Resear... Science

HU-rizon Program: HUF 8 bln Funding for International Resear...

Inspiring Women at the Focus of Gourmet Fest In Budapest

Inspiring Women at the Focus of Gourmet Fest

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.