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Russia cos. in INA talks; MOL Pakistan upping production

Deals

Representatives of Rosneft held talks in Zagreb on a possible purchase of Croatia-based oil company INA and on prospecting in the Adriatic, Croatian newspaper Novi List reported on Thursday, based on information from an anonymous source. Gazpromneft representatives are expected in Zagreb on Friday for talks on the same issue, the ‘paper confirmed, but no official confirmation was given by the government itself. 

Officials from Croatia’s economic ministry meanwhile called US interest in purchasing a share of INA as “speculation.”

Currently, 49.08% of INA is owned by its Hungary-based peer MOL; another 44.84% of the company is in Croatian state ownership, with private and institutional investors holding the remaining 6.08%. MOL and the Croatian government are at odds concerning management rights and the gas business of INA, and INA’s board said two weeks ago that MOL had made a request to open a due diligence data room in preparation for the possible sale of its stake in the company.

MOL Pakistan to boost Tal Block production 20%
MOL representatives also announced yesterday that the inauguration of a gas processing facility in Pakistan would boost production of a block there in which it holds a stake by 20%. Inauguration of the $225 million facility is expected to raise production of the Tal Block by about 20% from 2013 levels.

MOL statistics say combined incremental daily production of the block stands at 5,830 barrels of oil equivalent of natural gas, 7,500 barrels of crude oil/condensate and 2,520 barrels of oil equivalent of LPG.

MOL Pakistan is the operator of the Tal Block and holds an 8.42% operating interest in development projects.

-- material from national news service MTI was used in this report

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