INA 'Integral Part' of MOL Group, Hernádi Says
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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.
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