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Mol eyeing majority stake in INA

Hungarian gas and oil company MOL Rt aims to increase its stake in Croatian affiliate INA d.d. to 50%, with $500 million to spend on the acquistion, wire agency Dow Jones reported citing Managing Director György Mosonyi. MOL acquired a 25% stake in INA for $505 million in 2002, and the company is expecting very little competition or none at all in further acquisitions, Mosonyi commented on the next stage of INA privatization, scheduled by the Croatian government to take place in June. Mol's presence is likely to scare off the rest of potential investors, he added. The Hungarian oil company is planning further expansion in Central Europe and in the Balkans, where the economy, and consequently fuel consumption, is growing faster than in the West.