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Mol, INA reach agreement to buy Bosnia's Energopetrol

Hungarian oil and gas company Mol Rt and Croatia's INA Industrija Nafte DD agreed with a Bosnian commission on the sale of state assets to jointly buy the fuel trader Energopetrol, a Bosnian government official said today.

The two companies have accepted the commission's proposal on Energopetrol's sale, Mile Srdanovic, an assistant minister at Bosnia's Ministry of Energy, Mining and Industry, said. He didn't elaborate on the agreement. ‘There is a pressure on the government’ from Energopetrol creditors to finish the sale soon, Srdanovic said. The Bosnian government is trying to sell the company rapidly, he added, without saying when the sale might be finished.
Mol is competing with companies like Austria's OMV AG and Russia's OAO Lukoil for customers in eastern Europe, where economies and fuel use are growing faster than in the west. Mol is also seeking acquisitions in Croatia and Serbia.