MOL: Accelerated talks on INA agreed

Deals

Negotiations continued on the future of mutually owned Croatian energy firm INA. Representatives of Hungarian oil and gas company MOL and the Croatian government agreed on Wednesday to accelerate talks over Croatia's INA, the sides said following the meeting. Negotiations are planned to continue at the end of May.

MOL chairman-CEO József Molnár said that MOL was open and ready for the continuation of negotiations, but not at any price. Molnár evaluated the negotiations as constructive regarding the objectives.

Though Croatian economy minister Ivan Vrdoljak expressed his dissatisfaction about the time had passed since the sides last met and about the protraction of the negotiations, he was also satisfied with the constructive atmosphere of the talks. According to Vrdoljak prognosis the agreement to be settled is close.

Negotiations started eight months ago and the sides have not been able to settle an agreement in the three previous rounds of talks.

MOL owns almost 50% of INA's shares. The state of Croatia holds approximately 45%. The state's failure to take over INA's loss-making gas business and the perceived lack of investment in the company by MOL have created sources of tension between the two stakeholders.

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