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MOL unit reports late payment from Syrian business partner

Hungarian oil and gas company MOL on Monday said its Croatian unit INA announced on the Zagreb Stock Exchange that it had not received a monthly payment from a Syrian business partner that was due at the end of October.

"At this point, neither INA, nor MOL does not have appropriate basis, which would indicate the extent of non-payment of future receivables," MOL said.

"Current developments in Syria in the respect of the restrictive measures which have been imposed against Syria by EU could have an adverse effect on company’s business and operations in Syria," MOL said.

The EU banned the purchase, import and transport of oil and other petroleum products from Syria as well as the provision of financial or insurance services for such transactions at the beginning of September.

"INA will continue to closely monitor the developments relating to Syria and will provide the public with information on these developments," MOL said.