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.

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