MOL will consider selling stake in Croatian oil company INA
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: www.enerdata.net 7 October 2013