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Detail – Energy Country Profile

MOL will consider selling stake in Croatian oil company INA

The Croatian government has asked MOL, Hungary’s national oil company, to consider the sale of its stake in INA, the national oil company in Croatia, after the country issued an arrest warrant against MOL's chairman. MOL will then reconsider the nature of any future involvement with INA in the near future.

MOL has been active in Croatia since November 2003, when it acquired 25% (+1 share) of INA, which is particularly active in the upstream sector. In October 2008, MOL raised its stake in INA to 47.26%. The said acquisition gave MOL access to the Adriatic sea and to two refineries in Croatia (Rijeka, with 4.5 Mt/year and Sisak, with 2.2 Mt/year). However, Croatia is investigating on corruption allegations over the contract in which MOL took control of INA, and the former Prime Minister is serving a 10-year prison term for bribery. For the last two years, MOL and INA - and then Hungary and Croatia - have locked horns over the case, MOL repeatedly denying any wrongdoing.

Source: 7 October 2013