Croatia urges court to ban MOL’s sale of INA’s stake

Issues

The Croatian government has turned to the arbitration court of the International Chamber of Commerce (ICC) in Paris, asking the court to issue a temporary ban on the sale of Hungarian oil and gas company MOL's shares in Croatian peer INA, Croatian online daily Vecernji List announced today.

The Croatian government also requests the court to prevent MOL from shutting down INA's two refineries and from making any more layoffs for the time being.

Russian energy giant Gazprom has expressed its intention to acquire a controlling stake in INA and to buy MOL’s shares. MOL currently holds 49.08 % of INA's shares while the Croatian state owns 44.84 %. A perceived lack of investment in the company by MOL and the state's failure to take over INA's loss-making gas business, as stipulated in a shareholders agreement, have been sources of tension between the stakeholders.

It could take one or two months before the Paris-based court decides on Zagreb’s request.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.