“Both parties agreed on the course and models for conducting the negotiations, and reached agreement in principle of holding a negotiating round once a month, with materials being forwarded to them prior to the talks,” the Croatian news agency reported, quoting a release by the government’s public relations service.

MOL holds a little less than 50% of INA’s shares. The state of Croatia owns about 45%.

A perceived lack of investment in the company by MOL and the state’s failure to take over INA’s loss-making gas business, as stipulated in a shareholders agreement, have been sources of tension between the two stakeholders.

The two negotiating parties are currently agreed that the negotiations will cover the future of corporate management, cost controlling, investment and profit distribution, research and development, the development and production of hydrocarbons, crude oil and petroleum products and their wholesale and retail sale, and the gas business.

The sides also agreed on the common goals for INA: increasing investments, business efficiency and raising INA’s contribution to Croatia’s economy, according to the HINA report.

– Written by Gábor Pákozdi