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MOL-INA could lose stake in Energopetrol

Hungarian oil and gas company MOL and its Croatian unit INA could lose their stake in Bosnian fuel trader Energopetrol because investments promised in the privatization contract have not been made, the Austrian Press Agency (APA) said, citing a Bosnian daily Nezavisne Novine.

The Bosnian government is threatening to withdraw the sales contract for the stake in Energopetrol because the MOL-INA consortium has not invested the BAM 150 million (€77 million) in the company, as promised.

Bosnia's privatization agency said earlier that MOL-INA had invested just BAM 6 million in the company.

A decision on whether or not to withdraw the contract could be made at the government's next cabinet meeting, the paper said.

MOL-INA agreed to acquire a 67% stake in Energopetrol in September 2006. MOL said at the time it would subscribe newly issued Energopetrol shares worth BAM 68.6 million as part of the transaction. The fresh capital would be used to repay Energopetrol's debts.

MOL-INA formally took control of the stake in April 2007. Each member of the consortium holds 33.5% of Energopetrol shares. (MTI – Econews)