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MOL would speed up INA investment program

  Hungarian oil and gas company MOL wants to speed up an investment program at Croatian peer INA, raising total spending from €400 million to €1 billion and building two new refineries by 2011, MOL CEO György Mosonyi said on the sidelines of a conference on Tuesday.

 

MOL closed a public purchase offer for the 31% of INA shares in free float on Friday. Preliminary data show it acquired about 21.7% of INA shares in the buyout, but final figures will not be published until Thursday. MOL already owns 25% of INA and it is in talks with the government, which holds 45% of the company, on acquiring more of its shares.

MOL wants to start talks with the Croatian government on acquiring more shares in INA as soon as the official results of its buyout offer are announced on Thursday, Mosonyi said. A share swap would be advantageous for both parties, as it would allow MOL to save its cash and it would give the Croatian government a guarantee of secure supply, he added.

Asked about the recent fall in oil prices, Mosonyi said MOL’s main activities are refining, manufacturing and trade, so the decline will only have a small effect on its profits. Mosonyi said MOL has joined a consortium that is researching ways to inject CO2 emissions into the ground. Results are expected within one or two years, he added.

Speaking about a gas exploration partnership MOL has with ExxonMobil, Mosonyi only said work is continuing. (MTI-Econews)