Croatia selects mediator for talks with MOL

Deals

The Croatian government authorized Economy Minister Ivan Vrdoljak to select a mediator who would help the government's and Hungarian oil and gas company MOL's negotiators to find a solution for INA, Croatian news agency HINA reported today quoting an unnamed source.

An American company is also interesed in INA; this would be in line with October’s news reports suggesting that the U.S. government has offered friendly mediation in the dispute between the Croatian government and MOL over INA.

MOL owns 49.08% of the shares of its Croatian peer INA, complete with management rights, while the Croatian state owns 44.84% of the company.

On November 5, Bloomberg reported that Croatia was preparing for a possible purchase of Hungarian MOL oil company’s stake in its Croatian peer, INA, in the event that the ongoing talks with MOL on the joint management of INA should fail.

Earlier, on November 3, the U.S. expresssed its disagreement with the rumored sale of MOL’s 49% stake in INA – Croatia’s largest energy company – to Russian energy giant Gazprom. International news agency Reuters reported that U.S. diplomacy was attempting to block the transaction that would allow Gazprom to establish itself within the EU between partly state-owned MOL and partly state-owned INA.

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